The 6 Essential Components of Modern Marketing 2.0


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Interested in getting more from your marketing team? Upgrade from Old Style Marketing 1.0 to Modern Marketing 2.0. These are the 6 essential components.

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The 6 Essential Components of Modern Marketing 2.0

  1. 1. Including definitions of Marketing 1.0 versus Modern Marketing 2.0 The 6 Essential Components of Modern Marketing 2.0
  2. 2. 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 - 2
  3. 3. Modern Marketing 2.0 looks like this: 3/28/2014Bruce E. McDuffee - 3 Let me say one more time, this stuff (Modern Marketing 2.0) works. I’ve used these strategies, tactics and tools to grow a boring electronics manufacturing business in the range of 10 and 20 percentage growth rates. • 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.
  4. 4. Six Essential Components These are the six core components required to implement Modern Marketing 2.0. 1. A formal marketing plan 2. Tech savvy/content savvy professional marketer as the leader 3. Marketing integrated business culture 4. Modern technology and tools 5. Content based marketing strategy 6. Executive team sponsorship 3/28/2014Bruce E. McDuffee - 4
  5. 5. 1. A formal marketing plan 3/28/2014Bruce E. McDuffee - 5 Every company should have a formal Business Plan which contains a formal Marketing Plan. Sadly, most do not have either. In order for any marketing strategy to work, including Modern Marketing 2.0, the fundamental questions must be addressed and will act as a basis for daily tactical and longer term strategic plans. A Formal Marketing Plan includes these pieces: 1. Executive Summary 2. SituationAnalysis 3. Objectives & Issues 4. Target Market Analysis 5. Marketing Strategy 6. Marketing Programs 7. Financial Plans 8. Measurement & Controls
  6. 6. 2. A tech savvy, content savvy Marketing leader 3/28/2014Bruce E. McDuffee - 6 Modern Marketing 2.0 relies on modern technology. The two primary pieces are Marketing Automation integrated with the CRM tool. There are many types of technology available to the modern marketer and it is essential to have a leader who is able to assess the technology and make educated choices. Even more important is a leader able to fully utilize the technology. As discussed earlier, Modern Marketing 2.0 relies on developing and distributing content that engages the target audience early in the buying cycle. It is critically important that the leader understands the underlying strategy and tactics of using the expertise, experience and knowledge to engage. Otherwise, you’ll just end up with a bunch more brochures and spec sheets. It’s not enough for the leader to just know about the technology, he should also know how it contributes to revenue and growth.
  7. 7. 3. Marketing integrated business culture 3/28/2014 Bruce E. McDuffee - 7 It’s tough for the CEO to take his lead marketer seriously. For years he’s heard about clicks, likes and open rates silently thinking to himself, “who cares?” Marketing has never shown any real contribution. The CEO only sees Marketing as a line item on the income statement under the ‘cost’. It’s no wonder 80% of CEOs don’t trust marketers while 91% do trustCIOs andCFOs. If your head marketer isn’t able or willing to show contribution to the growth of your business, get rid of her. You need a Modern Marketing 2.0 leader. The only way for this strategy to succeed is to include the marketing leader at the strategic table. The Marketing leader should be capable of contributing to the business strategy, proving the value of his marketing strategy and contributing innovative concepts to stay ahead of the competition.
  8. 8. 4. Modern technology & tools 3/28/2014Bruce E. McDuffee - 8 Chances are you do have a CRM in place to help track opportunity pipeline and sales person performance. That’s a good thing. You may even be shelling out thousands of dollars a month on a MarketingAutomation Platform (MAP). And, chances are also good that you have a number of other platforms, software, SaaS, etc. scattered about in their respective silos. Modern marketing technology is essential for Modern Marketing 2.0 to achieve that double digit growth by taking market share from your competitor. Even more important is full implementation of the technology and even more important than full implementation is full socialization within the global marketing team. Hint: Major mistake (among many when it comes to technology) some companies make regarding marketing automation is trying to centralize the use at a HQ location. Every marketer should be a competent user of the MAP.
  9. 9. 5. Content based marketing strategy 3/28/2014Bruce E. McDuffee - 9 Developing a content marketing strategy and executing on that strategy is foundational to the success of Modern Marketing 2.0. It is difficult to do it right, but the payoff is enormous. The term ‘content marketing’ is approaching the iconic stage these days. However, the term is poorly defined. If you got 10 marketers in a room and asked each one to define content marketing, you’d get nearly 10 definitions. As an essential component of Modern Marketing 2.0, ‘content marketing’ means creating, distributing and measuring useful and helpful papers, videos, FAQs, seminars, webinars, podcasts, et al. It does not mean creating more product brochures. When thinking about ‘content’ in relation to growing a business, remember, it’s not about the product it’s about sharing expertise to help those in your target audience do better. Make no mistake, content, as described herein, is the foundational element of the Modern Marketing 2.0 strategy but it must be useful and helpful for the people in the target market, not a list of why your firm and its products are so great. Content marketing on its own is effective, but not nearly as powerful as being integrated to a holistic Modern Marketing 2.0 framework. Try to avoid wee-weeing all over yourself; ‘we do this’, ‘we are that’, ‘come and look at our stuff’, ‘we’re a global leader’, ‘we are great’, ‘we have this’, etc.
  10. 10. 6. ExecutiveTeam sponsorship 3/28/2014Bruce E. McDuffee - 10 There is a distinction between buy-in and sponsorship. It is critically important for the executives in the C-suite to act as sponsors and for the CEO to be the champion for the MM2.0 effort. Without high level sponsorship, it will be difficult to obtain buy-in. All stakeholders must understand the MM2.0 concept and at least buy in to a pilot program. Stakeholders may include: • C-suite:CEO, COO, CFO, CIO • Product development leaders • Sales team leaders and members • Marketing team • Business management leaders
  11. 11. “Insanity is defined as doing the same thing over and over again and expecting different results” - Albert Einstein 3/28/2014Bruce E. McDuffee - 11
  12. 12. 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 - 12 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
  13. 13. 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 - 13
  14. 14. 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: Website: Knowledge Marketing for Industry Blog: GrowYour Business with Knowledge Marketing My LinkedIn Profile: 3/28/2014Bruce E. McDuffee - 14