Marketing with Impact: Four Goldmine Strategies

Marketing with Impact: Four Goldmine Strategies

This is a Guest blog post by Deborah Fell, one of the top marketing experts I know.

Of all the ways to make money, panning for gold is probably among the most difficult. But what if I were to give you all the panning equipment and a map indicating exactly where the gilded stash is buried? A little easier now, right?

Today, I’m here to deliver the precious metals – a goldmine of marketing strategies that, if followed, may not result in gilded nuggets, but instead more customers, more revenue, and a golden future.

First, let’s recognize the obvious – your B2B customer is also looking to uncover some gold. But in their search for a product or service that’s going to fill a very specific need, they won’t be spending a lot of time on the phone or pounding the pavement.

b2b-buyers

According to a recent Forrester study, 92 percent of B2B buyers start with online research in the buying process and spend the largest single chunk of their time (27 percent according to a recent Gartner study) in this activity. As a result, these buyers are nearly 60 percent through their decision before they ever speak with a company’s sales representative. According to FocusVision, B2B buyers consume 13 pieces of content on average primarily from the vendor’s website, internet searches and social media. These buyers likely know as much or more about your company and the competition as you do!

The attached graphic illustrates just how circuitous the route is for today’s customer, from idea to purchase, and the paths they are likely to travel:

https://aliceheiman.com/wp-content/uploads/2019/09/Gartner.png

With virtually all buyers starting their research online, you would be wise to start there, too; however, how you start, and what you do, matters. Otherwise, those valuable buyer eyeballs will shift to another firm that is more adept at creating a connection.

At the outset, I promised you a goldmine – though your results may vary, here are four keys I’ve employed successfully with my B2B clients to help them define their online marketing strategies, and to make them count:

  1. Discover your target customer and his/her buying process:

Have you spent time getting to know your customer segment – I mean, really understanding what makes them tick? What’s the core problem driving the search for solution, and how do they look for solutions and develop requirements? If your discovery only asks about their need for your product, that won’t work because the gold is much further below the surface. With a firm understanding of not only needs and challenges, but the related pain, fear and uncertainty, you can develop an effective strategic and targeted approach to support their research and buying process, and demonstrate that you are the one that “gets” them. Without this, marketing is a shot in the dark at best, and your message will be undifferentiated.

If you also have insight into your target customer’s buying process, broader context of their problem and depth of concern, you can create effective, relevant messaging in the right channels and move the needle in your direction.

Remember this parable: Homeowners are not searching for a hammer when they go to the hardware store — they are looking for something to help secure the nail that hangs the picture and takes the room from an uncomfortable place to a thing of beauty. If you’re selling hammers, it’s your job to understand the problem from the customer’s perspective, and then demonstrate to them throughout their buying journey that you have the superior solution to solve it. Same is true with B2B customers.

  1. Create and execute a clear value proposition.

It’s tempting for people to overlook or overthink this step, thinking there’s no need to re-look or getting lost in the word-smithing. At this stage, we should be focusing on the essentials of the value proposition and putting it into words – answering these questions:

  • What problems do you solve?
  • Who do you solve them for?
  • How do you uniquely solve them?
  • What are the functional and emotional benefits?
  • Why should prospects choose you over any other solution?

Easy, right? But knowing this, and articulating it, are two distinct tasks. Assuming you have the right offering at the right price and are accessible in the right channels, converting this value proposition into brand positioning and messaging will be key to differentiation in your market.

Every aspect of the business, including channel decisions (where to distribute/sell), product/service lines (what to sell) and pricing (what do distributors or consumers pay) are part of the equation. For example, where a company distributes says a lot about the brand. If you distribute in discount channels, you may get some traction fast to start up or to make up for a tough quarter; however, you will become the discount brand. So, communicating what kind of company you are on each of these dimensions is an essential ingredient.

Again, be thorough in your message development and thoughtful in how and where you place it. Often, marketing agencies or consultants will facilitate a workshop to conduct a word exercise and call it a value proposition. That’s not enough. Your value is what your customers perceive it to be, so think through your offering, and what messaging needs to be where.

“Your value is what your customers perceive it to be”

  1. Create a go-to-market plan.

This is where you will create the roadmap to nurture the right type of customer for your revenue-sourcing aspirations. To do this right, and I will insist again, ad hoc marketing has simply got to go. Random tactics will not convey the right message. Messaging in the wrong channel will miss the mark. And the right channel with the wrong message means you are wasting time and money and demonstrating to prospects that you are not the right choice.

This is where digital will take an outsized role: It is critical to have not just an online presence, but an effective online presence. Check this out: As of 2020, there were 1.3 billion websites in the world (with 200 million active websites in the U.S. alone) and 6 billion indexed web pages. That’s information overload, and it comes when B2B buyers’ time is more scarce and more precious. Effective implementation will ensure you’re not wasting it.

“Information is a commodity; time is the scarcity”

  1. Measure and track.

Opinion-based marketing results are out, and disciplined approaches to data and analysis are in. To that end, it’s critical to set specific goals and ROI targets. The days of asking your family and friends what they think of your website are long over! The best solution is to have insights based on real data, and goals that this data can support. Setting targets in this manner creates energy that will motivate the team to focus on accomplishments and success. Ideally, you and your team will have a daily sense of how marketing is tracking, and the insights needed to make timely adjustments to the plan. It’s important to stop what’s not working, keep doing what works or shows promise, and start new initiatives that will amplify the desired impact.

The good news is that this type of analysis need not be expensive. With a minimal investment, any company can measure and optimize its online results daily. Even if you outsource this to an agency, you still need to designate an internal resource to monitor, share, and understand the data. Marketing should report progress in your weekly or bi-weekly leadership team meetings, and the team should be collaborating with sales along the way. Showing a lot of leads but no progress in closing sales is not success. Marketing needs to stay close to the sales team (and vice versa) and elicit insight from them about the quality of leads and the state of the marketplace.

Clearly, there’s gold in “them there” hills. You just need to know your target customer segment and what moves them; how your product and service solves their pain better than anyone else; communicate this market superiority; and track and measure the results.

You have the plan and the map – go get the gold!

Or better yet, watch the webinar recording here: “THE Playbook for Explosive Growth: 4 Goldmine Strategies to Increase Marketing Leverage & Capitalize on Market Recovery”

Deborah Fell

Deborah Fell

Deborah Fell is Area Manager Partner & CMO for Chief Outsiders. She is an expert at helping mid-market to large enterprise companies identify and capitalize on marketing strategies to increase revenue and profitability. Chief Outsiders provides fractional CMOs without the expense of a full-time resource to CEOs who want to accelerate revenue and profits through improved marketing strategies, implementation and leverage.

5 Steps to Marketing Success Post COVID-19

This is a Guest blog post from Sandy Barger, Partner and CMO of Chief Outsiders.

5 Steps to Marketing Success Post COVID-19

 

You guessed it, digital marketing will reign supreme once retail business resumes.

A February Market Trends 2020 survey of chief marketing officers (CMOs) with experience across both Fortune 500 and emerging brands shows the strong continuing trend toward digital advertising, with 80% of CMOs expecting to increase digital spending this year. A few weeks later, COVID-19 hit and digital became even more of an influence. Social distancing and working from home forced people to accelerate their movement to digital across all walks of life—from personal to work to social. Zoom alone grew to 300 million daily participants versus only 10 million back in December. As marketers continue to increase their focus on digital marketing, the top priorities will be on tactics that provide additional information, including organic searches, email marketing, paid search, and content marketing.

Most businesses know digital marketing and providing customers with information is important. In fact, these are usually the first marketing actions companies take. However, “lack of information” is not a problem. Studies show customers are bombarded with information, receiving up to 10,000 brand messages a day, according to the American Marketing Association. Rich content doesn’t just deliver information but provides the right information. The Digital Age has made for a more sophisticated and informed type of customer. While slogans and taglines may still catch attention, customers are looking for details and, in this competitive landscape, brands must get their stories right.

To break through the clutter, creating the “right” story must include what people are looking for. At the core of failed marketing tactics is a lack of WIIFM, an acronym that looms large in the storytelling paradigm and stands for “What’s in it for me?” It’s an essential question the answer to which can make or break the connective tissue that bonds your marketing story to the customers. Luckily, there are steps you can take to create a compelling brand story with a successful WIIFM.

5 STEPS TO COMPELLING DIGITAL BRAND STORIES

1. Understand Your Target Audience

We see it all around us today, the many different and often polarized points of views. We see it in our political system, our news, and our tastes—onions or no onions. To create the right story, it is important to consider the unique needs and interests of your target audience. For that, sound research—both qualitative and quantitative—is needed. While data from an expert research company yields the best insights, it is not the only option. Lower investment options such as customer interviews or surveys through online tools such as Survey Monkey provide valuable insights.

2. Understand Pain Points or Motivations

While companies are currently providing lots of information, it is usually about the company and focuses primarily on the product or service features. In doing so, companies often require customers to make the leap to the “WIIFM” themselves. To effectively communicate “WIIFM” it is critical to understand your customers’ pain points or motivations. Addressing pain points such as likes, wants, needs, and fears makes for the most compelling content. That’s referred to as the Persuasion Code.

Here’s a case in point: A technology company recently developed a new innovative service solution. The launch of the service generated a significant amount of awareness, but it did not convert into sales. The reason is the messaging failed to identify current, compelling pain points. It ultimately was able to drive sales by retooling the messaging to focus on its attention-catching innovations and how they could address target customers’ existing pain points.

3. Develop Authentic Claims 

Customers are very vocal about their satisfaction with products, which is helpful for brands. In fact, word of mouth referrals and reviews are the most compelling source of information for customers. With the Digital Age, customers, both satisfied and dissatisfied, can amplify their points of view. A study in 1983 found that 85% of customers dissatisfied with a clothing item told an average of five people. (Richins 1983). Now a dissatisfied customer can tell thousands—instantly.

Over two-thirds of business customers rely on reviews and 67% of survey respondents said that the reviews they saw online made an impact on whether or not they purchased a product. Companies and businesses can lose as much as 22% of their customers with just a single bad review or article. (Moz.com study).

Reviews are not always fair. In fact, 39% of reviews are false (Best SEO Companies), but someone reading that review does not know that. So to get positive reviews and avoid negative ones, your marketing message needs to make use of authentic, clear, and truthful claims.  You then need to deliver on the expectations the messaging is setting.

4. Provide Competitive Points of Differences 

Now that the brand has developed the messaging that will create an action, the customers must understand that action should be with your brand. New technology and factors such as globalization have resulted in fewer barriers to entry and more competition across all industries. A compelling story needs to include the brand’s unique value proposition and/or how the product or service is different from the competition. Otherwise, the brand has created the demand for someone else to capture.

5. Provide Proof

Customers are skeptical of brand claims. In fact, 63% of customers say they trust what influencers say about brands much more than what brands say about themselves in their advertising (Edelman 2019). Given this lack of trust, it is important to provide proof. There are several ways of doing so from statistical data, case studies, demonstrations, and of course, social media influencers.

Today’s customers are digitally savvy and have endless access to information. To get them to move from awareness to action requires more than just information. It requires a consistent, compelling story…and that requires a step-by-step development of “WIIFM” messaging.

 

 chief-outsiders-sandy-barger-portrait

Sandy Barger is Partner and CMO with Chief Outsiders, an American fractional CMO group. She works with B2B and B2C companies on product development, go-to-market strategies, and lead generation. Find more info at http://www.chiefoutsiders.com

 

10 Ways to Leverage Snapchat for Business

For sure we are in the very early days of “Snapchat for business.” I presented an award a few days ago at the Institute for Excellence in Sales annual awards program. I asked the audience of 250+ B2B and B2G (business to government) sales execs who was on Snapchat, and only 4–5 hands were raised.

I was very surprised because Snapchat is currently the fastest growing mobile social media platform in the world, and has now become one of the largest. This favorite social media app of teens and millennials has over 200 million users, of whom 100 million are “active daily” users who are viewing 10 billion photos and videos from their smartphones every day. This past week, Snapchat surpassed Instagram and is now the number 2 app among US iPhone users behind Facebook, as ranked by time spent in the app: 

Screen Shot 2016 06 09 at 8.16.31 AM

Credit: App Annie and Business Insider

If you’re not thinking about how Snapchat can help your business, then you’re ignoring these stats at your peril. Yes, the demographic is young right now, but I remember when I joined Facebook 9 years ago, college students and recent grads were the vast majority of users. Eventually Facebook attracted older demos, which is inevitably what will happen with Snapchat.

Here are 10 ways you can use Snapchat for business:

  1. Sell. According to comScore, 60% of US 13–34 year old smartphone users are on Snapchat. If this is your target market, you have their attention right now, and properly crafted offers, discount coupons, contests, etc. can drive revenue. If your target market is older, you may as well get a head start on Snapchat now before older users join.
  2. Community building. With Snapchat “stories” (the killer app), you can now build and engage your audience in a unique way, by posting a series of 10-second snippets that aggregate into a “story.” This can be done with video and photos, and in creative and interesting ways. Stories only last 24 hours, so your community has a particular urgency in “tuning in” to your channel every day since the content is perishable.
  3. Business development. Snapchat also offers you 1 to 1 engagement opportunities because of its private chat capabilities, so you can reach out to prospects, potential partners, vendors, consultants, etc.
  4. PR and branding. Brands like T-Mobile, Taco Bell, and Acura are using a variety of techniques on Snapchat to brand their companies and products, through their own stories, partnering with “influencers,” offering coupons, buying custom filters, showing “sneak peaks” of new products, and other creative ways. Snapchat is an ideal B2C platform, but I am seeing successful B2B branding also being done.
  5. Personal branding. Celebs, social media stars, business leaders, and even politicians (Bernie Sanders and DC Mayor Muriel Bowser) are using the platform to brand themselves by giving fans a glimpse into their day to day lives. You can also cross promote other social media platforms and websites for greater visibility and discoverability overall.
  6. Customer service. Like you can on Twitter, you can have direct conversations with customers, and answer questions and concerns. You can incorporate announcements, new product offerings and features via stories, and sending group snaps. With Snapchat, you can also solicit feedback, conduct surveys, take polls, and play “games” with customers.
  7. Recruit talent. If you want to hire recent grads, you have to go where their attention is focused. Today, Snapchat is the perfect vehicle to convey to potential employees and contractors a feel for your company’s vibe and a behind the scenes look at your operations and team.
  8. Find opportunities. Justin Kan (follow him at justinkan), a partner at Y Combinator is using Snapchat to find new investment opportunities. Interested startups apply to be selected to take over his Snapchat account, which they would then use to pitch their ideas via his story.
  9. Learn. I’ve learned a ton about a variety of highly applicable and interesting things from people I follow, including Saba Sedighi (sabasedighi), Brian Park (brianbpark), Erica Blair (theericablair), and many others.
  10. Teach. Mark Suster (msuster), a VC at Upfront Ventures uses the platform to teach. His daily “snap storms” offer a wealth of great business and investment information. Likewise, Suzanne Nguyen (stringstory) does an excellent job teaching different aspects of technology and social media, and Justin Wu (hackapreneur) shares his vast knowledge about “growth hacking.” By the way, Suster has solved the 24-hour perishability problem by saving his stories and then reposting them onto a permanent website: snapstorms.com. Others repost their stories onto YouTube.

OK, so how can you get started?

Step 1: Download the Snapchat app onto your smartphone and sign up.

Step 2: Add friends. From the app itself, plus you can find other friends and people to follow by downloading and using GhostCodes, a discovery app for finding Snappers with mutual interests. Because Snapchat has limited native discovery functionality, Snappers create profiles on GhostCodes, listing their short bios, areas of interest, and links to other social media accounts including LinkedIn, Pinterest, Instagram, Twitter, and Facebook.

Step 3: Jump in by following stories, creating stories, snapping your friends, experimenting and having fun with it.

Step 4: Get some Snapchat hacks from your or your friends’ Gen Z and millennial kids, as well as by watching YouTube tutorials and videos.

Step 5: Figure out the best way to leverage the platform for your business, and execute!

So there you have it: 10 ways to boost your business using Snapchat, and 5 easy steps to get started. Please follow me on Snapchat at stienwong or via the Snapcode below, and let’s snap about how your business is benefitting from Snapchat.

Tien Snapcode

Thanks for reading. If you found this post helpful, please subscribe to this Blog and share with folks who may also like it. I’d greatly appreciate it.  Thanks!

Note: this piece was adapted from an article I wrote entitled “You should be on Snapchat. No, really” which was published on June 3, 2016 in the Washington Business Journal.

Steve Jobs, Customer Experience Obsessor (CEO)

A few days before Steve Jobs announced that he was stepping down as CEO of Apple, my family and I paid a visit to Apple’s corporate headquarters at One Infinite Loop in Cupertino, CA.  My daughter Caroline, a huge fan of all products Apple, was the driving force behind our pilgrimage to this tech “mecca.”

We were able to walk around the lobby, which had a display case of the company’s 3 Emmy Awards.  Interestingly, these were the ONLY awards showcased in the lobby.  We talked to a few Apple employees and asked them questions about Steve Jobs.  His office is on the 4th floor (top floor) and he is known to walk around a lot and talk to employees.

Like most students of business, I have been mesmerized by Steve’s approach to business, as well as his personal and corporate success.  In many ways, he is the most accomplished business leader in the last century, having almost singlehandedly invented the PC industry and revolutionized 5 other industries:  cell phones, consumer electronics, film, music, and retail, while influencing virtually every other industry.  His roles at Apple: co-founder, marketer, entrepreneur, inventor, CEO, creative genius, designer, architect, etc.

The most important role Steve plays, however, is also the least discussed, and that is his role as Apple’s Customer Experience Obsessor, a different kind of “CEO.”  (OK, I know that the word “obsessor” does not exist according to Merriam-Webster, but you know what I mean!)   Steve’s obsessive focus on customer experience is the prime reason for Apple’s immense success.

Here are 6 Customer Experience Obsessions that are core to Apple (please pardon the pun).

1.  Customers must fall in love at first sight – For Steve, the customer experience begins with the physical beauty and elegance of Apple’s products. Striking, amazing, revolutionary, simple, and most importantly, COOL!  Apple stuff looks great, they sound great, and they FEEL great.  They touch all the senses, and this is how customers get hooked on them.

2.  A child must be able to use it! – With Apple products, more than any other, product and user become one.  User interfaces, when introduced, have all been VASTLY superior to the competition’s far clunkier interfaces. For example, the original Macintosh desktop computer was truly revolutionary.  It had a unique “windows” GUI interface, and users interacted with the computer via a brand new device called a “mouse.”  And how about the original iPod, with its click wheel, the iPhone with its dynamic touch screen, and the iPad – they were so easy that young children could use them.

3. NO user manuals –  Who doesn’t hate user manuals?  All Apple devices come out of the box ready to use and in working condition, with NO setup or configuration required. This has become a hallmark of the Apple brand.  Peripherals are all “plug and play.” There is no need for user manuals because Steve knows that customers don’t want to deal with complexity.  They want their new toys to work right away with no brain damage, so he made sure his industrial designers delivered on this brand promise.

4. Make the buying experience easy, and customers will buy more –  Whether it’s downloading videos and music from iTunes, or buying a laptop from an Apple Store, the experience is easy, friendly, and even fun!  We all know how super easy it is to preview and buy media on iTunes.  And what happens when you go to an Apple store?  They are clean, well organized, and have lots of demos you can try.  Their salespeople are friendly, incredibly knowledgeable, and PASSIONATE.  And when you’re ready to buy, you don’t go to a counter.  Your salesperson uses an iPod touch POS device with credit card scanner, and the process is about the easiest retail experience you’ll ever have.

5. The products MUST BE RELIABLE – People often criticize Apple for having closed or proprietary technologies, and for overly controlling application development partners (iPhone and iPad apps).  While Apple surely makes more money and keeps competitors at bay this way, Steve’s real reason for this is QUALITY CONTROL.  Apple products work BETTER and are less buggy and less susceptible to viruses because of the seamless integration of hardware and software, their tight control over partnerships, and their use of higher quality components and awesome design.  And with reliable products come customer satisfaction and evangelism, which brings us to Steve’s 6th customer experience concept:

6. The Best Customer Service is NO Customer Service – Steve clearly understands this customer service adage.  The theory is that if you do a great job acquiring and delivering for your customer, you won’t have the need for customer service.  Of course, every company has customer service issues, but those that have the fewest issues are the companies who do a great job making their customers happy, and therefore have the highest customer satisfaction.  And Apple’s customer service is very good, especially for a consumer products company.

At the end of the day, satisfied customers are repeat customers, and they evangelize on Apple’s behalf.  Steve knows this and that’s why he focused on the entire customer experience:  the fun and low-friction buying experience, each product’s “WOW” factor, the user interface, product reliability, and good customer service.

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