All companies are facing increased budget scrutiny, with belt-tightening taking place across operational, capital, and personnel expenses. Marketing is consistently among the first line items to see significant cuts. The need to accomplish more with less is prevalent with regards to marketing even in the best of economic times. To follow are a few tips I’ve found to be valuable when it comes to maximizing marketing dollars and talent for the greatest possible impact.
1)Start with a good idea and identify a market for your idea- often, markets do not reveal themselves because they are unable to fully articulate their challenges. Through community-building and networking, you can remain close to those who will someday become your target customers.
2)Hire energetic, passionate people with extensive networks- To excel, you will need more than smart, highly-degreed people. Standout markers understand how to build and foster lasting connections, and they truly enjoy networking.
3)Be willing to listen, really listen, and to iterate- searching for a particular answer or seeking to have others validate your thinking isn’t really listening. By truly listening, you can build off existing ideas and understand what the market really needs. You should also be flexible and willing to amend your offerings, packaging, and messaging to best apply to market needs
4)Be present- Market success requires full-time active participation. Markets are not stagnant, and simply going through the motions will make you stale. Embrace fast-changing market dynamics.
At the heart of good marketing strategy is not where you allocate your funds, but rather how you set yourself up for success.
Saturday, May 9, 2009
Sunday, April 26, 2009
Making the Most of Your Tech Trade Show Experience
Odds are that you will be an attendee, exhibitor, speaker, or presenter for at least one major tech trade show this year. With many companies imposing restrictions on travel and budget, you will likely be attending fewer events and will seek the biggest-bang-for-the-buck from your tech trade show experience.
In order to determine how to make the most of your next event, consider first your targeted outcome. For example, if you are on the brink of a major purchase decision and need to weigh alternatives, you will prioritize your time differently than if you are attending to learn more about a particular area of technology or to gain insights from featured keynote speakers. Most likely, you will have multiple objectives.
To follow are some tips that will help you get the most out of your tech trade show participation.
1) Plan Ahead - To entice attendees to remain for the duration, may event managers schedule the capstone keynote for the last day. Review the event guide in advance and prioritize which speeches, sessions and exhibits you must not miss. If you require in-depth discussions with vendors—especially if you have pointed questions, set up on-site meetings in advance, and help ensure that you will receive the information you need by telling the vendors what you would like them to cover. These dedicated meetings are will align product demos to your specific needs vs the canned versions shown on the floor.
2) Work the Floor – Although you have pre-selected the exhibits you will visit as a first priority, try to squeeze in some time to roam the floor. This can be the best way to learn about new offerings. Don’t skip the small booths, which are often occupied by start-ups and are likely to be showing the latest innovations.
3) Network, Network, Network – Ideas can come from anywhere, and personal interaction is the main reason you attend an industry event live rather than participating virtually. Join the after-hours sponsored events and have breakfast/coffee/lunch with people other than those with whom you came. Compare notes with your colleagues. Meet with your partners and current vendors, even if you are not planning a new purchase in the near-term. Follow the bloggers and live Twitter streams from the event. Join the conversation by sharing your own observations.
4) Follow-Up – Keep in mind that many events now offer registered attendees the opportunity to download and view recorded sessions and keynotes. Take advantage of this, particularly for your second priority sessions and for those which you may have missed due to scheduling conflicts. While at the event, note on each business card you collect how you will follow-up and do so very soon upon your return. You may also elect to follow-up with live meetings, especially with those who are local to your area.
Even in today’s highly virtual world and despite budget cuts, on-site industry events remain a valuable means through which to gain new information and to learn about emerging industry trends. So make the most of these events – and don’t forget to bring home a couple of tsotchkes as souvenirs of your experience.
In order to determine how to make the most of your next event, consider first your targeted outcome. For example, if you are on the brink of a major purchase decision and need to weigh alternatives, you will prioritize your time differently than if you are attending to learn more about a particular area of technology or to gain insights from featured keynote speakers. Most likely, you will have multiple objectives.
To follow are some tips that will help you get the most out of your tech trade show participation.
1) Plan Ahead - To entice attendees to remain for the duration, may event managers schedule the capstone keynote for the last day. Review the event guide in advance and prioritize which speeches, sessions and exhibits you must not miss. If you require in-depth discussions with vendors—especially if you have pointed questions, set up on-site meetings in advance, and help ensure that you will receive the information you need by telling the vendors what you would like them to cover. These dedicated meetings are will align product demos to your specific needs vs the canned versions shown on the floor.
2) Work the Floor – Although you have pre-selected the exhibits you will visit as a first priority, try to squeeze in some time to roam the floor. This can be the best way to learn about new offerings. Don’t skip the small booths, which are often occupied by start-ups and are likely to be showing the latest innovations.
3) Network, Network, Network – Ideas can come from anywhere, and personal interaction is the main reason you attend an industry event live rather than participating virtually. Join the after-hours sponsored events and have breakfast/coffee/lunch with people other than those with whom you came. Compare notes with your colleagues. Meet with your partners and current vendors, even if you are not planning a new purchase in the near-term. Follow the bloggers and live Twitter streams from the event. Join the conversation by sharing your own observations.
4) Follow-Up – Keep in mind that many events now offer registered attendees the opportunity to download and view recorded sessions and keynotes. Take advantage of this, particularly for your second priority sessions and for those which you may have missed due to scheduling conflicts. While at the event, note on each business card you collect how you will follow-up and do so very soon upon your return. You may also elect to follow-up with live meetings, especially with those who are local to your area.
Even in today’s highly virtual world and despite budget cuts, on-site industry events remain a valuable means through which to gain new information and to learn about emerging industry trends. So make the most of these events – and don’t forget to bring home a couple of tsotchkes as souvenirs of your experience.
Wednesday, April 8, 2009
Want to Know What’s on Your Customers’ Minds? Ask Them.
As children, many of us were taught not to worry about what others think of us. In marketing, we practice the exact opposite. We place a great deal of importance on market perceptions, customer satisfaction, and brand image. How can we determine whether or not our offerings are on the right track?
1) Ongoing conversations with customers – This should be a continuous practice regardless of whether or not you have specific research questions. Social media is a great way to foster this input. Be sure to include non customers, as they are likely facing challenges that can become opportunities for your firm’s future development.
Note- Pay close attention in these discussions rather than seeking only answers to the questions you make explicit. The dialog could reveal an untapped market opportunity.
2) Secondary market research – At least some of the information you need may already exist. It is likely that others have asked a similar question and done the heavy-lifting for you.
3) Primary market research – Custom research is advisable when you need to take the pulse of the market for the purpose of making decisions about product or marketing strategy, sales promotions and campaigns, branding, market expansion, etc. and when secondary research does not exist to answer your specific questions. You can choose to conduct this in-house or to leverage the expertise of a market research agency.
If you decide to design and execute the research yourself, DIY tools such as those provided by Research Rockstar will come in handy. Be sure to leverage best practices in experiment and/or survey design and to hone in early on the research questions you need answered and your expected outcomes.
Regardless of how you pursue market input, remember that market dynamics change. The information you’re gathering today may no longer be relevant next year. We've experienced this recently with changes to the macroeconomic climate. Customers are applying different criteria to make decisions. Maintaining close ties with a smaller group of customers and prospects who have an interest in your success and can serve as advisors will help you determine when to refresh your research. Learning about—and from—your markets is an ongoing process.
So while our childhood lesson to disregard what others think does not carry over into marketing, we can definitely apply the advice that when someone picks on us (or gives us input into how we can improve our offerings or our brand), it is because they are interested.
1) Ongoing conversations with customers – This should be a continuous practice regardless of whether or not you have specific research questions. Social media is a great way to foster this input. Be sure to include non customers, as they are likely facing challenges that can become opportunities for your firm’s future development.
Note- Pay close attention in these discussions rather than seeking only answers to the questions you make explicit. The dialog could reveal an untapped market opportunity.
2) Secondary market research – At least some of the information you need may already exist. It is likely that others have asked a similar question and done the heavy-lifting for you.
3) Primary market research – Custom research is advisable when you need to take the pulse of the market for the purpose of making decisions about product or marketing strategy, sales promotions and campaigns, branding, market expansion, etc. and when secondary research does not exist to answer your specific questions. You can choose to conduct this in-house or to leverage the expertise of a market research agency.
If you decide to design and execute the research yourself, DIY tools such as those provided by Research Rockstar will come in handy. Be sure to leverage best practices in experiment and/or survey design and to hone in early on the research questions you need answered and your expected outcomes.
Regardless of how you pursue market input, remember that market dynamics change. The information you’re gathering today may no longer be relevant next year. We've experienced this recently with changes to the macroeconomic climate. Customers are applying different criteria to make decisions. Maintaining close ties with a smaller group of customers and prospects who have an interest in your success and can serve as advisors will help you determine when to refresh your research. Learning about—and from—your markets is an ongoing process.
So while our childhood lesson to disregard what others think does not carry over into marketing, we can definitely apply the advice that when someone picks on us (or gives us input into how we can improve our offerings or our brand), it is because they are interested.
Tuesday, March 31, 2009
“M” is Fore Motivation: How Cultivating Marketing Talent is Like Training Golfers
I am not a human resources professional. I am a marketing and account management professional with experience in managing and being managed, as well as a recreational golfer. As I researched this post on attracting and retaining marketing talent, a number of golf-related analogies came to mind.
1) An excellent drive off the tee is great. But the short game is equally as important as the long. Seek marketers who will have a strong big-picture view and will be able to contribute to strategy, but also the ability to focus and execute on these good ideas. The best talents will help your business thrive today and continue to break new ground tomorrow.
2) Each golf student requires coaching in different areas in order to improve his/her game. Therefore, lessons are typically tailored to the individual, course, and handicap. Apply situational leadership, selecting your leadership style to suit each situation and employee.
3) Coaches at a tournament know to be silent while golfers tee off. At this point, it is up to the golfer to apply what s/he has learned. Do not micromanage. It is damaging to both the manager and the employee, and is a leading cause of attrition among talented employees. There are a number of books, articles and blog posts dedicated to this topic. Instead, focus proactively on the hiring and onboarding process to ensure that you attract and cultivate key talent.
4) Following a lesson, the golf instructor will often ask the student to watch his/her practice round on DVD. Usually, the student can point out his/her errors and make the necessary correction, asking questions of the instructor when needed. Involve employees as you deliver feedback and allow them to be part of the solution. Provide facts and examples rather than generalizations, and keep your mind open to alternate points of view.
5) After a successful putt, onlookers clap for a job well done. Don’t forget to praise excellent performance.
If this all seems like common sense to you, congratulations. Not only are you on track for successful management of marketing talent; you also have potential as a weekend golf coach. Enjoy the round.
Sunday, March 15, 2009
Make the Most of Your Messaging
Think about the last time you felt a strong pull toward a line on a web banner, on company signage, or in an email, a tweet, or a mailer that read, Industry-Leading, Best-of-Breed, Technologically Superior Widget… Riiiight. Doesn’t do it for me either.
Today, business-to-business marketers are living the dream. We have so many vehicles through which to interact with our customers, vehicles that enable information-sharing and collaboration with broad customer- and prospect communities.
At the same time, customers have all of the same vehicles at their fingertips, through which to learn and discuss with others. This leaves companies more exposed than ever, putting customers at a significant advantage.
This also puts companies who message authentically at an advantage. Making this a reality requires your messaging to be:
•Customer-focused. Isn’t messaging quality subjective? Sure. That’s precisely why it is so important to understand your audience and to prioritize not a cookie-cutter statement about your general greatness, but rather how you stand out relative to their interests, concerns, and challenges. Even if they aren’t ready to purchase today, your brand will be recalled when they issue that RFI/RFP or PO.
•Credible. With more ways than ever to share experiences, thoughts, and impressions about your company and products, credibility is key. Customers are savvy and will let one another know quickly if you are not what you claim to be. Don’t do this.
•Dynamic. Times change and so do markets. Keep your content fresh. Remind people about what’s new and how you’re addressing their problems in a way that is relevant today. Listen to your customers and to your non-customers so that you may uncover new problems that you can address, and ensure that your messaging resonates accordingly. They may not always be able to articulate the need. Ask probing questions to help fill in the blanks. Keep an open mind. You may hear something very different than you anticipate, which can lead to competitive advantage.
•Succinct. Customers and prospects are busier than ever and face the challenge of cutting through the noise to get to information that is relevant to them. Target your messages to the right people and get to the point.
Think about some of the messages you’ve seen and offers for which you’ve provided feedback. What sticks out the most for you?
Today, business-to-business marketers are living the dream. We have so many vehicles through which to interact with our customers, vehicles that enable information-sharing and collaboration with broad customer- and prospect communities.
At the same time, customers have all of the same vehicles at their fingertips, through which to learn and discuss with others. This leaves companies more exposed than ever, putting customers at a significant advantage.
This also puts companies who message authentically at an advantage. Making this a reality requires your messaging to be:
•Customer-focused. Isn’t messaging quality subjective? Sure. That’s precisely why it is so important to understand your audience and to prioritize not a cookie-cutter statement about your general greatness, but rather how you stand out relative to their interests, concerns, and challenges. Even if they aren’t ready to purchase today, your brand will be recalled when they issue that RFI/RFP or PO.
•Credible. With more ways than ever to share experiences, thoughts, and impressions about your company and products, credibility is key. Customers are savvy and will let one another know quickly if you are not what you claim to be. Don’t do this.
•Dynamic. Times change and so do markets. Keep your content fresh. Remind people about what’s new and how you’re addressing their problems in a way that is relevant today. Listen to your customers and to your non-customers so that you may uncover new problems that you can address, and ensure that your messaging resonates accordingly. They may not always be able to articulate the need. Ask probing questions to help fill in the blanks. Keep an open mind. You may hear something very different than you anticipate, which can lead to competitive advantage.
•Succinct. Customers and prospects are busier than ever and face the challenge of cutting through the noise to get to information that is relevant to them. Target your messages to the right people and get to the point.
Think about some of the messages you’ve seen and offers for which you’ve provided feedback. What sticks out the most for you?
Wednesday, March 11, 2009
Empower Your Brand with a Microsite
Do you have a product or service offering that requires awareness aside from that of your corporate brand?
Could you easily bring this product or service into the broader context of an interactive, topical conversation with customers and prospects?
If the answer to both of these questions is yes, your offering may be a good candidate for a microsite.
Separate from your corporate website, a microsite:
- Lets you focus a conversation on a specific product, service, promotion, or topic
- Can strengthen brand awareness and help build brand affinity
- Costs about the same as setting up a traditional website $2,500-over $50,000*
- May be used to create brand equity and to foster customer community interaction about a particular area of your business
- Should not be used solely to increase traffic to your corporate website
Remember that you’ll need to keep content fresh and relevant on the microsite as well as on the main site. Be sure it fits into your marketing, branding, and search engine optimization strategy, and that you clearly identify the intended call-to-action for your audience.
*source: Melissa Campanelli, Entrepreneur Magazine
Sunday, March 1, 2009
Social Networking For Personal and Professional Success
On February 26, 2009, I had the opportunity to take part in Bentley University’s alumni event, Social Networking ROI for You and Your Business, featuring alumnus and social media professional, CC Chapman.
Among the audience was a mix of novices and more experienced social networkers. In an engaging and humorous way, CC presented best practices and words of advice for maximizing ROI from these tools.
- Use status updates on LinkedIn to spread the word about your current project(s)
- Keep your LinkedIn profile up-to-date. Jobs and projects completed years ago can become relevant at any time
- Regardless of the social network, figure out what works for you (personal and professional). Determine what information you do and do not want to share—for example, do you want your professional contacts to see the photos of your family vacation to the Grand Canyon?--and apply the privacy settings accordingly
- Consider the difference between Friends and friends in your social networks. It is good to have both. The latter could contain casual contacts and may, for example, be divided between professional and personal, while your Friends are those with whom you can share all of your content and will be the most active in your networks
- When contemplating advertising or online promotions, know your audience. Facebook makes it easy to target promotions to certain groups based on the demographics and psychographics they list in their profiles. You can explore different options before buying an ad
-Fan pages on Facebook also helps to spread buzz about your offerings
CC also reminded us to enjoy the social networking experience. His most important advice, regardless of your level of experience with social networks: “Take the time to play, understand, and ask questions.”
Among the audience was a mix of novices and more experienced social networkers. In an engaging and humorous way, CC presented best practices and words of advice for maximizing ROI from these tools.
- Use status updates on LinkedIn to spread the word about your current project(s)
- Keep your LinkedIn profile up-to-date. Jobs and projects completed years ago can become relevant at any time
- Regardless of the social network, figure out what works for you (personal and professional). Determine what information you do and do not want to share—for example, do you want your professional contacts to see the photos of your family vacation to the Grand Canyon?--and apply the privacy settings accordingly
- Consider the difference between Friends and friends in your social networks. It is good to have both. The latter could contain casual contacts and may, for example, be divided between professional and personal, while your Friends are those with whom you can share all of your content and will be the most active in your networks
- When contemplating advertising or online promotions, know your audience. Facebook makes it easy to target promotions to certain groups based on the demographics and psychographics they list in their profiles. You can explore different options before buying an ad
-Fan pages on Facebook also helps to spread buzz about your offerings
CC also reminded us to enjoy the social networking experience. His most important advice, regardless of your level of experience with social networks: “Take the time to play, understand, and ask questions.”
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