Tag Archives: marketing strategy

February 21, 2023 · 5:44 pm

Branded Interviews: Your Pathway to “Enlightened” Thought Leadership

Traditional thought leadership – whether it’s delivered through owned media or earned media – most often involves showcasing your own ideas and opinions, those of a client, or of an individual within your organization.

From a content marketing perspective, the shortcomings of traditional thought leadership include:

the high noise factor, caused by market competition for attention
the perception that thought leadership is mostly self-promotional
the sad truth that few “thought leaders” have anything interesting to say
the challenge of producing new or interesting insights on a consistent basis, and
the reality that your target audiences are unlikely to read your long-form commentary.

The Alternative to Traditional Thought Leadership

The underlying assumption of “Enlightened” thought leadership is that managing the conversation (on any topic) by showcasing respected, credible 3rd parties is far more effective than promoting your own, your client’s, or your company’s opinions and insights.

In other words, you must put ego aside, and acknowledge that your “internal” intellectual capital can be worth less than credible outside voices that you deem to be worth hearing, and whose message supports and validates your company’s value proposition.

This somewhat contrarian approach to thought leadership…delivered in an editorial format that we call Branded Interviews…is the most effective way for B2B companies of all types to build brand stature, and to connect the dots between marketing and sales. Hands down.

Branded Interviews serve as inherent 3rd party endorsements from credible opinion leaders.

In a nutshell, Branded Interviews are:

Interviews with recognized, respected opinion leaders with credentials related to your industry or professional discipline. They should not feature employees or clients
Presented in a quick-reading Q&A editorial format, with 10 – 12 questions that highlight the individual’s personal and professional background, insights, and opinions
Purely objective in nature. Guest comments should not mention or promote your business in any way
Published on a quarterly or bi-monthly basis; distributed to clients, prospects and referrals sources; and promoted on LinkedIn…ensuring top-of-mind awareness with target audiences
Valuable due diligence assets for your sales team to use with prospects
Inherent 3rd party endorsements that should be archived in a dedicated section on your website

In truth, Branded Interviews require considerably more time and effort than traditional thought leadership content, even compared with what’s involved in generating bylined articles in respected business publications. The strategic selection and solicitation of guests, the development of relevant questions, the interview logistics, the conversion of an interview transcript to concise written responses, and the approval process, all take time and finesse. But the end-product is well worth all that work; producing evergreen content with unmatched credibility, and countless marketing and sales applications.

It’s Not About the Content; It’s About the Relationships

Perhaps the most compelling reason to convert to enlightened thought leadership is that the publication development process itself has tangible value, in terms of establishing and building relationships with influential individuals who can make things happen for your company.

For one of our clients – an emerging healthcare technology company – their Branded Interview led to a relationship between the firm’s CEO and the interview guest that resulted in acquisition of the company at a significant multiple, which was the CEO’s intended exit strategy.

Asking a recognized opinion leader (that your firm may have no connections with) to be profiled in your Branded Interview may seem like a long shot, as well as a formula for embarrassment if the opinion leader declines. But the invitation process serves to put your company on his / her radar screen, and is flattering to the individual, whether or not they accept. Very often, high profile individuals do accept invitations to be interviewed simply because, like most people, they enjoy telling their story, and sharing their ideas.

The editorial process is an opportunity to build brand awareness and business relationships.

In our view, Branded Interviews are an important and cost-effective way for B2B companies to get noticed and build brand stature, and should be a core tactical component in an integrated marketing strategy.

Before initiating a Branded Interview program, however, there are two important caveats:

This is not a short-term marketing tactic designed to produce an immediate market response. It’s a sophisticated, longer-term approach that will yield tangible marketing and sales benefits over time.
Lacking a senior management commitment to produce at least four Branded Interviews over the course of a year, B2B firms should pass on this marketing tactic.

Promotion of Branded Interviews on multiple channels increases their impact and ROI.

Give me a call if you’d like to learn more reasons why we’re such big fans of Branded Interviews.

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Tagged as #content marketing, #thought leadership, B2B marketing, brand strategy, marketing communications, marketing strategy, PR strategy

January 8, 2021 · 12:14 pm

How To Make Marketing An Invaluable Function

In its landmark 2018 Pulse Survey of 220 Chief Marketing Officers, the executive recruiting firm Korn Ferry reported that, although financial results were the most important factor in their performance-based compensation, “52% of CMOs say they cannot make a direct and obvious correlation between marketing efforts and company performance.”

At small and mid-sized businesses, the heads of marketing rarely receive performance-based compensation related to financial results or related to any quantitative metrics directly associated with company performance. Their compensation and tenure are often based on fuzzy or subjective factors, including the ability to generate earned media, maintain an effective website, produce relevant content for social media or score highly in brand awareness or customer satisfaction surveys.

By design or default, most marketers are so far removed from the revenue-generation function that they cannot claim to add value to it. Or they find it impossible to demonstrate any role they play in achieving goals that are important to their CEO. In my experience, the sales team typically forgets to ask prospects how they’ve learned about the company or product. And when asked directly, prospects often claim that they can’t recall. Neither of those endorsements, however, would provide strong validation for marketing’s return on investment.

Regardless of company size, the marketing function will increasingly be at risk during tough economic periods, and will never have a permanent seat at the management table, unless CMOs and marketing VPs redefine their role and establish tangible ways to associate their efforts with revenue generation. To survive and grow in their current position, they need to invest more time on tasks that will affect the company’s top-line revenue and less time on what amounts to window dressing.

The Holy Grail of Sales and Marketing Alignment

Marketing and sales alignment must be the highest strategic goal for every marketer. This is no easy task.

Because sales reps have a more direct line of measuring revenue generation, it falls on the CMO’s shoulders to fix the sales-and-marketing culture clash — that is, where sales reps don’t believe in marketing’s ability to hand them worthy leads, and where marketers don’t believe that sales reps know how to properly manage those leads. In this culture clash, there is far less incentive for the VP of Sales to affect that change.

Here’s how marketing leaders can begin to establish a new way of working together with the sales team, and in the process, improve their company’s performance, as well as their professional stature and job tenure:

• Make yourself part of the sales team. Depending on the amount of rancor that currently exists between sales and marketing, it may require some triage or finesse to tell your sales counterpart that you’d like to better understand their world. Do not explain that you are on a mission to “align sales and marketing,” which might be met with suspicion. Instead, simply ask for guidance on ways you can improve communication and practical assistance. Suggest that combined marketing/sales meetings be held on a monthly or quarterly basis.

• Gain a firsthand understanding of the sales process. This requires shadowing on sales calls, which may not be met with enthusiasm by the head of sales or by individual sales reps. If marketing can gain a sense of what actually occurs on sales calls — ranging from how the product or service is described, to the prospects’ questions and objections — it will be in a much better position to craft tools and tactics that are based on market realities, rather than sales reports. Or it may result in a mutual agreement regarding the definition of a qualified lead.

• Gain a firsthand understanding of customer needs and issues. With or without the help of the sales department, find ways to stay on top of customer sentiment. Go deeper than automated online surveys. For example, spend a half-day every month listening in on calls that come into your customer service center. Better yet, reach out to current and former customers by phone (with the approval of sales) to gain an appreciation of why they are customers or why they’ve left.

• Build trust and partnership in small, meaningful ways. The degree of mutual cooperation between marketing and sales depends largely on the personalities involved, and how well they like and respect each other. That relationship can be strengthened over time if marketing finds ways to be helpful without encroaching too far onto sacred sales territory. This can include everything from their pitch letters and PowerPoint presentations to case studies and demos. The initial task is to discover the “safety zones,” where sales will welcome assistance from marketing.

• Ask for feedback and find ways to compromise. Ed Koch, the legendary mayor of New York City, was known for always asking his constituents, “How am I doing?” What made Koch a great mayor was that he listened to their responses and found ways to address positive and negative feedback. Marketing and sales will always view the world through a different lens, so simply acknowledging that you don’t have all the answers is a necessary starting point for effective teamwork.

There are countless books, articles, research studies, educational seminars and consulting firms devoted to sales and marketing alignment. My guidance is neither unique nor comprehensive. For CMOs and marketers who spend their days creating content that no one reads, and generating campaigns that fail to create customers, I’m simply suggesting they should keep their resumes up to date.

This article was originally published in Forbes: https://www.forbes.com/sites/forbesagencycouncil/2021/01/08/how-to-make-marketing-an-invaluable-function/?sh=4846c08874f5

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Tagged as Chief Marketing Officer, CMO, Ed Koch, Korn Ferry, Korn Ferry Pulse Survey, marketing & sales alignment, marketing careers, marketing strategy, sales & marketing alignment

September 18, 2020 · 3:33 pm

Diet, Exercise And Marketing: Self-Imposed Obstacles That Ensure Failure

There are practical reasons diet companies and national gym chains spend most of their advertising budgets within two seasonal windows: in advance of the new year, when people make their annual resolutions, and in springtime, when beachgoers face the prospect of wearing a bathing suit in public.

Despite best intentions, many people who join gyms in January are likely to drop out in February, and many other new members will drop out within the next few months. Countless research studies also suggest that many people who lose weight will regain all of those pounds within a year, and likely add more.

There are valid social and physiological reasons most people don’t do the things necessary to maintain their personal health and fitness. On their journeys, they also must overcome self-imposed obstacles, and in my opinion, three of those are the same reasons marketing fails at most companies.

1. Setting Unrealistic Expectations

Regardless of our body shape, age and metabolism, we typically seek chiseled six-pack abs and movie-star good looks. In marketing as well, we often establish lofty goals — whether they involve lead generation, revenue growth or new accounts — that require a level of investment or period of time that far exceeds actual resources. Having “stretch goals” can be a healthy practice, but at too many companies, consistently falling short of unrealistic targets often results in shelving the marketing initiative altogether.

If there is no benchmark data from prior campaigns, companies are more likely to succeed if they begin with very low (or even zero) performance expectations. Whatever outcomes are achieved over the course of the campaign are then closely and consistently examined to determine what’s working and what’s not in order to make necessary adjustments. That way, there’s a much greater likelihood that the campaign will yield increasingly better results over time.

2. Searching For A Magic Bullet

Fad diets and weight-loss supplements can provide temporary solutions for people seeking alternatives that are faster and easier than changing their eating habits or exercising on a regular basis. Similarly, some companies are always seeking a marketing tactic or gimmick in hopes of generating immediate results.

Two current examples of perceived magic bullets include content marketing and marketing automation software. In both cases, companies can mistakenly believe that producing and sharing content, or consistently emailing information to prospects, is a guaranteed fast track to higher market response and business growth. But those two tactics will never deliver meaningful outcomes unless the company produces content that’s of interest to target audiences, and unless it defines and monitors the metrics it wants its marketing automation to achieve. Neither of those initiatives are quick fixes.

3. Lacking A Meaningful Plan

“Lose weight” is not a plan. Instead, a plan might be: “Lose 10 pounds over the next three months by monitoring my caloric intake; running two to three miles on Monday, Wednesday and Saturday; and logging my weight every morning.”

Each time I’ve met with a prospective client over the past three decades, one of the first questions I ask is, “Do you have a written marketing plan?” Some are truthful and tell me no. Others tell me they have a plan, but that it’s not written; to which my response is always, “Then you don’t really have a marketing plan.”

Some companies do have a written marketing plan. Typically, it’s contained in a three-ring binder that never gets looked at — and those companies don’t have a real marketing plan either. As a result, all of those companies have no tangible way to plan, budget for or execute meaningful marketing activity. There is no way to calculate the return on their marketing investment. There is no real accountability — no connection with the company’s sales function or with business metrics that can have an impact on its balance sheet.

Marketing’s Place At The Management Table

Too often, marketing is marginalized as a way to “promote the brand” or to “build goodwill,” and is viewed as overhead rather than a profit center. But for company owners or senior managers who are serious about tapping into the enormous potential of marketing to grow their enterprise, there is a pathway to avoid the three most common self-imposed obstacles:

• Treat marketing as an essential corporate discipline that requires the same level of commitment and long-term perspective as operations, sales, legal, accounting, technology or HR functions. Marketing should not be ignored or reduced when business is good, nor should it be applied only as triage when business declines. Marketing needs to run at a consistent pace at all times.

• Accept that there is no “secret sauce” in marketing that will transform the company overnight. The most meaningful marketing initiatives will take planning, hard work, and ongoing scrutiny and modification to produce results.

• Create written marketing plans that are realistic and user-friendly. They need not be lengthy or complex, and can be as brief as a two- to three-page memo. Your programs should be based on actionable, measurable tactics that are focused on driving market engagement rather than opinion, and that are not sacrosanct. If they’re not working, they’re fixed or replaced.

Management consulting legend Peter Drucker said, “Because the purpose of business is to create a customer, the business enterprise has two — and only two — basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs.”

Given the actual role that marketing currently plays at most companies, Drucker — who passed away in 2005 — would likely need to modify his bold statement: “Marketing and innovation can produce results; all the rest are costs.”

Marketing’s full potential will be realized only by those companies with the insight to give the function a seat at the management table and the determination to make marketing earn its place there.

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Tagged as B2B marketing, Marketing Plan, marketing strategy, role of marketing

September 9, 2019 · 12:44 pm

A 9-Step Marketing Success Recipe

personal-chef-440x333

The first question we ask prospective clients is, “Do you have a Marketing Plan?”

Many prospects sheepishly acknowledge that they don’t have a formal Marketing Plan. This group earns big points with us for honesty.

Some less forthright prospects will claim that they have a Marketing Plan, but when asked to show it to us, this group responds with, “Our plan isn’t written down,” or “It’s being updated,” which really means that they don’t have a Marketing Plan.

There are several good and bad reasons why companies (of all sizes) don’t create a Marketing Plan. Those spoken and unspoken reasons include:

· “It’s too much work to create and maintain a Marketing Plan.”

· “We had a Marketing Plan once, and it just sat in a 3-ring binder on the shelf.”

· “Senior management doesn’t understand marketing. Why confuse them more?”

· “It’s easier to just keep trying different marketing tactics, to see what works.”

After decades of watching companies either earnestly struggle to create a Marketing Plan, or strenuously avoid creating one, we recently had an epiphany. We realized that most companies should SKIP the Marketing Plan altogether.

Here’s why: The ratio of companies without (versus with) a Marketing Plan will never change. So rather than badgering and shaming the “No Marketing Plan” companies, we should help them focus exclusively on the critical components of marketing that will help them succeed. We call this process the “9 Step Marketing Success Recipe.”

In Betty Crocker fashion, here is a step-by-step recipe for achieving marketing success for your company…completely devoid of all marketing jargon:

Three Strategic Ingredients

Step 1: Determine why customers should buy your product / service. This seemingly simple goal – to understand what’s special about your company – is the most essential element of marketing strategy. Many companies either don’t have a clue, or have an unfounded / unrealistic viewpoint on why people should do business with them. You need to nail this step…because it provides your company with its sales pitch.

Step 2: Learn why customers are buying from your competitors. To gain a reliable answer to the Step 1 question, you need to possess a thorough understanding of the competitive landscape. The most successful marketers know everything about (and closely monitor) current competitors, to gain insight into why customers buy from them. They also work to anticipate new competitors, and explore potential customer solutions that could disrupt the entire category.

Step 3: Learn what your customers want and don’t want. If you’re not having a continuous, two-way conversation with current, prospective and former customers, then you are flying by the seat of your pants, marketing-wise. And you can’t rely exclusively on surveys to gain that market intelligence. Pick up the phone and talk to decision-makers at least once a quarter to really understand what they think and what they need.

Three Practical Ingredients

Step 1: Define what your marketing resources are. Marketing requires money and people. Work backwards to build a marketing strategy. First decide what resources are available to invest, and then determine what strategies / tactics you can afford to apply properly and consistently. Having an “open budget” for marketing makes you a target for the latest gimmick, and is a sure way to waste a boatload of money.

Step 2: Put your sales process under the microscope. Marketing is not a religion. To justify its existence as a corporate function, marketing must help produce tangible business outcomes. Most marketing activity should be related to sales…and the sales function requires close scrutiny in advance of any marketing investment. If your sales process is broken (or non-existent), then your marketing will likely yield nothing of value.

Step 3: Define exactly what you want your marketing to achieve. Your marketing goals should be directly or indirectly connected to activity that drives revenue. If that revenue connection is fuzzy, or based largely on wishful thinking, then either refine or eliminate the weak strategies and tactics. Be ruthless in your evaluation of all marketing activity at all times.

Three Tactical Ingredients

Step 1: Select ONE effective direct marketing tactic. Most email solicitations go unread, with good reason: they are self-serving, poorly written and lack a compelling rationale for people to respond. But because the email marketing bar is so low, there is plenty of opportunity to stand out from the crowd. There’s also a big opportunity to leverage traditional snail mail, largely because marketers have abandoned that channel in lemming-like fashion.

Step 2: Select ONE smart content marketing tactic. The objective is to showcase your company’s intellectual capital (which is very different from a sales pitch), either through respected print / electronic media sources or social media, primarily to gain online visibility for that content. The marketing reality is this: If potential clients can’t find you by searching online, then you are not in the game. If you prefer to stick with the “We’re a relationship business, and don’t need an online brand presence.” marketing approach, then please let me know. I would like to short your stock.

Step 3: Select ONE consistent tactic to keep in touch with clients, prospects and referral sources. With so much media noise and competition, and because you can never know when people will be ready to engage, it’s important to remind decision-makers that your company is ready to help them. Quarterly communication is sufficient, and will avoid being viewed as a pest. Standard “all about us” newsletters are boring, so provide content that’s meaningful and of interest to your readers.

This overly simplistic, 9-step planning process is unlikely to gain the endorsement of the American Marketing Association. But for the vast majority of businesses who don’t have the time or interest to create a bona fide Marketing Plan, this “9 Step Marketing Success Recipe” should more than suffice.

Compared with some of the overly ambitious, non-productive Marketing Plans that we’ve seen over the years, it’s also likely to produce a much tastier outcome.

Bon Appetit!

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Tagged as direct marketing, email solicitations, marketing newsletters, Marketing Plan, marketing strategy, marketing success, marketing tactics, sales process

July 8, 2019 · 11:52 am

Two Reasons Why Marketing Fails at Small and Medium B2B Firms

failure-arrows There are two reasons why marketing fails most often at small- and medium-sized B2B firms. Either or both of these failings may apply to your situation:

You view marketing as business triage. Your company uses 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 strategy:

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 can often be 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 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. These topics do not include how great your firm is. Allow people to draw their own conclusions.
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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Filed under B2B Marketing, Marketing Strategy, Uncategorized

Tagged as #content marketing, #marketing, #thought leadership, B2B firms, B2B marketing, database management, Glengarry Glen Ross, intellectual capital, marketing failure, Marketing Plan, marketing ROI, marketing strategy, marketing tactics, top-of-mind awareness, TOPA

November 27, 2018 · 9:54 am

Write Effective Pitch Letters to Grow Your Business

mailbox-planet-mailbox-rentals Over the past 20 years, most of my firm’s new business has been generated by unsolicited pitch letters sent to targeted prospects. These brief, tailored messages – sent either by email or snail mail – have not only enabled us to maintain a consistent pipeline of clients; but more importantly, we’ve built a practice consisting of high-value companies and people that we wanted to work for. And we’ve never resorted to advertising, sponsorships or other expensive, low-yielding tactics to promote our brand or services.

The simple truth is that properly researched, well-crafted pitch letters are probably the most effective way for any type of professional services firm to build its client base and grow revenue. Unsolicited pitch letters, when they succeed, can also be an extremely effective way for your firm to avoid the RFP process…by anticipating their needs, you enable the targeted company to skip the beauty contest altogether.

Here are 5 of the many lessons that we’ve learned about how to use this powerful marketing tactic properly:

The Secret Sauce is NOT the Pitch Letter. For every pitch letter we send out, my firm invests at least an hour or two researching the target company. We review all of the target’ s public facing information to understand its value proposition, competitive landscape, leadership, reputation, marketing & sales sophistication and apparent resources. Our research goal is to identify either a specific problem or an opportunity where we think we can add value. Lacking this insight, you have no tangible basis for an effective pitch letter.

Your Pitch Letter Must be About Them, Not You. Your targeted decision-makers receive scores of pitch letters and phone solicitations from your competitors. Nearly all of those firms will mistakenly talk about themselves, and what they’ve done for their clients. But the only thing that’s of interest to prospects is what you can do for them. So you need to first let prospects know that you understand their problem / opportunity (because you’ve done proper research), and then offer to share your ideas on that topic. (Yes…you’ll need to have some ideas to offer.)

Grabbing Their Attention is Goal #1. Using email, your pitch letter will not be read unless you incent the target to open it. This is no easy task, given the volume of email most decision-makers receive every day. Your subject line should be serious, rather than cute or clever, and should generate some curiosity. Also try to mention the name of the target company in your subject line, so that it’s not discounted as a canned letter or mass mailing. You should also consider mailing a hard copy pitch letter, in addition to, or in lieu of an email pitch. These days, a hard copy letter is more likely to be noticed than an email.

Stop Selling and Start Listening. The only goal of your pitch letter is to start a conversation, ideally face-to-face. This is your opportunity to discuss the target’s issues and your ideas. Sometimes you’ll miss the mark, sometimes you will nail it, and sometimes they’ll have a need or problem that’s unrelated to the one you’ve identified. If you ask smart questions, take notes, and focus on understanding their business and personal circumstances (instead of seeking to walk out with a signed contract), you’ll establish the foundation for a relationship that might lead to revenue at some point.

View Selling as a Numbers Game. Timing is every in life, including business development. You can research a great target, identify their problem or opportunity, and be in a position to add value, but for 100 different reasons (unrelated to you or your pitch), the prospect is not willing, able or ready to engage you. So the only way you can address the random nature of sales is to increase the number of doors that you knock on. If you’re serious about leveraging the power of pitch letters, you’ll need to send them out on a consistent, disciplined basis. Think of your program simply as a long-term seed-sewing process, and shoot to send out 2-3 well researched pitch letters every week. Over time, you’ll see tangible results.

There are many more tactical aspects involved in the art of pitch letters – what content to include and avoid, which individual to solicit, what attachments to include, how to monitor and follow-up, etc. – to cover in a single blog post. But simply getting started, and establishing a pitch letter routine are the two most critical steps.

What’s presented here, combined with overcoming a fear of failure, is all you’ll need to get started on the path to building your business through pitch letters. Happy hunting.

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Tagged as #directmail, business development, direct marketing, marketing strategy, pitch letters, professional services marketing

August 31, 2018 · 12:21 pm

Make the Short List…Or Die Trying

accept_reject july 8 2012

For most B2B companies, there’s no reliable way to predict when a prospective client will purchase their product or engage their services, regardless of what their “marketing automation” expert promises.

This is particularly challenging for professional services firms – legal, accounting, investment advisory, technology, management consulting, recruiting or marketing – where top-of-mind awareness (getting people to remember you) is a critical part of business development.

Firms that have made an investment in establishing meaningful initial contact with prospective clients – notably through face-to-face interaction – will often make one of three errors:

Inconsistent / No Follow-up: These companies might send a “Enjoyed meeting you” email, and / or connect on LinkedIn, but will not establish a method for consistent and relevant contact with prospects.

Inappropriate Follow-up: These companies will send the firm’s standard “package” of sales and marketing materials, and then plug prospects into a mailing list to receive whatever information the marketing department generates…regardless of its relevance to a prospect’s specific needs.

Excessive Follow-up: These companies subject prospects to a constant barrage of email, direct mail and telephone contact that makes their firm appear desperate for work, and often kills any chance of their being hired.

The effort to generate top-of-mind awareness is a means to an end, not the goal. The business objective is to earn a position on the “short list” of 3 or 4 qualified firms that are called in by a prospect as a candidate for selection. (Or ideally, as the only firm under consideration.) If you’re not on the short list, you’re not in the game.

Making a Prospective Client’s Short List

B2B firms that are most successful in consistently making the short list apply the following disciplines:

STRONG CRM — Effective database management is essential for firms that are serious about communicating with clients, prospects and referral sources. Overlooking or taking shortcuts in what admittedly is a tedious task will submarine any effort to build top-of-mind awareness. Senior management must make CRM discipline a priority.
PROCESS CONSISTENCY— B2B firms often start out with the best intentions to communicate regularly with target audiences, but lose momentum for two reasons: they’ve not assigned adequate resources, or they are not truly committed to the program. To succeed, firms must communicate with target audiences at least on a quarterly basis, and that contact should not be postponed, skipped or stopped. Consistent application is critical.
RELEVANT CONTENT — Some firms do a great job on CRM and contact consistency, and then hurt their brand by pushing content that’s overly self-serving or of little interest to their targets. Canned newsletters, boring white papers or news items announcing the firm’s new senior partner or service offering do not drive interest or top-of-mind awareness. Content based on intellectual capital, showcasing insight, experience and opinion, and providing helpful ideas or guidance, will be read and remembered.
PATIENCE — In golf, the best putters are those who envision the path of the ball to the hole, and then commit to that line. They believe their putt will drop. Firms that succeed in making the short list believe that consistent, intelligent contact with target audiences will yield results. They also have the patience to wait for what sometimes can be a very long putt to drop.

Your firm’s chances of making the short list on a consistent basis will be driven by its ability to drive purposeful top-of-mind awareness among existing clients, prospects and referral sources. That function should be the marketing department’s #1 goal, and their performance metric should be the firm’s short-list engagement.

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Filed under B2B Marketing, Uncategorized

Tagged as B2B marketing, CRM, marketing strategy, professional services marketing, short list selection, top-of-mind awareness, TOPA

August 23, 2017 · 9:10 am

10 Ways to Market Your Brand’s Integrity

Regardless of whether your company is an established leader or an upstart, brand integrity matters. And it’s a corporate asset that needs to be marketed.

Unfortunately, simply telling target audiences and opinion leaders that your company is smart, honest, unique, innovative, creative, cutting-edge, trusted, etc. never succeeds. People require hard and soft evidence to support their own conclusions about your brand attributes, notably its integrity.

So how does a company communicate its brand integrity through online and offline channels? Here are 10 tangible and intangible factors that, on an individual and combined basis, can drive market opinion regarding your company’s brand integrity:

Transparency: Is information regarding your company’s mission, core values, processes and people available and easily accessible? (Acid Test: How much digging is required to gain a basic understanding?)
Consistency: Is all information kept up-to-date, and relevant to current market conditions? Does bad news get communicated to your existing stakeholders (including employees) as quickly and openly as good news? (Acid Test: What’s the frequency of content generation, and the number of direct and indirect “touches” with target audiences?)
Enthusiasm: Does your firm appear genuine and enthusiastic about communicating with external audiences? Or does communication appear to be treated as a necessary evil? (Acid Test: How often are innovation and fun baked into those efforts?)
Values: Are your firm’s core values validated through its actions? (Acid Test: Are they aspirational and inspirational? Is there tangible evidence that values really drive decision-making?)
Clarity: Are explanations clear, devoid of technical jargon or mystery, and easily understood by all outside audiences? (Acid Test: Would an 8th grader get it?)
Culture: Is there a visible common culture, beyond shared academic credentials or charitable activities? Are there tangible signs that employees are valued, have a unified vision and enjoy working together? (Acid Test: Other than the annual mud run photo, do employees appear to be engaged as a team?)
Associations: Who and what are the people, organizations, ideas and causes associated with your firm? Are those associations respected, credible and trustworthy? (Acid Test: Is the firm actively connected with the outside world?)
Validation: How is your company’s value proposition confirmed by objective 3rd parties? Do reliable sources express open support or inherent endorsement? (Acid Test: Do credible media sources cover the company? Do clients identify themselves by name and company?)
Thought Leadership: Are efforts made to share / promote your firm’s intellectual capital in a helpful manner that’s not directly self-serving? (Acid Test: Do other opinion leaders reference your company’s ideas or contributions? Are white papers just poorly disguised sales collateral?)
Persona: Does your firm appear to be run by interesting human beings, or hide its personality behind an opaque, institutional veneer? (Acid Test: Does the overall impact of public-facing communication project warmth and sincerity, or distance and arrogance?)

Marketing tactics aside, companies looking for a guiding principle on brand integrity are well-served by heeding the advice of the late John Wooden, basketball coaching legend, who said, “Be more concerned with your character than with your reputation. Your character is what you really are, while your reputation is merely what others think you are.”

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May 22, 2017 · 3:05 pm

Managing Brand Strategy…When Your Name is on the Front Door

Any business founder / owner whose surname serves as their company’s brand name has a unique challenge. If (s)he’s built a successful business that relies on the efforts of its employees, the founder of an eponymous business eventually will need to address brand transition; particularly if it’s a B2B or professional services firm.

Brand transition involves shifting market perceptions of the firm away from the individual founder(s), and toward an enterprise-based brand positioning. Over time, this means moving brand perceptions away from “Smith & Company: Jack Smith’s business,” and arriving at “Smith & Company: The business that Jack Smith built.” Or better yet, eventually “Smith & Company: Who was Jack Smith, anyway?”

The brand transition strategy goal is to have a company’s stakeholders – including clients, prospects, referral sources, vendors, etc. – understand that its value proposition is based on the collective talents and experience of all the people who work there; not solely or largely on the individual whose name is on the front door.

When it comes time for a founder to sell or step out of their business, a marketplace identity that relies heavily on that individual’s personal credentials, relationships or charisma will serve to erode the brand equity they’ve worked so hard to establish. It can also reduce enterprise valuation, and handicap the near-term effectiveness of the company’s new owners; particularly when those new owners are the marginalized employees who intend to grow the business.

Ideally, and years in advance of considering their exit strategy, founders of eponymous firms will have the foresight to consider the internal and external advantages of building a strong management team and showcasing that group’s intellectual capital. This requires a founder to put the welfare of the company ahead of their desire to promote themselves. And this can often be a tough task for people with strong personalities who’ve leveraged their ego-driven determination to build a successful venture over 20 years or more.

In our experience, many company founders give little or no thought to the task of shifting market perceptions away from themselves, and have not considered the benefits of a more institutional (and scalable) brand presence. Or they will recognize the issue with very little time left in the game, and then seek to apply some quick or simplistic remedy, such as advertising, to change market perceptions.

Other than ignoring the brand transition issue altogether, company founders have two options:

Re-brand to a Generic Name: To wit: “Smith & Company is now SmiTech Consulting Group!” This can be a viable strategy for eponymous firms at any stage of their lifecycle. These initiatives involve lots of planning and moving parts, and include heavy investment in communication tactics over at least a 6-month period to re-educate stakeholders.

Even with careful planning and coordination, a portion of brand equity will be lost in any re-branding effort, because some stakeholders will never remember the connection between the old and new brand names. Over time, however, re-branding to a generic corporate name can be worth the near-term market confusion for eponymous firms.

Go Cold-Turkey: Forget about orderly brand transition. Founders looking to jump-start an initiative to build an enterprise-based brand should consider going cold turkey, simply by disengaging themselves from the marketing & sales process altogether. This can be accomplished in a discrete manner, or in a more dramatic fashion.

One company founder we worked with, for example, called in his senior team and asked them what immediate and longer-term steps they would take, with respect to business development, if he died of a heart attack that morning. (He was the company’s top rainmaker.) After assuring them that he had no medical problems, the management team spent several hours in a white board session that provided the raw material for a very effective brand transition plan that the founder endorsed and implemented with great success.

The tactics generated in that company’s “cold turkey” planning session were neither complex nor sophisticated. Instead, they were straight out of the Marketing Communications 101 playbook, and included:

– Thought leadership content based primarily on ideas of interest to clients; not related to the accomplishments of individuals at their firm;

– Sharing the spotlight across the entire organization, involving all types of editorial and public platforms;

– Reconfiguration of all public facing materials, notably the firm’s website, to reflect the collective strength of their organization;

– Internal recognition and encouragement for all employees to promote the firm.

Many notable eponymous firms have succeeded in brand transition: McKinsey, Ernst & Young, Skadden Arps, Korn Ferry, etc. The back-stories are unavailable on how those firms accomplished that goal, and whether the change was managed in orderly fashion, or was the lucky result of internal chaos.

Although we’ve not found any research on this topic, we suspect that for every brand transition success story, there are at least 10 examples of firms that have failed; not simply in terms of brand identity, but more importantly, in terms of the company’s survival. Too often, a founder’s unwillingness to acknowledge the contributions of employees ensures that there will be no brand legacy when they leave the business…and sometimes in advance of that.

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April 4, 2017 · 2:08 pm

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

On 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.