Category Archives: Strategy

Elevator pitches and the point of your marketing

There is a lot of talk about elevator pitches in marketing.

But the rules have changed. On one hand everyone is talking and nobody is listening. Everyone is hustling. Everyone is taking but not giving.

On the other hand, the pitch opportunity has been stunted. You no longer get the time it takes to travel twenty floors, you have the time it takes to travel two floors. The battle for attention is fierce. Competition is a click, swipe, text or call away.

So before you invest another penny in your website, send another email newsletter, attend your next networking event or connect with another ‘prospect’ online come up with some responses to these questions and then get them trimmed down to 10-15 seconds. Fifteen seconds is all you have.

Q1: What needs are you trying to meet or what pain are you trying to eradicate? (Establishes your reason for being and your core strengths)

Q2: Who do you do this for? (Establishes your audience)

Q3: Why should they listen to you? (Provides the evidence of your strengths)

Businesses and business owners that have a clear, unequivocal response to these questions market better, more efficiently and more effectively.

Image: Your Content Notes

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Tips on marketing, innovation and being remarkable

Two great takeaways in this slide set I spotted during this week’s review of the latest uploads to Slideshare, in addition to the great embedded YouTube video functionality half way through.

1. Work on your elevator pitch. Conventional wisdom says you have 30-60 seconds to get across what you do. Maybe if you work in Canary Wharf. The rest of us probably have 10 seconds max.

2. Slides 21+ – first doesn’t win and remarkable beats first every time.

Kudos to Charlie Wollborg

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What do you want from a marketing blog – poll feedback

Thanks to everyone who took the poll on Linkedin and took the time to add a comment as well. All feedback gratefully received.

It’s fairly unanimous that marketers look for information that is going to enrich them in their roles and stimulate fresh thinking and new ideas when reading blogs and websites online.

Some really interesting comments threw up how how to and best practice focused articles could actually draw on case study experience, even drawn from an interview!

So not entirely cut and dry but one thing is clear – people don’t want theory, they want real world experience they can learn and benchmark against.

Looking forward to implementing this insight into my future blogging. Thanks again for contributing.

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Brand strategy: Mass market, the niche and Coke

Teachers, speakers, gurus and consultants drill into the minds of business owners the importance of targeting, segmentation and positioning. There is an abundance of advice available on why and how you shouldn’t try and target a broad group.

But playing devil’s advocate, isn’t it sometimes better, even more appropriate to cast the net wide? It works for Apple (especially at launch), Argos (the high street retailer with a  catalogue in 70% of UK homes) and of course Coca Cola.

 

Especially when you consider Andy Warhol’s famous quote:

   “A Coke is a Coke and no amount of money can get you a better Coke than               the one the bum on the corner is drinking. All the Cokes are the same. Liz                 Taylor knows it, the President knows it and the bum knows it.”

Coke distributes 1.7 bn drinks a day and as a business is more interested in converting the 585m Facebook accounts that DONT currently subscribe to their page rather than the 25m that do.

Most companies claim to serve the customer. But don’t be fooled. These companies are in it for themselves. Coke’s global business strategy is to ensure that anyone, anywhere, can get their hands on a Coke if they want one.

Which begs the question are you concentrating on making a fantastic product and service that is delivered exactly the same to whoever buys it, or are you killing yourself trying to bespoke to niche customers over and over? Might just be worth thinking about.

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But, do you really need another million?

Marketers often bemoan the fact that they don’t have enough money to implement the marketing campaigns they would like. None more than in b2b sectors.

It’s true that we always want more money for our marketing budget, but if it was given to you right now, what would you do with it?

No, really, what would you do with it? Invest in more telesales people, more disruption advertising, more PR, more direct mail to convince that niche audience to transact with you? Larger exhibition stands, a rebrand, ‘social media’? Some focus groups? How about a promotion with lots of giveaways? There’s an abundance of choice.

But, rather than bemoan the fact you never have enough, why not prove it?

As  a way of expressing value and return to a sceptical management team, you might think creatively the next time you submit a budget. For one, don’t wait till the day they ask you. Do it early. Shows initiative and preparedness.

And don’t work within the budget assigned, triple it. Show the outputs and outcomes that will be achieved. Then half it (and the outputs and outcomes), and then half it again. At each stage, illustrate the opportunities lost, the products in the range left unsupported, the sectors left unengaged.

Review where the leads come from. Critically assess the things you do year in, year out and ask why you’re doing them? It’s no surprise that advertising and trade shows are commonly the first things cut from marketing plans. Expensive and arguably self absorbed.

Asking for more money is just cheap.

Ten ways to get the most from your clients

My recent post citing ten ways to get the most from your agency stirred up some mixed emotions when discussed on the blog, in Linkedin groups, on Twitter and further afield.

The emphasis was placed on clients knowing what they wanted to achieve from their marketing efforts, providing communicative briefs outlining their requirements, working with and viewing the agency as a collaborative and long term partner. Otherwise, the relationship was doomed to failure.

Whilst I think this is reasonable, I wanted to provide some balance as agencies don’t always do their fair share of relationship nurturing.

The key learning from this tandem blog seems to be in an upfront clarification of roles and responsibilities, the communication and understanding of expectations and the establishment of robust, and reasonable reporting processes.

I’d be interested in your feedback once you’ve had time to review. Here goes:

1. Effort. From the outset, agree the degree of effort to be expended on a pitch, try and build a rapport and then if you win it, don’t try and include the charge in your billings. Unfortunately, agencies need to accept that pitching is still part and parcel of the gig.

2. The team. In pitches, introduce the team that will work on the account, not the agency big hitters who will win it and pass it on. You want to build a long term relationship, rooted in chemistry.

3. Show some management love. But don’t keep all the big hitters away from it either. Show some love when clients come to town. Be interested in meetings, their news and developments, and encourage a review of deliverables and the working relationship at regular intervals.

4. Work strategically if given the remit to. Clients should know what they want and where they want to get to. Agencies can work strategically in terms of integrating tactics and aligning them to commercial goals but too many agencies see their role as defining the business strategy, which in my view shouldn’t be the case.

5. Know when to push. There is often a prioritisation taking place and as long as you are seen to have been doing your job, it can’t be held against you if you are seeking a decision but for whatever reason it isn’t forthcoming.

6. Know when to sell. This means understanding your client’s budgeting cycle and pitching new ideas accordingly. There is simply no point doing it mid year if the budget is set.

7. Accept price negotiation. Budgets for most client marketers have declined if not stayed the same. Accept that your pricing will be scrutinized and be prepared to defend it. Value is one argument but costs should be as transparent and in line with the going rate for the work. If you can’t explain why you are worth £20 or £200 an hour, you probably aren’t.

8. Add value. To build your profile as a trusted adviser, occasionally share interesting or potentially relevant news stories, polls etc you may come across in your work for other clients. Don’t badge it as selling, just as taking a broader business view and taking in stimuli from other sectors.

9. Add more value. Simplify status reports, annual plans and minimise the flow of communication to daily emails or calls if it can help get quick decisions made. Run immersion sessions to help clients get up to speed in particular areas, and support new members of the client team with familiarisation days in the agency.

10. Above all, be aware of other pressures. Agencies, particularly account handlers, need to understand that they only see the thin end of the wedge when it comes to the pressure on a client. We represent a fraction of their responsibilities and sometimes clients aren’t able to respond as quickly as we might like.

Think about how you deal with your suppliers, screen their calls when not convenient and so on. Sometimes it is just part and parcel of effective time management.

Thoughts?

Image: Tecaffect

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Ten ways to improve business efficiency and profit

Conventional wisdom suggests that in times of economic downturn we should shut up shop, limit expenditure and curtail growth and the exploration of opportunity.

Yet brands such as Hyatt, Burger King, FedEx, Microsoft, HP and GE are heralded as recession start ups that went on to be world beaters. And currently companies like Groupon, Zynga (‘Farmville’), Twitter, Asana and Ustream are securing funding and growing exponentially.

Here’s my take on ten business issues that if handled well, could stimulate greater productivity, efficiency and steer your business to greater profit.

1. Have a vision

Having strategic vision is central to all business success. Any entrepreneur will tell you that whilst there may have been some luck, they knew exactly what they wanted to do and where they wanted to arrive. Have something to work towards however small, lofty or material!

2. Share your vision

Seems obvious but do all your employees know unequivocally want you want to achieve? What about your customers, suppliers, partners? Imagine the opportunities if you shared your vision with them and made them stakeholders in your future success. It’s a controversial approach and could be taken in steps, but if you don’t commit plans to paper and them voice them, there is a great risk they won’t amount to anything.

3. Key account vs. any account

Is your business model to work hard with a small number of market leading bigger spenders, or a large pool of smaller customers. There are merits of both approaches but it might be time to rethink this now.

4. Inhouse vs. outsourced

In a bid to keep control of costs, you may be keeping everything inhouse but in so doing you are lacking the clarity and expertise that could be brought to bear by third parties. It might be in your interests to outsource some aspects of your business – accounts, debt chasing, marketing, IT, human resources to dedicated specialists so you can concentrate on production, quality and providing superior customer service. Think about where your people are deployed and where the bottlenecks are.

Tim Ferris penned an interesting book, The Four Hour Week on the power and freedom that can be created by extreme outsourcing. Ultimately it comes down understanding and appreciating the value of time and what your time is best spent doing?

5. Actual vs. virtual

In the new converged global economy, the ability to create a business and to work more nimbly and flexibly than slow lumbering competitors with huge overheads that are passed onto customers has never been easier.

Do you need a physical location to drive your business, and can it be delivered virtually. Sure there will be a need for key back-office functions, but the pride of having leafy, fully furnished offices, a car park full of expensed cars and the latest computer technology are simply folly. And you’ll have to work harder to pay for it all.

6. Software vs. the cloud

Software and licenses are a massive cost to business, depending on what sort of activities your company is engaged in you will be spending many thousands on Microsoft, Adobe and other packages.

An increasing number of companies are moving to the cloud and utilizing platforms like Google Docs which work with traditional branded products. And companies are migrating databases, email design and campaign management, dispatch and analytics online too, with Salesforce, DotMailer, and Campaign Monitor amongst the most popular.

7. Development vs. recruitment

A new recruit can cost salary + 25% or more in the first year alone if sourced using a recruitment agent. And there are no guarantees that there will be a good cultural fit or that they will perform in the role. So that 3-6 months looking, and 3-12 months of learning curve just cost you 18 months. Better to develop passionate individuals, like at BDB, where most recruits are language graduates who are put through the Chartered Institute of Marketing and grounded in marketing and PR on international client accounts.

8. Traditional vs digital marketing

The obvious answer is both, but integrated and linked to measurable objectives so you can be sure you are doing the right things to move the business in the right direction and towards your vision. Advertise selectively to drive awareness and interest, use PR to build reputation, attend trade shows and virtual events to showcase yourself, develop social media profiles to support search engine optimisation and audience engagement and launch a relationship management program to tie in customers and warm prospects.

9. Outbound vs inbound

Outbound, though still relevant, is declining as cold calling is being replaced by warm social media generated lead generation. Investment in inbound content driven marketing initiatives like blogs, white papers, video, webinars to drive engagement all take time but separate innovative, leading companies from the aspirational, the restricted and the lazy.

10.  Multiple agencies vs. single agency

If you are outsourcing, are you getting best value. Agencies are naturally inquisitive, challenging and competitive. If you run a pool of agencies are the responsibilities clearly delineated and understood by all? Do you provide clear transparent briefs that are understood? Perhaps your business doesn’t warrant several suppliers and would benefit from one supplier developing a deeper relationship with you? It will certainly save you time and money.

Much of this post is about focus. Doing the same in 2011 isn’t going to be enough. Equally though, deviating from what you do well isn’t a smart approach either. The businesses that will thrive are those that make the best use of their people, their contacts, their creative thinking and emerging technology. But isn’t that how its always been?

Top image  Smart Garment People