6 Stops on the Journey to Modern Marketing

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6 Stops on the Journey to Modern Marketing

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An easy to understand 6 stop journey to start you on your way to building a Modern Marketing team known for generating revenue.

An easy to understand 6 stop journey to start you on your way to building a Modern Marketing team known for generating revenue.

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  • 1. Visit these 6 offices and convert your Old Style Marketing 1.0 cost center to a Modern Marketing 2.0 revenue generation machine. Your Journey to Modern Marketing 2.0
  • 2. Picture yourself visiting these offices on your journey. 1) Office of Sponsorship. 2) Office of Optimization. 3) Office of Sales Alignment. 4) Office of Content. 5) Office of Marketing Automation. 6) Office of Analysis & Optimization. 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 2 Click here to view Prezi Suppose you’re a brand newVP Marketing for Acme Corp. You arrive on the job and after assessing your inherited Marketing function, you realize Acme is marketing like it’s 1995. As a progressive marketer, you know 1995’s marketing won’t cut it in this modern age. As you embark upon your journey to update the Acme Marketing Function to a Modern Marketing 2.0 powerhouse, picture yourself on a journey through the hallways or cube maze touching base with each of these offices. These may not be actual offices, but they are all critical epicenters within any organization that must be embraced and made real in order for Modern Marketing 2.0 to deliver revenue and cement your Marketing function as a revenue engine atAcme. Who knows, maybe your success places you in line to be the next CEO
  • 3. Your current marketing function might look like this: Old Style Marketing 1.0 • A cost to the business • A group of people in the back cubicles who manage the brand, create brochures, set up tradeshows, send some emails, and do what the product and sales people tell them to do. • No idea about effectiveness of generating revenue, leads or opportunities. Your head marketer tells you about clicks, views, likes, exposures, cost per this and cost per that. All useless information for the executive team. • A crappy, dirty database with more holes than a hunk of good Swiss cheese resulting in generic, intrusive, useless outbound messaging. • Maintains a one-way website hosting nothing more than digital brochures and an e-store that sucks up more revenue than it brings in. • Prepares messages about product features without any real knowledge of the positioning, value proposition or perceptions of the marketplace. • Does whatever the sales or product people tell them to do without any thought, question, planned strategy or tactics. We call this ‘seat-of-the- pants’ or ‘ad-hoc’ marketing. • No wonder companies with Old Style Marketing 1.0 are only growing 1-2% this year! 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 3
  • 4. Modern Marketing 2.0 looks like this: 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 4 • A revenue generator. A revenue engine for the business. • A written, current marketing plan. • A strategic partner providing high value in aligning modern marketing strategy, tools and teams to the business goals. • Metrics obsessed to ensure it is known what works great, what works OK, what does not work and what has failed in order to optimize and iterate for optimum spend and absolute growth. • A high value, clean and comprehensive database from which to market, cross sell, up sell and analyze via relevant and timely messaging. • Maintains a website designed to have a conversation with visitors by delivering relevant dynamic content tailored to the visitor. • Strategic positioning, value propositions that resonate, messaging about the customer’s needs. • Tactics that funnel large numbers of qualified leads who are ready, willing and able to buy. • Producing high value, useful, helpful marketing material, events and activities engaging early in the purchasing process. • Understands technology and fully leveraging technology for efficient and scalable marketing teams and activities.
  • 5. Modern Marketing 2.0 -What’s in it for you? 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 5  Increase revenue beyond your wildest dreams.  Pass more high quality leads to sales until they say ‘Uncle’  Take market share from your lame competitors still on Old Style Marketing 1.0  Effortlessly scale your marketing team and resources (they’ll love it too)  Establish Marketing as a Revenue Engine.  Live the nirvana of Modern Marketing 2.0
  • 6. 1. Office of Sponsorship 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 6  Marketing 2.0 success depends on thorough and deep buy-in throughout the organization. In many companies (actually ‘most’ companies) the culture is built around the product (or service). Typically, when you ask an employee about the firm they work for, they will describe the product or service the firm provides. Once in a while, you might hear about the value proposition, but you will almost never hear about how the offering solves customers problems.  To realize a shift from product centric to customer focus, you will need to have executives and/or company leaders talk the talk and walk the walk. Your top executive is your most important (even critical) sponsor and should be your most vocal evangelist.  If you can’t gain sponsorship at the highest levels of the organization, it will be very difficult to achieve the nirvana of Marketing 2.0. Click here to view Prezi
  • 7. At the Office of Sponsorship, it is critically important to gain key stakeholder buy-in. 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 7 After you have secured the sponsorship of the senior leaders, it’s time to start courting your key stakeholders. These key stakeholders will vary from firm to firm. Stakeholders may include:  Sales managers  Key Account managers  Marketing managers  Product managers  Business managers  Who else would you include? It’s helpful if they start to hear rumblings or hallway discussions from the senior leadership team before you engage with the stakeholders. This will help facilitate the discussion. It’s not necessary (and probably not even realistic) to have 100% buy-in from the stakeholders. The holdouts will jump aboard as soon as Marketing 2.0 starts to show results. The holdouts may (and often do) become your biggest advocates down the road.
  • 8. 2. Office of Optimization 1) Write down a Marketing Plan/Strategy 2) Develop a Content team 3) Set up a Marketing Operations team 4) Build a culture of digital, automation and technology 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 8 Click here to view Prezi
  • 9. 2. Office of Optimization (cont.) 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 9  It is highly likely the existing marketing team is set up around the old Marketing 1.0 model. Review slides 2 and 3. The team will have to be optimized to support the new ways of thinking, operating and the tools to support the new Marketing 2.0 model.  Optimization depends on many factors and should be determined on a case-by-case basis. My recommendation is to optimize the team around 3 basic functions: 1. Marketing Strategy 2. MarketingOperations 3. TheContentTeam
  • 10. The Marketing Strategist The Marketing Strategists are the focal point for Marketing 2.0. They should be the central liaison to interface with key stakeholders around the entire Marketing 2.0 function. The Marketing Strategist holds responsibility for the strategic marketing plan and management/execution of the outbound and inbound plans and activities. Depending on your firm and the basic operating strategy and function, the Marketing Strategist may be aligned to product group, geography, target market, business area or other vertical dimension. Typically, the Strategist will also manage and direct:  Competitive analysis  Events  Content road map  Measurement and optimization 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 10
  • 11. Marketing Operations 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 11 TheOperationsTeam will be responsible for the management of the digital tools. Tools may include but are not limited to the tools to support the new Marketing 2.0 model. following: • Marketing automation • Web content management system • Marketing portion of CRM • Collaboration tools • Other marketing specific tools Some typical functions governed by the operations team: • Creation of templates • Training • Optimization • Vendor management • Integrations between platforms
  • 12. Build a ContentTeam 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 12 Marketing 2.0 is built around a content marketing strategy. Content Marketing engages people in the target audience by giving them information, education or entertainment they see as valuable. Content Marketing can be difficult to implement, difficult to gain acceptance and difficult to maintain. Although Content Marketing is a fairly complex strategy to implement, we won’t go into depth in this discussion, but developing a ContentTeam is integral to a Marketing 2.0 function. TheContentTeam could be internal, outsourced or some combination.
  • 13. The ContentTeam 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 13 A medium size company could start with the following team members: • ContentChief • Managing Editor • Journalist • Designer • Social Media Manager • Web Manager/SEO Expert Content Chief SMEs Vendors Managing Editor Journalist Designer Social Media Specialist Web Specialist
  • 14. 3. Office of Sales Alignment In addition to obtaining buy-in of key stakeholders and sponsorship of the executive team, a critical success factor is the alignment of the sales and marketing teams. Ideally, both sales and marketing functions fall under one leader. 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 14 Click here to view Prezi
  • 15. 3. Office of Sales Alignment (cont.) 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 15 In a broad sense, alignment is defined as:  Establishing an understanding and agreement to the marketing strategy and tactics.  Establishing common KPIs and/or bonus factors.  Agreement on common definitions of the pipeline stages and terms  Agreement in writing covering service level agreements as to who does what when.  You may even consider doing away with the idea and function of separate teams and make everyone from the former sales and marketing teams a member of the commerce team, for example, under one leader.
  • 16. 4. Create Content 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 16  The ContentTeam should establish a process for generating ideas, creating assets, distribution and curation. Ideas for content should come from a cross-functional group. Establish an Editorial Board or group of ContentAmbassadors, for example, from sales, marketing, product development, business team and so on.  The Marketing Strategist is central to creating relevant and useful content for their particular vertical. Click here to view Prezi
  • 17. More about Content 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 17  Content should be designed with the consumer of the content in mind. Typically the content consumer is someone who will eventually decide to purchase (or at least influence) the thing you are offering for sale.The 'ideal prospect' is another way to describe the consumer of content.  Educational content works best for generating leads and/or beginning a relationship because it creates strong credibility.  Product specific content works well in later stages of the buying cycle as the prospect moves towards a final decision.
  • 18. Some popular types of Content 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 18 Consider these formats for some popular content: 1. eBooks 2. Blogs 3. Tweets 4. FB posts 5. LinkedIn shares 6. Technical papers 7. Webinars 8. Seminars 9. Infographics 10. Podcasts 11. Videos 12. Magazines The secret to scaling a content creation process with limited people and resources is to re-purpose, re-purpose and re-purpose.
  • 19. 5. Office of Automation 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 19 A robust marketing automation platform is the key component for efficiency, efficacy, scaling up and proving ROI. Without marketing automation, Marketing 2.0 is not achievable. Marketing automation facilitates these critical functions: • Email • Landing pages • Lead management • Sales enablement • Measuring and reporting ROMI • Lead scoring • Campaign management • Social media management • Progressive profiling • Form management • Delivering relevant content in a dynamic way • Reading digital body language
  • 20. 6. Office of Analysis & Optimization 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 20  There are two types of metrics that should be followed; Revenue Metrics and Marketing metrics. It’s important to present revenue metrics to the executive team and other stakeholders. Avoid presenting marketing (or cost per) metrics as proof of efficacy. Telling your leadership team and other stakeholders about cost per lead or cost per anything brands the marketing function as a cost center or an expense and thus a reduction to the almighty bottom line as opposed to a revenue generating function. Click here to view Prezi
  • 21. Revenue Metrics 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 21 Revenue metrics are the metrics you share with your CEO, CFO and other executives. These are also good metrics to share with the sales team and other critical stakeholders:  Net contribution  Contribution to new opportunities  Contribution to closed/won opportunities  Top campaigns by contribution  Revenue per lead  Revenue per attendee  Revenue per dollar spent
  • 22. Marketing Metrics 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 22 Marketing metrics are critically important to the efficiency and efficacy of the marketing strategy. DO NOT brag to your executive team or your sales team about clicks, views, opens, etc. They don’t care. But, these marketing metrics are invaluable tools for your internal (to the marketing team) assessment. Some common marketing metrics for monitoring the trends and effectiveness include:  Click through rate  Cost per click  Cost per thousand exposures  Cost per lead or attendee  Open rate (for emails)  Click to open rate  Web metrics
  • 23. “Insanity is defined as doing the same thing over and over again and expecting different results” - Albert Einstein 3/28/2014Bruce E. McDuffee - bruce@knowledgemkg.com 23
  • 24. Who am I and why did I write this Manifesto? Hello, my name is Bruce McDuffee. I help industrial companies increase their organic growth rates by creating and implementing a marketing strategy built around the Knowledge Marketing framework. I'm passionate about Knowledge Marketing simply because I know it works. It's an amazing way to go to market and I want to share my expertise and knowledge with your team. How do I know it works? As the Marketing Director of a global electronics manufacturing company, I increased the AMER growth rate from 4% to 20% with this Knowledge Marketing framework. I was able to work out most of the kinks, problems and issues in this test bed. Now I'm ready to help you realize extraordinary growth in your manufacturing business. Are you ready? At this point, you are either actively thinking WIIFM [what’s in it for me?] Well, here’s what’s in it for you:  Rapid revenue growth rate – potentially tripling your recent growth rate.  Take market share from your laggardly competitors.  Convert your marketing team from a utilitarian cost center to a revenue engine for rapid growth. 3/28/2014Bruce E. McDuffee - bruce@knowledgemktg.com 24 For more about me and what I can do for you: • FAQs about Bruce • Visit the web site • Send me an email • Fill out a form
  • 25. Ready to add 10%, 20% or 30% to your revenue? If you answered 'yes', then let's get started: • Step 1: Send me an email, fill out the contact form or call me at (303) 505-8009 and we'll schedule a 30 to 60 minute discovery call. (no charge for the discovery call) • Step 2: If you like what we discuss and if you think your organization is ready to increase growth and embrace the marketing function as a revenue engine. I'll prepare a custom proposal for your review. • Step 3: If you accept the proposal, we get to work. We agree on schedules and resources. We dig into your current marketing plan, strategy, messaging, etc. • Step 4: We set a plan of action and milestones (POA&M) and commence building your plan based on the 3 step framework. • Step 5: Watch your top line grow and reap the rewards. 3/28/2014Bruce E. McDuffee - bruce@knowledgemktg.com 25
  • 26. Call me to discuss, brainstorm or chat about Modern Marketing 2.0. Mobile phone: 303-505-8009 feel free to call during normal business hours Email: bruce@knowledgemktg.com Website: Knowledge Marketing for Industry http://knowledgemktg.com/home.html Blog: GrowYour Business with Knowledge Marketing http://knowledgemktg.com/blogs/ My LinkedIn Profile: http://www.linkedin.com/in/brucemcduffee/ 3/28/2014Bruce E. McDuffee - bruce@knowledgemktg.com 26