Marketing and sales "alignment" remains a hot topic among B2B marketing and sales professionals. Many people on "both sides of the aisle" now recognize that successfully finding and winning new customers in today's business environment requires a cohesive and coordinated effort by both marketing and sales.
A growing number of marketing and sales thought leaders are beginning to advocate more dramatic changes in the structure and character of the marketing-sales relationship and/or the techniques used to manage marketing and sales activities. Late last year, the Chartered Institute of Marketing in London published a report arguing that most companies should merge their marketing and sales functions.
Adam Needles, the author of Balancing the Demand Equation, argued in an article for DemandGen Report that marketing and sales need to be more closely aligned against a strategic lead-to-revenue demand process. Commenting on Adam's article, Eric Wittlake wrote in his B2B Digital Marketing blog, "The real implication, although Adam doesn't say it, is that sales and marketing alignment is the wrong objective. Perfectly aligning sales and marketing on either side of the fictitious wall dividing them isn't the answer. Instead, the wall needs to be torn down and sales and marketing need to be integrated through the entire customer experience."
Research firm IDC has also entered the discussion. In addition to research, IDC provides marketing and sales advisory services to technology companies and has produced operational-level scorecards for both marketing and sales for several years. Now, IDC has introduced a Customer Creation Scorecard, which IDC describes as, "Operational KPI's for the Intersection of Sales and Marketing." The new IDC scorecard contains eight key performance indicators, including the combined sales and marketing budget ratio (marketing and sales spending as a percentage of total revenues), the ratio of sales spending to marketing spending, and the marketing investment per total sales headcount.
While IDC doesn't expressly advocate that marketing and sales should be merged, these metrics strongly suggest that managers should treat marketing and sales as components of a single "customer creation" process.
Rich Vansil, IDC's Group Vice President, Executive Advisory Services, has expressed something close to this view. In an article for BtoBOnline, he wrote, "I encourage b2b marketers to think about redefining the footprint of marketing in your organization, and by extension the footprint and impact of the marketing budget. . . Think about the totality of marketing plus sales costs. . . The best opportunity for marketing and sales productivity improvement continues to be at the intersection of these two functions."
Compared to other major trends in B2B marketing and sales, such as the shift to content marketing, the growing use of inbound marketing, and the implementation of marketing automation technologies, moves to integrate marketing and sales are just barely beginning.
As I noted earlier, most of the focus today is on aligning sales and marketing, and only a few companies have addressed the more controversial issue of marketing-sales integration. This is a touchy political issue, and I don't pretend to know how it will play out. There is still a significant amount of cultural and political baggage that separates marketing and sales, and there are legitimate issues regarding the consequences (intended and unintended) of integrating marketing and sales. In addition, no single approach to marketing and sales integration will be optimum for all B2B companies. What I do know, however, is that we can no longer afford to treat marketing and sales as completely separate functional silos.
Sunday, November 11, 2012
Saturday, November 10, 2012
Prisoners of war
At 11:00 AM on November 11th, we will gather at cenotaphs, pause at work or at school, and reflect on past wars, on the sacrifices of our troops, and on the debts we owe those who fight.
I pause to think about the folly of war. I think about all of the victims. That includes the countless civilians killed.
I reflect on the puzzle of why civilian casualties remain “countless” in a world where
Friday, November 9, 2012
Change for the better
Just like people, the looks of brands are always changing. Here are some examples of the first and last logos of some well known companies.
Until next time,
Gail
Sources: Stocklogos.com, yahoo.com
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.
Wednesday, November 7, 2012
You are the expert.
In their lifetime, the average American will:
- Buy 9-10 new vehicles
- Move into 3-5 new homes
- Change financial institutions by opening a new checking account only a handful of times
So what? How many auto loans has your institution opened TODAY? What about the mortgage process? Checking switches?
As we continue our crusade to get banks and credit unions to look from the outside-in, rather than inside-out, I wanted to remind you of a customer’s perspective.
Mortgages, auto loans and checking transitions are a stressful proposition for most any customer because it’s something new. There is a certain amount of mystery and confusion. These accounts, in particular, offer your team a special opportunity to position your institution as the expert and ease the customer’s mind. This is a magic moment where your team can shine and provide a WOW experience.
Take a look at your current processes and tools from a customer’s point of view:
- Facilitate the meaningful conversation with a customer that allows us to recommend the most appropriate product and the most convenient way to access it.
- Create a concierge-style atmosphere where you do as much as possible for your customer.
- If you think you’re over communicating, it’s probably just about right.
- Consider a “special” pre-mortgage meeting after loan approval to walk a customer through the process. Use this opportunity to review current debt and see if you can help the customer lower payments or shorten terms.
- Regulations limit what we can do – but how much of the application can you help a customer complete?
The bottom line is that we are working with a customer’s money! What could possibly be more important than that (aside from their children)? It’s imperative to ease their mind.
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With nearly 145,000 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.
Tuesday, November 6, 2012
Cardio for the Mind for 2013 – The Warm Up
If you’re planning for 2013 you may be running into a lack of new and creative ideas. It’s time to start exercising your mind. If you’re looking for brainstorm ideas for your team, try planning your own ‘think-tank event.’ Studies show that group brainstorming is much more productive than doing it alone. Spending time with other creative minds insures you will be surrounded by new and fresh ideas.
To get started with your own thing-tank event, outline what your mission is to accomplish at this event. Is it to come up with ideas to improve what you do for a living or do you want to narrow your mission to be more specific to your 2013 goals?
Two weeks prior to the event have each member in your team write down five new ideas each day, excluding the weekends. Then each member will be already armed with fifty ideas before your think-tank event even starts. This is very important to a successful event. Generating a greater quantity of ideas will yield a higher quality of creative ones. A study conducted by two Texas A & M University undergrads tracked results by obtaining creative ideas from individuals versus collective groups. They concluded more diverse ideas could result from having each person begin to brainstorm individually and later assemble to share their thoughts.
For your think-tank event venue - be sure to plan the event in an inspiring location. It can be as simple as a hotel meeting area with invigorating designs, a nearby bed and breakfast, or even a beach. Be creative in your venue selection but keep in mind the size of group you need to accommodate. Remember, the intent behind your event is to generate interactive discussion that is honest and open so it’s very important everyone is comfortable and relaxed.
For continued tips on planning your own think-tank event tune in to my blog next week.
Until then,
Cheers!
Melissa
With more than 115,000 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.
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.
See our story here. (click)
Or email me directly(click)
Sunday, November 4, 2012
Why Distributed Marketing Technology May Be Relevant for Your Company
My last three posts have discussed how technology can improve the productivity of distributed marketing. By the traditional definition, distributed marketing refers to a marketing model in which both a corporate marketing department and local organizations or business units share responsibility for performing marketing activities. The stereotypical example of a distributed marketing organization is a franchise network, but distributed marketing models are also frequently found in industries like insurance, financial services, and manufacturing.
In my earlier posts, I've described how distributed marketing technologies enhance the productivity of distributed marketing operations. These technologies enable corporate marketers to maintain brand consistency, while simultaneously allowing local marketers to customize materials to fit local conditions. Just as important, these technologies simplify and automate marketing processes and make it easy for relatively inexperienced marketers to develop and execute effective marketing programs.
The main point of this post is that the benefits provided by distributed marketing technologies are not limited to companies with "classic" distributed marketing organizational structures. In fact, the same technological capabilities can also improve the marketing efforts of virtually all kinds of companies. Here's why.
Its now abundantly clear that relevance is an essential component of effective marketing. To cut through the ever-increasing clutter of marketing messages that fill the environment and create meaningful engagement with potential customers, marketing messages and materials must be relevant.
The need to make marketing more relevant is the driving force behind a growing emphasis on "localized" marketing. In a recent survey by the CMO Council, 86% of marketers said they intend to look for ways to better localize marketing content. While most marketers are committed to increasing localized marketing, it is not a simple task. The reality is, it's difficult for marketers in a central marketing department to truly understand what's needed to make marketing effective in diverse local markets.
One solution, of course, is to decentralize marketing, to place the responsibility for making marketing decisions and running marketing programs with individuals who are "closer to the customer." Decentralized marketing is not a new idea, and global enterprises have been decentralizing some marketing functions for years. However, despite the obvious benefits, many companies have been reluctant to decentralize marketing for three primary reasons.
The important point here is that the capabilities provided by distributed marketing technologies can enable any company to implement a more decentralized approach to marketing without sacrificing brand control or marketing process efficiency.
If your company can benefit from more relevant localized marketing (and virtually all companies can), you should carefully consider how "distributed marketing" technologies could improve your marketing efforts.
Read Part 1 of the series here.
Read Part 2 of the series here.
Read Part 3 of the series here.
In my earlier posts, I've described how distributed marketing technologies enhance the productivity of distributed marketing operations. These technologies enable corporate marketers to maintain brand consistency, while simultaneously allowing local marketers to customize materials to fit local conditions. Just as important, these technologies simplify and automate marketing processes and make it easy for relatively inexperienced marketers to develop and execute effective marketing programs.
The main point of this post is that the benefits provided by distributed marketing technologies are not limited to companies with "classic" distributed marketing organizational structures. In fact, the same technological capabilities can also improve the marketing efforts of virtually all kinds of companies. Here's why.
Its now abundantly clear that relevance is an essential component of effective marketing. To cut through the ever-increasing clutter of marketing messages that fill the environment and create meaningful engagement with potential customers, marketing messages and materials must be relevant.
The need to make marketing more relevant is the driving force behind a growing emphasis on "localized" marketing. In a recent survey by the CMO Council, 86% of marketers said they intend to look for ways to better localize marketing content. While most marketers are committed to increasing localized marketing, it is not a simple task. The reality is, it's difficult for marketers in a central marketing department to truly understand what's needed to make marketing effective in diverse local markets.
One solution, of course, is to decentralize marketing, to place the responsibility for making marketing decisions and running marketing programs with individuals who are "closer to the customer." Decentralized marketing is not a new idea, and global enterprises have been decentralizing some marketing functions for years. However, despite the obvious benefits, many companies have been reluctant to decentralize marketing for three primary reasons.
- Corporate marketers fear losing control of brand messaging and brand presentation.
- There is often a lack of marketing resources and expertise in branch locations or other local outlets.
- Decentralization can lead to duplicative or otherwise inefficient marketing processes.
The important point here is that the capabilities provided by distributed marketing technologies can enable any company to implement a more decentralized approach to marketing without sacrificing brand control or marketing process efficiency.
If your company can benefit from more relevant localized marketing (and virtually all companies can), you should carefully consider how "distributed marketing" technologies could improve your marketing efforts.
Read Part 1 of the series here.
Read Part 2 of the series here.
Read Part 3 of the series here.
Bigger Picture...Better Results-- 3 Key Tips
Greetings!
It's that time of year...evaluation and strategic planning. You are reviewing this year and the result achieved and looking forward into next year. The end goal is higher revenue, higher margins and greater retention...the true Win-Win-Win!
Data is pouring in by the truck load and megabyte. Sales results, demographic details, market perceptions...product usage and balance results.
Where do you begin???
The answer is with a data plan...
Data is everywhere and growing by the minute. You can request core system reports, MCIF downloads and information from many product systems. The key, however, is understanding that data is just the beginning!
Data is just information...bits and bytes...until you transform it into information.
Here is an example...
You learn that you debit card portfolio statistics are:
- 6.5 POS transactions per card
- 74% active cards
- $14.58 average ticket
A different look with the data transformed into knowledge:
- 6.5 POS transactions per card
- 14.2 from your Preferred Checking
- 1.5 from Free checking
- 74% active cards
- 95% active in the north region
- 47% active in the south region
- $14.58 average ticket
- $8.48 average ticket for debit AND credit card holders
- $55.89 average ticket for debit AND mobile banking holders
So now what??
It's time to build a data plan...
Here are the TOP THREE Knowledge Assets to build from your data:
- Debit usage by checking account type
- Loan usage by home ownership status and income
- Total deposits held by number of services
No MCIF?
It's OK...you can build the tables by core reports and a little intuitive analysis. An MCIF like 360View builds key insights into the program and analyzes profitability and retention risks. Both very key knowledge point, built from the data of the bank accounts.
Here's to a great 2013 planning session...
Need help? Give us a call...we're experts in the "last mile" of planning and turning data into actionable knowledge!!
Cheers!
Bruce
With more than 145,000 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.
See our story here. (click)
Chat with me LIVE! (click)
Or email me directly (click)
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