Generating Business in the New Normal Economy
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Generating Business in the New Normal Economy

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Generating Business in the New Normal Economy Generating Business in the New Normal Economy Presentation Transcript

  • Friday, June 6, 14Wednesday, June 11, 2014 Generating Business in the New Normal Economy
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Did you know? 18%Of TV advertising campaigns generate a positive ROI 54¢ Is the average return in sales for every $1 spent on outbound marketing 40%Of CMOs feel unprepared to meet consumer expectations about marketing in the future 7%Of companies have achieved leading edge performance with digital marketing 4%Of leads are generated through social media channels compared to other sources 79%Of marketing leads are never converted into sales due to poor lead nurturing Marketing is broken, with many marketing professionals and organizations still unprepared for the challenges ahead Sources: Connected Marketing (Kirby & Marsden), Turbulence for the CMO (Accenture), MarketingSherpa, MarketingProfs.com
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing Redefined Lead Generation Questions View slide
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 What marketing is not: With a huge proliferation of marketing channels, you can now interact with tiny segments of your audience multiple times a day – and you have to. No longer can you spend money on 1-3 channels and know you’ll have success. NOT Easy Many business owners think of marketing in terms of tactics, but successful marketing depends on a holistic, strategy-based approach. You can’t achieve success without integrating all initiatives and defining your business goals. Despite what you may have experienced, marketing is more than a tagline or the next big idea. Far beyond creative materials, marketing is fundamentally about generating business and driving bottom-line results. A successful marketing strategy can no longer rely on paying to get in front of prospects. Today you have to focus not on paid media but on owned and earned media, building differentiated assets that are worth sharing. NOT a Tactic NOT a Catchy Idea NOT Pay to Play View slide
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 What marketing is not: Effective marketing today is all about storytelling. You can’t rely on a dry presentation of facts through traditional messaging – successful marketers create stories that humanize their products and engage their audiences. NOT Corporate Interactions involved in the customer decision process now extend far beyond your marketing department. To improve all touch points, marketing must pervade your entire organization – we’re all marketers now. Marketing today is no longer the first step leading up to a sale. With so many opportunities to connect with your customers, marketing has to focus on their journey with your company before, during and after any transactions. NOT a Department NOT a Transaction Marketing is changing, and past strategies must give way to a new focus on customer interactions
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing redefined Marketing should serve two functions: first, to spur interest in your brand, and second, to identify and strengthen every customer touch point. Marketing decisions must now be made through the lens of your customers, keeping their long-term journey with your company in mind Brand Content Awareness Customer Service Fostering Communities Brand Advocacy Product Launches Targeted Deals Customer Input ReferralsBrand Monitoring Crisis Management Consider Evaluate Buy Experienc e Advocate Bond Monitor for trends and insights Respond to customer comments Amplify positive activity/tone Lead customer opinion shifts StepsinCustomerDecisionJourney Select, prioritize and budget the appropriate channels to create top of mind awarenessMonitor how customers are judging your brand, especially as you are launching new products Leverage CRM, landing page and E- commerce platforms to ensure a seamless buying experience Interact with customers during their initial usage of your product Make sure that any positive customer feedback is broadcast to other potential customers Keep interacting with strong brand advocates and offering rewards to loyal customers
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing can be divided into three categories Owned and earned media depend on your marketing assets. Your company must take the time to build out a clear message, differentiate yourself in the market, and develop new marketing assets to support your story Source: McKinsey Quarterly, November 2010 Most business owners focus on paid media, but owned and earned media are key to engage prospects and customers with your brand, and to achieve a long-term marketing advantage for your company
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Standout companies commit to beating the dip Many companies are not willing to invest the time and money in developing a compelling story, message and brand. Marketing done the right way is hard work. While you may not see the results right away, you have to focus on becoming number one in your niche. Marketing is not immediate, and it won’t provide instant gratification, but you can’t succeed in the long run without differentiating yourself
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 At its core, marketing is about generating business Like any other department in your company, you must judge your marketing efforts based on results, not awards. With new capabilities to quantify marketing success, you must hold your marketing department accountable for producing bottom-line results and generating business
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing Redefined Lead Generation Questions
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 7 lead generation myths SEO is important to generate traffic and support your website and online initiatives, but SEO alone will not generate leads for your business One-off email blasts are not enough to drive leads - you need a strategic campaign with targeted messages for each step in the customer journey Using Google paid search can be effective, but optimization requires constant management and strategic keyword and ad group set up While social media is important, the truth is these channels generate only 4% of company leads and even less for B2B companies ?? ? “SEO is all I need…” “But I sent an email…” “I set up paid search ads…” “I have to be on social media…”
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 7 lead generation myths The truth is, buying a list is no longer an effective way to communicate with prospects, and your focus should shift to other inbound tactics TV and direct mail are no longer the only marketing channels available, but they can still be effective and the associated costs have come down dramatically Cold calling can be effective, but only when integrated with other marketing tactics to support outreach and provide valuable content to prospects “Our lists are bad…” “Traditional media is dead…” “Cold calling is ineffective…”
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing must generate business – but how? After commissioning a survey of 450 marketing professionals, TribalVision identified multiple tactics that have been effective at generating business for B2B and B2C companies
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 The two paths to generate new business The two main strategies to generate business must focus on acquiring new customers and acquiring new business from existing customers Prospecting Customer Retention Sources: Customer Thermometer, Marketing Wizdom The Roads to New Business
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Prospecting tactics that dig beneath the surface Take lead generation beyond standard tactics, with examples of initiatives that are working for our own clients today Social Media Outreach • Identify and reach out to key influencers • Identify appropriate outlets to reach your audience, including publications, bloggers, media outlets, LinkedIn Groups, Twitter influencers, etc. • Execute targeted outreach through strategic outlets Media Buying • Use advanced analytics and metrics to ensure your media dollars are spent as efficiently as possible • Consider CPM, CPP and AQH frameworks • Monitor media placement over time Email Marketing • Launch sophisticated drip campaigns • Create a detailed email content calendar, with multiple messages for specific audiences • Develop custom landing pages and use A/B testing to optimize conversion rates Event Managemen t • Organize exclusive peer events where industry players can share views about their specific challenges • Establish thought leadership and credibility with prospects • Personalize all outreach and post-event follow up
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Prospecting tactics that dig beneath the surface Take lead generation beyond standard tactics, with examples of initiatives that are working for our own clients today Paid Search • Perform rigorous due diligence on keyword selection • Engage in A/B testing, practice effective bid management, and develop ad-group-specific landing pages Tradeshows • Coordinate trade show events including booth design, messaging and layout • Conduct personalized pre- and post-event outreach • Engage visitors and prospects with VIP invitations, cocktail receptions, contests and/or promotions Webinars • Identify key areas of interest for prospects • Include clear calls to action throughout the webinar • Conduct personalized outreach to attendees and no-shows, and leverage webinar recordings online for new prospects LinkedIn Outreach • Develop customized content for InMail messages, which are ten times more likely to get a response than email • Identify key prospects for targeted sales opportunities • Coordinate with marketing PDF’s and other offline content creation
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Retention tactics that drive new business 80% of your future profits will come from just 20% of your existing customers Decision Journey Optimizatio n • Analyze the customer experience at every stage of the sales cycle, including initial exposure, research, decision-making, and post-sales communication • Recommend methods to optimize the customer experience for long-term brand loyalty Customer Outreach Calendar • Develop a detailed outreach calendar to maintain personal contact with existing customers • Identify strategy to leverage multiple messages and marketing channels, depending on customer segment Database Segmentati on • Assess current accounts to prioritize customer growth • Identify cross-sell and upsell opportunities • Conduct specific outreach for A, B and C list clients, with customized sales deck for each segment
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Retention tactics that drive new business It can be up to 7 times more expensive to obtain business from a new customer vs. gaining additional business from an old customer Customer Advisory Boards • Empower customers to provide feedback and have a voice in your company • Assemble 5-10 key clients to offer feedback, help refine existing offerings and participate in product development Customer Summit Events • Unite your top customers in an active and collaborative discussion • Organize thought leadership discussions, feedback sessions and social bonding • Personalize outreach and thank yous to VIP customers Off-Peak Promotions • Target promotions to take advantage of non-peak hours or seasonal downtimes • Identify promising sub-audiences to target • Develop customized promotions, referral programs, flash deals and/or red envelope surprises
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Don’t forget about your sales force Monthly Targets Existing Accounts In-person Meetings Video Conferenc e 10 2 Former Accounts 3 1 Phone/ Email* 20 5 New Prospects 7 2 15 Your sales force is your most expensive marketing channel, and is absolutely critical to ensure lead conversion Make sure your sales team has clear goals, job descriptions, and targets to work towards, for both prospects and existing customers
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 "Because the purpose of business is to create a customer, the business enterprise has two--and only two--basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.“ -Peter Drucker
  • CONFIDENTIAL ‹#›Wednesday, June 11, 2014 Marketing Redefined Lead Generation Questions
  • Friday, June 6, 14Wednesday, June 11, 2014 Thank You!