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Posts Tagged ‘ROI’

I examine the issue of what we as B2B marketers mean by ‘demand generation’ and explore why there is so much disconnect around the current definition and scope of demand generation in my first post on the new Left Brain Marketing DemandGen (r)Evolution blog.

Source: iStockphoto

The idea for this post came after “some interesting, recent interactions with marketing and sales professionals around the concept of demand generation.” I note in the post that “… these interactions have led me to believe this concept is nothing short of highly misunderstood.”

So I put a stake in the sand with this post – asserting my belief that demand generation is a strategic activity; that it is in fact the charter of B2B marketing; and that it spans and should be defined in terms of our holistic interaction with buyers throughout their buying lifecycles.

“It’s the art of educating buyers and nurturing these relationships from earliest awareness through to maximizing customer lifetime value.  It’s about sparking, nurturing and monetizing initial demand; it’s also about sustaining and growing that demand among current customers.  It’s the whole thing.”

The post subsequently analyzes three aspects of this issue:

  • One, it looks at exactly why there is this disconnect among B2B marketers in the definition and scope of demand generation.
  • Two, it examines ongoing evolution in our definition of demand generation.
  • Three, it identifies what I believe are the three critical components of successful, modern B2B demand generation.

Click here to read the full LBM DemandGen (r)Evolution post.

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This week I’m publishing a four-part blog series — based on research I’m doing as part of the updated focus for my marketing book project.  This series takes a look at B2B demand generation today.  The first post provided an introduction to the series.  Parts two through four examine the three major challenges facing B2B demand generation.  The second post identified why technology, alone, is not enough to improve B2B demand generation.  Today’s post looks at the second challenge — exploring our continuing struggle as maketers to link marketing tactics to revenue outcomes.  ~ABN

So what does that average B2B marketing organization look like today?  And what are the challenges that organizations must overcome to get to best-in-class?

 

Challenge #2:  We still struggle when it comes to linking our B2B marketing tactics to revenue outcomes; thus, we have a hard time proving (and better targeting) the specific impact of investments in content offers and demand generation programs.

The Web 2.0 world has substantially changed the dynamics between sellers and buyers – changing the information consumption patterns of B2B buyers and resulting in a new era of buyer power.  One dynamic is the emerging importance of content and the impetus to adopt new content marketing processes

But we need to be able see the linkages between content consumption and revenue outcomes – both elasticity and ‘critical path’ – within a given persona’s buying process if we are going to be able to develop sophisticated content-based nurturing.  Yet seeing this type of linkage is in fact the Achilles heel for many B2B marketing organizations.

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You may have noticed less-frequent posting activity here on Propelling Brands over the last few months.  It’s not that I’ve been blogging less; rather, it’s the challenge of being asked to contribute blog posts to a growing number of channels.  These include the Demand Generation blog for Silverpop (where I’m Director, Field Marketing and B2B Marketing Evangelist), the Daily Fix Blog for MarketingProfs (where I’m a semi-regular contributor on marketing automation topics) and several of Silverpop’s partner blogs, including The Annuitas Group blog, for which I have done occasional postings.

Source: iStockphoto

The truth is, I’m blogging more than ever — just in lots of different places.  I’m also very active on Twitter (you can follow me on Twitter via my handle, @abneedles), which has truly become a microblog on what I’m seeing and hearing in the B2B marketing world.  Add to this quite a few live and virtual speaking engagements over the past year on a variety of B2B marketing topics … and you can see it’s been a busy last 12 months.

Given this, I wanted to accomplish two things with this post: 

First, I wanted to let you know I’m going to be shifting the role Propelling Brands plays in my writing and speaking over the coming months.  I plan to get back into the rhythm of doing original, ‘deeper-dives’ on key strategic marketing topics at least once a month, so these will continue.  I’m also going to begin posting summaries and links to my posts elsewhere, as well, so that I can consolidate all of my writing about B2B marketing to one location.

Second, I’m kicking off this shift by posting an index of all of my B2B marketing posts I’ve done over the last 12 months — both here on Propelling Brands and on other blogs …

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The New Year’s period is always chocked-full with ‘top ten’ lists and countdowns, and unfortunately, too many blog posts and articles that come out in this period are pretty much news/information you can’t really do anything with.  Inward reflection, but not actionable; sentimental, but not really something you can leverage moving forward.

I’ve been thinking for the last few weeks that for the New Year I wanted to do a post that is action-oriented and that will help you be a better B2B marketer in 2010. 

I also believe strongly in being a catalyst for sharing ideas — which is why I started this blog — and so I thought one of the most-actionable posts I could do would be to point you to resources where you can learn from the best and brightest in the B2B marketing community throughout 2010.  The gift that keeps on giving …

    

What are my criteria for the luminaries I’ve included in this list?

I didn’t start out with a formal set of criteria, but here’s what’s emerged:

  • First, these are all people that prolifically share their insights — cross-medium.  They Tweet, they blog, they speak, they write books, they consult, etc.  And they are generous in this regard.
  • Second, their expertise centers around new strategy, innovation and technology for marketing — particularly B2B marketing — and they are truly advancing the body of Marketing 2.0 knowledge … advancements that will help us cure the ad-centric, interruptive, paternalistic Mad Men hangover that has plagued marketing for decades.
  • Third, these are people whose insights I actually follow.  There is no one on this list whose insight I would not personally recommend and whose own books, blogs posts, Tweets, etc. I do not personally read.
  • Fourth, and in all honesty, all of these folks — except for one — are on Twitter.  Because if you’re not, and you have any insight into Marketing 2.0 … well, get with it!
  • Fifth, I did not look at anyone else’s ‘top influencer’ list in putting my own list together, nor have I feigned reverence to others’ ideas of who is a thought leader … and who is not.

Disclaimer 1: This list may or may not be exhaustive, and it may or may not include people you think should be included on this list.  So don’t be offended if I’ve left someone off.  I probably have, and so I’ll endeavor to add additional people in the comments area below.  And you should too!

    

Who made the list? 

So who has new and innovative insights for ‘propelling’ B2B brands going into 2010?

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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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The prevailing wisdom in marketing today is that achieving the greatest levels of performance requires true, closed-loop, customer-level insight into the effectiveness of marketing programs.  If you can see a detailed, causal chain through the complete demand-generation process and correlate steps and interactions in that chain to account-level customer spending, you can then analyze how various marketing activities contribute to final results.  Further, if you can analyze your marketing at such a granular level, you can tie spending to specific outcomes and can continuously tune your overall marketing formula at all levels.

I’ve touched on this imperative in past blog posts.  So no argument here.  In fact, as a tenured marketer (and now as a team member at a marketing technology company), it’s exciting to look around and witness the rapid evolution in marketing technology that is moving us closer to this reality.

It also goes without saying that in this environment, plenty is written about the drive for marketing accountability. 

Yet there is something subtle that gets missed and that I would argue should be the greater focus in the accountability dialogue.  It is the inherent and holistic upside for marketers of having an accountability mindset – i.e., the positive transformation that results from embracing a new approach to marketing.

I call it the ‘halo effect’ of marketing accountability.

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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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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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The Internet changed everything … especially for marketers.  Now more then ever, customers have a million tools and information sources at their disposal, and the power balance has forever shifted to the needs of the customer versus that of the brand-company and its products and services.

Customers are now driving the marketing process … in case you haven’t heard.

The consequence for us as marketers (and our role in demand generation) is that our fundamental posture must change.  Yes, it remains increasingly important to get the attention of your customers and to ‘rise above the noise,’ but it also is increasingly important to be a better listener and observer – catering to the needs, preferences and timing of your customers.  I liken our new role as marketers to being similar to the attentive and omnipresent, but unobtrusive, waiter at a five-star restaurant at The Ritz-Carlton or the Four Seasons – standing by and ready to cater to the customer’s every need and knowing exactly when (s)he wants something.  Fortunately, the same Internet domain that has made our job tougher as marketers can also be a source of new and valuable insights into customers’ ‘digital body language,’ as Steve Woods (Twiter: @stevewoods), CTO and co-founder of Eloqua, calls it in his new book, (not coincidentally titled) Digital Body Language – Deciphering  Customer Intentions in an Online World.

Source: New Year Publishing

Source: New Year Publishing

Steve Woods is a forward thinker who has spent the last decade of his career learning about and building systems to help marketers better leverage insights into customers’ digital body language.  His book is the culmination of his domain expertise and years of experience in software architecture, engineering and strategy for marketing systems, as well as his track record of client successes since Eloqua’s founding in 1999.  This expertise, experience and track record led to him being named one of Inside CRM’s Top CRM Influencers in 2007.

Prior to co-founding Eloqua, Woods worked in corporate strategy at Bain & Company and engineering at Celestica.  Woods holds a degree in Engineering Physics from Queen’s University in Kingston, Ontario.

So what does it take to better understand digital body language, and how as marketers can we better leverage digital body language to improve our delivery to customers, our collaboration with our sales-team colleagues and our fundamental ability to drive demand generation?

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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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Today’s post is a bit different from the usual.  We won’t be diving into a key topic at the intersection of brands, marketing, innovation and technology, nor will we be presenting a Q&A with a forward thinker in the space; instead, I am asking for your help with a project.

iStockphoto

Source: iStockphoto

I am in the process of writing a book – tentatively titled Connected Marketing – that is for marketers, 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.

This book has evolved from a convergence of 1.) my interests and blogging about this space, 2.) my past experiences as a marketing leader and consultant in the technology industry, 3.) my ongoing discussions and interactions with leaders in the marketing technology space and 4.) research I’m conducting as part of my current graduate program, which I will conclude in May 2009.

So what are the details, and how can you be a part of helping marketers to better leverage technology and, thus, to take the ‘connectedness’ of their marketing organizations to the next level?

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