Category Archives: B2B Marketing

Should Marketing Automation Customers be Pre-Qualified?

dead duckFor decades, the ONLY way to produce any type of printed material – ranging from sales & marketing brochures, to annual reports and informational flyers – involved a multi-step, time / people-intensive, costly process requiring a copywriter, graphic designer, a typesetter and a printing press.

That longstanding production method was made obsolete over a 5-year period, with development of “What You See Is What You Get” screen technology, combined with the invention of laser printers and graphic design software such as PagerMaker.

Introduction of this new technology called “Desktop Publishing” rocked the business world. It not only changed how companies produced printed materials; it also changed who was responsible for producing them. And that created a different problem.

Armed with Desktop Publishing, many companies failed to grasp that their new technology could not replace professional skills such as graphic design, copywriting, branding and marketing required to produce effective print materials. In the hands of people lacking those communications skills, desktop publishers generated materials that, at best, were ineffective, and often hurt their company’s brand reputation and sales efforts.

The error of many desktop publishers? Believing that the new technology was a plug & play solution, rather than a tool to make people more effective.

Fast-Forward to Marketing Automation: History Repeats Itself

Most marketers understand the evolution of Marketing Automation technology. In a nutshell: legacy sales management software (CRM systems), combined with the emergence of email and social media platforms, have provided marketers with new ways to reach and influence target audiences directly and indirectly.

That capability, bolstered by access to data regarding customers and their online behavior, has led to a proliferation of technology companies peddling a mind-boggling array of Marketing Automation platforms intended to increase consistency and precision during every stage of the customer journey.

The reality, however, is that the Marketing Automation industry has a failure rate of 60%*; not because of its potential, but because of the inability of end-users to harness the technology properly.

The error of many companies using Marketing Automation? Believing that this technology is a plug & play solution, rather than a tool to make people more effective. Déjà vu.

Can Marketing Automation Save Itself from Extinction?

To operate a motor vehicle, you need to possess some basic knowledge of proper behavior as a vehicle operator. You must also pass a skills test, to demonstrate your ability to apply the rules of the road; to use the technology in a responsible manner.

As an industry, Marketing Automation is in trouble for that reason. More than half (and likely many more) of the operators of Marketing Automation products are likely unqualified to use them. They lack a basic understanding of marketing fundamentals, and put their companies at financial and reputational risk by using the technology in an irresponsible manner.

Using the automotive analogy, too many marketers are attempting to drive an 18-wheel tractor trailer through busy, narrow city streets without knowing how to shift the rig’s gears or apply the brakes, and lacking side-view mirrors. So when they eventually crash the vehicle, or give up the keys because they can’t out of first gear…they will attribute their failure to the truck’s manufacturer, not to themselves.

With a significant failure rate, and despite the rosy outlook from vendors and consultants, fewer customers will be lining up for Marketing Automation. (Watch for industry consolidation as major players fight for their share of a shrinking market.)

So how does Marketing Automation save itself from extinction? Here’s a highly improbable solution: Require that prospective customers are pre-qualified to purchase your product. Demand proof that would-be customers understand marketing fundamentals, and can demonstrate the potential to succeed (and to become loyal, enthusiastic brand ambassadors) by proper application of your product. Customers who don’t measure up…can be referred to competitors.

Qualification Standards for a Marketing Automation License

Here’s a list of basic skills that Marketing Automation providers might require of prospective customers, in advance of a sale:

·     Know Who Your Customers Are – Many companies have only a fuzzy understanding of their target markets, or know why those customers should buy from them.

·     Work from a Written Marketing Plan – Here’s the acid test: if your marketing plan is not written down, then you don’t really have a plan…because there’s no accountability.

·     Create Effective Public-Facing Assets – Most websites are outdated, unappealing and incompatible with mobile devices. LinkedIn is also an important due diligence tool, but most companies display a hodge-podge of personal profiles, and demonstrate no consistency in how the company is described in those profiles.

·     Build Database Discipline – If a company lacks the internal discipline to collect and keep current its own database of clients, prospects and referral sources, how can it benefit from an automated system that requires that raw material?

·     Produce Exceptional Content – If a company can’t or won’t consistently produce relevant, interesting, non-self-serving content, then Marketing Automation will fail. Garbage out, garbage in.

·     Align Marketing & Sales – This is the toughest hurdle, because it’s cultural. Sales and marketing professionals must agree up front on lead generation goals and processes, and demonstrate mutual respect for each other’s roles.

·     Leverage Online & Offline Analytics – In addition to having access to online performance metrics, companies need to talk directly to customers and prospects on a regular basis, to ensure a connection between marketing strategy and business outcomes.

There’s no expectation that any company peddling Marketing Automation would ever apply any pre-conditions to a sale. And despite best efforts to educate and support customers, the industry’s failure rate is likely to increase as a result of the customer shortcomings reflected in this laundry list of prerequisites.

And if the history of the marketing function serves as a guide, there’s no expectation that companies will ever stop trying to make marketing a science. Or that marketers will stop wanting technology to provide easy solutions to a business discipline that will always require lots of human thinking, and lots of human creativity and effort.

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*Editor’s Note: Admittedly, the 60% failure rate statistic that’s found online may be outdated, and tough to defend, in terms of research rigor. (For starters, how many companies are eager to admit a costly failure?) It’s certainly a statistic that raises the hackles of Marketing Automation companies.

To justify this article’s premise: here’s a more recent and credible insight from eMarketer into how highly companies rank Marketing Automation, which may reflect their level of success with that technology. It also raises other, perhaps more troubling issues, such as why “Social Media Analytics” is ranked so highly.

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Marketing Lesson from Ian McTavish: 7th Generation Scottish Bagpipe Maker

McTavishOn a trip to Scotland in the 1980s, from my rented car on a road outside of Glasgow, I spotted a crude hand-painted sign nailed to a tree that read, “Ian McTavish Bagpipe Maker.” I slammed on the brakes and took a sharp left turn up a narrow, dirt road. I had long wanted to play the bagpipes, and in a heartbeat decided that bringing home an authentic set of Scottish bagpipes might help to cross that item off my bucket list.

At the end of the dirt road there were two simple stucco structures, each one about the size of a detached two-car garage. One structure appeared to be a home, with a front door sandwiched between two small windows, and a raised porch. Although it had no signage, the other building had a single, large dirty window, and appeared more likely to be the bagpipe maker’s showroom. There was no vehicle, no barking dog, or any sign of human life. But the showroom door was wide open.

I knocked on the open door and called out as I stepped into the main room, which contained a workbench, some tools hanging from hooks, and a pile of wood scraps. I had imagined a display of bagpipes in various stages of completion, but saw nothing resembling the instrument, in whole or part. Just a dirty room with no apparent purpose. I spent a minute looking at the tools and wondering if I had turned down the wrong road, and just as I decided to leave, a gruff voice from a back room barked, “Whadya want?”

As I jumped to attention, a large, bearded man appeared from a back room, wearing a kilt, black tee shirt and work boots. His boots, knees and hands were covered with mud. He repeated his question, louder. Flustered, and still unsure I was in the right place, I asked politely, “Are you the bagpipe maker?” “Whadya want?” he asked again, providing some comfort that I had a reason to be standing uninvited inside this cranky Scotsman’s workshop.

Finally answering his question, I stammered: “I’m interested in buying a set of bagpipes. Do you have any that I can look at?”

“No,” he said.

After a long pause, he added, “I make pipes to order. There’s none to show ye here.”

“OK then,” I said, searching to create a conversation, “How long does it take you to make a set of pipes?”

“It depends…” he growled, growing impatient with my questions.

I persistent, “What does it depend on?”

“It depends on the weather,” he snapped.

Attempting to decipher his answer and to carry the conversation, I asked, “Does the weather affect the aging of the wood that you use for the pipes?”

He gave me a look of disgust and said, “No. If the weather is nice, I’ll be in my garden, and I won’t be in here makin pipes.”

At this point, having groveled sufficiently, I prepared for my exit with one last shot. “My ancestors are from Scotland, Mr. McTavish, and I’m here visiting some of the places where they lived. I’ve always wanted to learn to play the bagpipes, and was hoping you might be able to help me. But I can see that I’ve disturbed you and I apologize for wasting your time. So good day.”

As I turned toward the door, his said, “Hold on, young man.” His voice softened a bit and he took a step toward me. “I’m the 7th generation of bagpipe makers in me clan, and I make the best pipes in Scotland. You Americans come over here and try to buy me bagpipes so that they can hang em as a decoration over their hearth. But I only make me pipes to be played.”

When he paused, I said, “I’m not going to hang them on the wall. I’m going to learn how to play them.”

He moved even closer, and poked me in the chest, “OK then, lad. Here’s what I’ll do fer ye. Go back to America, find yerself a tutor, and learn to play the practice chanter.”

“I can do that,” I said.

“Good,” he continued. “Then when ye learn how to play the chanter, make a tape of yerself so I can hear what ye sound like. Then, if I think ye play the chanter good enough…ye tell me how much money ye want to spend, and I’ll make ye the best set of bagpipes that yer money can buy anywhere.”

“OK,” I agreed. “I’ll do that.”

He scrawled his address on a piece of paper, and handed it to me. We shook hands and I drove off.

Over the years, life got in the way, and I never got around to sending Ian McTavish an audio tape of my skills on the practice chanter, and as a result, I never had the privilege of owning a set of his bagpipes.

But Ian McTavish, the 7th generation Scottish bagpipe maker, taught me an important marketing lesson I’ve never forgotten:

If you create a product or service of high quality, then you’re entitled to set the bar as high as you like, with respect to those seeking to buy it. It’s difficult to be selective about who your customers are…but this “less is more” discipline makes for happier, longer-term relationships between buyers and sellers…and it never hurts to step away from your business to spend time tending your garden.

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3.5 Reasons to Skip Industry Awards

awardFor certain industries, such as financial services, that aggregate performance-related data – for example, in annual “league tables” ranking investment banks by the number or size of M&A transactions they’ve underwritten – there is some logic, as well as an objective basis, on which firms can claim to have outperformed their competitors.

But for most industries – lacking any quantitative basis or objective means on which to base relative performance of its individual companies – there are several reasons why participation in industry award competitions intended to recognize superiority or “excellence” can be a waste of resources, as well as a brand liability.

With the understanding that industry awards represent a substantial worldwide economic enterprise…here are 3.5 reasons why your ___________ (law, graphic design, accounting, management consulting, public relations, engineering, financial planning, advertising, technology, healthcare, beauty, payroll, etc.) firm should not participate in award competitions:

Reason #1: Your Awards Won’t Have Significant Influence on Prospective Clients

Fundamentally, awards are a form of extrinsic selling, and demonstrate your firm’s ability to do good work. But prospective clients are always more interested in what you can do for them, not in what you’ve done for others. Awards require prospects to make a leap a faith; to believe that your work for them will match or exceed your work for your other clients. And for some prospects, that’s a leap too large to take.

Most prospects also know that award competitions are not accurate barometers of the quality or consistency of the work you will provide. At best, awards may address the personal needs of some decision-makers who are more concerned with protecting their job (should your firm fail to deliver), rather than selecting the most qualified service provider.

Reason #2: Your Award Creates Another Content Beast that Must Be Fed

Because most award competitions are annual (and recurring sources of revenue for the sponsoring organizations), they have a very limited shelf life, in terms of your firm’s ability to promote the recognition. Most award winners proudly post the award icon on the home page of their website. But your “2016 Most Innovative IT Firm Award” begins to loose its luster around the month of July in 2017, as clients and prospects begin to wonder why your IT firm isn’t the winner of the 2017 award. If your firm has lost some of its magic, perhaps they should be looking at this year’s most innovative IT firm.

Like all other types of content designed to position your firm’s brand, industry awards are beasts that must be constantly fed. If your firm is unwilling or unable to make the commitment to pursue a particular award every year (and to risk losing, which is a strong possibility), then either pass on the competition altogether, or take down any award icons from your website that are more than a year old. Otherwise, your firm will be perceived as the 24 year-old who still wears his high school jacket with the varsity football patch. Living in the past.

Reason #3: Your Time is Better Spent Servicing Clients and Soliciting Prospects

Entering any industry award competition, if your firm is serious about winning, takes time and resources. For some firms with strong competitive instincts, this often becomes a lengthy, arduous process involving strategy sessions, dedicated teams, and even outside consultants who specialize in award submissions. (Yes, they do exist.) For large firms with deep pockets and low levels of marketing ROI accountability, award competitions can provide some level of validation for those executives looking to impress their CEO. But for small and medium-sized firms, where every marketing dollar is expected to yield tangible business results, award competitions make very little sense.

Rather than seeking brand credibility through what is a relatively weak 3rd party endorsement tactic (compared with earned media exposure, public platforms and direct client endorsements, for example) companies of all sizes are better served by re-directing award-related resources to strategies that foster referrals and increase the effectiveness of their direct solicitation process. Instead of hoping that your prospects will be impressed by your industry awards (if they happen to visit your website), build awareness and brand equity among target audiences with content that consistently showcases your firm’s intellectual capital in a non-self-serving manner.

Reason #3.5: The Award Selection System is Stacked Against You

Although the selection process for awards competitions varies greatly, all awards are subject to human bias and political / financial factors that are beyond your control, and that will always influence the outcomes. Even in “blind” competitions, if the basis of an award is subjective, relies on the opinion of a “blue ribbon panel,” or involves any type of voting / scoring system, most competitors will end up wondering why the designated winners were any more innovative, effective, attractive, or otherwise superior to them. Judging is always highly subjective, and never an accurate reflection of the best idea or solution.

For a host of reasons that are rarely discussed (such as the advantage of entrants who are advertisers in award competitions sponsored by industry publications), the award selection system is stacked against most competitors.

Their inherent weaknesses notwithstanding, and despite this particular rant, industry awards are not in any danger of losing momentum, and will remain as one component in the marketing tool kit. But the easiest tactics, like award recognitions, are not always the most effective or enduring ways to help your business grow. Think of industry awards as a car radio: they make noise, and can be nice to have…but it doesn’t help you reach your destination.

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7 Signs that You’re NOT a Thought Leader

wise-man-guru-mountain-top-photo

Thought Leadership is perhaps the most widely used and consistently abused strategy in professional services marketing. There’s diverse opinion regarding what it is, and fuzzy expectations with respect to its benefits.

Our simple definition is that Thought Leadership is a content marketing strategy designed to leverage intellectual capital as a means to engage target audiences. The practical benefits of Thought Leadership are delivered through the power of “intrinsic selling.”

Without getting overly theoretical, here’s what we mean by that:

“Extrinsic selling” occurs when a seller’s credibility relies heavily on work they’ve performed for other customers. This requires the prospective customer to make a leap of faith; to believe the service provider can match or exceed what’s been done for others. It’s a “trust me” sales approach.

Conversely, intrinsic selling does not require a prospective client to base their selection on work done for others. Instead, it engages the prospective client based on ideas, opinions and advice that enables them to make their own objective decision regarding the seller’s potential to add value. Because no leap of faith is required, it’s a more powerful sales methodology.

The intellectual capital embodied within Thought Leadership is what provides you with credibility, and gives potential buyers the confidence to do business with you. It also serves as a sophisticated sales hook designed to grab their attention.

It’s easier to understand what Thought Leadership is by examining the behaviors that are contrary to its fundamental principles.

So here are 7 signs that you’re not cut out to be a Thought Leader:

  1. You call yourself a Thought Leader. Worse yet, you call yourself a “visionary.” Thought Leadership is not a mantle that can be claimed. It’s a market perception that’s earned over time, and an unofficial stature that’s assigned to you by others.
  2. Your editorial content is self-serving. If you’re unwilling to provide insights, information and recommendations without making yourself the hero, or without directly plugging your firm’s products / services, then you’re not really practicing Thought Leadership.
  3. You lack original or interesting ideas. Repurposing “archived” content (a/k/a other people’s thinking), or providing summaries or news reports of information that’s available elsewhere, will likely position you as an industry parrot, rather than a Thought Leader.
  4. You’re not a true student of your craft. Bona fide Thought Leaders are constantly focused on the current state and future direction of their professional discipline. They appreciate that a rising tide floats all boats, and unselfishly share what they know and think.
  5. You think Thought Leadership has a goal line. If you’re looking for instant gratification, and don’t completely believe, at the outset, in the long-term value of Thought Leadership as an ongoing marketing strategy, then simply scratch it off your to-do list.
  6. You refuse to share the spotlight. The most effective Thought Leaders seek to manage, rather than control, the conversation. Rather than pushing their own viewpoint, they define and promote topics and identify people worth paying attention to.
  7. You’re unwilling to work hard. Consistency is the most significant hurdle in the quest for Thought Leadership. To establish a level of top-of-mind awareness required for your target audiences to form and sustain a positive opinion, you need to generate relevant content on a quarterly basis. And that requires personal (or enterprise) discipline.

Just to be clear…the most effective Thought Leaders are not in the game for altruistic reasons. They expect a tangible return on their investment, in terms of market engagement.

Toward that end, a Thought Leadership strategy must ensure that your intellectual capital – whether it’s initially presented in a public platform (such as a seminar), through earned media (publicity), or owned media (social) channels – is also delivered directly to all relevant target audiences in a manner that’s not self-serving, and that fosters two-way conversations.

For example, rather than publicly touting that you’ve been quoted in the Wall Street Journal, you should leverage that media exposure in a more nuanced, sophisticated manner. You can expand on the underlying topic in a direct communication to clients, prospects and referral sources, soliciting their thoughts, and referencing the Wall Street Journal article (rather than your specific quote in it) as a catalyst for the discussion.

This long-winded perspective is not intended to dissuade you from seeking Thought Leadership status. To get started, you should identify a relevant, respected Thought Leader, study how they’ve earned that status, and then simply jump into the pool. Once you’re comfortable in the water, there will be ongoing opportunities to tailor an effective Thought Leadership strategy.

In true Thought Leadership fashion, please share your opinions, experiences and frustrations involving this battle-worn marketing strategy.

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B2B Marketing Needs One Giant Step…Backwards

Vest Pocket BrochuresIn the dark ages of B2B marketing communications, circa 1980, the goal was to get your snail-mailed communications past the office gatekeepers (a/k/a “executive assistants”), and onto the desks of your targeted decision-makers.

Most often, however, the sheer volume of first-class mail processed every morning by office gatekeepers made it more likely that your personalized pitch letter and costly sales brochure would end up, unopened, in the garbage can. Dead on arrival.

But starting in the mid-1990s, corporate adoption of email communication changed the dynamics of direct marketing.  First-class mail volume dropped from a peak of 59 billion pieces in 1996, to 23 billion pieces in 2013 — a 61 percent decline.

So in theory…this significant reduction in snail mail volume meant that the bar for getting materials past the office gatekeepers was lower; making it far easier to get your marketing materials into the hands of intended targets.

But that’s not what’s happened.

Instead, in lemming-like fashion, B2B marketers largely abandoned snail mail as a viable marketing communication channel, and adopted email as their “direct” medium of choice.

Now, 20 years later:

  • The sheer volume of email, even with clever Subject lines, makes it nearly impossible to gain the attention of targeted decision-makers; and
  • Misguided “eco friendly” practices (notably, failure to appreciate the paper industry’s stellar record of sustainable forest management) have fostered a generation of lifeless marketing collateral that’s either viewed onscreen, or downloaded and printed in PDF format on office printers.

As a result, today’s B2B marketers are failing to capture opportunities to connect with prospects through physical materials, in a business environment where the arrival of personalized, first-class mail is often a unique event; prompting most gatekeepers to ensure that it’s delivered to the intended target.

In addition to capturing this marcom window of opportunity, marketers would be well-served to take an additional giant step BACKWARDS…by developing “Ink on Paper” collateral materials that build brand stature.

What marketers will gain by recapturing the lost art of Ink on Paper includes:

Visceral Impact – Pixels on a screen have no weight, no dimension, no texture, no smell. Ink on Paper places something physical into a person’s hands. They open the cover and turn its pages. It’s a sensory experience that communicates on human terms, and that cannot be replicated by a flimsy PDF reprint created on a laser copier.

Personality – The range of creative expression using pixels is limited by the fixed dimensions of a flat glass screen. Ink on Paper lives on a canvas of unlimited graphic possibilities, in terms of size, shape, color and physical features. It provides an opportunity to stand out from the crowd, to express yourself more effectively, and to make an impression that’s likely to be remembered.

Permanence – People scroll through computer screens at hyper-speed. The volume of information is unlimited, and no intellectual commitment is required of viewers. Ink on Paper moves in slow motion, forcing readers to pay closer attention to its content.

Whether they sit on a desk or in a vest pocket, high quality printed materials suggest that the people and company who produced them actually exist, have nothing to hide and can be trusted.

Practitioners in most disciplines are often quick to embrace new tools and methods that enhance their results and professional satisfaction. But a much smaller number of those professionals understand the importance of sticking with, or adapting, existing tactics that work well. They do not fear appearing out-of-touch or old fashioned.

Seasoned marketers who have thrown the baby out with the bathwater in their wholesale adoption of digital communications, as well as more recent arrivals to the marketing profession who have always lived in a paperless world, would be well-served to reconsider Ink on Paper as a medium.

No marketing communications program is truly integrated without high quality print collateral.

Try using those materials as the basis for a snail mail campaign with clients or prospects, and see what happens. Ideally, do it before your competitors discover the opportunity.

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The Death of Rolodex Marketing

RolodexSurprisingly, a significant number of professional services firms continue to resist building online brand visibility as a business development strategy. The excuses we hear from them most often include:

“We’re in a relationship business.”

“New clients don’t find us by searching online.”

“Our business is driven exclusively by referrals.”

Although often it’s a waste of time to push back on their refusal to embrace online visibility, these are 3 reasons that we use to plant some seeds of doubt:

The Way People Make Decisions Has Changed Forever

In the pre-internet world, personal relationships, referrals and endorsements played a significant role in the decision-making process. Before making a decision about anything –buying a car, hiring a plumber, investing in a fund, and even sizing up a potential love interest – people communicated directly with friends, family and business associates, seeking their opinions and guidance. For generations, human interaction served as the primary validation process in decision-making.

Over the past 20 years, the internet has dramatically and permanently changed the way that people make decisions. Online research is rapidly replacing human interaction as the primary validation process in all decision-making. We check out Edmunds.com before we buy a car. We join Angie’s List to find a reliable plumber. We read Morningstar.com to gain insight into investment opportunities. We scan profiles on Match.com to evaluate candidates for a life-long relationship. Studies show that business buyers now complete up to 75% of their decision-making process online, in advance of contacting potential suppliers.

The most significant aspect of society’s rapid adoption of the internet is that we’ve raised nearly two generations of young people who have increasingly less direct social interaction with humans, and who rely almost exclusively on electronic devices to supply the information they need to make decisions about everything. Those generations are now starting their own companies, are moving into managerial positions, are raising families of their own…and are making personal, business and investment decisions that affect the fortunes of individual enterprises and the entire economy.

So if your company relies exclusively on personal relationships and referrals to drive engagements or revenue growth…it is living on borrowed time, as relationships become less personal; as human referrals are replaced by online content; and as lack of online transparency is viewed in a negative light by your friends, family and referral sources.

Referral Sources Require Nurturing and Validation

The Old Boy Network may not be dead yet, but it requires a far greater amount of effort to maintain it properly. Here’s why it makes sense to nurture your personal and business relationships through an online presence:

  • Referral sources have many choices. As strong as your relationships may be, peoples’ allegiances and motivations will always ebb and flow. A consistent online presence helps to drive top-of-mind awareness that keeps you high on their list.
  • Referral sources want to refer “safe choices.” Their personal reputation is always at risk when your contacts make a referral, and their comfort level is increased when their recommendation is validated by online content that is consistent with their opinion of you.

Notwithstanding how much time you invest in phone calls, lunches, conferences and rounds of golf, those Old Boy Network nurturing tactics simply cannot compete – in terms of consistency, market reach and “conversation” quality – with what online visibility offers. When it comes to business development, your Old Boy Network is becoming irrelevant.

Reliance on Rolodex Marketing is an Opportunity Loss

Regardless of the size of your Rolodex inventory of family, friends, club members, fraternity brothers, former business associates, vendors and clients…you will never scale your business, on a long-term basis, by relying exclusively on that group of people to drive business growth, either directly or indirectly.

Rolodex marketing may be a reliable way to jump start your firm, but it will fail to sustain momentum, simply because you will eventually overstay your welcome with those sources. Your contacts are a diminishing asset, in terms of business development.

Marketing to your existing contacts always makes sense, as a means to maintain awareness and to encourage engagement and referrals. But limiting your marketing strategy to this finite group is short-sighted at best, and represents a lost opportunity to establish awareness and generate interest among an unlimited universe of prospective customers.

So…If you’re a professional services firm that’s ready to sell the way that people buy; to take greater advantage of your referral sources; and to expand exponentially the volume of potential clients, there are three “bare essentials” of online visibility that include: maintaining a robust website, building a comprehensive presence on social media platforms such as LinkedIn, and consistently producing non-self-serving Thought Leadership content.

However…If you’re still not convinced, good luck with your Rolodex-based marketing strategy. If your firm is a “lifestyle” business, rather than a serious enterprise, your Rolodex may be all that you need…for now, anyway.

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The 2 Most Deadly Sins of B2B Marketing

deadly sinsThere are two major reasons why marketing is failing at your small- or medium-sized B2B firm:

You view marketing as business triage. Your company applies a collection of tactics (often labeled as a “marketing campaign”) only in response to a problem; typically involving the loss of a key client, or decline in revenue. When business is good, little or no time is invested in marketing. When business (inevitably) takes a dip, only then does marketing becomes a priority.

You expect marketing to deliver immediate results. Either because your company always views marketing on a “cause & effect” tactical basis, or because marketing triage must be applied quickly to revive an ailing company, the marketing function is given insufficient time to produce tangible results. It’s no surprise that marketing professionals have the shortest tenure of any corporate function in the asset management business.

The hard truth is that very few B2B business owners either understand the marketing function, or have the discipline to design, implement, measure and adhere to a consistent marketing approach that builds brand equity and market engagement over a sustained period.

To establish the infrastructure and internal culture necessary for the marketing discipline to succeed, we offer the following simple path:

  • Create a Written Marketing Plan. This need not be in a 3-inch binder; a two-page document is often sufficient. Include goals, strategies, responsibilities, timelines, budgets and ways to measure results. Without a Marketing Plan you’ll waste lots of time and money. And unless it’s a written document, you won’t have commitment or accountability.
  • Gain Senior Level Commitment. The honcho in corner office (which might be you) must understand, endorse and support the Marketing Plan. This involves more than lip service. If your Plan isn’t properly staffed and funded at the outset, there’s no real commitment to marketing.
  • Do a Few Things Very Well.Your marketing success will be based on the quality and effectiveness of a limited number of strategies / tactics. Firms sometimes go overboard, thinking there’s a correlation between the size of its marketing investment and business results. But less is usually more, in terms of marketing ROI.
  • Build and Nurture your Database.Direct and easy access to your company’s clients, prospects, referral sources and opinion leaders is essential. Without an email pipeline, the marketing value of the content you create is close to zero. If your firm’s thought leadership simply sits on its website or social media, you’re missing the opportunity to build relationships with people in your target audiences.
  • Create Meaningful Content. Self-serving, long-winded white papers and research reports have very limited appeal. Generate content that validates your company’s intellectual capital, that’s easy to read, and focuses on timely topics that people have a genuine interest in.
  • Drive Top-of-Mind Awareness. To be included on the short list of candidates for an assignment or sale, you need to build awareness with key decision-makers. To accomplish that goal, share your content directly with target audiences on a quarterly basis. (More frequently than that, and you may be viewed as a pest.)

Most importantly – with apologies to Glengarry Glen Ross – B2B firms must commit to:

A…..Always

B…..Be

M….Marketing

…for the discipline to be effective. Otherwise, the traditional short-term, hair-on-fire approach to business development will keep your company from ever reaching its full potential, regardless of its quality or reputation.

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Why Your Law Firm Blog Doesn’t Make the Phone Ring

PhoneOldYou can gain reliable insight into the current state of law firm blogging from two recent market research studies:

  • According to the ABA’s Legal Technology Report, less than 1/3 of all law firms have a blog, and most of those are large firms. More importantly, of those firms that blog, only 1/3 are able to associate their blogging with new business; the other 2/3rds either can’t, or are unsure of any new business connection.
  • According to the State of Digital & Content Marketing Survey – produced by the management consulting firm, Zeughauser Group – in-house legal counsel are reading blogs less frequently, and valuing blog content less highly than they did 3 years ago. And nearly 1/3 of CLOs do not read blogs at all.

Clearly, all of the hours devoted to blogging, at some of the nation’s largest and smartest law firms, does not appear to be time well spent…if the goal of a blog and other forms of content marketing is to generate new business.

If there’s a disconnect between your firm’s blogging and new clients related to your posts, here are 10 possible reasons why:

Your blog topics are boring.

Avoid topics that have been (or are likely to be) covered by other firms, or topics that may be considered old news by the time your post is published. Select blog topics that are of immediate or continuing interest to your target audiences, and cover them in a unique manner.

Your headlines don’t grab attention.

With less than a few seconds to grab a potential reader’s attention, headlines are the most critical element of a blog post. Invest the time necessary to write a snappy headline that addresses the “What’s in this for me?” question.

There’s too much legal-speak.

Everyone knows you’re a lawyer, and a blog is not the proper platform to display your brief writing expertise. In fact, legalese is probably the #1 reason why people are not reading your blog posts. Write in clear, simple prose that can be understood by people without a law degree.

Your posts are too long.

You’re competing for eyeballs and attention against all types of online and offline content, as well as human distractions. You need to state your case in fewer than 750 words. Fewer than 500 words is even better. Make your point, and leave them wanting more.

You don’t provide an interesting point of view.

People read blog posts to gain insights and opinions. If you’re simply presenting facts, your posts are probably a snooze-fest. The potential for you to make your blog a marketing device lies in your ability to present provocative, unique or contrarian viewpoints. Be a thought leader; not a news service.

You have no blogging strategy.

If you’re selecting blog post topics on a random or opportunistic basis, then you’re lost in Tactic  Land. Create a simple plan that identifies key blog topics related to your firm’s value proposition (why people should hire you), and integrate those topics into an editorial calendar to ensure that you cover those topics over 6 months or a year.

You don’t blog consistently.

A blog’s marketing function is to drive top-of-mind awareness with your clients, prospects and referral sources. If you are not generating original content with some regularity, probably at least once a month, then don’t bother blogging at all.

Your blog content is not optimized.

For people to locate your blog content online, it needs to contain (hidden) coded title tags and meta tags based on key words and phrases related to your blog topic. If you’re publishing your posts on a platform with a user-friendly Content Management System, you can add this coding yourself. If you don’t want to be bothered, get someone who understands Search Engine Optimization (SEO) to do it for you. Skipping this step will greatly limit potential readership.

You don’t merchandize your blog content.

Another way to increase readership of your blog is by re-purposing its content, in whole or part, in places where it’s likely to be seen. For starters, they should be published on LinkedIn, both on your personal profile (as a long-form blog post), and as an “Update” on your law firm’s corporate LinkedIn page. Posting it on Twitter also makes sense if you (or your firm) have a reasonable number of Twitter followers.

You don’t drive traffic to your blog.

Unlike “Field of Dreams,” simply having a blog does not guarantee that any readers (particularly potential clients) will ever benefit from your intellectual capital. You need to promote your blog posts, individually and collectively. As a first step, every quarter send your database of contacts (hopefully you have this) a nicely designed email featuring 2 or 3 of your best recent blog posts, with an “In case you missed this” cover note.

Here’s the silver lining in all these reasons why your blog isn’t generating new clients: according to the Zeughauser Group survey, 74 percent of in-house counsel said that they find law firm blogs valuable.

So if it’s done correctly, your blog can and will deliver a meaningful marketing ROI. In most cases, this means working smarter, and not necessarily harder, on your law firm blog.

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What Type of Marketing Cry-Baby are You?

conflict-resolutionWhen a client complained to me recently about the difficulty of competing against larger companies, I had a flashback to when my kids were in grade school. Often, when they complained a whiny manner (with or without tears), I’d start singing one particular verse of the well-known kids’ song, “The Wheels on the Bus.”

As my kids started to whine, I would sing:

“The babies on the bus go wah, wah, wah

Wah, wah, wah…wah, wah, wah

The babies on the bus go wah, wah, wah

All through the town.”

As my kids whined louder, I would sing louder. And they would eventually storm away, totally frustrated. Over time, my kids got the message that I had zero tolerance for Cry-Babies. Eventually, I would only have to sing an extended warm-up note of the song (“The…..”), before they would stop whining and walk away.

As an abusive but somewhat responsible parent, I usually tried to have an “adult conversation” with the offending Cry-Baby to resolve the underlying problem, but only after the whining had stopped.

Over the course of my business career, I’ve run into several grown-up “Marketing Cry-Babies.” Whenever they start to whine about marketing-related challenges, I’m always tempted to begin singing the “babies on the bus” verse, but career risk and loss of client revenue serves to made me think twice.

Here are the 3 most common types of behavior exhibited by Marketing Cry-Babies. See if you fit into any one (or all) of these categories:

The “I want it NOW!” Cry-Baby: This marketer demands instant gratification. To him, marketing is a casino, complete with slot machines, craps tables and roulette wheels. With money to spend, he jumps from game to game – feeding the slots, placing chips on spaces – hoping to hit the jackpot. He doesn’t remain very long at any game, and believes that if he plays them all, he’s entitled to win something. When he runs out of money or grows tired of not winning big, this Cry-Baby will leave the casino angry or disappointed that his marketing “investment” has failed to pay off.

“I want it NOW!” Cry-Babies don’t understand that long-term strategy and tactical consistency are the most critical aspects of marketing success. My adult conversation with them goes like this: None of the “games” in the marketing toolkit – publicity, advertising, social media, videos, conferences, newsletters, blogging, direct mail, etc. – either individually or collectively will ever deliver an immediate jackpot. To be a consistent winner in the marketing casino, you need to really understand the risks and potential rewards of all the games; only play those games with odds that are in your favor; commit to playing those games long enough to win; and be willing to change how you’re playing the game – rather than walking away – if you are not winning.

The “It’s All About ME.” Cry-Baby: This marketer believes clients and prospects have a genuine interest in her company’s ideas, experience, success, etc. So the firm’s public-facing materials and “thought leadership” are promotional and self-serving. White papers and editorial content are poorly disguised sales pitches, and offer no helpful information or insights. Lots of time is devoted to winning industry recognition; far less time is invested in managing the customer experience or supporting the sales force.  This Cry-Baby can’t understand why all her marketing activity doesn’t improve revenue or client retention.

“It’s All about ME.” Cry-Babies don’t appreciate that clients and prospects aremost interested in how you can help with their particular problem or opportunity. My brief adult conversation with them goes like this: Clients and prospects don’t really give a hoot about your white papers, industry awards or client list. You need to learn what they need, how they think, and why they’re frustrated or optimistic. That effort demands two-way conversations, and direct market engagement. Based on those insights (which can change with great frequency) you’ll need to (re)direct all of your marketing efforts to resonate in their world, and not yours.

The “That’s Just Not Fair!” Cry-Baby: This marketer is convinced that the cards are stacked against him. There’s never enough money in the budget. The competition can’t be beaten.  Management doesn’t understand marketplace dynamics. Sales reps don’t know how to convert their leads. This Cry-Baby always has a reason for marketing’s lack of success, and lots of excuses not to try harder (or at all.)

“That’s Just Not Fair!” Cry-Babies are either afraid to fail, or afraid to succeed. Either way, they are hard-wired to whine, and often not worth having an adult conversation with. But here goes anyway: Having money to throw at marketing does not ensure success. Larger competitors can have greater bureaucracy that slows marketing momentum, and too many chefs in the marketing kitchen that dilute strategies and tactics. Big firms can get complacent, and be afraid to try new solutions. Regardless of budget or existing brand recognition, smaller firms can always gain competitive advantage through creativity, tenacity and a burning desire to steal the lunch from competitors, regardless of their size or reputation. Being the underdog can be a marketing asset; but you need to give people some good reasons to root for you.

There is some recourse, however, for all types of Marketing Cry-Babies who insist on whining. They simply need to spend more time on the golf course, where that behavior is always appropriate, and where you’re encouraged to attach a “crying towel” to your bag. Fore!

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Time to Kill Your Company’s Zombie Blog?

zombieWhen pressed to explain why their company has a blog, many CEOs will admit they were either pushed by marketing counsel to create one, or believed they needed a blog because their competitors have them. Few CEOs understand the purpose of a blog, and most members of that small group are not convinced that their blog delivers any tangible value.

CEOs and marketers who are currently deciding whether to establish a company blog might consider these 3 reasons to forget the idea altogether:

  • You’re not convinced there’s a connection between your blog and your business objectives.

The intranet is a graveyard of dead company blogs, representing well-intentioned, half-baked and underfunded efforts to benefit from content marketing. Many of those blog casualties represent efforts to “put a toe in the water,” as a means to determine whether the company should make a serious, long-term commitment to a blog.

Unfortunately, a blog is much like a marriage, but without dating in advance of a commitment. First, you must conduct due diligence, then you make a long-term commitment…for better or worse. Many blog failures, in fact, are the result of reluctant brides (doubting CEOs) who are willing to give conditional or temporary approval to proceed, which often serves as sufficient rope for the marketing department to hang itself.

CEOs and their marketers are best served, and their blog is most likely to succeed, if senior management understands its function, benefits and limitations, and is 100% committed to a very long relationship.

  • You’re unwilling to provide your blog with the necessary resources.

A sizeable number of dead and useless blogs are doomed to fail because they lack the economic and human resources required to create and sustain an effective corporate blog.  Unfortunately, the typical blog development strategy consists of these 3 steps:

  • The IT Department will add a new “blog” page to the website.
  • Content creation will be an internal group effort, with people / departments taking turns contributing blog posts on a regular basis.
  • The Marketing Department will manage the content creation process, suggesting topics and prompting individuals to contribute their posts according to a schedule.

Three months later, the Marketing Department grows tired of hounding would-be content contributors, and management is not seeing the expected increase in lead generation or even website traffic. Posting frequency drops from weekly to monthly to quarterly. The corporate blog gradually becomes an internal albatross and an external brand liability.

CEOs and their marketers are best served, and their blog is more likely to succeed only if senior management allocates the resources to hire or engage the editorial horsepower necessary to produce high quality content on a consistent basis that:

  • Supports the value proposition and related core messages
  • Engages target audiences
  • Is associated with measurable business goals
  • Strengthens brand stature

Lacking the proper resource allocation (which does not mean simply adding blog management to marketing’s plate), and not making specific individuals accountable for its success are two ways to guarantee your blog’s failure.

  • You don’t have a well-defined content marketing strategy, or you’re unwilling to stick to it.

Even with management’s full support and proper resource allocation, many blogs become editorial Zombies: moving and breathing, but with no heart and soul, simply sucking the lifeblood out of their corporate hosts.

Without an intelligent content marketing strategy that’s directly related to your company’s brand positioning, competitive landscape and sales initiatives, your blog wastes corporate resources and represents an opportunity loss. If blog activity is not driven by a strategic plan and editorial calendar that’s endorsed by senior management, and if your blog agenda is usually based on a frantic search for content – from any source, and regardless of its relevance – then your blog is one of the living dead on the internet.

CEOs who understand the power of an effective blog, and who have the backbone to support content marketing as a viable means to advance the enterprise, deserve to be rewarded with a program that delivers bona fide thought leadership and market engagement; not a constant stream of repurposed news items, self-serving photos from the company’s latest mud run, or press releases and job postings that your customers, prospects and referral sources will never care about.

If your company has already created a Zombie blog, and is unwilling to take the steps necessary to bring it to life, then it’s time to drive a stake through its heart. Just take it down. No one will miss it. And your company’s internal harmony, balance sheet and brand reputation will all benefit as a result.

 

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Filed under B2B Marketing, Marketing Strategy, Uncategorized