Saturday, June 30, 2012
At the CSSG 2012 Conference
Every year the Customer Strategies for Sustained Growth conference brings a group of about 30 business school academics from around the
world to INSEAD’s campus on the edge of the forest of Fontainebleau. The objective
of the conference is to promote thinking about sustained growth and to talk
about ways of introducing this thinking into business school curricula. In
these recessionary times
The Assembly Line and Failure
I've recently returned from Theatre Communications Group's Annual Conference, where the theme was "model the movement," focusing on new models and transformative ideas from the field. I was particularly excited to attend this year, as the speakers included Woolly Mammoth Theatre Company's Artistic Director Howard Shalwitz and author/marketer extraordinaire Seth Godin.Howard kicked off the conference with his speech "Theatrical Innovation: Who's Job Is It?," in which he compared the systems of our regional theaters to that of an assembly line, a theme that would resurface multiple times over the course of the conference. As regional theaters grew and became more complex, often times non-profit managers were encouraged to borrow best practices from corporate entities, designed to improve efficiency, streamline processes and increase return on investment. And it worked...until it didn't. You see, the process of creating art cannot be controlled by an assembly line system. We don't create widgets. And as one artist said to me, "if I was exclusively concerned with return on investment from a monetary perspective, I wouldn't create art, and I certainly wouldn't have had children."
This isn't to say that theaters shouldn't have systems. Systems have helped us reduce waste, maximize time and better utilize our resources. But an over reliance on particularly inflexible systems can also guarantee failure, at least from an artistic perspective. Theater is a particularly risky business, even when producing so called "cash cows," as I have previously written about here. To quote one artistic director, "theaters eat risk for breakfast." But as the economy has contracted, have we become too reliant on our systems? and if Woolly Mammoth is wrestling with this issue, a company that is known to be nimble and innovative, then it must be a significant challenge for others. How often do we as marketing directors get handed a project that we can't wait to work on, knowing that we will need to call upon all of our creativity to develop innovative audience development strategies, only to think - shit, if I give the time and attention this project requires, the next three shows will suffer? Which then results in trying to pound a square peg into the round hole that is our assembly line, which is a disservice to both the artist and the marketer. Great work will push boundaries across all departments within an organization, and senior managers need to create systems and budgets that not only allow space for custom approaches, but that encourage them.
As managers, we like to mitigate risk, thinking that if we could just control our variables just a little more, that we would reach a utopia of risk free theater producing. It's a fool's errand. Since the beginning of the global economic crisis in 2008, the stakes have risen so high that it can feel like we don't have room to fail. But in failure, we find success. It sounds counter intuitive, but making today as failure free as possible will ensure a less successful tomorrow. Even Mr. Godin, a titan in the business world, in his bio proudly proclaims "as an entrepreneur, he has founded dozens of companies, most of which failed." So the question we should all be asking, particularly in the budget process, is - are we building enough room for experimentation and failure?
Recently, I had the opportunity as a consultant to work with a few senior managers who were tasked with reinventing a business model for a program that was part of a much larger institution. Due to funding cuts, the program needed to become revenue neutral over time, and pro formas were developed to guide that process. Along the way, the program hit some unforeseen challenges, but as the pro formas were the only measurement of success, decisions were made that allowed the organization to "stay on target" by hitting financial benchmarks as scheduled at the expense of future operations. When I began my work, I was asked if I thought the program could reach revenue neutral status on the timeline outlined in the pro formas. I said that I believed it was possible, but then followed up by saying the question asked really should be whether the program can remain a going concern after hitting revenue neutral status given the short-sighted decisions that would be necessary to get there. In other words, does it really matter if we got the patient to the hospital in record time if the patient dies in route? How many decisions do we make each year that only considers the financial position of the company during the fiscal year in question? and would we make different decisions if we considered the pros and cons over multiple years? The financial strain on many arts organizations is tremendous, but if we continue to sprint to obtain single year targets while we ignore the conditions that wait for us at the finish line, over time we can snatch defeat from the jaws of victory. Unless an organization is under dire financial constraints, and death is literally knocking at the door, all major decisions must be viewed in a multi-year context.
Studies have shown that people are motivated more by avoiding failure than by achieving success. As this article states, some professional athletes like winning, but they really hate to lose. This would explain why limiting risk is so appealing, even if it jeopardizes our ability to succeed. But I would argue that mindset breeds mediocrity, and that artists and arts administrators are different. We know that our best work comes from taking risks, and this is something we need to remember as we head back into work tomorrow.
Tuesday, June 26, 2012
SONAR Marketing, More Comprehensive and Targeted Than Content Marketing Alone!
Here's a great article about content marketing, from a strategic standpoint with SEO.
http://searchenginewatch.com/article/2186953/Why-Content-Marketing-is-a-Great-SEO-Strategy-Not-a-Short-Term-Tactic?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=Why%20Content%20Marketing%20is%20a%20Great%20SEO%20Strategy%2C%20Not%20a%20Short-Term%20Tactic&utm_campaign=06%2F26%2F12%20-%20SEW%20Daily&utm_source=Search%20Engine%20Watch%20Daily&utm_medium=Email
It's important to note, especially to the naysayers and 'haters', that SONAR marketing and the SONAR Content Distribution Model is similar to content marketing, but it's more comprehensive and targeted-- it's like content marketing on steroids. It's organic and combines SEO/SEM, social marketing, viral marketing PR, and more.
It always amazes me when SEO people don't get SONAR, when it's really not a hard strategy to grasp...it's just as organic and effective as article/content marketing, just better.
And of course, the major difference is that it's a systematic, synchronized method of disseminating repurposed content on the Web based on audience, website and SEO keywords.
Most, if not all, SEO folks don't have issue with content marketing (especially using hi-quality, relevant content)...so I don't understand the confusion about SONAR.
It's proven. It's organic (free). It uses hi-quality content for natural relevant backlinks. And it hasn't been negatively affected by search engine algorithm updates like Farmer/Panda, and recent, Penguin.
http://searchenginewatch.com/article/2186953/Why-Content-Marketing-is-a-Great-SEO-Strategy-Not-a-Short-Term-Tactic?wt.mc_ev=click&WT.tsrc=Email&utm_term=&utm_content=Why%20Content%20Marketing%20is%20a%20Great%20SEO%20Strategy%2C%20Not%20a%20Short-Term%20Tactic&utm_campaign=06%2F26%2F12%20-%20SEW%20Daily&utm_source=Search%20Engine%20Watch%20Daily&utm_medium=Email
It's important to note, especially to the naysayers and 'haters', that SONAR marketing and the SONAR Content Distribution Model is similar to content marketing, but it's more comprehensive and targeted-- it's like content marketing on steroids. It's organic and combines SEO/SEM, social marketing, viral marketing PR, and more.
It always amazes me when SEO people don't get SONAR, when it's really not a hard strategy to grasp...it's just as organic and effective as article/content marketing, just better.
And of course, the major difference is that it's a systematic, synchronized method of disseminating repurposed content on the Web based on audience, website and SEO keywords.
Most, if not all, SEO folks don't have issue with content marketing (especially using hi-quality, relevant content)...so I don't understand the confusion about SONAR.
It's proven. It's organic (free). It uses hi-quality content for natural relevant backlinks. And it hasn't been negatively affected by search engine algorithm updates like Farmer/Panda, and recent, Penguin.
Branding DIY
Branding DIY
Everything has a brand … that instant thought that helps us to categorize everything in our lives. How do you manage yours?
Here is a link to our latest contribution to CUinsight. If you enjoy it, please comment and share.
Everything has a brand … that instant thought that helps us to categorize everything in our lives. How do you manage yours?
Here is a link to our latest contribution to CUinsight. If you enjoy it, please comment and share.
Sunday, June 24, 2012
In Marketing, More Isn't Necessarily Better
About once a month, I am publishing a post that shares insights I've discovered at another blog. This month, the insight comes from the Harvard Business Review blog. The HBR blog publishes content that is written by numerous authors and includes posts that discuss a wide range of business topics.
Last month, Karen Freeman, Patrick Spenner, and Anna Bird with the Corporate Executive Board wrote a series of three blog posts discussing the findings of a recent CEB survey that involved over 7,000 consumers worldwide. Those three posts were:
For me, the most significant finding in the CEB survey is that consumers are overwhelmed by the volume of information they're exposed to and the choices they're presented with, and as a result, many are making purchase decisions differently than in the past. The authors of these blog posts refer to this condition as "cognitive overload."
Because of cognitive overload, the traditional purchase funnel (consumers moving from awareness to interest to desire to action and reducing the number of options they consider along the way) no longer describes how most consumers actually buy. According to the study:
The problem is, even relevant and "helpful" interactions are adding to the avalanche of information that's inundating business buyers. Most of these buyers might well appreciate marketers who understand that less can often be better.
Last month, Karen Freeman, Patrick Spenner, and Anna Bird with the Corporate Executive Board wrote a series of three blog posts discussing the findings of a recent CEB survey that involved over 7,000 consumers worldwide. Those three posts were:
- What Do Consumers Really Want? Simplicity
- If Customers Ask for More Choice, Don't Listen
- Three Myths about What Customers Want
For me, the most significant finding in the CEB survey is that consumers are overwhelmed by the volume of information they're exposed to and the choices they're presented with, and as a result, many are making purchase decisions differently than in the past. The authors of these blog posts refer to this condition as "cognitive overload."
Because of cognitive overload, the traditional purchase funnel (consumers moving from awareness to interest to desire to action and reducing the number of options they consider along the way) no longer describes how most consumers actually buy. According to the study:
- Only about one third of consumers now use the traditional funnel approach when they buy.
- About 30% of consumers follow an open-ended purchasing path. The perform a lot of research, and they add and drop brands along the way.
- Another 30% of consumers don't perform a search at all. They simply zero in on a single product or brand.
- Most customers want to have "relationships" with brands - Only 22% of consumers in the CEB study said they have a relationship with a brand. The authors argue that most consumers reserve relationships for family, friends, and colleagues.
- Interactions build relationships - The CEB study found that shared values, not frequent interactions, are the main reason that consumers decide to have a relationship with a brand.
- The more interactions the better - The authors say that there's no correlation between the number of interactions with a consumer and the likelihood that he or she will complete a purchase, make repeat purchases, or recommend the brand.
The problem is, even relevant and "helpful" interactions are adding to the avalanche of information that's inundating business buyers. Most of these buyers might well appreciate marketers who understand that less can often be better.
Saturday, June 23, 2012
What happened to disintermediation?
With the rise of the web in the 1990s came predictions of
disintermediation.
In a world where the upstream players (the makers of
products and services) could reach end customers directly through the internet,
there was no longer a raison d’être for intermediaries.
This was particularly true for information industries –
banking no longer needed branches, music artists no longer needed
Thursday, June 21, 2012
EPS, TIFF, or JPEG? CMYK, PMS or RGB?
EPS, TIFF, or JPEG? CMYK, PMS or RGB? What does it all mean when it comes to a logo?
If you don't live in the graphic's world and know these by heart, here's a quick reference to help you know what they are and why knowing is so important.
EPS, or Encapsulated PostScript, is created from mathematical curves and lines which stay in focus and in proportion no matter how large or small the file gets. This means there is no pixelation and your logo will look the same at 1 inch in size as it does at 10 feet. These types of logo files are ideal for uses from letterhead to billboards. An EPS of your logo should be the first thing you send when you need something designed or printed.
A TIFF is an image that is pixel-based, put together from thousands of tiny blocks. If printing at its original size, it's great. A normal high-resolution image has over 90,000 tiny blocks in one square inch. However, if you blow that image up large enough, though, and you'll start seeing some pixelation. Shrink it down past the point of no return and the image will get blurry as the pixels blend and blur.
JPEGS are perfect for web work, Powerpoint presentations, and other applications that don't demand much of an image. Like TIFFs, JPEGs are pixel-based. They are also compressed and generally at a low resolution, so the file size stays relatively low. However, if you enlarge them you'll see plenty of pixels and an overall fuzziness that comes from the compression process. Remember that you may think it looks ok on screen, but it's the worst choice for anything printed.
CMYK, PMS and RGB refer to the color format of the image. RGB colors are made of red, green and blue light, and are only accurate on computer and television screens. RGB colors cannot be used for printing. CMYK stands for cyan, magenta, yellow and black. These are the four inks used in the printing process and when combined make every printed color in the rainbow. But, CMYK isn't always accurate when it comes to reproducing a specific brand color. That's where PMS colors come in. The Pantone Matching System, or PMS, is a universally recognized color scheme to which every printing company subscribes. It standardizes the colors, and different manufacturers in different places can refer to the system to ensure colors match without direct contact with one another. The pantone colors are often referred to as spot colors, whereas CMYK colors are process.
EPS, or Encapsulated PostScript, is created from mathematical curves and lines which stay in focus and in proportion no matter how large or small the file gets. This means there is no pixelation and your logo will look the same at 1 inch in size as it does at 10 feet. These types of logo files are ideal for uses from letterhead to billboards. An EPS of your logo should be the first thing you send when you need something designed or printed.
A TIFF is an image that is pixel-based, put together from thousands of tiny blocks. If printing at its original size, it's great. A normal high-resolution image has over 90,000 tiny blocks in one square inch. However, if you blow that image up large enough, though, and you'll start seeing some pixelation. Shrink it down past the point of no return and the image will get blurry as the pixels blend and blur.
JPEGS are perfect for web work, Powerpoint presentations, and other applications that don't demand much of an image. Like TIFFs, JPEGs are pixel-based. They are also compressed and generally at a low resolution, so the file size stays relatively low. However, if you enlarge them you'll see plenty of pixels and an overall fuzziness that comes from the compression process. Remember that you may think it looks ok on screen, but it's the worst choice for anything printed.
CMYK, PMS and RGB refer to the color format of the image. RGB colors are made of red, green and blue light, and are only accurate on computer and television screens. RGB colors cannot be used for printing. CMYK stands for cyan, magenta, yellow and black. These are the four inks used in the printing process and when combined make every printed color in the rainbow. But, CMYK isn't always accurate when it comes to reproducing a specific brand color. That's where PMS colors come in. The Pantone Matching System, or PMS, is a universally recognized color scheme to which every printing company subscribes. It standardizes the colors, and different manufacturers in different places can refer to the system to ensure colors match without direct contact with one another. The pantone colors are often referred to as spot colors, whereas CMYK colors are process.
So now when you hear or see EPS, TIFF, or JPEG; CMYK, PMS or RGB; you'll know exactly what they mean.
Until next time,
Gail
MarketMatch is a full-service marketing consulting firm, dedicated to the credit union and community banking community. We utilize knowledge-based strategies to help you FOCUS on the efforts that will generate MOMENTUM and yield the greatest RESULTS for your bottom line.
Monday, June 18, 2012
Four Corners -- Offense or Defense?
Greetings...
I just read an interesting article from BAI entitled "The Segmentation Conundrum." It speaks to the challenge of identifying and growing profitable relationships and the dual-edged sword of reducing unprofitable relationships. The article describes Chase's approach to targeting high value/high profit relationships and driving more profit and simultaneously reducing the negative burden of unprofitable accounts. (here is the article link: http://tinyurl.com/8yasmre)
This is exactly the challenge that was charged with at Bank One, the Chase predecessor, back in 1995 (and won state-wide kudos for the Dayton affiliates approach)! The program was successful in providing value to our top 20% and driving off the bottom 25%. We called it the 4-Quartile program.
Unfortunately, the logic stopped there.
We would then quartile our customers again 4-6 months later. See the fallacy? There will ALWAYS be a bottom 25% quartile and soon you are attempting to drive away/increase profitability on relationships that were previously core accounts.
I believe that EVERY relationship that a bank has is profitable...you just may not be banking that portion of the client's relationship! This is a key fundamental belief that drives much of our thoughts and strategies at MarketMatch
Enter the Four Corners...
We use the term 4-corners at lot at MarketMatch. Typically it is about getting our arms around an issue or challenge and being able to tack down the "4 corners" of the challenge so that we know where we can operate.
The other version of the 4-corners comes to a point...literally! Its where the best of all worlds come together-- just like when Utah, Colorado, Arizona and New Mexico come together in one pin-point location. This 4-corner is the ultimate place...
For a bank, its the maximization of profitable customers, loyal customers, and relationship depth. There are two types of 4-corners approaches...offense and defense.
Here are the top 4 actions to employ if you want a positive OFFENSE built around the 4-Corners:
Questions??? Call me...
Cheers!
Bruce
I just read an interesting article from BAI entitled "The Segmentation Conundrum." It speaks to the challenge of identifying and growing profitable relationships and the dual-edged sword of reducing unprofitable relationships. The article describes Chase's approach to targeting high value/high profit relationships and driving more profit and simultaneously reducing the negative burden of unprofitable accounts. (here is the article link: http://tinyurl.com/8yasmre)
This is exactly the challenge that was charged with at Bank One, the Chase predecessor, back in 1995 (and won state-wide kudos for the Dayton affiliates approach)! The program was successful in providing value to our top 20% and driving off the bottom 25%. We called it the 4-Quartile program.
Unfortunately, the logic stopped there.
We would then quartile our customers again 4-6 months later. See the fallacy? There will ALWAYS be a bottom 25% quartile and soon you are attempting to drive away/increase profitability on relationships that were previously core accounts.
I believe that EVERY relationship that a bank has is profitable...you just may not be banking that portion of the client's relationship! This is a key fundamental belief that drives much of our thoughts and strategies at MarketMatch
Enter the Four Corners...
We use the term 4-corners at lot at MarketMatch. Typically it is about getting our arms around an issue or challenge and being able to tack down the "4 corners" of the challenge so that we know where we can operate.
The other version of the 4-corners comes to a point...literally! Its where the best of all worlds come together-- just like when Utah, Colorado, Arizona and New Mexico come together in one pin-point location. This 4-corner is the ultimate place...
For a bank, its the maximization of profitable customers, loyal customers, and relationship depth. There are two types of 4-corners approaches...offense and defense.
4-Corners OFFENSE
- Proactive approach
- Positive, value-building
- Geared to win the relationship tipping point
- Built to win "those that should bank with you"
4-Corners DEFENSE
- Reactive approach
- Negative reinforcement
- Attempts to drive off unprofitable relationship
Here are the top 4 actions to employ if you want a positive OFFENSE built around the 4-Corners:
- DEFINE: who has and does not have the five power account builders with you; checking, savings, investment, loan, access... these drive actions.
- FIVE: Determine who does not have a mix of the 5 accounts and deliver a proactive marketing message.
- FOLLOW-UP: with a personal call, note, visit
- FIND: potential customers in the market that look like you best customers (with the 5) and market to them
Questions??? Call me...
Cheers!
Bruce
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MarketMatch is a full-service 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.
Sunday, June 17, 2012
Why Lead Nurturing Needs a Human Touch
It's now clear that nurturing leads is critical for companies with long sales cycles. Several research studies from a couple of years ago revealed that only about 25% of new sales leads were ready to have a meaningful sales conversation. I suspect the percentage is even lower today. Several studies have also found that most of these prospects will eventually buy. Lead nurturing is the mechanism for maintaining a relationship with these "lukewarm" leads until they are ready to buy.
Until recently, most B2B companies relied on salespeople to handle lead nurturing. They expected their sales reps to manage prospects through the entire buying process. The problem is, this approach no longer works very well because today's buyers are self-educating, and they are avoiding interactions with salespeople until later in the buying process.
As a result of these changes in buyer behavior, many companies have shifted the responsibility for lead nurturing from salespeople to the marketing department. Many companies have also implemented B2B marketing automation/lead management technology solutions to automate the execution of lead nurturing programs.
I agree that marketing should have the primary responsibility for managing the lead nurturing process, and I recognize that B2B marketing automation technologies can enable highly sophisticated lead nurturing programs. However, I also believe that lead nurturing needs a human touch to achieve maximum results.
Marketing automation systems provide an impressive set of communication capabilities, but there is no real substitute for human-to-human communications. When you have a personal conversation with a prospect, you have the potential for a richer exchange of information. A personal conversation with a prospect provides three distinct advantages over automated lead nurturing communications.
Automated lead nurturing programs are powerful marketing tools, but the best lead nurturing programs also include person-to-person communications that enable you to leverage human insight and human judgment.
Until recently, most B2B companies relied on salespeople to handle lead nurturing. They expected their sales reps to manage prospects through the entire buying process. The problem is, this approach no longer works very well because today's buyers are self-educating, and they are avoiding interactions with salespeople until later in the buying process.
As a result of these changes in buyer behavior, many companies have shifted the responsibility for lead nurturing from salespeople to the marketing department. Many companies have also implemented B2B marketing automation/lead management technology solutions to automate the execution of lead nurturing programs.
I agree that marketing should have the primary responsibility for managing the lead nurturing process, and I recognize that B2B marketing automation technologies can enable highly sophisticated lead nurturing programs. However, I also believe that lead nurturing needs a human touch to achieve maximum results.
Marketing automation systems provide an impressive set of communication capabilities, but there is no real substitute for human-to-human communications. When you have a personal conversation with a prospect, you have the potential for a richer exchange of information. A personal conversation with a prospect provides three distinct advantages over automated lead nurturing communications.
- It enables you to accurately assess how interested a prospect is in your product or service and where the prospect is in the buying process. This produces more accurate prospect qualification than automated lead scoring systems can deliver on their own.
- It allows you to discover and then explore issues or topics that arise unexpectedly, and these unanticipated discussions can often provide insights that enable you to help the prospect move forward in the buying process in a more expedited fashion.
- It enables the seller's representative to establish a personal "connection" with the potential buyer and begin the human-to-human relationship that will be needed to produce a sale.
Automated lead nurturing programs are powerful marketing tools, but the best lead nurturing programs also include person-to-person communications that enable you to leverage human insight and human judgment.
Saturday, June 16, 2012
Missing label
You’d think this is a pretty easy marketing problem to
solve: branded goods companies in the developed economies come under fire for
poor labor practices in the world’s manufacturing and assembly hubs such as
China, Indonesia, and Bangladesh. The routine is now familiar: the press “uncovers”
dismal practices and blasts them, consumers are “shocked!, shocked!,” to
discover the sweat-shop like
Thursday, June 14, 2012
A Creative Kick in the Pants
Interested in learning more about how your creative juices flow or how to better evaluate a creative strategy? The answers lie within YOU, believe it or not.Be honest with yourself...most of the time some sort of outside influence is a starter fluid to a great idea. I came across a tool that makes you ask detailed questions about not only yourself but about the creative situation, forcing you to dig deep, within your own being, for the answers. It helps you find out how YOU work and how to get those thoughts and ideas to an interpretable substance.
The creative process is all about asking the right questions to come up with the best answer or creative solution. This is just another tool on how to ask those questions and how to challenge yourself. It doesn't give you the magic answer to creativity or give you the golden egg to mind-blowing insight but it does make you think about how you think. I thought I would share it. Check it out.
344 Questions: The Creative Person's Do-It-Yourself Guide to Insight, Survival, and Artistic Fulfillment - By Stefan G. Bucher
As always if you need help with an idea or campaign we are here to help.
Until next time,
Jeremy
MarketMatch is a full-service 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.
See our story here. (click)
Winning the First Mile Means Nothing in a Marathon
They say you should write about what you know, so … here it goes.
It’s cliché, but if you consider our annual marketing plan is like a marathon, then running a campaign only because it is “really cool” and may win you an award is the equivalent of sprinting to the front of the pack to lead the first mile.
You may get some short-term recognition, but you’ll likely not accomplish your overall goal.
If that really cool idea is rooted in strong strategy, has a tightly defined target and is designed based on your annual plan however, then you'll be able to beat the competition. You might even beat your personal record!
This sounds very basic, but we've seen a lot of very random campaigns run with very "original" ideas. Heck, I may have even been sucked in by the coolness once or twice.
Stay on plan and finish the race.
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MarketMatch is a full-service 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.
Monday, June 11, 2012
Monday...Does a Body Good! 5 quick jumpstarts...
Greetings...
Today is the 1st day of the week and the 1st day of a successful year from this point forward!
So...what is SO good about Monday? It's like breakfast for your work week. Gets it all started, primes the week and gets the week's metabolism going strong. In other words, the most critical "meal" of the week. Mondays are 1/5 of a typical week and the most important foundation to a great and productive week. Just like a strong marketing plan enables success throughout the year, so does a well-planned and tactical Monday!! I use a quirky little saying to emphasize what Monday means to me...
Dive in... Monday's are built for gaining an edge!
Cheers!
Bruce
Today is the 1st day of the week and the 1st day of a successful year from this point forward!
- M- Make
- O- Opportunity
- N- NOW...
- D- Deliver
- A- All
- Y- Year!
- Reach out to five (5) new contacts on LinkedIn
- Send a personal note to three (2) important referral sources
- Invite two (2) top customers to coffee/lunch this week
- Share a positive "job well done" with three (3) co-workers
- Promote two (2) areas of marketing that are doing well right now
Dive in... Monday's are built for gaining an edge!
Cheers!
Bruce
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MarketMatch is a full-service 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.
Sunday, June 10, 2012
What To Do When Growth Stalls
The fundamental purpose of marketing is to generate revenue and drive revenue growth. Everything we do as marketers is (or should be) focused on achieving this ultimate objective. In The End of Marketing As We Know It, Sergio Zyman captured this principle succinctly when he wrote, "The sole purpose of marketing is to get more people to buy more of your product, more often, for more money."
Marketers spend most of their time and energy creating and executing programs that are designed to increase revenues from their company's core business. Some companies have a vibrant core business that provides plenty of growth opportunities, but many companies operate in mature markets where growth is more difficult to achieve. In addition, most markets evolve from a "growth stage" to a "mature stage," so even if a company's core business is producing healthy growth today, that can change quickly.
When the growth of the core business slows, company leaders will likely start to think about some kind of business expansion. Expansions that take a company "beyond the core" are always strategic business moves that require thorough evaluation. In my view, marketing should play the leading role in evaluating such expansion opportunities. Marketers have (or should have) the specific skills needed to analyze the growth potential presented by new markets. In fact, I contend that marketers should always be evaluating potential expansion moves, so that they are always prepared to provide senior company leaders a range of viable strategic options for increasing growth.
One of the more attractive growth opportunities for most companies is adjacent market expansion. An adjacent market expansion is a move by a company into a market that is related to the company's core business. As the diagram below illustrates, there are four primary ways to move into an adjacent market.
Adjacent market expansions can produce significant growth, but like all business expansions, they carry substantial risks. As the "distance from the core" increases, so does the risk, and that means adjacent market expansions require careful evaluation.
Any marketer who is evaluating a potential adjacent market expansion must answer two critical questions:
If you'd like a copy of the new paper, just send an e-mail to ddodd(at)pointbalance(dot)com.
Marketers spend most of their time and energy creating and executing programs that are designed to increase revenues from their company's core business. Some companies have a vibrant core business that provides plenty of growth opportunities, but many companies operate in mature markets where growth is more difficult to achieve. In addition, most markets evolve from a "growth stage" to a "mature stage," so even if a company's core business is producing healthy growth today, that can change quickly.
When the growth of the core business slows, company leaders will likely start to think about some kind of business expansion. Expansions that take a company "beyond the core" are always strategic business moves that require thorough evaluation. In my view, marketing should play the leading role in evaluating such expansion opportunities. Marketers have (or should have) the specific skills needed to analyze the growth potential presented by new markets. In fact, I contend that marketers should always be evaluating potential expansion moves, so that they are always prepared to provide senior company leaders a range of viable strategic options for increasing growth.
One of the more attractive growth opportunities for most companies is adjacent market expansion. An adjacent market expansion is a move by a company into a market that is related to the company's core business. As the diagram below illustrates, there are four primary ways to move into an adjacent market.
- Sell core products or services to new types of customers
- Sell new products or services to existing types of customers
- Open new selling channels
- Move into new geographic market areas
Adjacent market expansions can produce significant growth, but like all business expansions, they carry substantial risks. As the "distance from the core" increases, so does the risk, and that means adjacent market expansions require careful evaluation.
Any marketer who is evaluating a potential adjacent market expansion must answer two critical questions:
- Does the adjacent market offer significant opportunities for long-term profitable growth?
- What must my company do to win in that market?
If you'd like a copy of the new paper, just send an e-mail to ddodd(at)pointbalance(dot)com.
Emergence of the emerging market multinational
This is a guest post by Prof. Amitava Chattopadhyay. Amitava is The L’Oreal Chaired Professor in Marketing-Innovation and Creativity at
INSEAD. His expertise is in the areas of branding, creativity, and innovation; his research
has appeared in leading international journals. He is an Associate
Editor for the Journal of Consumer
Psychology and an Area Editor for the
International Journal of
Wednesday, June 6, 2012
Strangulation…. NOT AN OPTION
Have you ever been in a group discussion and wanted to strangle someone because they weren’t seeing things from your point of view? Which of course is the right one. J It can be a very frustrating experience that can try the most patient individuals. But there is a way to overcome this frustration and have a productive meeting that is focused and to the point, without feeling frustrated.
Using the Six Thinking Hats® technique your team will realize it’s full potential.
Edward de Bono, developer of the Six Thinking Hats® technique, stresses the importance of the parallel thinking process where everyone looks at the same side of the issue at the same time in order to effectively work through problems and find solutions. In fact, Edward de Bono has broken this down into six clear functions and roles, demonstrated with what he terms a ‘thinking hat.’ If everyone in the group mentally wears and switches hats at the same time, the focus, thoughts and direction of the meeting will coincide with each other. Below is a brief outline explaining each hat and the role the hat plays in his Six Thinking Hats® technique.
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| The White Hat calls for information known or needed. "The facts, just the facts." |
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| The Yellow Hat symbolizes brightness and optimism. Under this hat you explore the positives and probe for value and benefit. |
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| The Black Hat is judgment - the devil's advocate or why something may not work. Spot the difficulties and dangers; where things might go wrong. Probably the most powerful and useful of the Hats but a problem if overused. |
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| The Red Hat signifies feelings, hunches and intuition. When using this hat you can express emotions and feelings and share fears, likes, dislikes, loves, and hates. |
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| The Green Hat focuses on creativity; the possibilities, alternatives, and new ideas. It's an opportunity to express new concepts and new perceptions. |
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| The Blue Hat is used to manage the thinking process. It's the control mechanism that ensures the Six Thinking Hats® guidelines are observed. |
In addition, I find this technique is also effective when I’m working on individual projects. Keeping each ‘hat’ concept in mind, I can be sure to address all important points instead of just my favorite – the Yellow.
So put on your Blue Hat and give the parallel thinking process a try.
Have a great rest of week,
Melissa
Go confidently in the direction of your dreams! Live the life you imagined. Thoreau
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