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Posts Tagged ‘innovation’

Some of you have been asking about the status of my book project, and so I wanted to provide a quick update.

I announced a little over a year ago that I had begun working on a book project – tentatively titled Connected Marketing – “… that covers the topic of marketing technology and that is meant to help marketers deploy and use technology in a substantially-different way than they do today,” per my last update.

What’s the status of this project today?

Source: iStockphoto

First, let me explain that this is a project that I’ve always been pursuing on my own time – i.e., writing early in the morning, late at night or on the weekends.  And that is something that’s been challenging to do, given my active role at Silverpop as director of field marketing and as the company’s ‘B2B Marketing Evangelist.’  Many of you know I’ve spent the greater part of the last 13+ months on the road throughout North America and Europe, speaking, meeting with customers, launching new events (such as B2B Marketing University) and educating the marketing community about how to strategically leverage marketing automation technology

Don’t get me wrong, it’s awesome work — it really is — and it’s a mission I’m passionate about, so no complaints here!  It’s just hard – as I’m sure you can appreciate – to both be a dedicated, on-the-road evangelist/marketer and also spend focused time on a personal book project at once.  As a result, the book project has had to take a back seat many weeks.

Second, this is a project that – as many projects do – has matured over time as I’ve continued to research and write about the topic.  Let me be clear that I’m absolutely continuing to work on this project, but its focus has shifted and has moved in what is at once both an adjacent and evolutionary new direction. 

How marketers can better leverage marketing technology to be a more ‘connected’ marketer remains a critical element of the book, but I increasingly recognize two fundamental realities that also are critical to cover in the book. 

  1. As many of you probably will concur, technology adoption alone will not help marketers be more connected, nor is it necessarily the right first step; strategy and process change is the first step. 
  2. Much of the need for new technology – and new strategy and process – is the result of a fundamentally-changing modern marketing environment. 

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I’ve been actively speaking over the past few weeks about a new strategic mindset I believe B2B marketers should adopt today — a ‘mass one-to-one’ strategy.  This is a posture where marketing manages scale, targeted, engaged and two-way dialogue with prospects, upstream from sales-team interaction and ultimately with the purpose of paving the way for a sales close.  This is much more than mere lead generation; moreover, the growing need for such a strategy really is the natural extension of my recent observations about how the nature of the B2B buyer is changing and the permanent shift this is affecting in the roles of both sales and marketing team members.

The intent of a mass one-to-one strategy is to close an emerging sales-cycle gap — where the buyer is seeking information and having dialogue about a purchase, but is doing so on his/her own terms, mostly online (including via social media) and prior to ever engaging a sales team member.  The strategy thus attempts to fill this gap by having marketing replicate and replace some of the engaged, ‘customer-centered selling’ interaction a sales team member might have pursued before the nature of the buyer began changing.  The strategy focuses more on initially responding to ‘pull’ and initial ‘inbound’ activity and on conforming to the buyer’s cycle than on driving interruptive ‘push’ tactics.  This means knowing the buyer better than ever before.  It also means marketing has a more strategic … and complex … role than ever before.

Why 'Personas' Are the Secret Sauce for Effective Marketing Automation Campaigns and the Key to Achieving a 'Mass One-to-one' Strategy

Source: iStockphoto

The good news is that the same Internet that brought this change also is fostering new tools to respond to it.  By embracing a holistic lead management strategy and by deploying a robust marketing automation platform, marketers can get start to get some control.  In fact, mass one-to-one sounds great and is more achievable once you have technology like this in place.  Yet most marketers will admit that the idea of building an endless number of dynamic, anticipatory, customer-triggered campaigns for some infinite number of customer types and scenarios is daunting.  Where do you stop?  How do you get any economies of scale?  Such a commitment of time and resources — without limits — can result in a declining return that does not match the investment. 

So how do we get our arms around this ‘brave new world’ of B2B marketing and get going with mass one-to-one without blowing a gasket?  In particular, how do we focus our marketing automation campaigns to get the most bang for our buck? 

I believe the answer — the ‘secret sauce’ — more than ever is personas. 

Yes, personas.  Let me explain …

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I’ve been actively writing and presenting over the last few months on the changing B2B marketing landscape. And I’ll be talking more about this subject throughout the Fall at the B2B Marketing University series that I’m hosting together with my colleagues at Silverpop (please join us).

A great deal of the focus of my dialogue so far has been on the evolution of marketing technology, but it’s impossible to talk about a changing environment for marketing technology without talking about how the nature of the B2B buyer also is rapidly changing. The two are inextricably intertwined in a new reality that is both a cause and effect of the digital age we live in.

Source:  iStockphoto

Source: iStockphoto

But where is the hard data that this evolution is really occurring? We’re changing how we go to market — and there is plenty of data pointing to shifting spending by marketers — but how do we know that our shifted spending will better align with B2B buyers’ shifting needs and preferences?

There are quite a few data points that support this evolution; however, they’re often difficult to unearth. Often they are buried or confused within consumer-focused studies on buying trends, and sometimes the consumer data even contradicts the B2B reality. Marketing technology analyst and author David Raab hit on this in a recent round-up of many of these ‘mixed’ consumer/B2B surveys on his Customer Experience Matrix blog. And a major call-out from his piece was just this discrepancy: “Many [data points] are contradictory …,” commented Raab.

So how do we better articulate the unique and changing nature of the B2B buyer — separate from the broader consumer perspective? How do we nail down (real) evidence that the nature of the B2B buyer has changed?

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I’ve been pretty heads-down over the past few weeks, analyzing the data and results from my graduate research and also working on my upcoming book.  As I’ve dug into the data, there clearly are some self-evident themes emerging around marketers’ opportunities and challenges with adopting strategic marketing systems and technologies (which I will be covering on this blog in more depth over the coming weeks).  One of the clearest themes is the great chasm that exists between aspiration and reality for marketers when it comes to marketing measurement and the analysis of marketing return on investment (ROI).

My research found that these topics are top of mind for marketers, and many state their organizations are already beginning to engage with analytics software.  When asked about tactical/operational objectives for new technology deployments, measurement and ROI analysis are at the top.  This is consistent with a new Lenskold Group / MarketSphere report, released this week.  “Current economic conditions are putting pressures on marketers to better understand their marketing effectiveness as 8 in 10 marketers (79%) report that the need to measure, analyze and report marketing effectiveness is greater in 2009,” according to the press release for the report.

Yet my research found that the same marketers give their organizations low marks on analyzing performance and overwhelmingly comment that their organizations are ‘not aggressive’ when it comes to marketing technology investments.  Aspirations are high, but the reality of investment in systems and technologies to deliver on the aspiration is low.  This also was echoed by Lenskold/MarketSphere, which further commented in their release, “[B]udget pressures are evident with 6 out of 10 (59%) indicating that this higher demand for measuring marketing effectiveness is not budgeted for … .”

The reality is that marketers cannot get enough of systems and technology to tackle measurement and ROI analysis; they have barely scratched the surface.  Far from solved, this is an issue that has only become more important and yet more complicated over time.  Customer channels are exploding in number, and yet marketers are incapable of delivering measurement and ROI analysis that takes this new reality into consideration.  “Buyers are multichannel beings.  Buying cycles are cross-channel,” comments Akin Arikan in his recent book, Multichannel Marketing.  “Yet online and offline marketers still perform their measurements of success in isolation.”

So what are marketers’ aspirations; where is the disconnect; what are their challenges; and what are potential strategies for overcoming these challenges?

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My recent blog post on the inbound marketing / marketing content management crowd has gotten me thinking quite a bit about the holistic lifecycle of leads and of the role of marketers in this process.  The rapid ‘death’ of the consultative sale means that marketing organizations increasingly are playing a more-pervasive role in the lifecycle of leads – blurring the traditional lines between marketing and sales organizations.  “Who builds a [target] list, is it a sales person or a marketing person?” posed Rand Schulman, CMO of InsideView, in a meeting with me in his office in San Francisco a little over a week ago.  Good question.  Also, how should this list be built?

The new marketplace reality requires marketing organizations and their technology systems to be more engaged than ever before in all aspects of lead generation and of lead nurturing.  Thus, an emerging key partner for marketing organizations is the growing roster of what I refer to as the ‘online compiled lead sourcing providers.’  The roots of this category are grounded in the world of opt-in target list builders, prospect data miners and syndicated lead directory/database vendors – this traditionally included firms such as Dunn & Bradstreet (D&B), as well as media organizations and the credit bureaus.  This industry has evolved, though, and it increasingly looks more different than it once did, with an explosion of new market entrants and of new techniques for sourcing and aggregating prospect insight.  Today this emerging group includes firms such as Demandbase, idExec, Jigsaw, Lead411, NetProspex, OneSource, SalesGenie, Selectory (a D&B company), Zapdata (also a D&B company) and ZoomInfo.

It’s a pretty exciting time for this segment, but it’s worth tempering the excitement a bit – making sure we’re analyzing these providers in the context of where they fit into the overall marketing mix.  As with any new data or system provider in the world of Marketing 2.0, these providers are not a panacea.  Leads can come from many sources, and it’s important to recognize the trade-offs.

Source: Adam Needles, Propelling Brands (original); click to enlarge graphic

Source: Adam Needles, Propelling Brands (original); click to enlarge graphic

The new marketplace reality, thus, also requires marketers to assess all of their lead-generation-oriented marketing programs against a number of alternatives and in the context of the net impact of these programs.  As I was thinking through this, I built this chart to conceptualize the landscape.  On the x-axis I have made a relative assessment of the net credibility various programs bring in the eyes of the prospect – i.e., the degree to which a lead is pre-disposed to being interested in that brand-company and a relative indication of how hard marketing and sales will have to work to nurture a lead.  On the y-axis I have made a relative assessment of the net estimated cost per lead of different types of lead-generation-oriented marketing programs.  In doing so I considered both time and money, as it is critical to look at both.  For example, inbound marketing may have low dollar cost but it is not a no-cost activity; successful content and engagement requires time and energy, which translates into real dollars via salaries, overhead, etc.  This is why I have it at roughly the same cost level as paid sourcing.  What do you think about this matrix and where I’ve placed various types of marketing programs?

I hope this framework helps you better think about where the online compiled lead sourcing providers fit into the mix and provides a frame of reference as you dig into the status of this segment.  I believe it is particularly instructive because it speaks to some of the opportunity for evolution in this segment and is indicative of the segment’s overall trajectory – particularly predicting moves that will help improve the net credibility of leads while maintaining low net cost per lead.

So what’s new with the online compiled lead sourcing crowd, and how do we break down the vendor landscape?  Moreover, how are they innovating to keep pace with the tidal wave of change in integrated marketing management technology?  And what does this mean for marketers?

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Today I am extending an open invitation for marketers that read this blog to help participate, both in my upcoming book – tentatively titled Connected Marketing – and in my current graduate research project, by taking part in a survey of US marketers that I am currently conducting.

As I noted in a previous post, the focus of my current research is on analyzing and synthesizing ways that marketers could better leverage technology for more connected and more strategic marketing, as well as identifying the cultural, organizational and technological barriers marketers face in trying to adopt strategic marketing technology (versus the myriad of tactical technologies they rely upon today).  By presenting insights both into the ‘state of the art’ and into what is keeping marketers from getting there, I hope to provide marketers with new leverage in how they attack the problem.

A key component of this research is an original benchmark survey of marketers focused on garnering insights into marketing technology priorities and experiences.  This is where I need your help.

    

Participate in the Survey

If you are a US-based marketer, please take a few minutes this week to participate in this survey.

This is the last week of the survey, and I need the help of the regular readers of Propelling Brands to hit my target research sample size.  So if you can take a few minutes today to fill this out, I’d appreciate it.  It shouldn’t take more than 10 minutes, and as a thank-you for your participation, you will receive a summary of the survey results and will be entered into a drawing for an Amazon gift card.

Deadline for completing the survey is Midnight PT on Sunday, April 19, 2009.

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No member of the C-suite has a riskier or more-short-lived term than the chief marketing officer (CMO).  The average tenure of a CMO at the ‘100 most advertised’ US brands is 28.4 months, according to recruiting firm Spencer Stuart in a recent Advertising Age column by John Quelch.  In fact, as a marketer, few things are as much of a sure-fire, eventual career killer as being named CMO.  Strange … you’d think that getting to the top of marketing hierarchy would be the pinnacle of one’s career.

The challenges faced by the CMO speak to many of the fundamental strategic problems underlying marketing organizations and marketing science today and that are linked to a permanent shift in power from brand-company to customer and to a proliferation of communication channels and information sources.

For CMOs to succeed they must sit at the top of a newly-agile marketing organization, built from the ground up with sophisticated, financially-savvy and technology-empowered closed-loop systems and processes in place that can scale, that can manage increasingly complex and customer-centric communication execution and that can provide necessary transparency into multi-channel program performance.  And this transparency must provide other C-suite colleagues with the real-time status of key performance indicators (KPIs) and on the return on investment (ROI) of marketing programs in net present value (NPV) terms.  “[F]inancial accountability of marketing is here to stay,” argues Quelch in the Advertising Age column.  “[I]mproved accountability requires CMOs to be financially literate, to understand the balance sheet as well as the income-statement effects of marketing initiatives.”

Source: iStockphoto

Source: iStockphoto

Too often, though, such an organization does not exist.  “Although the marketplace has changed beyond all recognition due to Web 2.0 and the explosion in digital – marketing technology and process have not kept up with the changes,” commented Bob Barker, VP of corporate marketing at Alterian, in a recent post on DM News.

The imperative for the CMO, thus, is to drive change. 

And that change must be focused on building just such an organization.  It is not sufficient to manage execution of the existing organization or to believe that your company is already ‘getting it right’ today.  There is no room for complacency or incremental efforts.  Marketing is a dynamic practice that keeps an organization in check with the dynamic needs of its customers and of the marketplace.  CMOs must drive change because their organizations must constantly change to remain competitive – a fact that was validated in a recent CMO Council report, which noted “… 61% of respondents believe that marketing operational transformation will be an essential area of focus for them in the months ahead.”

So how do CMOs do this?  And where should they focus their efforts to transform the marketing organization?

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This is the second in a three-part series of posts on integrated marketing management platforms.  The first post identified the strategic need for integrated marketing management, mapped this to key marketing ‘pain points’ that these systems address and provided an overview of the disparate technology camps that are vying to deliver robust integrated marketing management platforms to marketing organizations.  Click here to view the first post, “Marketer’s Needs + Technology Landscape.”

Today’s post will present high-level thoughts for marketers on approaches to analyzing their needs and to selecting a platform that is the right ‘fit’ for their organization.  The final post in this series will present snapshots of the top 20 vendors I’m watching and that I believe are representative, forward-thinking leaders in this segment.

    

What should guide your decision to purchase an integrated marketing management platform? 

Let’s start with the basics:  What are your fundamental business goals?  And what marketing programs have you deployed to achieve these goals?  Ideally you want to invest in technology infrastructure that can help you achieve your business goals, that mirror your marketing programs and that (when all is said and done) can help you measure the impact that you made in reaching this goal.  Seems straightforward … except (and let’s not sugar coat this) … marketing processes and communication flows are complex and borderline ‘ugly’ when it comes to the level of complex, integrated execution and monitoring involved.  This means that your technology infrastructure must be able to handle this ‘ugliness.’ 

Source: iStockphoto

Source: iStockphoto

That brings us to the more advanced issue in evaluating the purchase of an integrated marketing management platform:  “How do I bring method to the madness?” as Market2Lead CEO Geoff Rego framed in a phone interview.  Whereas focus should rule the day in marketing strategy and planning, robust capability and the ‘kitchen sink’ factor should, in part, guide your technology decisions.  You want a platform that can give you real leverage.  In fact, you probably need more than you think you need.  And you can’t ‘wimp out’ when it comes to digging into this decision; this is a system that will become your lifeline; nor can you simply go with the marketing technology equivalent of ‘Big Blue’ (because no one got fired for buying Big Blue, right?).

“One thing not to do is to look at a generic list of the ‘top three’ products or ‘industry leaders’ and refuse to consider any others,” comments industry analyst David Raab in a white paper, titled “Three Differences that Matter in Demand Generation Systems.”  Raab continues, “On the other hand, few marketers have the time or inclination to perform an in‐depth technical analysis of several dozen demand generation systems, or even to document their own needs in detail.”

So then what is the middle ground, and how should marketing organizations approach finding the right ‘fit’ for their organization … without having to build CIO-level expertise and while staying true to their current, successful (but not fully leveraged) marketing processes?

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Marketing via word-of-mouth, social networks and brand communities is not new.  Effectively leveraging social media technologies both in support of these marketing initiatives and as part of an ongoing, two-way customer-brand dialogue, however, has emerged as a burning issue on marketers’ minds. 

Social media technologies, themselves, certainly have their own learning curve, but the greater learning curve for marketers is contending with the fundamental power shift in the customer-brand relationship that social media technologies are enabling.  Thus, recognizing and responding to the new reality that individual customers and brand communities increasingly define (and have part ownership over) brands requires a fundamental shift in our approach to bringing products and services to market.

IBM Press

Source: IBM Press

IBM executive Sandy Carter is a forward thinker on this issue whose experiences and industry dialogue eventually led her to realize that marketers need a new set of tools if they are going to better contend with this power shift.  Her new book, The New Language of Marketing 2.O:  How to Use ANGELS to  Energize Your Market, delivers just such a ‘tool box’ for marketers — presenting a normative framework, together with numerous case examples from companies in a variety of B2B and B2C industries, to help marketers think through these challenges inside their own businesses.

Few are as well-equipped to tackle such a subject as Carter, who has had an impressive career in the enterprise software arena and who currently is IBM’s Vice President, SOA and WebSphere Marketing, Strategy and Channels.  In this role, she is responsible for IBM’s cross-company, worldwide SOA initiatives and is in charge of one of IBM’s premier brands, IBM WebSphere, which under her leadership has shown strong growth.  She also led her global marketing organization to garner 14 industry marketing awards in 2007.

What is Marketing 2.0, and what are Carter’s thoughts on how marketers can gain leverage in the dizzying world of social-media technologies to energize their marketing programs?

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The last year has brought a groundswell of mainstream marketers integrating social media considerations into their marketing-communication planning.  My last post talked about the potential for achieving marketing ‘co-creation’ as one outcome and as a way to improve marketing personalization.  In fact, venues such as blogs and Twitter have become indispensable tools for PR functionaries, and forums such as Facebook and LinkedIn are presenting new opportunities for ‘micro-targeting’ of advertisements and offers based on social graphs.

The next frontier is leveraging social media to innovate the process of new product/service development (NPSD) — supporting co-creation in this arena.  The fact that social media is interactive, honest, transparent and potentially highly targeted presents tremendous opportunities for garnering incredibly-valuable insights into customers’ wants and needs.  In fact, at a time when marketing researchers are questioning structured surveys and they are pushing for more observational, behavioral and ethnographic research, social media represents a way to evolve the process of insight-based marketing to the next level.

“In the age of social media, I would argue that this is becoming easier, not harder,” commented Liz Moise with Boston-area marketing firm BluePoint Venture Marketing in a recent post on the firm’s blog.  “… [Y]ou can get online and find your customers.  You can listen in on their conversations, or grievances. You can speak to them directly.”

Social media is also an important tool to help brand-companies respond to the fundamental power shift in NPSD — from ‘brand push’ to ‘customer pull.’  Customers are at the center of their universe more than ever.  Brand-companies must contend with a highly-sophisticated customer with many options and choices in the marketplace.  Understanding the nuances of a customer’s needs is critical — especially when it comes to the aspects of a customer’s existence you are not servicing today.

“As a business, you ought to be watching how people — especially your customers — are expressing themselves outside the context of being your customers,” commented social media marketing guru Amber Naslund on her Altitude Branding blog earlier this month.  “They’re multi-dimensional people … .”

But what is the best way to approach social media as a tool for marketing research and for NPSD innovation?  What is a framework we can use to better match social-media platforms with our objectives for garnering customer insights?

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In my recent Marketing Personalization 2.0 blog piece, I spent some time talking about what I referred to as ‘cross-channel marketing execution management platforms.’  This is a technology segment that is of particular interest to me for two reasons.

First, as someone who has run integrated marketing communication campaigns that have included elements as diverse as PR, live events, direct e-mail, salesforce materials and blogs, I recognize that managing a consistent marketing campaign across mediums is tough.  This is particularly the case when it comes to ensuring outbound continuity of brand presentation, while also personalizing content to the customer, and achieving comparable metrics for campaign effectiveness analysis across mediums.  Getting a normalized sense of ROI remains the Holy Grail.  So I think that every marketing leader has a vested interest in the advancement of the ‘state of the art’ in this technology area. 

Cross-channel Marketing Execution ManagementSecond, related to the first point and complicating matters a bit, as marketers we are only being asked to handle and operate across more mediums over time, not less.  Platform provider Eloqua claims on its Web site, “According to industry surveys, 34% of marketers cannot execute a coordinated, integrated, multichannel marketing campaign.”  I hope this isn’t true, because it is a sad state for marketing if it is.  Operating diversified, integrated marketing communication campaigns are a way of life, not an option.  And with the explosion of social media and social networking technologies and platforms, our lives are only more complicated and fragmented.  So we not only have a vested interest in this technology area, it will rapidly become the keystone for execution.

So I wanted to devote some time in this post to:

  1. better identifying the state of this technology segment,
  2. building out a ‘definitive list’ of the major providers, and
  3. presenting insights into their strengths and weaknesses.

But I’m hoping to do this is a collaborative fashion, and this is where I invite your assistance.  Please help review my initial entries on the list and provide suggestions on who else should be included.

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I was doing some research over the past week related to best practices for shaping customer-brand experience, and it made me think more about the state of marketing personalization.  The whole point of marketing is to build a relationship between a customer and a brand through which both the customer and the company behind that brand derive benefit.  It is a direct, one-on-one and mutual commercial exchange; for the customer, the brand is experienced at a very personal level.  In fact, we may aggregate data about brand perceptions for larger populations, but the basic unit of measuring brand experience remains something that occurs at the individual level.

That’s why “[e]xperiences need to be designed for individuals,” advocates Bruce Temkin, Forrester Research‘s principal analyst for customer experience in his blog-published book, The 6 Laws of Customer Experience.  “While it may not be possible to individualize every interaction, focusing on narrow segments (like Personas) is critical.”

Yet so much of marketing practice and technology infrastructure seems to focus on de-personalizing and scaling marketing communication to as large of an un-segmented population as possible – a trend decried by marketing pundit Seth Godin.  We extract the individual and disregard his/her personal experience.  We engage in shotgun marketing.  Why is that?

I’m not saying that as a marketer we shouldn’t attempt to reach a scale audience.  Quite the opposite, we should absolutely shoot for scale, but I’d argue it’s how we build that scale that is critical.  We need to do it one customer at time … which is the point of personalization.

How can we make both scale and personalization co-exist as hallmarks of every marketing program?

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