Tag Archives: marketing tools

Do Your Content Marketing Efforts Compare with the Best?

8 May

Apple and Orange

Find out what the best B2B small business marketers are doing to succeed in content marketing, the major challenges facing them in their content marketing efforts and the tactics and platforms used to deliver content.

The Content Marketing Institute just released an original research report on small business content marketing, “B2B Small Business Content Marketing: 2013 Benchmarks, Budgets, and Trends—North America”.  It’s full of relevant data for the SMB marketing organization, providing an opportunity to compare your content marketing efforts vs. your peers as well as the enterprise business.

The report looks at several trends including the percentage of marketing budget spent today on content and the planned growth in spending over the next year.

You can sign up for your free copy of the research report at Content Marketing Institute.

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The Importance of the Why Strategy in Marketing

29 May

It’s almost the end of the first half of the year.  Are you meeting the goals you set for 2012?   If you’re not, it might be time for the Why Strategy.

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Social Media – Just Like Any Other Business?

22 May

Has Social Media become so complex that we feel like we’re losing our minds trying to make sense of it? For the majority of us, Social Media is complicated, even for those of us that use Social Media on a regular basis. It’s a young industry and new companies, tools, and applications are continuously launching. Trying to make all that visually understandable to us, Buddy Media and Luma Partners published a graphic categorizing Social Media firms, platforms, tools, and blogs. This graphic seems to have hit a few nerves about the complexity of Social Media today.Businessman with many choices

(Due to confidential and proprietary content, the graphic is not included in this blog. The graphic can be viewed at one of the two links below. )

In Eloqua‘s blog on the recent graphic, Joe Chernov compared the complexities of Social Media to that of the auto industry and its vast ecosystem.   Even if Social Media is as complicated as other businesses making that comparison doesn’t mean that Social Media isn’t complicated. And for most of us, who are not experienced digital marketers, Social Media IS complicated.  Yes, there is an almost endless amount of free Social Media white papers, ebooks, webinars and blogs to help get educated.  It still takes a lot of time to understand every platform and tool, their differences and then to decide which ones are the right ones to support the marketing plan.

Do we need to learn all the tools inside and out to be successful at Social Media? I don’t think so. Deciding which tools to use in Social Media is like other marketing decisions we make.  We start with goals and objectives, focus on the products that will help to achieve them and ignore the rest.  Buddy Media’s graphic depicts 28 categories and almost every Social Media platform and tool available. That doesn’t mean every one of those tools or even a fraction is needed to support our marketing needs.

And if Social Media is like other businesses, a time will come in the not too distant future when there will be a consolidation of companies and integration of products and features.

What do you think?

Resources:

Social Media isn’t “Ludicrously Complicated” Business Is, by Joe Chernov, It’s All About Revenue, Eloqua blog

This INSANE Graphic Shows How Ludicrously Complicated Social Media Marketing Is Now, by Charlie Minato, Business Insider blog

Repurpose Existing Content to Create PowerPoints, Videos and Reach More Customers

24 Apr

Wouldn’t it be great to have your own Content Marketing staff, a team of writers that could meet your every content need?  For the majority of us, there is no Content Marketing staff.  Content development most likely falls under someone in marketing that already has a full plate of responsibilities or maybe it’s outsourced. One way to effectively extend marketing resources and the value of content is to repurpose it in different mediums.

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Do the 4Ps Work in the B2B World??

17 Apr

Anyone who studied marketing knows the 4Ps.  Even those who didn’t can recite at least 3 of the 4; Product, Price, Place (a.k.a. Distribution) and Promotion.  The 4Ps were first talked about in 1960 by Jerome McCarthy and later published by one of the most famous marketing scholars, Philip Kotler in 1967.  Back in those days it was Mad Men, a consumer marketer’s dream.

 

For the last fifty years, these 4Ps have been ruling the marketing world but, business marketers have always been doing things differently than our consumer colleagues. The 4Ps model was never a good fit for B2B because business to business sales processes are complex, many are typically involved in the decision-making and products tend to be more sophisticated, very different from the consumer world.

Today, a lot is being written about finding better models for both consumer and business marketing. For B2B marketers, this is an opportunity to define a unique model that works and better fits business marketing than the traditional 4Ps. Why do we even need a model?  Models help marketers put context around the most common challenges we face and provide a framework to address complex business issues.

I recently came across a new model that was proposed by Solutions Insights a marketing consulting firm located in the Boston area. They provide consulting services promoting a customer-solutions focused business model. The model Solutions Insights proposes is appropriately named OVER; O = Offering, V = Value, E = Experience and R = Relationship.  

Below is Solutions Insights chart defining OVER and comparing it to the 4Ps:

Chart comparing the 4Ps marketing model to Solutions Insights' OVER model

Solutions Insights OVER model comparison to 4Ps

 I think it’s a pretty good one for B2B marketers. What do you think?

Resources:

The 4Ps Are Out, The 4 E’s Are In, by Brian Fetherstonhaugh, Ogilvy and Mather

The True 4Ps of Marketing for B2B CEOs, by Michelangelo Celli

Solutions Marketing:  The four Ps are OVER, by Solutions Insights

Aligning Marketing Programs with the Sales Cycle – How Great Marketers Measure Their Performance

27 Mar

With the end of a quarter upon us, functional departments are pulling together performance results to present to their CEO and CFO. For marketing, it has long been a struggle to show how marketing programs have resulted in growth of revenues and profits.  When asked how a specific marketing program, activity or campaign affected sales, marketers are quickly put on the defensive. Add to that, many marketers don’t see their role as revenue generating. Marketing programs may not be tied directly to an organization’s objectives and goals and therefore their impact on sales and profits is not measurable.  As a result, leadership views marketing as a cost center. Eventually, this thinking can lead to cuts in marketing’s budget and in personnel when the company needs to make improvements to its bottom line.

Bar chart showing sales growth

How to Be a Great Marketer in the Eyes of the CEO and CFO

It isn’t enough to show charts and graphs of how many more visitors viewed a website in a month, or downloaded a new white paper or dropped their card in a bowl at a trade show. A better way to measure marketing performance is to measure its impact on buying behavior during the sales cycle. When measuring performance, marketing must determine whether their activities resulted in moving a prospective customer closer to becoming a buying customer.

B2B sales cycles are typically more complex than B2C cycles. More decision makers are involved in the buying process and from initial contact to actual purchase the cycle itself is longer.  Different marketing programs touch customers at various stages during the sales cycle, making it difficult and even inaccurate to credit a single marketing activity as being responsible for the buyer’s decision to purchase. For this reason, marketing needs to look at its programs, activities and campaigns holistically and measure the impact each has on moving the prospect into the next stage of the sales cycle.

Where Do You Start?

Begin by understanding your company’s sales cycle and gain a clear understanding of what your prospective buyer needs at each stage. Look at your current marketing programs and activities. These should map to the prospective buyers’ needs at each of the stages in the sales cycle. If they don’t, consider whether these activities are contributing to your organization’s objectives. If not,  drop them from your marketing plan. You may need to consider new activities that better align with your company’s objectives, sales cycle and prospective buyers’ needs.

Next, assign values to each program based on the importance of the desired outcome along the sales cycle. Certain activities are tied to more critical outcomes and therefore should be given a higher value. You now have metrics to measure and can evaluate how effective a marketing program or activity was at eliciting the desired outcome in the sales cycle and if they contributed to generating additional sales.

Is the Marketing Program Profitable? 

Once you have measured and quantified how these activities contributed to generating revenues you must determine if they did so profitably.  Calculate the ROI.  Start with a simple P/L statement.

  1. On the Revenue side, include the dollar contributions that the program made to sales and multiply this number by your average gross margin to calculate the gross profit from marketing’s contributions to sales.
  2. On the expense side, total all marketing program expenses and include staff time and any other resources that contributed directly to the program.
  3. Subtract the total program expenses from the gross profit to determine the ROI of the program.

For more details, download the ebook, Definitive Guide to Marketing Metrics and Analytics, by Marketo which provides excellent real business examples for calculating Marketing ROI.

Be a Revenue and Profit Generator

With the start of a new quarter, now is a good time to review your marketing programs and goals.  Consider if these line up with your organization’s overall objectives.  Determine if you have the right metrics in place to measure effectiveness and impact during the sales cycle. Choose the tools to measure results. Decide how often to measure and adjust your activities.

When marketers develop programs that align with prospective buyers’ needs during the sales cycle, measure program effectiveness (incremental sales contribution) and calculate program profitability (ROI), it demonstrates to leadership that marketing is a contributor to the growth of the organization and not just another cost center.

Resources:

Definitive Guide to Marketing Metrics and Analytics, Marketo (ebook)
Digital Body Language, Chapter 9, Can you Finally Measure Marketing Effectiveness? by Steven Woods, eloqua ebook 


A Simple but Powerful Business Tool

16 Jan

Whatever strategic decisions we make in our business it’s important to have as much information at hand to make the best choices for success.  A sometimes overlooked but, simple exercise that can provide much of that information is a S.W.O.T. Analysis.  

What is a S.W.O.T. Analysis?

S.W.O.T. = Strengths, Weaknesses, Opportunities, Threats

Part of a business and marketing plan, a S.W.O.T. analysis identifies a company’s strengths and weaknesses relative to customers and the opportunities and threats present in the market. Preparing a S.W.O.T. analysis (even without completing a detailed business plan) can identify those things that will help accomplish a company’s objectives (a strength or opportunity), or it may identify an obstacle (a threat or weakness) that must be overcome or minimized to achieve desired results.  A S.W.O.T. analysis is not difficult to create but, requires a company to take an honest look at itself and a thorough look at its environment.

Components of S.W.O.T. Analysis

Internal:

An audit of a company’s strengths will assess what it does well, what are its most valued assets and resources and any advantages it has in the market. Conversely, identify weaknesses, vulnerabilities and what can be done better.  Both should be looked at relative to its importance to customers.

External:

As important as preparing an internal analysis is looking at a company’s external environment and threats and opportunities.  Threats and opportunities change over time as the result of changes in the competitive, economic, political/legal, technological, or sociocultural environments in which a company operates.

With a completed S.W.O.T. Analysis, management will have a current view of the competitive landscape, any obstacles or potential roadblocks and areas identified for improvement internally.

Next Steps:

1- Prioritize identified strengths, weaknesses, threats and opportunities and complete a SWOT matrix (like the one shown) to visually show the analysis.

SmartDraw Software SWOT Analysis Matrix

2 – Develop an Action Plan to address weaknesses and threats and to take advantage of strengths and opportunities.

Resources:
Importance of SWOT Analysis, by Regina Edwards, eHow Contributor
SmartDraw Software Templates for S.W.O.T. Analysis
SWOT Analysis by Anthony C. Denca

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