by scott.gillum | Dec 10, 2012 | 2012, Marketing
Pinterest is likely to be the hottest social media platform for business marketers—next year.
Despite the hype and the record-breaking growth rates, Pinterest is not ready for business marketers; the demographics are wrong, the categories are too consumer focused, and there are significant copyright and measurement issues to overcome.
Still, there is ample evidence as to why Pinterest could be huge for business-to-business marketers. In many ways, Pinterest’s platform has the potential to offer far more value than Facebook and Twitter because of its ability to aggregate and naturally curate content. Here are five areas to watch:
- Traffic – Much has been made about Pinterest’s ability to drive referral traffic more than Google+, YouTube and LinkedIn. Traffic generated from pinning and repinning is important but most likely benefits small businesses(in particular, retailers). For larger organizations, the following areas may offer greater potential.
- Scannability – Business-to-business communication tends to be content heavy. There is a great deal of written content and it keeps expanding. Much like in the consumer world, business decision makers are becoming far more accustomed to searching visually. The Pinterest platform accelerates the process by aggregating and organizing images by category or theme, making it easy to search. For example, we are redesigning a corporate website for a professional services firm. Its “knowledge center” holds a deep repository of data-rich content and is now being reshaped to look like a Pinterest page to make it more inviting and searchable.
- Speed – That’s why it is essential to experiment with Infographics (visit Visual.ly for a starting point). As content becomes more crowded and competitive, audiences typically move faster. The average person reads between 200 to 300 words per minute, but visually it takes only 1/20th of a second to process an image. Mashable’s eye tracking study shows that Pinterest is also changing viewing habits from left to right, to top down the center, improving users’ ability to scan information quickly. Offering a “light visual appetizer” may stop audiences long enough for them to order the full content entrée.
- Natural Content Curation – This provides marketers the opportunity to capture deeper insights into audience consumption habits. For example, business marketers tend to organize content along the “buying process,” which is typically defined by steps in the sales process. Marketers may find that business audiences within Pinterest organize and consume content by categories or by a pinboard defined as “applications,” i.e., how they intend to use the product and not how they will buy it. This insight could help define the real purchase path and key influencers (pinners) along that journey.
- Affinity Data – As Scott Brave, CTO of Baynote, wrote: “Individual pinning choices are interesting, but there is even greater opportunity to analyze segments of people who express an affinity for a product or category in aggregate.” If available, this information could enable marketers to create new segmentation clusters based on common interests, which could help improve messaging and targeting.
“Clustering” could identify brand advocates, key influencers and connectors, local “hot spots” and new ideas for reaching them.
I realize that there are skeptics out there. I may even end up being one, but as we’ve learned with other social media platforms, if you don’t think there is value for the business marketing, there won’t be. Pinterest holds great potential, but that “potential” will only realized by those who seek to define or dare I say, “pin it.”
by scott.gillum | Nov 12, 2012 | 2011, Marketing
Original post date July 2, 2011
It was written 235 years ago. Between 200-300 copies were printed for towns up and down the east coast, and a few made their way to Europe.
Contrary to popular belief, the original copy contained no signatures and what it promoted was completely unique, new and…flawed.
The Declaration of Independence may very well be the world’s most famous press release. That’s according the curator at Independence Hall in Philadelphia, where it was written and approved in its final form (unsigned) on July 4th, 1776.
The signed copy we are familiar with was created later for ceremonial purposes.
I found it interesting to hear one of the world’s most famous and important documents being referred to as a press release during a class field trip with my son. The curator used the analogy because he said that there is confusion regarding the purpose of the Declaration:
… the goal of the document was to only articulate “What” and “Why,” not “How … ”
This history lesson is an important best practice from the Founding Fathers.
Lesson: Focus on effectively communicating ONLY “what “and “why.”
How many times have you written and/or read a press release that tried to say too much, or that lacked clarity on its objective?
Another interesting point from our visit was the struggle to form a new federal government (the “How”). Under the Articles of Confederation, the new federal government had no revenue source (taxation), and no real authority over the states. The states were sovereign, operating essentially as their own countries making decisions on their own currency, religion, and diplomacy with other countries.
Again the marketer in me saw the similarity to the power struggle between corporate marketing and other sales/marketing organizations (Product, Field, Region, etc.). Would history provide another lesson for marketers?
Know Your Customer
Congress struggled with governing under the Articles. Instead of revising the existing document, the Federal Convention decided to draft an entirely new frame of government. According to that curator, three key issues hung up the approval of the framework:
- Religion
- Slavery
- The power of the federal government (which many saw coming at the expense of the states.)
Addressing the religious issue was easy; they left it out of the Constitution. It was later covered under the Bill of Rights. On slavery, they reached a compromise by outlawing slave trade in 1808, twenty years in the future. But the single most important change was the shift from states to the individual in granting the federal government its power.
We the people of the United States … do ordain and establish this Constitution of the United States.”
The federal government now answered to citizens, not the states. State representatives and congressmen now represented the views and best interests of the people within their districts. By putting citizens first, the founding fathers established a focal point that transcended state interests.
Lesson: With the rise in social media adoption, marketers now can better gauge the direct needs and desires of their customers. Customers for their part are showing a willingness to engage like never before. Marketers are presented with an opportunity to shift focus from solely addressing and satisfying internal “state” needs to anticipating, engaging, and serving the needs of “citizens” … customers.
Is it time for a marketing revolution?
Although I’m a proud Virginian, I’m no Patrick Henry but I say marketers, it’s time for our own declaration … marketing by the people, for the people!
Happy Birthday America.
by scott.gillum | Oct 22, 2012 | 2012, Marketing
If you did something 400 times you would think you would be able to get it right at least once.
Not always, as we learned after being called in to help a well-known company draft their corporate value proposition…after they had already attempted 400 versions unsuccessfully. True story.
Outside of delivering consistent financial performance that meet expectations, creating an effective and impactful “Why Us” value proposition is the biggest challenge for most organizations. That 30 second blurb that explains to a prospect or customer who you are, what you do, and how you are different.
Why is it so hard? Companies are engaging with customers every day, and pitching their wares to new prospects just as often. Then why is it so hard to come up with a compelling and agreed upon “Why Us” story? Well, feel free to pick any one or more of the following reasons:
- Ownership – it’s everyone’s job…and no one’s job. The organization debates who should create the story, and as a result, it doesn’t get done or…
- Versioning – the good news is the company has a story. The bad news, there are many of them, none of them the same, and a new one is created for just about every new sales meeting.
- “Inward-out” – the story using internal jargon, it’s too long, reflects the company’s views, and not the needs of the customer or prospect.
- Non-differentiated – it focuses on the features of the product or services and not the benefits delivered to customers. As a result, it sounds just like everyone else in the market.
- “Same Page Syndrome” – this is the most fascinating of all. The folks responsible for putting together the story bring their own perspective on what the story should be. Using their own experiences, their role, and their history with the company, they all bring a different view on what the company does and why it’s unique. As a result, no one can get on the same page to describe the organization and its value…resulting in 400 rounds of edits and/or multiple versions.
Given this situation, how to do you get it right?
- Ownership – this is a collaborate process but marcom/corporate communication should own it. They are in the best position to understand the brand value, audience needs, and are responsible for external communications. Corporate starts the process and then cascades it down the organization to add more detail. They own the final version and the governance process to lock down “version de jour.”
- Go outside – start with doing external research looking at your target audience and industry competitors. This will help you understand “tablestakes,” how to define value, and differentiate services. It should also help eliminate the “internal speak.” See below.
Evaluating the Market
- Get on the same page – for many organizations, this is THE challenge. Before attempting to draft anything, get ALL key stakeholders to agree to ONE of the following. (Michael Treacy and Fred Wiersema conclude in their book The Discipline of Market Leaders that exemplar companies leverage one of three value proposition types: operational excellence, product leadership, and customer intimacy.)
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- Operational Excellence—This value proposition type guides companies to provide products at the best price or greatest convenience. Operationally excellent companies construct a value statement that emphasizes low prices and hassle-free service.
- Product Leadership —This value proposition type encapsulates companies that offer consistently innovative products that push performance boundaries. Companies defined by product leadership communicate their commitment to provide customers with the best product or service.
- Customer Intimacy—This value proposition type directs companies to cultivate long-term relationships with members of their target audience. Customer-intimate companies specialize in satisfying the unique needs of individual customers and provide them with the best total solution.
- Make it personal and relevant – David Akers, a marketing professor at the Haas School of Business, defines a value proposition in three parts: Functional benefits, Emotional Benefits, and Self-Expressive Benefits. The functional benefits are related to the step above. Emotional benefits are typically tied the role, and self-expressive benefits to the individual. See below.
- Test, Refine and Validate– start with the sales organization, and then with a few of your customers. This process is not only about capturing the value of your organization through the ears and eyes of your customers, but it’s also a change management challenge. The process can still break down unless the organization “buys-in” to adopting the final output. Customer validation will help “lock it down.”
Lastly, be disciplined – once defined, stick to it for at least a year. Marketing’s role is to clearly communicate the value (organization, product, etc.) to targeted audiences, sales is to convert it into revenue. As a result, sales may take some liberties with the story. But keep in mind, just because someone comes up with a clever new “Why Us Today” story in the heat of a pitch, doesn’t mean you change your messaging. Stay on point, you don’t want to do this 400 times…trust me.
by scott.gillum | Sep 27, 2012 | 2011, Marketing
Original posted on Forbes July 25, 2011
Years ago some colleagues of mine built what we thought at the time was the “holy grail” of business marketing: A sophisticated analytical tool that could tell a marketer where to invest, why, and what the return would be in sales productivity. It could also tell them where to cut dollars, why and what the impact would be on the business.
It was an incredible feat of analytical modeling and technology. Built for one of the most respected and well known companies in the world, so the CMO could answer with absolute certainty the CEO’s question: “What am I getting for my marketing spend?” We thought that it was our ticket to the big time and the rocket to ride to explosive growth, but that was not the case.
It turned out to be the only one we sold. And that always baffled me. Anyone who saw the tool was awed by its power and insight, but they didn’t buy.
Over the years, I picked up some clues as to why others would not buy:
- The head of a major west coast based IT company warned us that our business intelligence tool and analytic model might limit his managers’ ability to make decisions based on their experience … “gut feel.”
- The CMO of a global software company was concerned that our meticulously designed marketing processes, with stage gates and Gantt charts might limit his team’s creativity.
- The head of marketing finance at a major Financial Service company told me that every year they run their marketing optimization model and it tells them that they overspend on TV, and under spend in print. But at the end of the year if there was additional budget leftover the CMO puts it in TV.
I’ve now been able to put the pieces together. I came from a marketing science world and have since learned to appreciate and understand the value of the art of marketing.
Data and analytics can tell you where customers are, what they look like, what they’re interested in, but science alone can’t make customers buy. It can’t make customers advocate for a brand, and it can’t make the hair stand up on the back of their necks.
Insightful, creative and relevant ideas that trigger human emotions can – and do – sell. For as much as I wanted to believe that buyers were rational creatures behaving in predictable patterns, I now understand that they are not.
Marketing, as much as we want it to be, is not an exact science. Technology innovation has allowed us to better understand buyers, influencers and the performance of our activities.
But at the end of the day, business is personal. We can’t remove the human element from the buyer or seller side. Relationships and perceptions matter, how a product and/or a brand makes a customer feel is important, and it’s not easy to model or predict.
And with that, I found the answer: Although helpful and informative, good marketers don’t need to rely on sophisticated analytical tools to make decisions. Their experience, “gut,” and sometimes the hairs on their back of their neck do just fine.
by scott.gillum | Sep 21, 2012 | 2011, Marketing
This post was originally posted on July 8, 2011. It also appeared on Forbes.com
Here’s a hypothesis: Given the greater focus on ROI, marketing automation tools, and enhanced tracking of results, marketing is more of a science than ever. Therefore, marketers’ ability to defend and validate their value among peers should be easier than ever before.
So why does a recent study by Fournaise show that CMOs still lack credibility with CEOs?
The study points to several deficiencies with an emphasis on communication – are you sensing the irony? Further, marketers tend to sabotage themselves in everyday interactions with the larger executive team, and in many cases, have no idea they are doing it.
Here are five common mistakes among marketers:
- Stumble explaining the value of marketing. Asked almost daily, and rarely answered properly. The key is to understand how the inquirer perceives the role of marketing. The question behind the question is “what is the value of marketing … to me?” According to the study, it most often relates to “revenue, sales, EBITA or even market valuation.”
- Limited product, service, and customer knowledge. Even the savviest marketer will arrive DOA in the credibility department if they fall short on this one. And it is not about feature or functionality, but rather customer use and application that matter most and those factors vary by industry and size. Leave “speeds and feeds” to the product organization. Marketing’s job is to differentiate and develop compelling value propositions that sell. If products are built “inside-out,” then bring the “outside-in” perspective.
- Can’t Dance. Marketing comes with highly visible risk and things are going to go wrong. When they do, marketing needs to learn how to dance. Handling these situations will define how marketing is viewed. Keep best and worse case scenarios in mind when briefing the executive team. Truth is, if marketing isn’t making a few strategic and tactical mistakes, it’s not moving fast enough. As a former IBM client told me, “If you fail, and you will, fail fast.”
- Isolation. A favorite question from sales: What have you done for me lately? And the product team can be equally demanding. However, marketing has to build, nurture, and maintain strong relationships with these groups. For Sales, it is helpful to establish an integrated sales pipeline and hold weekly pipeline meetings; this will build rapport and create a common sense of purpose. It’s also an opportunity to put marketing metrics in a sales context. The key to a successful relationship with sales is about communication and performance. For the product group, marketing needs to clearly define points of integration for research, content, and value proposition development. The key to a successful relationship with the product team is about process and integration.
- Where to invest – or cut – an incremental dollar. This question is posed by the CFO at the end of the quarter when numbers are off, and by the CEO who wants to redirect budget. It’s also used as a test. As a holder of discretionary dollars, marketing has to be prepared to answer “where” and “why” along with stating the business impact. In talking about CMOs, 72% of CEOs say, “[marketers] are always asking for more money, but can rarely explain how much incremental business this money will generate.”
To call out the sense of irony, most of these issues are communication related. The same rigor brought to external communication needs to be applied internally:
- Know the audience
- Understand their needs
- Communicate to them in their language.
While the Fournaise study states that executives think in terms of “revenue, sales, and EBITA,” most make judgments based on their emotions. Marketers are advised to use their creativity in delivering the message.
Friedrich Nietzsche said it: “All credibility, all good conscience, all evidence of truth come only from the senses.”
by scott.gillum | Aug 20, 2012 | 2012, Marketing
Everybody knows – or thinks they know intuitively – that social elements add value to marketing. The question is how?
Like anything in business, it comes down to return on investment. Social media is not a strategy and it’s not an end in itself. Unless your business objective (and I’d check with your shareholders on this) is only about gaining page views and follows, marketers need to understand how social adds value to everything else in your toolkit.
So how do you find the “sweetspot” for developing an ROI for social media? Well, start by viewing the tools at their most basic level, as vehicles for sharing and; photo’s, thoughts, content, etc. Consider them “levers” for improving the performance of known activities that have produced a ROI.
Five years ago, we assessed the effectiveness of demand generation campaigns for a client. Because the firm was in the hi-tech industry they had a heavily reliance on content marketing for their campaigns. They spent months designing and building them, and hundreds of thousands of dollars in execution only to see diminishing results.
The audit revealed that their campaign effectiveness (related to lead production) lasted roughly 36 hours after launch (see below). Meaning that the majority of the leads were being created within the first three days of launch, regardless of how long they left the campaign in the market (btw – they are not alone).
Today, social media has the potential to create a long tail, extending the life of expensive campaigns, ultimately improving ROI, and along the way creating and deepening the relationship with the audience.
I’ll use myself as an example: A blog post of entitled The End of Blogs (and Websites) as We Know Them ran recently in on Forbes. It received no special promotion; in fact, you could say the deck was stacked against it. Posted on a Friday, the slowest traffic day of the workweek, at midnight (EST) when most of the blog readers at home or are in bed. By prime blog viewing time (10 am) it had almost dipped below the fold.
But on the following Monday it took off, almost doubling the views of Friday, and continued to build momentum ending the week as the 3rd most popular post of the day. The following week it was the most popular post on Wednesday. So what happened?
Social took over. Without any additional investment to promote the post, social sharing accelerated and extended the life of the post, even as it fell off the first, second and third page of the site. Readers engaged and went from passive viewers to active promoters.
Readers were tweeting their own thoughts and comments about their insights, not just retweeting the post title. They placed in into Linkedin groups adding their comments on the impact of the technology (the topic of the post) to their particular area of interest or role. They were actively engaging in sharing their “discover” with others.
That is the power and the value of social media for content marketing.
The post no longer needed to be pushed because it was being endorsed, and in some ways validated, by readers — the most trusted source of information.
The potential of social media is intriguing, but to determine its true value companies will need to experiment. Using social media to support your content marketing efforts is a prudent choice, but keep this in mind: It will only be effective if the audience/community finds value in the content and part of that value is defined by those who pass it along.
