Marketing Strategy Makeover

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Presentation given at the 2011 National Introducing Brokers Association (NIBA) conference in Chicago by Candyce Edelen and Phil Donaldson of PropelGrowth. Topics included content marketing and social …

Presentation given at the 2011 National Introducing Brokers Association (NIBA) conference in Chicago by Candyce Edelen and Phil Donaldson of PropelGrowth. Topics included content marketing and social media marketing for IB's.

Session was preceded by the debut of the video, "B2B Marketing [r]Evolution (Content Marketing)."

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  • The video we just showed you includes some pretty compelling stats demonstrating why an inbound marketing strategy is important. Here are some more stats specific to your business. Hubspot did a survey earlier this year focused on financial services firms. They found that LinkedIn is the most effective channel, followed by blogs. (what they didn’t measure is the correlation between the two. We get more traffic to our blog from LinkedIn than from any other source.)Hubspot also found in a broader survey of B2B companies, that of those who are consistently blogging every week, 72% have won customers through their blog
  • Aite Group did a survey focused on advisers and brokers a year and a half ago. They found that those using social media had higher revenue growth, faster growth in assets under management, and stronger growth in their client bases. While it was a smaller study, the results are still quite significant. When we talk about social media in this context, we’re not just talking about Twitter and Facebook. We’re talking about using online methods to get your message out and attract clients.
  • Fidelity recently surveyed more than 1,000 millionaires to find out how much they’re using the internet and e-media to conduct their personal business. The average age was 56. Fidelity found that an overwhelming 85% of millionaires are using electronic media. A smaller but growing percentage are using social media such as facebook and Linkedin. By comparison, Fidelity looked at the advisers serving this population and found that a much smaller percentage were using these tools. 66% of the millionaires want to use electronic media to communicate with their advisers and get educated. Bottom line, there is a lot of evidence that your target audience WANTS to engage with you online. If you’re not there, they’ll find someone else So let’s talk about how to capture this market
  • So today, we’re going to talk about how to do that. We’ll introduce you to a concept called inbound marketing, and contrast it to traditional marketing. Then we’ll talk about tribal marketing as a way to simplify the job of getting the message out. We’ll wrap up by talking about the difference between selling and educating – and how customers expect you to support them today.
  • Traditional marketing broadcasts a message to a generic audience. Its delivery interrupts the audience’s attention. You see this in print ads, television and radio commercials, telemarketing, and even email. The message is broadcast at the advertiser’s convenience.
  • This traditional method effectively “sprays and prays.” Putting out a message to as many people as affordable with limited targeting in hopes that a few of the right prospects will hear the message at just the right time and take action. The problem is that your prospects are being inundated with these messages, and they’re starting to go to great lengths to filter out what they perceive as noise unless they’re actively seeking a service. Because prospects have gotten so good at filtering, seller’s need to take a customer-centric approach in order to reach prospects when they’re looking for your services.
  • It no longer makes sense to send an advertising message to the many, in hopes of persuading the few.
  • The average person is inundated with over 2,000 marketing interruptions per day.They spend time and money on creative ways to block them out:Here are some common tools: caller ID and call screening, spam filtering, TiVo, and satellite radio.
  • Inbound marketing, simply put, is a strategy that focuses on getting found by prospects by providing them with needed content when they’re looking for it.The potential customer starts in Google by searching on relevant keywords. The prospect would spend time on each vendor's site, subscribe to the most interesting vendor blogs, subscribe to the vendor's customers' blogs, join an industry discussion forum, etc. Relatively late in the prospect's decision cycle, it would engage the vendor's (sales) people directly. The internet disproportionately favors small businesses since it enables them to position their niche goods to people shopping for that particular niche good
  • Using the inbound marketing model, sellers become advisers, providing information to guide clients in their decision process. By making helpful information available online, you can attract prospects to you at exactly the right time – when they’re looking for educational content and are ready to review it. As you provide relevant content on your prospect’s timetable and on their terms, you begin to win their trust. When the seller’s perspective coincides with or informs the prospect’s perspective, the result is a budding relationship built upon trust. Your goal should be to become a trusted advisor through each step of your investor’s decision process.
  • Inbound marketing is not something you will do in isolation from your existing outbound techniques. However, incorporating inbound methods can deliver substantial savings on your costs per lead. Hubspot surveyed B2B companies and found that the average cost per qualified sales lead using outbound channels is 2½ times more expensive than inbound channels.+
  • Findability is an essential factor in the inbound marketing equation. The degree to which your website contains content that is relevant to your target audience determines how many of your prospects find you online. Findability is achieved by getting to know how prospects are searching for your service and creating the conditions by which they quickly find you. Once prospects find you, they will be ready to engage with your content in a meaningful way because that’s what they were looking for. It’s about leapfrogging your competition in the search engine results and social engagement platforms.
  • The key to findability is knowing how your prospects will search when they’re looking for what you offer.
  • The conditions of findability are created when you tailor your website and its content to prospects from their perspective. Many companies make the mistake of developing strategies around their own company-centric (or “ego-based”) terminology. Unless your audience already knows your name and clever catchphrases, they will not search on those terms. They will use search terms that are meaningful to themselves, not your company. So how do you figure out what they’re using? Google’s Adwords Tool are valuable tools that help you take the pulse of searchers, find out what search terms they’re using and adjust your online content to appear at the top of their search engine results.
  • From your customers’ perspective, inbound marketing is the opposite of interruption marketing. It’s about making the content available to your prospect at just the precise moment when he or she is looking for it.
  • The Google Keyword Search Tool is a free utility found within the Google search site. It helps you to zero in on keywords and keyword phrases that your target audience is using to find subject matter that you are expert in. This adwords tool gives you a sense of how competitive a given keyword is and also tells you how many people search on that term monthly. To find this, search google for the term “adwords.” It will be the first search result.
  • When researching keywords, plug them into the Google search engine and check the area that says “something different” in the left column here to find related search terms people commonly use.
  • If you click “related searches, you’ll also get a list of related searches. This shows you how people tend to refine their search terms and can offer very helpful information to you in how people search for your services.
  • Serving a similar purpose, Soovie takes search phrases you enter and presents more targeted suggestions across various search engines. You can research using one search engine at a time or query multiple search engines at once. A search optimization expert can be very helpful in guiding you in using tools like this. If you need a referral to a reputable SEO firm, speak to us after the session.
  • In this section, we want to talk about something called affinity marketing, or what I’m terming “tribal marketing.” I’m deliberately going to use a provocative example here, so all compliance folks, stay calm….
  • Bernie Madoff was an expert in using the concept of affinity marketing. He appealed mostly to a wealthy Jewish immigrant sub-culture and created a tribal ethos that caused people to want to get into his inner circle so they could invest their money with Madoff. His whole approach in attracting new investors was a tribal approach.
  • If you look at the circle of people involved, you find that most of them had relationships with each other. Parents brought in children, investors brought in colleagues, relatives, and other close associates. The reason it worked was the close relationships between the people.
  • Now I’m not suggesting that you create a ponzi scheme, because it will only land you here, which is what Madoff deserved. But the concept of affinity marketing can dramatically improve your overall marketing results. So lets talk more about tribal marketing and how you can use it. First – what is a tribe? Here are a couple examples you’ll probably immediately recognize.
  • Red Hat Society – a loose tribe of middle-aged enthusiastic women inspired by the poem “When I am an Old Woman, I Shall Wear Purple”Tribes with a common ethos are loosely organized, have a tendency to grow over time and often inspire intense loyalty. How many of your mothers are unofficial members of the red hat society?
  • Here’s another example.Trekkies (or Trekkers) are famous for dressing up as their favorite characters and attending conventionsSo how does this translate to online behavior?
  • Trekkers are some of the most passionate and loyal fans. One trekker developed a podcast called Treks in Sci-Fi. This podcast inspired a community of members from around the world who contribute to the podcast and form a vibrant online community. Members also produce guest podcasts, adding content to the series. They have formed close friendships with other forum members. Some members have gone on outings together and even visited one another’s homes. Some have gotten work from their visibility in the community. All this from people who found value in the content provided and gathered to support and contribute. So these tribes may not be relevant to your business, but there are others that are…
  • TabbFORUM is a knowledge community that serves the Capital Market industry. TabbFORUM generates original content and invites their audience to submit content. Here analysts, journalists, traders, financial technology experts, exchanges, and other business professionals gather and engage in discussions around important industry topics. On hot button topics, a good amount of comments indicates a lively discussion. As a result of contributing to TabbFORUM, PropelGrowth has received business inquiries and won multiple clients.
  • As a result of one of our Twitter relationships, we learned about Let’s Talk FX, a community focused on topics around FX.This is a community limited exclusively to professionals and day traders involved in FX trading. Organized only a few months ago, it has several thousand members who interact, share content and market commentary, and interact with one another. It’s a great place to find people interested in trading FX, and also a great place to share your thought leadership content. Let’s Talk FX also organizes offline events where members can meet for networking and cocktails. Over 100 people showed up to the first event in London, and more than 50 came to an event this summer in NYC. We expect this community to continue growing both online and offline.
  • But those aren’t the only communities. LinkedIn gives you the ability to form and join groups organized around a specific interest or topic. We did a quick search for a few relevant groups and found these, but there are hundreds of others.
  • Tribal marketing is all about focus. Let’s face it: Futures trading appeals to a small group of people who likely have a number of similar characteristics. In addition, as IBs or CTAs, you each have your own unique trading strategies and approaches to working with clients that appeal to some prospects and not to others. Likewise, what would interest the mass market of investors might not interest the small group of active traders that you serve. It’s also likely that many of your target market network either through professional societies, social media networks, or other on- and off-line communities. Marketing to tribes is the practice of identifying the unique characteristics of your target market, figuring out what communities they participate in, and actively getting involved in that community. Social media offers a powerful medium to find these groups and participate. Finding and targeting specific tribes with your marketing message can be powerful. It allows you to sharply focus your message on a specific group with very similar interests. In the same way that a magnifying glass can concentrate sunlight to start a fire, a tight marketing message targeted to a specific audience is more likely to attract a following. This approach also quickly goes viral, as members of the tribe refer other members to you.
  • First look at your own customer base and identify common characteristics. Select the customers who best match the common characteristics you’re interested in attracting, and look those people up on Twitter, LinkedIn, Facebook and Google+. See who they’re connected to and who they follow. See if they’re members of LinkedIN groups. Join the groups they’ve joined. Follow their discussions on Twitter and FacebookQuietly watch them and listen to what they say online.
  • If you can identify your tribe, you’ll find it much easier to figure out your messaging. The key is to listen. Social media provides an excellent vehicle to find out what they’re saying and what they need so you can tailor your message to your target tribe’s specific interests. Once you know your tribe and have listened, you’ll be able to figure outWhat Content you should provideWhat keywords they’ll typically use to find itHow to share the content in the social circles where your tribe interacts
  • Once you’ve found your tribe, the LAST thing you should do is start selling. Now it’s time to start educating.
  • Today, buyers are increasingly suspicious of hardcore sales and advertising techniques. They want to control their own decision process, and they want to find the information they need to inform their decisions. Companies that effectively educate prospects can quickly gain advantage over competitors who push out generic marketing messages.
  • Content marketing makes use of blog posts, articles, white papers and webinars that take a topical approach to educating prospects and clients. This type of nurturing process creates relationships with prospects that help to build trust. Your clients need information to inform their investment and trading decisions. You can provide value by offering market insight, tools to help them evaluate market data, guides to help them evaluate their decisions, and strategies to help them understand and manage their risk. The more relevant, helpful content you provide, the more you will gain credibility with the prospect, the more trust you will build, and the more likely he or she is to select you as their broker.
  • Investors start out unaware of you as an introducing broker. How they may discover you:Start with a goalDissatisfaction with existing brokerThey may be a new investor adding products to existing portfolio.Looking for specialized information and knowledgeResearch online and print pubsWill find information on GoogleThey’ll start out looking for education first (not a broker). They’ll begin to commit to a plan based on what they’ve learnedNow they’re more ready to talk with a brokerThe providers of content they’ve come to trust will get the first chance at their businessThat’s why becoming a trusted advisor is so important
  • By publishing content that shows buyers you understand their problems and can show them how to solve them, you build credibility.
  • Content for an inbound marketing program can take many forms. It’s best to provide a mix of print, video and audio content.
  • This is an example of great thought leadership content that doesn’t cost a lot to produce but is considered high value by your prospects. This guy has a whole series of white board educational sessions. He hired someone to handle the camera, set up a white board, wears a lapel microphone, and walks his audience through important financial concepts on the white board. He’s delivering valuable educational content, demonstrating thought leadership, and building trust with his audience. This kind of content also gets shared virally. I found this through Twitter. Several people re-tweeted links to his content, and then one person I follow wrote a blog post about him and included links to his content.
  • Cathy Curtis is a financial adviser who focuses on women trying to establish financial independence. That’s her tribe. She provides great content that helps her clients and prospects better understand the financial markets.
  • Here’s an example from MF Global. They run a podcast series. If MF Global is your FCM, check into how you can leverage and possibly redistribute this content for your marketing efforts.
  • MF Global also provides a blog with excellent commentary and educational content.
  • To wrap up, here are some steps you can take in the next month to get started on inbound marketing.

Transcript

  • 1. MarketingStrategyMakeover
  • 2. Inbound Channel Effectiveness61%47%40%35%LinkedIn Blogs Twitter Facebook(HubSpot Surveys 2011)72% of B2B companies that blog weeklyhave acquired customers through their blog
  • 3. Social Media Delivers Higher Growth Rates
  • 4. Millionaires are Using Online Tools43%16% 16%85%34%28%66%0%10%20%30%40%50%60%70%80%90%Use ElectronicMediaUse Social Media Use LinkedIn Want to Use WithAdvisersAdvisers/Brokers MillionairesSource: Fidelity Investments Survey 6/2011
  • 5. What We Will CoverInbound Marketing vs. Interruption MarketingMarketing to TribesEducating vs. Selling
  • 6. Interruption Marketing Traditional marketinginterrupts theprospect’s attentionto deliver yourmessage.– Advertising(TV/radio/print)– Telemarketing/coldcalls– Email
  • 7. Spraying and Praying Seller’s perspective– We cast a huge netbecause we don’t knowwho is interested Prospect’s perspective– It’s unwelcome noiseunless I’m looking forwhat you’re offering
  • 8. “It no longermakes sense tosend an advertisingmessage to themany, in hopesof persuadingthe few.”— M. Lawrence Light,ex-CMO McDonalds
  • 9. “Your average human todayis inundated with over2000 outbound marketinginterruptions per day and isfiguring out more and morecreative ways to block themout, including caller ID,spam filtering, TiVo, andSirius satellite radio.“— Brian Halligan, HubSpot
  • 10. Inbound Marketing…is a marketing strategythat focuses on gettingfound by prospects byproviding them withneeded content whenthey’re looking for it.
  • 11. Inbound Marketing Seller’s perspective– Help prospects find your service– Deliver the right message at theright time to the right prospect Prospect’s perspective– Finding the right informationwhen I need it– Getting an education to help inmy decision processBuilding a Relationship Based on Trust
  • 12. Cost of Lead Acquisition
  • 13. Findability How your company and content getsfound online:– By the right prospects– Who are looking for you– Who are ready to engage with you Findability is based on how your prospects search– using search terms meaningful to them
  • 14. “Think about what a user is going to type.”— Matt Cutts, Google
  • 15. Creating the conditions of findability Find out how prospects are searching– Link building tools• Google Adword tool• Google Related Results• Soovie Use keywords and keyword phrases withinyour content– Website– Social platforms• Google profile• LinkedIn profile
  • 16. “Instead of one-wayinterruption, webmarketing is aboutdelivering usefulcontent at just theprecise moment thata buyer needs it.”David Meerman ScottMarketing Strategist
  • 17. Google Keyword Search Tool
  • 18. Creating the Conditions of Findability Soovie
  • 19. Tribal Marketing“Increasingly, the mass marketing is turning intoa mass of niches.“ Chris Anderson, Author Of The Long Tail
  • 20. Affinity Marketing
  • 21. What’s a Tribe?
  • 22. I’m not suggesting a Ponzi Scheme
  • 23. What is a Tribe?
  • 24. What is a Tribe?
  • 25.  Treks In Sci-Fi– Podcast andcommunity gatheredaround a sharedinterest in content– Interactive/collabora-tive podcast andcommunityWhat is a Tribe?
  • 26.  TabbFORUM– Industry communitybuilt around CapitalMarkets– Generates contentand solicits contentfrom audienceWhat is a Tribe?
  • 27.  Let’s Talk FX– Industry communitybuilt around ForeignExchangeWhat is a Tribe?
  • 28. Sampling of Groups on LinkedInGroup MembersForeign eXchange TRADER Network 6,079Forex Trading 5,097TradersLog.com 2,482Agricultural and Soft Commodity Futures Trading 1,107Crude Oil Futures Trading 406Phi-Traders (traders using Fibonacci levels) 480Trading Using Economic Data 119Managed Futures Group 3,511Technical & Fundamental Traders 5,385
  • 29. Why You Should Care About Tribes People who actively trade futures have similarcharacteristics They’re probably already networking together Your approaches will appeal to someprospects and not to others Finding your tribe is a powerful way tostrengthen your message
  • 30. Where to find Tribes LinkedIn Twitter Facebook Google searches How to identify your tribe– Look for common traits within your current client base– Characteristics: behavior, goals, clubs, LinkedIngroups, connections
  • 31. Listen to Your Tribe If you know who your tribe is, you’ll knowwhat your message is The key is to start listening– What are they saying?– What are they asking?– What are they sharing? Then you’ll know– What content they need– What keywords to use– How to share the content in their social circles
  • 32. Educating vs. Selling
  • 33. Content Marketing Educating your prospects and clients Investors need information to facilitate theirdecision process —– Help them understand the opportunities and risks– Educate them in how to made decisions– Teach strategies for managing risk– Demonstrate how to evaluate performance
  • 34. The Selection Process
  • 35. “By publishing content that showsbuyers you understand their problemsand can show them how to solvethem, you build credibility.”Ardath AlbeeAuthor Of Emarketing Strategies For The Complex Sale
  • 36. Elements of Content Marketing Blogs Video Articles E-books Briefings Podcasts Webinars Events (seminars)
  • 37. http://www.publicradio.org/columns/marketplace/whiteboard-blog/
  • 38. 7 Steps You Can Take This Month Inbound vs. Interruption– Ask your clients how they would find you– Incorporate keywords to make your site more findable Tribal Marketing– Review your clients for similar characteristics– Search LinkedIn for tribes you can target– Start listening Educating vs. Selling– Ask your clients what they’d like to learn– Prepare two short educational pieces (articles/blogposts/podcasts/videos)
  • 39. Thank You! Call: 201-751-9494 Email: cedelen@propelgrowth.com