This will be my last post for 2012, and I want to thank everyone who has spent some of his or her valuable time reading this blog. I hope that you have found the content here to be both thought-provoking and useful.
Thanks to analytics, I can see how many times each of my posts have been viewed. I thought this would be an appropriate time to share which posts have been most widely read. This ranking is based on cumulative total reads, and therefore older posts obviously have a built-in advantage.
So, in case you missed any of them, here, in order, are the four most popular posts.
Use an Importance-Performance Matrix to Get Marketing and Sales Talking - This post explains how to use an importance-performance matrix to capture the degree of agreement or disagreement between marketing and sales regarding key demand generation activities. The matrix requires marketers and salespeople to evaluate an activity along two dimensions - how important the activity is, and how well the company is performing the activity. An importance-performance matrix can reveal where significant gaps exist between marketing and sales. It won't tell you how to resolve conflicts between marketing and sales, but it will identify the issues you need to address.
Stop Depending on Your Salespeople to Generate Leads - This post explains why B2B companies should not rely primarily on their salespeople to generate new sales leads. Depending on sales reps to generate leads is a long-standing practice in many B2B companies, but changes in the attitudes and behaviors of business buyers make this practice less and less effective.
Stop Trying to Measure Marketing ROI - For the past several years, CEO's and CFO's have been demanding greater accountability from the marketing function, and they have been pressing marketers to prove the value of their activities and programs. In this environment, return on investment has become the "gold standard" for measuring marketing performance. This post explains why you can't use ROI to measure the value of every marketing activity.
It's Time to Fix the Marketing Supply Chain - Marketers are facing tremendous pressures to drive increased revenues and maximize the return produced by every dollar invested in marketing. So, it's understandable that they focus most of their attention on developing more effective marketing campaigns, creating more compelling content, and generating more sales leads. This post explains why the marketing materials supply chain represents a large, and largely untapped, source of both cost savings and revenue-enhancing improvements.
Happy New Year, everyone!
Saturday, December 29, 2012
Sunday, December 23, 2012
Year-End Lessons From the Past
Early in my business career, I was privileged to have a great B2B sales mentor. I met William in 1988 and interacted with him frequently until his retirement in 1995.
William sold printing presses to commercial printing companies and businesses that had internal printing departments. The company that William worked for was (and is) highly respected within the printing industry, and William was a very successful salesperson.
Early in our relationship, William told me that one important key to his success was identifying which prospects in his territory were ready to engage in a serious evaluation process that would lead to a buying decision. William also told me that, at any given time, only about 10% of the prospects in his territory would fit this description. William realized that he could use his time more effectively and close more deals if he could consistently identify which prospects were ready to begin an "active buying cycle." So, William spent a significant amount of time "taking the pulse" of his prospects.
How did he do this? Well, he spent three or four days of almost every week visiting prospects. Sometimes, he would make appointments, but frequently, he would just drop in. In most cases, the business owner or another senior manager was willing to spend thirty minutes or an hour with William, even when he showed up unexpectedly.
During these visits, William and his prospects would discuss a range of topics - what was happening in the prospect's business and in the overall printing industry and, most importantly, any issues or problems the prospect was having with his equipment. Through these visits, William could get a pretty good idea of which prospects were ready to have a meaningful conversation about buying new equipment. When he identified these "sales-ready" prospects, William would move to a more focused selling process.
I frequently write in this blog about how B2B buyers have changed and why these changes require a new approach to demand generation. So, it would be easy for me to devote this post to a discussion of why William's approach won't work in today's environment. But, as I think about what William taught me, I'm struck more by what hasn't changed.
In 2013, as in 1990, B2B companies will need a way to determine which prospects are ready to begin a serious sales conversation . . . and which ones aren't.
In 2013, as in 1990, B2B companies will need to "stay in touch" with prospects who aren't ready to begin a serious buying process . . . because some day they probably will be ready.
In 2013, successful demand generation will be more about demonstrating value and providing prospects the information they need to make a sound buying decision than about "persuading" an unprepared or reluctant prospect to buy. And, this was largely true in 1990.
The B2B marketing and sales landscape has changed, and the new rules of B2B demand generation do require different tactics and methods. I don't believe that William's tactics will work as well today as they did in the 1980s and early 1990s, but his objectives are just as valid now as they were then.
Happy Holidays, everyone!
William sold printing presses to commercial printing companies and businesses that had internal printing departments. The company that William worked for was (and is) highly respected within the printing industry, and William was a very successful salesperson.
Early in our relationship, William told me that one important key to his success was identifying which prospects in his territory were ready to engage in a serious evaluation process that would lead to a buying decision. William also told me that, at any given time, only about 10% of the prospects in his territory would fit this description. William realized that he could use his time more effectively and close more deals if he could consistently identify which prospects were ready to begin an "active buying cycle." So, William spent a significant amount of time "taking the pulse" of his prospects.
How did he do this? Well, he spent three or four days of almost every week visiting prospects. Sometimes, he would make appointments, but frequently, he would just drop in. In most cases, the business owner or another senior manager was willing to spend thirty minutes or an hour with William, even when he showed up unexpectedly.
During these visits, William and his prospects would discuss a range of topics - what was happening in the prospect's business and in the overall printing industry and, most importantly, any issues or problems the prospect was having with his equipment. Through these visits, William could get a pretty good idea of which prospects were ready to have a meaningful conversation about buying new equipment. When he identified these "sales-ready" prospects, William would move to a more focused selling process.
I frequently write in this blog about how B2B buyers have changed and why these changes require a new approach to demand generation. So, it would be easy for me to devote this post to a discussion of why William's approach won't work in today's environment. But, as I think about what William taught me, I'm struck more by what hasn't changed.
In 2013, as in 1990, B2B companies will need a way to determine which prospects are ready to begin a serious sales conversation . . . and which ones aren't.
In 2013, as in 1990, B2B companies will need to "stay in touch" with prospects who aren't ready to begin a serious buying process . . . because some day they probably will be ready.
In 2013, successful demand generation will be more about demonstrating value and providing prospects the information they need to make a sound buying decision than about "persuading" an unprepared or reluctant prospect to buy. And, this was largely true in 1990.
The B2B marketing and sales landscape has changed, and the new rules of B2B demand generation do require different tactics and methods. I don't believe that William's tactics will work as well today as they did in the 1980s and early 1990s, but his objectives are just as valid now as they were then.
Happy Holidays, everyone!
Monday, December 17, 2012
Maximizing and Monetizing Your Mobile Marketing Efforts
A recent study by Google showed that 72% of consumers surveyed said want mobile-friendly site. And if you’re site isn’t one of them you may be losing leads and sales.
The fact that we’re a nation that is on-the-go and pretty much living on our smart phones or tablets means that you’re website should be adapted to these mediums to help monetize your business.
It also means that thinking about mobile marketing and how to incorporate various forms of that into your marketing strategy should be high on your list for 2013.
Mobile Friendly Must Haves
There are certain ‘must haves’ that consumers noted they are looking for in a mobile friendly website.
Such features include:
1. Being fast. This means having a site that loads in around 5 seconds or less.
2. Being user friendly. Having large buttons, easy search capabilities, limited scrolling or pinching are key, based on consumer feedback. Something to consider is having responsive templates that adjust accordingly based on the users device, albeit template, desktop or mobile phone. It’s also important to have quick access to company information such as easy-to-find business directions, contact numbers, product and purchasing information. Even better, consider adding a ‘click to call’ access button to contact a customer service rep to take an order via the phone as well as an option for users to visit a non-mobile site.
3. Being social. To continue bonding and viral marketing, don’t forget links to your business’s social media profile page.
If you’re a smaller business that may not have the staff or resources to include these features into your website, there are some free and trial mobile conversion websites worth checking out, these include: http://www.ginwiz.com, http://www.dudamobile.com/ , http://www.mobilizetoday.com.
The App Attack
If you’re pondering if your business ‘app worthy’ or how you can leverage apps for additional sales or leads, here’s some food for thought…
Paid apps could be a great way to add ancillary revenues to your business and free apps could be used for collecting important data (leads) which can be used for cross-selling. Some businesses even obtain revenues through ads that are built in the app from sponsorship partners.
Whichever business model you choice, you still have to decide what you’re app will feature. Typically, content is king. For instance if you’re a financial publisher, you may consider having an app that has stocks alerts and ideas, technical analysis, commentary and actionable data that your end user (investors ) would find beneficial. Know your audience and decide what kind of content is ‘app worthy’.
Then of course you need to market and distribute your app for increased visibility. You can promote your app though affiliate and joint venture emails, press releases, content marketing, online classifieds, and guerilla marketing in related forums and message boards. You can also include your app in various marketplaces including Play/Apps Store (Droid and iPhone), Blackberry Appworld, Apple Apps Store/iTunes, and Amazon Appstore for Android.
Of course, fees and commissions vary, but some are more cost-effective than you think. Here’s a great article with more information. I also found a free service worth checking out called Freeappalert.com as an alternate distribution channel for your app.
QR Codes
You’ve seen ‘em, those little square bar codes on just about everything these days. But not everyone is using them properly and not ever business needs them. QR codes, used the right way, can be a great way to take offline marketing leads online. For instance, consider putting these little guys on your business cards, collateral material, fulfillment kits, promotional flyers, press kits, brochures and other printed materials. Why? It’s a way for a consumer to ‘scan’ the barcode and be redirected to your sign up/‘squeeze page’ or promotional webpage to provide further information, and more importantly, collect valuable data on them so you can follow up accordingly.
SMS Texting
Recent studies show that 97% of text messages are read within minutes of receiving them. SMS text message marketing allows you to communicate directly to your target market by sending a simple, quick text message. This permission-based program is perfect because your recipients have opted-in to receive your messages. If you choose SMS texting for either bonding (editorial) or marketing (promotions), in addition to your standard anti-spam and privacy policy verbiage, make sure on your sign up form it’s clearly stated that subscribers who elect to be contacted this way they will receive important messages and special offers from the publisher and select third-party partners as well as may be subject to text messaging fees from the phone carrier. This article shows a good example of a text message disclaimer.
In my experience, this medium has been most effective with premium type services where members rely on critical real-time alerts from the publisher that are pure editorial. The marketing aspect is ancillary.
So if you’re looking to be a leader in your industry and not a laggard, it pays to conduct some ‘due diligence’ on your website and think about which mobile marketing strategies may be right for your biz and audience. With our social and communications landscape always changing, staying abreast of the latest tools, trends and is imperative for businesses to survive and thrive.
Monetize Your Great Content In 2013!
Dozens of top publishers, marketers, business owners, and entrepreneurs are already using my SONAR Content Distribution ModelTM to earn amazing ROI from content they already have. You can, too--even if you've never done Internet marketing before! Content Is Cash shows you how to systematically integrate and synchronize today's best web marketing techniques to drive more traffic, visibility, buzz, leads, and sales for your business. It's not theory. It's a proven, cost-effective and real-world strategy allowing anyone with content to turn traffic into profits...and the results are quantifiable!
What makes the SONAR Content Distribution ModelTM different from other online marketing strategies?
SONAR focuses on maximizing original, high-quality, and 'UVA' (useful, valuable and actionable) content then targets the dissemination of the content on the Web by audience (via manual research and selection) in relevant, synergistic locations.
The SONAR 'system' is successful because it leverages organic/free online channels (no additional advertising or PPC fees), it's comprehensive (using content marketing, social marketing, online PR, and more!) - and most importantly - it's timeless.
In other words, when done correctly SONAR is not applicable to search engine updates, such as Farmer/Panda, and the most recent, Penguin -- all of which ultimately go after spammy websites as well as irrelevant, low-quality content and links. SONAR works with the search engines, not against them.
With SONAR, content quality and relevance is key!
What's your content marketing strategy for 2013?
To learn more please visit http://www.amazon.com/Content-
The fact that we’re a nation that is on-the-go and pretty much living on our smart phones or tablets means that you’re website should be adapted to these mediums to help monetize your business.
It also means that thinking about mobile marketing and how to incorporate various forms of that into your marketing strategy should be high on your list for 2013.
Mobile Friendly Must Haves
There are certain ‘must haves’ that consumers noted they are looking for in a mobile friendly website.
Such features include:
1. Being fast. This means having a site that loads in around 5 seconds or less.
2. Being user friendly. Having large buttons, easy search capabilities, limited scrolling or pinching are key, based on consumer feedback. Something to consider is having responsive templates that adjust accordingly based on the users device, albeit template, desktop or mobile phone. It’s also important to have quick access to company information such as easy-to-find business directions, contact numbers, product and purchasing information. Even better, consider adding a ‘click to call’ access button to contact a customer service rep to take an order via the phone as well as an option for users to visit a non-mobile site.
3. Being social. To continue bonding and viral marketing, don’t forget links to your business’s social media profile page.
If you’re a smaller business that may not have the staff or resources to include these features into your website, there are some free and trial mobile conversion websites worth checking out, these include: http://www.ginwiz.com, http://www.dudamobile.com/ , http://www.mobilizetoday.com.
The App Attack
If you’re pondering if your business ‘app worthy’ or how you can leverage apps for additional sales or leads, here’s some food for thought…
Paid apps could be a great way to add ancillary revenues to your business and free apps could be used for collecting important data (leads) which can be used for cross-selling. Some businesses even obtain revenues through ads that are built in the app from sponsorship partners.
Whichever business model you choice, you still have to decide what you’re app will feature. Typically, content is king. For instance if you’re a financial publisher, you may consider having an app that has stocks alerts and ideas, technical analysis, commentary and actionable data that your end user (investors ) would find beneficial. Know your audience and decide what kind of content is ‘app worthy’.
Then of course you need to market and distribute your app for increased visibility. You can promote your app though affiliate and joint venture emails, press releases, content marketing, online classifieds, and guerilla marketing in related forums and message boards. You can also include your app in various marketplaces including Play/Apps Store (Droid and iPhone), Blackberry Appworld, Apple Apps Store/iTunes, and Amazon Appstore for Android.
Of course, fees and commissions vary, but some are more cost-effective than you think. Here’s a great article with more information. I also found a free service worth checking out called Freeappalert.com as an alternate distribution channel for your app.
QR Codes
You’ve seen ‘em, those little square bar codes on just about everything these days. But not everyone is using them properly and not ever business needs them. QR codes, used the right way, can be a great way to take offline marketing leads online. For instance, consider putting these little guys on your business cards, collateral material, fulfillment kits, promotional flyers, press kits, brochures and other printed materials. Why? It’s a way for a consumer to ‘scan’ the barcode and be redirected to your sign up/‘squeeze page’ or promotional webpage to provide further information, and more importantly, collect valuable data on them so you can follow up accordingly.
SMS Texting
Recent studies show that 97% of text messages are read within minutes of receiving them. SMS text message marketing allows you to communicate directly to your target market by sending a simple, quick text message. This permission-based program is perfect because your recipients have opted-in to receive your messages. If you choose SMS texting for either bonding (editorial) or marketing (promotions), in addition to your standard anti-spam and privacy policy verbiage, make sure on your sign up form it’s clearly stated that subscribers who elect to be contacted this way they will receive important messages and special offers from the publisher and select third-party partners as well as may be subject to text messaging fees from the phone carrier. This article shows a good example of a text message disclaimer.
In my experience, this medium has been most effective with premium type services where members rely on critical real-time alerts from the publisher that are pure editorial. The marketing aspect is ancillary.
So if you’re looking to be a leader in your industry and not a laggard, it pays to conduct some ‘due diligence’ on your website and think about which mobile marketing strategies may be right for your biz and audience. With our social and communications landscape always changing, staying abreast of the latest tools, trends and is imperative for businesses to survive and thrive.
Monetize Your Great Content In 2013!
Dozens of top publishers, marketers, business owners, and entrepreneurs are already using my SONAR Content Distribution ModelTM to earn amazing ROI from content they already have. You can, too--even if you've never done Internet marketing before! Content Is Cash shows you how to systematically integrate and synchronize today's best web marketing techniques to drive more traffic, visibility, buzz, leads, and sales for your business. It's not theory. It's a proven, cost-effective and real-world strategy allowing anyone with content to turn traffic into profits...and the results are quantifiable!
What makes the SONAR Content Distribution ModelTM different from other online marketing strategies?
SONAR focuses on maximizing original, high-quality, and 'UVA' (useful, valuable and actionable) content then targets the dissemination of the content on the Web by audience (via manual research and selection) in relevant, synergistic locations.
The SONAR 'system' is successful because it leverages organic/free online channels (no additional advertising or PPC fees), it's comprehensive (using content marketing, social marketing, online PR, and more!) - and most importantly - it's timeless.
In other words, when done correctly SONAR is not applicable to search engine updates, such as Farmer/Panda, and the most recent, Penguin -- all of which ultimately go after spammy websites as well as irrelevant, low-quality content and links. SONAR works with the search engines, not against them.
With SONAR, content quality and relevance is key!
What's your content marketing strategy for 2013?
To learn more please visit http://www.amazon.com/Content-
Sunday, December 16, 2012
I have a hit! Should I extend?
As I have written about previously, often times marketers get themselves into trouble because they focus too much of their attention on under-performing productions causing them to ignore opportunities to better capitalize on productions which are over-performing.
So, now you have a hit on your hands, and you know you have to strike while the iron is hot. Sometimes hit productions can be few and far between, so what you do next could make or break your season. When a hit does occur, many entrepreneurially minded non-profit producers start to consider an extension to their previously announced runs. Before announcing an extension, here are a couple of things you should consider:
So, now you have a hit on your hands, and you know you have to strike while the iron is hot. Sometimes hit productions can be few and far between, so what you do next could make or break your season. When a hit does occur, many entrepreneurially minded non-profit producers start to consider an extension to their previously announced runs. Before announcing an extension, here are a couple of things you should consider:
Feasibility. Is it even possible to extend your run? Oftentimes non-profit subscription houses have another show coming in right on the heels of the previous one, and there is no room to extend. Are your actors available for an extension? Many times actors have other projects already lined up, and they are unavailable for an extension. And if some actors are unavailable, can you continue a run with replacement actors?
Extension Costs. How much will it cost per week to run an extension? Make sure that you include all relevant costs, such as:
· Casting and put-in costs for replacement actors
· Any increases in fees due to extension clauses
· Marketing and press fees to promote an extension
· Applicable overhead costs such as house management, box office, etc.
· Cost of sales fees such as credit card service charges
· Increases in royalty payments
The higher the weekly operating costs, the more risky an extension will be. The decision to extend a popular play with a modest cast size will be much easier than the decision to extend a large musical, which can have weekly operating expenses 4 to 5 times higher than a play.
Current Sales and Inventory. How many tickets did you sell in the previous couple of weeks and how much in single ticket revenue did you realize? Even if you are currently achieving more revenue in single ticket sales than what you are projecting as your weekly operating costs for an extension, it may not be a good decision to extend. For example: production X has sold 2,000 single tickets for $100,000 in single ticket revenue per week for the past three weeks. You have projected that your weekly operating costs for an extension will be $80,000 per week, leaving a $20,000 positive differential between current weekly revenues and projected weekly operating costs leading you to believe an extension is advisable. But, when you take a look at your available inventory for the remaining 6 weeks of your run, you notice that you have 18,000 tickets left to sell in your 1,000 seat theater. Selling at a pace of 2,000 tickets per week with 6 weeks left, you will sell 12,000 additional tickets which represents only 67% of your remaining inventory. In this situation, it may not make sense to extend, as you could avoid additional extension costs and maximize net revenue by selling out your remaining inventory. [note to reader: I chose to use relatively large round numbers as the arithmetic is easier, and they illustrate arguments in a more succinct manner. These concepts are easily scalable for smaller or larger houses.]
Burn and Sell Ratio. Are you realizing more in single ticket revenue for future performances than you are burning off each week? For example, in your 1,000 seat theater with an average ticket price of $50 and a 60% paid capacity for a performance schedule with 8 shows per week, you will burn off $240,000 in ticket revenue each week of performance. If you are selling more than $240,000 each week for future performances, and your weekly operating expenses for an extension are below $240,000, it is a good indication that an extension is viable.
Time to Sell. If you decide to extend a run in your 1,000 seat theater for an additional week, with an 8 show per week schedule, you will bring an additional 8,000 seats online to sell. Do you have adequate lead time to sell the extension? If you have relatively low weekly operating costs, the financial risk may be low, but you don’t want to announce an extension only to play to 30-40% paid capacity because you didn’t have enough time to adequately promote it.
Other random thoughts…
· Extending a popular production can ensure an influx of new patrons, which can lead to an abundance of excellent leads to develop new multi-show ticket buyers. That said, scarcity can also be a very valuable marketing tool. Nothing encourages early ticket buying behavior better than sold out houses.
· Extensions are not always extensions. Some theaters have developed business models which involve “extending” almost every show they produce. At other theaters, extensions are very rare. Why is this? For those that always seem to have extensions, most “added performances” are likely built-in and planned as part of their original run lengths, but tickets are held off sale until a predetermined date, thereby creating the perception that when tickets are placed on sale, the production has indeed extended. It’s quite a clever marketing strategy until you go to the well too many times, and the public starts to understand what’s going on. At which point, I would guess that marketing a production as “just extended” starts to lose some of its value.
Do Inbound Leads Really Cost Less?
Advocates of inbound marketing frequently assert that inbound sales leads cost less to acquire than outbound leads. The research usually cited to support this claim is the annual inbound marketing survey conducted by HubSpot. For example, The 2012 State of Inbound Marketing study reported that companies who spend more than 50% of their lead generation budget on inbound marketing programs experience a 61% lower cost per lead than companies who rely primarily on outbound marketing. This finding has remained very consistent from year to year in the HubSpot research.
Measuring the costs of acquiring leads through inbound and outbound marketing channels is important, but that information alone won't tell you whether inbound marketing or outbound marketing is more valuable for your business.
To get an accurate picture of how well any lead source is performing, you also need to know what quality of leads the source is producing. In this context, lead quality refers to the likelihood that a lead will actually make a purchase and become a customer. To incorporate lead quality into your evaluation, you need to use lead converstion rates to translate lead acquisition costs to the customer level.
I can illustrate how lead conversion rates impact lead costs with a simple example. The table below compares the acquisition costs of inbound vs. outbound leads at various stages of the lead-to-revenue cycle.
In this example, I'm using the lead stages defined by SiriusDecisions.
As the table shows, the cost-per-inquiry for inbound leads is significantly lower than for outbound leads. At $25.00 per inquiry vs. $41.50 per inquiry, inbound leads are about 40% cheaper than outbound leads. However, when measured on a "per new customer" basis (which is the most important number), outbound leads actually cost about 3% less than inbound leads.
I am not suggesting that outbound marketing is "better" than inbound marketing. The lead conversion rates used in my example are for illustration purposes only. In fact, research by SiriusDecisions indicates that inbound leads cost less and have higher conversion rates, on average, than outbound leads. The point here is that you can't evaluate the performance of inbound vs. outbound marketing until you measure lead acquisition costs at the customer level.
Measuring the costs of acquiring leads through inbound and outbound marketing channels is important, but that information alone won't tell you whether inbound marketing or outbound marketing is more valuable for your business.
To get an accurate picture of how well any lead source is performing, you also need to know what quality of leads the source is producing. In this context, lead quality refers to the likelihood that a lead will actually make a purchase and become a customer. To incorporate lead quality into your evaluation, you need to use lead converstion rates to translate lead acquisition costs to the customer level.
I can illustrate how lead conversion rates impact lead costs with a simple example. The table below compares the acquisition costs of inbound vs. outbound leads at various stages of the lead-to-revenue cycle.
In this example, I'm using the lead stages defined by SiriusDecisions.
- Inquiries
- Marketing qualified leads (MQLs)
- Sales accepted leads (SALs)
- Sales qualified leads (SQLs)
- New customers
As the table shows, the cost-per-inquiry for inbound leads is significantly lower than for outbound leads. At $25.00 per inquiry vs. $41.50 per inquiry, inbound leads are about 40% cheaper than outbound leads. However, when measured on a "per new customer" basis (which is the most important number), outbound leads actually cost about 3% less than inbound leads.
I am not suggesting that outbound marketing is "better" than inbound marketing. The lead conversion rates used in my example are for illustration purposes only. In fact, research by SiriusDecisions indicates that inbound leads cost less and have higher conversion rates, on average, than outbound leads. The point here is that you can't evaluate the performance of inbound vs. outbound marketing until you measure lead acquisition costs at the customer level.
Saturday, December 15, 2012
Top 10 posts
Just Marketing is closing in on two years of weekly publication. For the end of year festivities, where you'll want to kick up your feet and settle down to read on your tablet, here is a selection of the top 10 posts from the blog:
10. Customer satisfaction or market share? Pick one
9. Expect the unexpected
8. Why do your customers buy from you?
7. Value creation versus value
Take the 2013 Lead Generation Survey and Receive Free Report
Our 40,000+ member B2B technology marketing community on LinkedIn is conducting a lead generation survey to better understand how B2B marketers are adjusting to new challenges around lead gen, and to identify new trends and best practices for 2013.
Please follow this link to take the 5-minute survey now: https://www.surveymonkey.com/s/B2B_LeadGen_Survey_2013
As a survey participant, you will receive an exclusive, free copy of the survey report before it is published to a broader audience. The published survey report will contain the critical data points and trends for busy B2B marketing professionals to inform your 2013 marketing plans, campaigns and budget allocations.
Thank you for participating in the survey!
PS: Many thanks to the co-sponsors of the survey:
IDG Enterprise (http://www.idgenterprise.com) | Eloqua (http://www.eloqua.com) | DiscoverOrg (http://www.discoverorg.com) | Strand Marketing (http://www.strandmarketing.com) | Optify (http://www.optify.net)
Monday, December 10, 2012
FOCUS ... Momentum ... Results (Part 1)
Focus … Momentum … Results
It’s not just our tag line … it’s our business model.
This week, we take the ultimate look behind the MarketMatch curtain. A glimpse into our innermost workings. The drivers behind everything that we do for your credit union or community bank.
This is part 1 of a 3 part series this week that will outline the simplest of strategic processes and the true value to how we partner with financial institutions to drive bottom line success.
Focus ... Momentum ... Results
FOCUS
Thank God it's Monday! That's right, TGIM!!!
Most of us, like most every other Monday, are attending staff meetings ... and management meetings ... and meetings on when to have our next meeting.
We are gazing at our calendars, as we drain another cup of coffee, trying to figure out how the heck we're going to get everything done this week.
But Mondays in December are a bit different, aren't they? It's not just what can we get done this week. On these special Mondays, we're thinking about what we can get done next YEAR.
On any given day, there are a million strategies that you can focus on. The trick is to identify the handful of strategies that you should focus on.
Our Approach
We recommend you start with the desired end results and back into the most relevant and impactful strategies to help pin-point the focus and maximize the available resources.
Most of us, like most every other Monday, are attending staff meetings ... and management meetings ... and meetings on when to have our next meeting.
We are gazing at our calendars, as we drain another cup of coffee, trying to figure out how the heck we're going to get everything done this week.
But Mondays in December are a bit different, aren't they? It's not just what can we get done this week. On these special Mondays, we're thinking about what we can get done next YEAR.
On any given day, there are a million strategies that you can focus on. The trick is to identify the handful of strategies that you should focus on.
Our Approach
- Identify no more than 3 core objectives for your credit union or bank.
- Most growth-oriented objectives typically have 3 parts: Acquire new accounts, Grow or expand existing accounts and Retain existing accounts.
- Identify the 3-5 most impactful tactics to fill these 9 buckets.
It's really that simple. If a new opportunity doesn't fit into this chart, it's not a priority. If a new "fire" doesn't affect this chart, it's not a priority. If a new idea doesn't enhance this chart, it's not a priority.
At the end of the day, if you stay focused on this chart, you should drive MOMENTUM for your institution.
At the end of the year, if you complete each tactic on this chart, you should experience the RESULTS that will achieve your core objectives and drive growth for your institution.
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With nearly than 160,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
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MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
Focus ... MOMENTUM ... Results (Part 2)
Focus … Momentum … Results
It’s not just our tag line … it’s our business model.
This week, we take the ultimate look behind the MarketMatch curtain. A glimpse into our innermost workings. The drivers behind everything that we do for your credit union or community bank.
This is part 2 of a 3 part series this week that will outline the simplest of strategic processes and the true value to how we partner with financial institutions to drive bottom line success.
Focus ... Momentum ... Results
MOMENTUM
A quick physics lesson:
A heavy object moving fast has a large momentum—it takes a large and prolonged force to get the object up to speed, and it takes a large and prolonged force to bring it to a stop. If the object were lighter, or moving slower, then it would have less momentum.
It takes momentum to push ahead. That’s why everything we do is to help drive momentum for your bank or credit union.
MASS: From a marketing perspective, mass is a relevant and differentiated message. It is consistent communication. And consistent experience. It is your brand.
VELOCITY: Velocity is awareness, understanding and word-of-mouth. It is sales success at the front line. A success that generates a contagious enthusiasm - for your team and your customers.
It's that simple: The more people who understand and experience your relevant, differentiated brand, the more momentum you have.
Momentum = Mass X Velocity
It takes momentum to push ahead. That’s why everything we do is to help drive momentum for your bank or credit union.
So, what does all this physics mumbo jumbo have to do with marketing?
MASS: From a marketing perspective, mass is a relevant and differentiated message. It is consistent communication. And consistent experience. It is your brand.
VELOCITY: Velocity is awareness, understanding and word-of-mouth. It is sales success at the front line. A success that generates a contagious enthusiasm - for your team and your customers.
It's that simple: The more people who understand and experience your relevant, differentiated brand, the more momentum you have.
External Communication: From sound strategic planning to impactful implementation … every aspect of your marketing should be designed to generate a desired action. You create mass by defining your brand message and value proposition. You create velocity by getting and demonstrating that message to as many targeted customers and prospects as possible.
Internal Processes: We will push further when we all push together. That is the power of training and internal communication. Each team member must be able to understand and communicate your brand. More importantly, they must be able to demonstrate it with every single interaction.
Internal Processes: We will push further when we all push together. That is the power of training and internal communication. Each team member must be able to understand and communicate your brand. More importantly, they must be able to demonstrate it with every single interaction.
You can't generate momentum overnight. It takes a prolonged force to get the momentum up to speed. But, once rolling, it will also take a prolonged force to stop it.
Are you looking for justification for your marketing budget? There it is!
Are you looking for justification for your marketing budget? There it is!
To get the momentum rolling fastest, you need FOCUS.
To know the power of your momentum you have to measure RESULTS.
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With nearly than 160,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
-------------------------------------------------------------------------------
MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
Focus ... Momentum ... RESULTS (Part 3)
Focus … Momentum … Results
It’s not just our tag line … it’s our business model.
This week, we take the ultimate look behind the MarketMatch curtain. A glimpse into our innermost workings. The drivers behind everything that we do for your credit union or community bank.
This is part 3 of a 3 part series this week that will outline the simplest of strategic processes and the true value to how we partner with financial institutions to drive bottom line success.
Focus ... Momentum ... Results
RESULTS
Because of our ROI Guarantee and because it’s the right thing to do, we measure everything. The challenge is knowing what to measure and when.
At it's base, ROI is:
At it's base, ROI is:
Incremental Profit - Marketing Investment
Marketing Investment
But there's so much more to the equation:
- Would the community name you in the top 3 in an unaided awareness survey? Would they name you first? How does that compare against a pre-campaign baseline? (This begins to measure that MOMENTUM that we talked about yesterday)
- Was there a sales lift over the months prior to a campaign? How about the same months of the previous year?
- Did you hit your required sales lift?
- What might the results have been with a different offer? What about no offer?
- What was the difference between increased applications and increased new accounts?
- Did growth come from existing customers or new? Which did you want?
- Is your attrition decreasing? What accounts are experiencing the highest and lowest attrition?
- What branches or markets are growing the fastest/slowest? Why?
- If your marketing is working, how can you make it better? If it's not working, why?
Once you understand your objectives-driven FOCUS you'll know what to measure.
With constant monitoring and tweaking, you can more effectively build MOMENTUM.
------------------------------------------------------------------------
With nearly than 160,000 visits worldwide, we hope that you enjoy this blog. If you find it helpful, please share it with your colleagues. Also, check out our YouTube Channel for short video blogs about financial marketing. We bring these marketing philosophies to community banks and credit unions nationwide, and would love to bring them to your institution too. Contact us to see how.
MarketMatch is also a nationally and internationally requested speaker. Contact us to bring our marketing ideas to your next conference.
-------------------------------------------------------------------------------
MarketMatch is a marketing firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the right story that will generate the greatest MOMENTUM and prove the best RESULTS with our written ROI Guarantee.
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