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Why Chief Marketing Officers are thinking about HR
Posted on April 1, 2015 at 2:16 PM |
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If you are a technology vendor or CIO don’t panic. Chief Marketing Officers still love you. We continue to think about and are concerned
with technology and data. But I’m
starting to spend more time with HR this year.
Yes, I’m concerned with whether or not marketing has the “right people
on the bus.” That’s a challenge that never
ends, particularly when the business environment is constantly changing. What I’m bringing attention to, and becoming
more concerned with, is the individuals we don’t have room for on the bus. Let me set up the scenario. Think about your total recruitment this year. Based on the size of your company, your HR
department is likely to post several jobs, for several departments, across
various platforms depending on job scope and level. Some of your organizations have appeared on “lists”
recognizing your company as one of those “Best Places to Work.” That means you are likely to get tens if not
hundreds of applications for each position you seek to fill. Now bear with me because I’m going to apply
some math, logic, and then get personal in a moment. For one mid-level management job you received 50 applications. Your HR department called the top five best
choices, based on geographic location (you didn't want to pay for relocation),
experience and so on. After the Skype
interviews three were extended an invitation for personal face-to-face
interviews and one job offer was tendered.
Actually, the person hired didn't technically go through your formal job
process, they networked their way into the position. OK then, here is the tricky part, were
forty-five applicants sent the following standard HR email?
Dear (First
Name),
Thank you for your
interest in our (Internal Job Number and Internal Job Title) position with XYZ
Company. While your credentials and
experience are valuable, we have determined the credentials of other candidates
may better fit our needs at this time.
Your profile will be available to our recruiters as they seek candidates
for other opportunities. Please check
back for future opportunities.
Kind regards,
XYZ Company
Human Resources
** Please do not respond to this email. This mailbox is not monitored and you will
not receive a response. ** From a math and logic perspective are we good so far? You might be thinking, yes, your math is in
the ballpark, we’d get about 50 applications for a mid-level job posting. And logically we don’t have the bandwidth to
give personal attention to the forty-five who didn't make the initial screening. Sure, several in that group were very well
qualified, but we had to make the cut somewhere. “It’s
not personal, Sonny. It’s strictly
business.” The Godfather I love that line, but it’s dead wrong.
It’s always personal. We are by
nature, an emotional being. So, let’s
take a personal look at the standard rejection letter. 1. It’s not from a person. Sorry the “HR Department” and “Do Not Reply”
don’t count. By the way, how do you feel
when you get an email concerning a subject that you’d naturally like to respond
to, but can’t? 2. The subject line “Thank You for Your Interest”
might just as well be a Western Union Death Notice. 3. The wording is very similar in most rejection
letters. It appears that all HR
departments are using the same group of lawyers for this task. Sorry, just kidding. But really, how original. 4. Your high-level feedback, “credentials and
experience are valuable” is not helpful to the applicant or the process they
are going through. 5. Your response was late. They applied for that position three months
ago. We know, you almost forgot to send
any notice. Simply terrible. I could go on, but I think you get the picture. Alan, you’re in marketing, I still don’t
understand why you care about HR. OK, here
is why I care. Forty-five (late)
standard rejections letters multiplied by how many total job postings for the
year? From a branding perspective we
have potentially upset hundreds of individuals who could very well hurt our
sales in the future. How? Because many of the individuals we passed on
could still end up in our industry. They
may end up as employees of our competitors, sales or marketing reps for our
channel partners, or buyers for our current customers. And we just dismissed their interest in our
company with a canned rejection letter.
How much do you think they are really going to like us? What makes it worse is that from a political
perspective most of these individuals will keep their grudge silent. Just like the consumer who has a terrible
customer experience and chooses not to publicly voice their dissatisfaction,
but they never return. Is there an easy, quick and cheap answer? No, this is a big problem that most
organizations have given very little attention to. I doubt the negative financial impact of these
actions has ever been researched. In
fact, such research would probably be difficult to verify. But I do have some ideas for improvement, and
I’m going to be setting up more time with HR to discuss them. |
Leverage the Power Triangle to Bootstrap Your Marketing Program
Posted on March 20, 2015 at 3:02 PM |
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The other night I told my wife that I
might actually be a growth hacker. She
just looked at me and said, “You spend way too much time online.” Sean
Ellis, who
is known for helping Dropbox grow in its early days, coined the
term "growth hacker"
in 2010. In a blog post,
he defined a growth hacker as "a person whose true north is growth.
Everything they do is scrutinized by its potential impact on scalable
growth." In April 2012 the idea of
growth hacking really took off when a blogger named Andrew Chen
wrote a piece called “Growth
hacker is the new VP Marketing.” Of course, now that CMO’s are expected to
have a technical background my CIO counterparts don’t find the “hacker”
reference particularly funny. Is your true north pointed toward growth? Yeah, that’s what I thought … who’s isn’t? In one way or another we are all trying to
create growth with resources that are subject to being hacked or cut out
completely. In my mind, the term “bootstrap” works
just as well. Bootstrapping is often used
to describe situations of self-reliance.
It means to develop by effort with little or no assistance. In the world of marketing this often equates
to launching a new customer initiative with minimal capital or cash flow. The current anxiety over the global economy
suggests 2015 could be a bootstrapping year as chief executives, chairmen and
company presidents focus on our slow growth economy. That means CMO’s will have
plenty of opportunities to document their “how I bootstrapped the bear”
marketing stories. In a
slow growth economy, one of the major reasons businesses go under is because
they run out of cash. Cash flow is the lifeblood of every business and in order
to keep the business healthy, cash needs to continue flowing; and slow growth can
be particularly hard-hitting for small businesses unless they have plenty of capital
to ride out the doldrums. In my blog
post “You Can Support Headcount and
Share of Voice on a Tight Budget” written during the 2008 economic
downturn I presented a high-level case study in which a small business was able
to increase qualified leads by 7 percent while cutting their marketing budget
by 24 percent. And the decrease in spend
was not the result of reducing headcount.
So, let me offer what I consider a business development “power triangle” that may
help you bootstrap your 2015 marketing plans. 1. Blog: I know; you’ve been blogging for years now. But you need to get more people motivated and
involved. One person creating one post a
month means you are far behind in the content-marketing arms race. Attention spans are short and quality
expectations are high. So, keep them
short and entertaining with relevant stories.
Focus on building trust, rapport and credibility. And remember, relationships are not developed
overnight. Think long-term, not every communication
needs to blast a “call-to-action.” You
can create focused content by leveraging your in-house subject matter experts to
provide material that supports each phase of your sales cycle. As always, make sure the content is search
engine-optimized so certain keywords are likely to be picked up in
industry-specific searches. 2. LinkedIn: I know; you’ve been on LinkedIn for years. But too many people in your organization
still consider LinkedIn as a resume tool that you only think about when you are
searching for a job. They don’t
understand that LinkedIn may very well be the best business development tool on
the planet. Help your organization
understand how adding blog posts, video, projects and presentations to their
profile helps increase their credibility.
The decision makers your sales force is trying to contact are reviewing
their profiles. If they don’t like what
they see, chances are they won’t be returning any phone calls or accepting any
meeting requests. 3. Twitter: I know; it’s been a month since you logged on and you still don’t
really see the value of Twitter as a business development tool. This element of the power triangle is where
most organizations will fall short. They
don’t understand the value of Twitter to help build and nurture a targeted
audience. And they haven’t figured out
how to use the platform in an integrated way to start conversations that
actually develop into business relationships.
At best they’re probably using Twitter merely to broadcast
product-focused messages. New social
employee advocacy applications can help.
So, renew your perspective on this application and build your audience. By
integrating your social media platforms and content strategies you can create a
focused marketing program that can make a cost effective difference in both
your lead generation and lead nurturing programs. It will also help you
maintain your customer-focus while you’re doing everything possible to manage
your cash flow in a slow economy. |
How Does Word-of-Mouth Marketing Really Work?
Posted on March 12, 2015 at 9:46 AM |
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Word-of-Mouth Marketing (WOMM) today is both online and through
face-to-face interaction. At times we
think of WOMM in terms of marketing buzz,
the interaction of users of a product or service that amplifies the brand and
in some cases goes viral. In reality, regular old everyday “buzz” is not as glamorous as
we marketers like to imagine. Recommendations
from friends and family don’t often come with viral like excitement, but from a
place of more practical experience. This perspective was driven home for me during a lecture with
some senior business students during their capstone marketing course. The class had been working through a
marketing media planning session focused on a national plumbing company. The
students did an excellent job. In fact, I was impressed with their
recommendations to leverage social media in addition to the traditional media
typically used for advertising in the plumbing industry. Of course, most 22 years olds have never actually
had to call a plumber, and that fact came out in the following exchange: Alan: “What I would like for you to
do is to close your eyes and imagine that you have recently purchased your
first home. You walk down into your basement and you notice water on the floor
because your hot water heater is leaking. What’s the first thing you are going
to do?” Student: “I’ll probably still live in
this area, so I’ll pick up the phone and call my dad.” Alan: “You’re not going to leverage
one of your social media communities, or go online and do a search on plumbing?
… Is your dad a plumber?” Student: “Well – no; but he will know
who to call.” When I think about it, it’s not hard for me to imagine that the
situation above would play out the same in my home. I can hear it now: My 24 year old daughter: “Dad – my hot water heater is
leaking!! Can you help me?!” Alan: “Yes, don’t panic, I’ll be over
in a second and we’ll figure it out.” So, which plumbing company do you think will get the
business? Well, when is the last time I
used my plumber? Do I still have their
number? Should I do a quick online
search? Should I grab my yellow pages
directory? Didn’t I recently get a direct
mail coupon from a plumbing company? Should I send a tweet asking my followers
for a local recommendation? Perhaps I should
grab some tools. No, I definitely should
not do that because I’d create a disaster! |
CXO Conversations before the Company Meeting
Posted on February 12, 2015 at 8:02 AM |
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A trim
balding man in khakis with a button down shirt, the CMO looks the part he has
played for so many years – the affable, hardworking executive who gets the job
done. It’s the 2015 sales kickoff
meeting and he is setting in the front row with the rest of the executive team
getting ready to address the troops. He
could still remember a time when these meetings required full business attire, there
was no PowerPoint, and there were no smart phones or facilitated hashtagged social
conversations with the audience. The
business world had changed, and he loved it.
He had been one of the first to join LinkedIn back in 2002, and could
tweet and blog with the best of them.
Social media and mobile devices were changing the business landscape, and
his company was determined to meet the transformation challenge. The prior year had involved several
one-on-one meetings with his counterparts.
They were productive, but at times he could still feel a little tension
and some apprehension. Information Technology - The Chief Information
Officer The prior
year had begun with several meetings involving the Chief Information
Officer. In late 2012 Gartner analyst
Laura McLellan had published a report that contained the statement “by
2017, the CMO will spend more on IT than the CIO.” Of course a sound bite like that raised some
eyebrows in both marketing and IT. It
was time to check their facts and see if that prediction could be supported
with their own data. The CMO and CIO had
already been working closely together over the past couple of years as a result
of the organizations ongoing social media and mobile marketing
initiatives. And what did they discover? That
technology spends of 17% was indeed the second largest part of their marketing
budget. But for their company, the
associated dollar value was not more than the IT budget or likely to overtake
it. What was actually becoming of
greater concern was the number of applications, programs and platforms the
small marketing team was being tasked to learn and manage. In fact, across all the marketing functions,
the number currently stood at well over two dozen. 2015 CMO/CIO View: Marketing departments
are often responsible for several technical applications. They can include
aspects of CRM, marketing automation, email marketing, website analytics, data
analytics, marketing research, creative applications, webinar-meeting, and
more. This doesn’t even begin to touch
on all the new social media and mobile marketing related platforms and
applications that are now part of the strategic marketing plan. The CMO and CIO need to focus more on
matching talent and headcount to the applications that are actually being used
and bringing value than worrying about who has the bigger budget. Sales – The Chief Sales Officer Like many
CMO’s he had started his career in sales.
He had carried a quota and covered a territory just like the CSO. That background brought great credibility and
helped them agree on many strategies; but they could still have their moments
when it came to lead generation. Of
course sales would like “qualified,
ready-to-buy right now” leads. But
they both know in complex solution selling environments that’s not a realistic
expectation. Marketing was providing
support through the entire sales cycle, but their main focus – including the
budget – was on the front end. Creating awareness,
generating interest and building greater industry credibility had been
important to helping them engage with prospects and customers. And the fact that over 60% of their marketing
budget was dedicated to lead generation activity supported that point-of-view. 2015 CMO/CSO View: There will always be some degree of tension
between sales and marketing when it comes to lead generation activity. And that’s OK, the key is not to let it
spiral out of control. One area the CMO
and CSO agreed needed more focus was on helping the sales teams understand and
make better use of social media, particularly LinkedIn. Many sales people still viewed LinkedIn as a
resume tool. They were not leveraging it
as a business development platform.
Subject matter experts from the marketing team will be spending more
time training the sales teams, one-on-one if necessary, in order to make
improvements in this area. Legal – Chief Legal Counsel A few
years ago the CMO and Chief Legal Counsel had a difficult relationship. At one point the CMO had actually said “I’d rather go to the dentist than have a
meeting with our legal department.” The
reason is that Legal and HR had formed an alliance to band all corporate social
media activity. Employees were not
allowed to access LinkedIn during its early years and later on blogging, Facebook
and Twitter went through similar review processes. That was now in the past, the legal
department was onboard. 2015 CMO/Legal View: Legal understands the value of social media and
recognizes the fact that there will always be some degree of risk associated
with those media channels that cannot be totally mitigated. However, that doesn’t mean marketing gets a
free pass. The marketing department will
work to make sure all “Social Media
Policies and Procedures” documentation is always up-to-date and
communicated throughout the organization.
This will be very important because new “Social Employee Advocacy” software applications are likely to
expand how marketing leverages social media throughout the company in order to
help employees feel comfortable in the role of brand advocates. Human Resources – Chief Human Resources Officer Like
legal, HR has been fully engaged with marketing as it related to the new social
media channels. Sure, in the beginning
they worried about employee productivity and whether or not social media was
even relevant to their functional area.
At times they still wonder about the productivity, but they definitely
see the recruitment value. 2015 CMO/HR View: There is one important area the CMO would like
to see a change made as it relates to HR and how their current processes impact
the corporate brand. This project will
also involve IT. Current
HR applications and processes offer prospective employees the ability to connect
their LinkedIn profiles and or upload their current resumes. Either way, the process still requires them
to enter the same employment and education history that can be found in those
sources. This duplication of effort is time
consuming, frustrating and leaves a bad first impression of the corporate
brand. 2015 CMO / CEO View: The Chief
Executive Officer came up through finance and is pretty much a numbers
person. And, as you might suspect, the
CEO takes special interest in things that increase revenue, decrease costs, or
mitigates risk. In short, that means the
question “What’s the ROI?” is never
going to be far from the surface. The
CEO is taking the stage now to kick off the meeting. Let’s listen… “What is currently
impossible to do that if it were possible would change everything.” That’s an
interesting question to open the meeting with… “Well, use the hashtag
#ItsPossible for today’s meeting because we’ve got big news!” OK, the
CEO is more than just a numbers person!
The CEO understands the importance of leading by example and is not
afraid to leverage the new social platforms.
It’s going to be a fun year! |
Does Your Personal Brand Need a Picture of a Truck Behind It?
Posted on February 10, 2015 at 3:21 PM |
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Is a man with a truck sexier than a man without a truck? According to the folks from Chevrolet the
answer is yes. Take 30 seconds to watch the video below and
listen to their focus group discuss the matter.
So, how much do trucks costs these days?
After all, I might need to haul something! I also found a survey by Insure.com
that states that women say that attractive men tend to drive black Ford pickup
trucks. While men reported that
attractive women drive red BMW sports
cars. OK, you’re really not going for “sexy,”
so a new truck or sports car is not the answer.
But, you’d still like to see your personal brand get noticed every now
and then. In fact, there is currently a
content marketing arms race in play around this very topic. Don’t believe me? Can you answer yes to any of the following
questions? 1. Do you feel like
you are blogging for your life? 2. Tweeting to save
the family farm? 3. Writing, shooting
photos and video, and podcasting to demonstrate that you are the
“thought-leader,” “trusted advisor,” “expert guru” and “growth hacker” for your
industry? Yes, I thought so, and features like “Who’s Viewed Your Profile”
on LinkedIn provide guidance on whether or not your profile is being searched
or reviewed by your peers as result of your efforts. A new truck or sports car is going to cost
tens of thousands of dollars. The
information below was recently presented at an American Marketing Association
SIG meeting. It will help you with your personal
branding efforts without breaking your bank account. |
Disruptive Strategies for Winning Customers
Posted on February 9, 2015 at 1:02 PM |
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I grew up in Grinnell,
Iowa, a small town in the rural Midwest. It’s not exactly the place you would
expect to find one of the most prolific scoring basketball teams in the nation.
The “Grinnell System,” Grinnell College’s
run-and-gun offense is considered unorthodox, even chaotic, but it is fun to
watch. Grinnell
teams
have led all playing levels in scoring for 19 of the past 21 seasons, while
ranking first in the country in 3-point shooting for 17 of the past 21 years. According to Head Coach David Arseneault’s
book titled “The
Running Game: A Formula for Success,” his strategy is based on five basic
principles: 1. The team must take at least 100 shots in a game. The goal is to attempt a shot every 12 seconds and try to get
the ball back within 10 seconds. 2. More than half the shots need to come from the three-point range. A sharp-shooters dream. Thirty-six different Pioneers have made
a record-setting 6 three-point shots in a game. Most schools are lucky to have
one player with that record. 3. Shoot 25 more times than their opponents. This requires discipline and a complete understanding of the
overall strategy. In the words of one player, “you need to keep jacking it up.” 4. Offensive rebounds need to be garnered on 33 percent of the shots
the team takes. This requires high
energy and complete focus on positioning. 5. Finally, the team needs to create 32 turnovers with their press
defense. This requires a steady
stream of fresh players. Grinnell uses all its players in every game, and
five-player substitutions are not unusual. In
short, Grinnell shoots before they can turn it over, and they create a tempo of
play that fosters confusion and frustration with their opponent. By doing so,
it often gives the Pioneers an opportunity to win with lesser talent. That’s an
important point because as a Division III school, they do not offer athletic
scholarships. Grinnell’s strategy is
creative, innovative and fun. Is there an application for smaller organizations
as it relates to customer acquisition and loyalty? I think so,
because when tiny Grinnell executes on their strategy they win at a 95% clip.
Innovation is often disruptive to larger existing organizations and this
provides smaller enterprises with an opportunity to level the playing field.
Possible applications in the current economy include: 1. Take more shots. Translation:
Break large marketing campaigns into several highly targeted micro campaigns
based on continuous selection of the best customers. 2. Take the big three-pointer first. Translation: Do your P&L
homework upfront and structure the best offer immediately. Don’t hold back,
consumers with cash and a willingness to spend it are in short supply right
now. 3. Shoot more often. Translation: Monitor trigger
events (contract dates, service calls, etc.) closely and nurture two-way
relationship-building conversations. For example, if a service contract is set
to expire don’t wait to begin renewal conversations. Stalling is not the best strategy
in today’s economy. 4. Position for rebounds. Translation: Monitor social
media and understand how your brand is positioned. 5. Press to force turnovers. Translation: Leverage and
engage your entire organization as it relates to customers and prospects. Your
opponents may drop the ball and you’ll want to take immediate advantage. The run-and-gun isn’t without its
flaws; particularly on the defensive end. For example, Grinnell once scored 148
points in a game and still lost the contest. Even so, you can bet the entire
audience was fully engaged. |
The NFL’s Twitter Winners and Losers
Posted on February 4, 2015 at 11:04 AM |
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In September at the beginning of the season
I posted a short article related to NFL
teams Follow-to-Follower ratios on Twitter.
In short, NFL teams like most major brands do not follow back their fans
or customers: As you can see, the average NFL team was
following back just 0.46% of their fans in September. That ratio now stands at 0.40% which means the
average follow back strategy didn't change much over the season. Now that the Super Bowl is over I've taken
the time to update these statistics to see how the league performed in other
areas. We
Follow Winners Note to the NFL, we like to follow teams
with winning records. The average
Twitter follower growth across the NFL was 18.6%. Three teams posted more than thirty percent
growth: Seahawks 34.7% Cardinals 30.9% Patriots 30.7% “There are three kinds of lies: lies, damned lies and statistics." ~ Mark Twain Two of those teams were in the Super Bowl. Did that have a big impact coming at the end
of the season? I don’t know, but I will say
the results above bring up more interesting facts: Patriots 1,232,782
Followers *Most Followed Team in the
NFL Cardinals 157,941 Followers *Least Followed Team in the NFL According to Forbes,
the Patriots market value is $2.6B making them the second most valuable
franchise in the NFL. The Cardinals are
25 on that list with a market value of $1.0 billion. We
Don’t Follow Losers Yes, that suggests the three teams with
the least amount of growth did not have a good year: Jets 6.7% 4 – 12 record Vikings 11.3% 7 – 9 record Raiders 11.6% 3 – 13 record “I was gratified to be able to answer promptly, and I
did. I said I didn’t know.” ~ Mark
Twain The Vikings and Raiders are ranked 20
and 28 by Forbes placing their value in the lower half of the
league. Both teams also have fewer total
followers than the average NFL team. However,
the Jets are ranked sixth in value and have more followers than average. And here is another interesting observation;
the Jets actually follow back 12,818 fans which puts them in second place for
follow backs. What does that mean? I don’t know, I said it was interesting, I
didn’t say I had the answer. “This
Copyrighted Broadcast is the Property of the National Football League” NFL teams broadcast on Twitter; they don’t
follow back for purposes of personal engagement. But for the sake of measurement, which teams
improved the most (increase in follow backs)? Patriots 71.2% Lions 18.5% Raiders 17.2% Of course the Patriots were only
following 66 profiles in September, so the fact that they now follow back 113
doesn’t really mean they’ve changed their strategy. For the record, 12 teams actually decreased
the number of profiles they were following over the year. The Chargers remain far and away the winner
based on the fact that they follow back 29,524 fans. Why don’t teams follow back all of their
fans? Would it take away their brand
prestige? Would the process and cost be
too great to implement a strategic follow back plan? If they can get bent out of shape over how
much air a football has in it I would think they would care even more about how
their customer base would react to a new social engagement strategy. The
Million Follower Club Finally, two teams now have over one
million followers: Patriots 1,232,782 Cowboys 1,141,868 The Cowboys are “America’s Team.” This sounds kind of strange to say because …
“Patriots” … well, that sounds pretty American to me. Forbes ranks the Cowboys first in value at
$3.2B, and the Patriots are ranked second at $2.6B. Well, if nothing else, they can both afford
to buy a few followers … I see them for sale all the time… 1,000 followers for
$2. Who knows, perhaps one of those
lowly Twitter draft choices will be their next great Twitter influencer play
maker. |
How Quickly Can You and Your Organization Adapt to Change?
Posted on January 31, 2015 at 2:24 PM |
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I’m where I am today because of the 1980’s
oil crash. If not for the oil crash I
may not have gone on to get my MBA. If
not for the crash I probably would not have ventured into the technology
industry, first with NCR Corporation and then other organizations. For that matter I may not have moved to Ohio. I was from Iowa, in the heart of the
corn patch. But after completing my BBA
in 1981 from Abilene Christian University I could see that the West Texas oil
patch was booming. I grew up baling hay
and detasseling corn and had no idea what logging, acidizing or fracking an oil
well meant. But I learned quickly and
before I knew it I had five years invested in the patch. I was selling oil field services to oil
company executives, geologist and petroleum engineers, and it was fun. And then the boom turned into a bust. I’ll spare you the details; let’s just say
that many lives changed forever. I never
returned to the patch. Many of my
contacts did not either. When you are in
your 20’s you don’t really consider the need to reinvent yourself because you’re
still establishing your credentials in your first “real world job” out of
college. But that is exactly what many
of us had to do. Petroleum engineers and
geologists retooled to become high school math teachers, and oil field sales
people became technology marketers. That
early experience had a profound impact on my view of the intersection between
change and adaptability. Attitude… An attitude that supports lifelong
learning is valuable during change. Is
it important to my job today that I still understand oil field jargon? No, not really. But what I learned while engaging oil field
executives, engineers and roughnecks in a wide variety of environments is
priceless. Yes, those early interactions
helped later as I adapted and learned to work with other executives and influencers
across different industries. Each change
the economy throws at us provides another opportunity to dig deeper and learn. It’s also important for organizations to
stop putting individuals in permanent boxes.
People reinvent themselves all the time.
Sometimes out of necessity, and sometimes just because they are ready
for a change. And when those individuals
reemerge they bring a unique perspective to the job that a “lifer” never
will. I’m not saying you should throw your
long-time experienced people under the bus.
I am saying that it really doesn't take years and years to learn the ins
and outs of your industry. I know some
want to believe that it does, but my experience tells me that it doesn't. What you may need to add to your organization
are individuals who have a passion to learn and a track record for taking
chances and being able to quickly adapt to change. |
Social Media Networking for Sales Results
Posted on January 30, 2015 at 4:03 PM |
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Are the targeted executives you are trying to get the attention of
using social media to shop, or are they really looking for prospects themselves? Perhaps both, with some education and
networking mixed in; I don’t have any market research to state a firm
conclusion. However; I do believe that
most executives are tuned-into station WIIFM (What’s in it for me?) just like
the rest of us, and they are seeking to promote their company and causes too. That’s why I find it interesting that so many
meeting requests contain the following leading sentences: · “Alan, I
was looking at your profile and thought you’d be interested in our solutions.”
(Followed by a laundry list of their products or services, and a request for a
meeting or demo). · “Alan, based
on your background I thought this information would be of great interest.”
(Again, followed by the laundry list and request). · “Alan, your
profile came to my attention. First, a
little about my company.” (Yes, followed by the meeting or demo request). We all understand that social media, particularly LinkedIn, can be
effective for finding the persona’s that match your target market. You can search profiles based on job titles,
location and several other factors. Once
you find a targeted persona it makes sense that you would want to make contact
and try to start a dialogue. It’s at
this point that “social media networking for sales” strategies face a fork in
the road. The Path Heading Left This strategy is based on numbers and speed. If I send 100 messages with the “I thought
this would be of interest” phrase I’ll get X number of responses, that will
result in Y number of meetings, that will result in Z number of sales. Just work the math quickly and the
probabilities will take care of everything.
Yes, even a blind squirrel will find a nut every now and then. In my opinion, hoping that the profile I’m
getting ready to approach is actually in the “search” mode because they are
actively feeling “pain” from a problem that my solution will fix is … well, as
they say “hope is not a strategy.” The Path Heading Right This strategy is based on human nature, and the fact that most people
don’t like to be sold – but they don’t mind buying. The initial communication might read
something like this: “Alan,
you have an interesting background and I’d be honored to learn more. In the spirit of networking for mutual
benefit I’d like to propose a 20 minute phone call. In the first 10 minutes let me know what you’d
like most for me to know about you and your solutions. And in the last 10 minutes I’ll do the same
for you.” Sounds a bit like asking for an elevator pitch doesn’t it? No demonstration request. No request to disclose “what keeps you up at
night” or “what projects are you currently budgeted for” as if they were
required to answer lead qualification questions from someone who is still a
stranger at this point. In fact, there
is no assumption that they currently need my solution or help at this time. But I have acknowledged a professional respect
for their background and time, while offering them a mini opportunity to pitch
me, if they feel my background is worthy. Will this make your lead generation process take longer? Yes, probably. After all, it takes time to build trust-based
relationships. Will you get more meetings
by taking this approach? I can’t say
because I don’t know you or your company.
But I do know that social networking for business works best when it’s a
two-way street. |
Are Your Social Media Icons Holding Your Business Back?
Posted on January 21, 2015 at 11:37 AM |
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It was a lively face-to-face business networking
event. As you might guess, social media was
a hot topic. Of course business cards
were exchanged as many of the attendees represented agencies that promise to be
able to bring social magic to a brand. But
what I found most interesting happened later, when I visited several of their
corporate social media pages. What
became clear was that many of the profiles had not posted content in several
weeks, and in some cases, months. Mind
you, all the major social media icons cover their business cards, stationery
and websites. As you know, the conventional
wisdom here is to provide a social signal to customers and prospects: “Like us,
follow us, connect with us, have a live conversation with us – we’re here to
engage you with our content!” Well, not really … “here” that is. Yes, they’ve established a profile, and they
are proudly displaying all the social media badges, but they are not maintaining
or updating their presence. And that’s a
problem because that lack of attention could be sending a signal that actually
hurts their business. Hold on Alan, what
do you mean? Well, as you know, “you
never get a second chance to make a good first impression,” and here
are a few thoughts that might be going through your prospects mind: 1. “I don’t see any recent activity. If I do post something here is anyone going
to respond?” This is kind of
like providing a phone number that you never intend to answer. Or providing a store front address that never
opens its doors. Or like ignoring
important email. How does that generally
work out for a business? 2. “I don’t see any
recent activity. Are you still in business?
Or can’t you afford to hire someone to be in charge of this
communication channel?” Now they’re questioning your financial
stability. That’s not something you want
customers, prospects, business partners or your banker thinking. 3. “I don’t see any
recent activity. You haven’t posted
anything new or worth reading in weeks.
I guess there is nothing new with you.” OK, now they are
just plain calling you boring. If you
happen to be a marketing agency with a focus on social media you’re in deep
trouble. When you think about it, how
many businesses want to be labeled boring? 4. “I don’t see any
recent activity. Your website talks
about creative content-based marketing with social channels, and the ROI that
can be achieved. I guess it doesn’t
really work, or you’d be doing it.” This is an agency
example and your prospect just said that you don’t “practice what you preach.” So now your “credibility” is under
question. And all those nice marketing
awards displayed on your website are not going to help. Who would have thought? Those social
media icons can look so innocent when they are displayed on a business
card. But they really do send a loud and
challenging message. Don’t take that
message lightly. |
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