November 21, 2024

You are here: Home / Archives for marketing

The crisis of buyer information in B2B and how to fix it

August 16, 2011 by
cooling

Image by roboppy via Flickr

The other day, I kept getting calls on my cell phone from the same number. Never left a voice mail, (which my gut was telling me should have been a signal), but the number was local. Could it really be that someone I knew was trying to get hold of me?

So, like a fool, I finally called back (the iPhone makes it so easy to do!). With the kind of maddening irony that makes me flash on doing capital punishment-inducing physical harm to a fellow human, I heard a recorded voice say, “Thanks for calling back. If you would like us to stop calling you press…”

Too bad you can’t slam an iPhone.

Pushing the easy button
The episode reminded me of the sheer desperation, sociopathic lack of empathy, and .0000000000000000001% response rate it takes to do direct commercial marketing via the telephone these days. Some of you may not even be old enough to recall what it was like before the National Do Not Call Registry came along. Don’t ask. You think Wall Street and the banks are evil now? You should have seen what they did to doddering seniors’ life savings via the telephone.

It got me thinking, what if a similar easy button comes along for online marketing? We keep hearing that at some point web users may truly be able to stop you from learning anything about them. The “voluntary policing” being done by the ad industry today online is at best an uneasy truce with an internet public not yet bothered enough, too lazy, or too uniformed to do anything about shutting off the cookie oven for good. Certainly, you know that the kinds of douche bags who practice the aforementioned cell phone marketing are no doubt out there somewhere hatching an internet cookie scheme that will so outrage the American public that the little old ladies (and men) will finally rise up and demand relief, just as they did with telephone marketing.

Obviously, this is less of an issue in B2B than B2C. Cookies help us learn more about our website visitors, but you won’t learn nearly as much about the spending patterns of B2B executives through web cookies as you do with B2C buyers.

Privacy is a concern in B2B, too
Yet even in B2B, we have a growing concern over privacy in lead management. Anecdotally, we hear that content gets exponentially more clicks when there’s no registration form attached to it. And people’s B2C experiences have a habit of leaking over to their B2B behavior. Generally I think we can say that the trend and sentiment among B2B buyers is to hand over less information over time rather than more.

So how to stave off this impending crisis of buyer information? It may seem facile, but social media are the answer. Rather than trading information for value or simply stealing it through invisible cookies, what if we actually did it the way people do in real life: through a personal relationship?

Buyers click more on pages with people
Buyers want to get to know your subject matter experts. They really do. I saw a terrific interview recently with Ethan McCarty of IBM, who talked about how IBM is working to get its employees involved in internal knowledge sharing through social mechanisms. You should read the whole thing, but one bit jumped out at me as great data for proving why we need to get more personal with buyers:

“Through A/B testing we have found that pages with IBMers on them perform significantly better than those that do not have IBMers on them. For example, if we have a web page that is designed to get visitors to click deeper into our site, the presence of IBM experts on the page improves both the performance and the overall feedback we get about the page. It’s kind of no surprise—when we are transparent, people trust us and feel better about the experience. What was interesting to me is that this is even the case when they don’t interact directly with the IBMer on the page.”

Marketers who let their subject matter experts get more personal with buyers will win in the end.

What do you think? Are you making plans for a post-buyer information age? If so, how?

Enhanced by Zemanta
Filed Under: Idea Marketing, Latest Post, Lead Management, Social Media Tagged With: , , , , , , , , , , , ,

4 Reasons Why Facebook Stinks for B2B Marketing

August 5, 2011 by

Recently, I was preparing a workshop on social media for an ITSMA client. The marketer in charge of the company’s social media effort gave me a clear edict: “Look, I don’t want you focusing on Facebook, okay? We don’t see the value of it for B2B and we want it off the table. Every time we talk about it, we have an endless argument that leads nowhere.”

Seemed a bit harsh, but I had to admit that I had been harboring my own doubts about the value of Facebook for B2B for a long time. I’m not saying that B2B companies shouldn’t be on Facebook. I think every company should be on Facebook. There are just too many people passing through those turnstiles not to put up a sign somewhere. So I think B2B businesses should have a Facebook page that shares whatever content the company is already producing. Why not? It’s yet another channel for reaching customers and the effort required to set up a Facebook page and create RSS feeds of your content to update it is pretty small.

But let’s put this all in context. What is B2B marketing all about? Relationships, right? And I just don’t see what’s good about Facebook for creating relationships in B2B. Much of what works on Facebook seems to fall into two camps:

  • Charity. I see many brands launching altruistic campaigns on Facebook to get attention and burnish their reputations.
  • Contests/giveaways/games. Much as people at trade shows will do just about anything for a t-shirt, it seems pretty easy to get people to click the like button if they can get free swag or get a chance to win something. EMC, Cisco and Intel have had success with this kind of focus for some time now.

But I notice a few things about B2B efforts on Facebook that leave me skeptical:

  • Engagement is campaign focused and temporary. I see brands investing effort in campaigns around a particular event or contest, but what about the space in between? If the only way to get people interested in your content is by giving them stuff instead of wisdom, how are you supposed to sustain that connection over the long term?
  • Conversation is banal or non-existent. The B2B pages I’ve seen on Facebook are broadcast focused. Lots of big graphics and calls to action around the above mentioned swag and charitable causes, but I’ve never seen anything in the way of substantive discussion that anyone would mistake for thought leadership, as you would on say, a good blog post by a subject matter expert.
  • The like button is a blunt instrument. There’s no denying the power of Facebook as a platform. Its sheer numbers mean that brands get tons of likes. But click on that like button and X,Y,Z Company is in your Facebook stream forever (with no clear way to get rid of it) along with the stuff you really want to read from your BFFs. That’s gotta get old pretty quickly. Research shows that people unlike brands on Facebook nearly as often as they shut off other channels and for all the same reasons: “too frequent, irrelevant or boring communications.”
  • The perception of Facebook as a consumer platform persists. I keep waiting for Facebook to buy LinkedIn or Twitter and just put an end to the business vs. consumer distinction. But until they do, it seems that the perception will persist. Is it any wonder that B2C marketing techniques dominate? Facebook just doesn’t seem like a good source for B2B thought leadership.

Again, I’m not saying Facebook shouldn’t be part of a B2B social media strategy, but its utility as a platform for building a deeper relationship with B2B buyers still seems limited. What do you think?

Enhanced by Zemanta
Filed Under: Latest Post, Social Media Tagged With: , , , , , , , , , , , ,

6 lessons on how NOT to market to customers

July 22, 2011 by

Here’s the kind of pressure that social media puts on us: After not posting anything to my blog in nearly six weeks, I feel compelled to offer an explanation. Isn’t that sad?

Hey, but that’s how it is. Social media are like a school of sharks; keep moving forward or sink lifelessly to the bottom.

Well, I have an explanation, or an excuse, and a damned good one at that. I broke my hip about four weeks ago (my bike slid from underneath me on a rainy morning on my way to work). More specifically, I broke my femur at the hip, which left me with a decision to make: pin together a 51-year-old femur (with its attendant wear and tear) or lop it off at the top and get a brand new, shiny fake hip. Since I can’t resist that new hip smell, I opted for the stainless upgrade.

Now, don’t think I’m looking for an outpouring of sympathy. I’m telling you this because:

  1. I don’t want to lose any more credibility and subscribers than I already have during this lull in activity (as any social media “expert” will tell you, six weeks may as well be six years—unforgivable, unimaginable, and definitely under caffeinated. As one “expert,” (who showed no evidence of ever having blogged herself) once sneered to me, blogging is as easy as “doing email.” Oh, I guess that’s why my inbox is so crammed all the time.)
  2. During my time on serious, hard drugs (narcotics, shh!) I realized that I really have become one of you marketing types. Any time anyone delivers a service to me now, I immediately start thinking about how the service is “being positioned,” and whether the “value proposition makes sense.” I’m a goner. A marketing geek. (I thought drugs were supposed to prevent that sort of thing.)

All of which is a lead-in to this week’s entry, which is what we as B2B marketers can learn from health-care marketing.

The answer is: nothing.

Healthcare marketing is awful, practically non-existent. Sure, healthcare knows how to sell drugs, but in terms of preparing the customer for the experience of service delivery, fuggedaboudit. Here are some examples:

  • Educate the customer—or don’t. Many of us in B2B can be proud of how we educate our customers and prospects on the business issues they face—from current regulatory changes to future “sea changes.” We help ease them into the idea that they need our services and solutions to solve these problems so that the experience of spending all that money feels a little less like stepping off a cliff. Here’s how a doctor introduced himself to me in the emergency room: “Hi, I’m Doctor X. We’ve looked at your x-rays and you’ve broken your hip. You’re going to be going to surgery. Somebody will be in to talk to you about it.” And then he excused himself and left the room and I never saw him again. I wanted to get right up and walk out of there. Oh wait, right…
  • Whatever you do, don’t let the customer meet the people who will actually be doing the work. Unfortunately, this one does often ring true in B2B, at least in my experience in consulting. Send your top dog, most empathetic, articulate, industry-savvy, alpha salesperson in to market the service, and then show up to do the work with the freshly-minted biz school grads and the interns.
    In the trauma ward of the hospital, perversely enough, it’s the opposite. Twenty-something interns come in and tell you how awesome the trauma surgeon is and how awesome your experience is going to be. Then the interns show up again together later on in a big group trailing behind an older, more confident surgeon (surgeons seem to have no shortage of confidence and gain more as they age), making it clear that the interns are still being educated by this person and/or institution, thereby calling into question any of their assessments of the awesomeness of the surgeon. But this guy still isn’t the surgeon. He’s a colleague. Then, as you are lying on a bed outside the O.R. waiting to be worked on, you meet the doctor who will be doing the work. (Thank goodness for Google—the day prior I found that he got five-stars on a health review site! Operated on a New England Patriot!)
  • Delight the customer with an upgrade—for awhile. In both B2B and B2C, we’re getting better about throwing unhappy customers a bone. A discount here, an upgrade there. The short-term costs are marginal compared with the longer-term goodwill they buy. When I finally made it out of the ER and was given my hospital room, I couldn’t believe my eyes. It was a huge room and I had it all to myself, in a newly constructed wing of the hospital. And the nurses were unbelievably attentive. One of them finally acknowledged that I was in the intensive care unit for heart patients (there wasn’t room for me in orthopedics) and that she was “used to giving constant attention to people with zippers in their chests.” Caring for me was “like a vacation,” one of them said. I was in heaven. All the ginger ale I could drink and nurses compulsively asking me what I needed or wanted whenever I opened my eyes.
    Then, the day after surgery, the nurse informed me that I was being moved to be “with my own kind” over in orthopedics. Now, the only time I got ginger ale was when it was delivered on a tray with green Jell-o and chicken broth at mealtimes. But the reduced attention did come with a benefit—I got a little “drug remote” with a red button I could push to administer my own morphine. Later that day, they took away the remote and gave me a roommate.
    Could you imagine after clawing your way to the suite upgrade at a hotel having the desk clerk say, “We’ve found a room like the one you were originally supposed to get—with cleaner carpets this time—and we’ve taken the liberty of moving all your stuff from the suite into that room. Enjoy the rest of your stay.”
  • Segment your audience. In B2B we pride ourselves on knowing our audience. We have marketing designed for the C-level executive, the buyer, the influencer, and the front-line types. Meanwhile, 51 is pretty young for hip replacement. I’ll probably need to have it done again if I hit the average life expectancy of an American white male and manage to hang onto some form of health insurance. Most people who have hip replacements are older. That must be why the exercise sheet they gave me pictured a balding man with white hair and extra lines drawn in his face, a floppy tank-top t-shirt covering a paunch, and spindle appendages meant to approximate arms and legs, wheezing his way through leg lifts. Motivational.
  • Market your strengths. The highest production-value material I received upon discharge was a two-color, 24-page glossy magazine entitled “A Guide to Taking Warfarin.” (They put me on blood thinners for a few weeks after surgery.) The guide to what I should do after having a hip replacement (including exercises) was five Xeroxed pages stapled together.
  • Above all, empathize with the customer. I think we do this pretty well in B2B. We hire marketers and salespeople with direct experience in the customer’s industry so that they can talk to and sympathize with the customer’s pain points. During one of my two two-minute conferences with the doctor in charge of the orthopedics wing (not my surgeon), I made the mistake of asking what sort of pain killers I could expect to receive upon release. He interrupted me with, “No one said hip replacements aren’t supposed to hurt.” Thanks, Doc.

Of course, I can’t complain. I have health insurance, I’m walking again, I’ll be able to ride a bike again, and the accident could have been a lot worse than it was. But healthcare sure could use some help on the marketing front. Anybody got any ideas?

Enhanced by Zemanta
Filed Under: Latest Post, Marketing Strategy Tagged With: , , , , , , , ,

The five stages of social media grief—have you passed through them yet?

June 15, 2011 by
Morito

Image via Wikipedia

Social media (along with skimpy marketing budgets) are causing a transformation in marketing to a degree that we haven’t seen for a lifetime. But in our rush to embrace the new, we haven’t taken adequate time to honor the painful transition we are experiencing.

Think of me as your grief counselor for good ol’ message-based marketing. It will still be around for some time yet, but it needs to stop that incessant yapping and get a hearing aid so it can start listening once in awhile now.

In my seven years as a social media acolyte, I’ve spoken with many marketers who grew up at the knee of message-based marketing. I’ve seen how difficult the transition can be. For them, and for you, I offer this reflection on the journey so that you can recognize your own place in it and know that you are not alone—that you have friends who love you and who are eager to see you when you get to the other side. (Just don’t become distracted by the bright white light on your way through.)

  • Denial. “Another marketing channel on top of my existing workload, with no extra budget or headcount? This can’t be happening—not to me.” The marketer passes through a period in which social media is thought of purely as a B2C thing. Not gonna happen in B2B. Nope. No way.
  • Anger. “Hey, marketing speaks, everybody listens. That’s the way it’s always worked. Enough of this conversation crap already!” A painful, unfortunate, and embarrassing time in which marketers have been known to share their rage over their loss of control of the marketing conversation in an uncontrolled way in public gathering places. (Ever wonder why you don’t hear about Mojitos anymore? The American Marketing Association successfully lobbied the FDA to have Mojitos outlawed after research linked them to these unpredictable outbursts. Those “theme” martinis offered during open bar receptions at marketing conferences are also reportedly on the way out—but it’s taking the FDA some time to catalogue all the different varieties.)
  • Bargaining. “Look, we’ll redesign the newsletter. We’ll make the events more targeted to the C-level. Just. Don’t. Make. Me. Tweet!” Another phase marketers probably won’t the grand kids to know about, in which marketers cling to an irrational hope that social media can be postponed or avoided altogether by promising the CMO a reform in lifestyle.
  • Depression. “6000 tweets a day mentioning our brand and I’m supposed to assign a ‘sentiment’ to them all? What’s the point of going on?” Only slightly less embarrassing than the anger and bargaining stages, marketers in this stage ban the use of the word “Twitter” in lunch conversation and generally shun the annoyingly perky (unpaid) social media intern, muttering, “What’s he got to be so happy about?”
  • Acceptance. “Okay, if we’re going to do this, let’s find some SMEs who have something to say and support them.” At this point, marketers accept that they are responsible for making the social media conversation happen inside the company and with customers and take solace in the fact that it’s another channel for developing and delivering thought leadership—the stuff they’ve been slaving at for the last 20 years. During this stage, marketers have been known to spontaneously shout in a self-actualized fashion, “I am a professional communicator! Learn from me!”

How about you? What stage you at?

Enhanced by Zemanta
Filed Under: Latest Post, Social Media Tagged With: , , , , , ,

Marketing’s golden opportunity in innovation

April 22, 2011 by

Innovation is becoming more external to companies and more social.

When Netflix’s internal engineers struggled to get more than incremental improvements in the company’s movie matching algorithm, the company put the problem to the internet and crowdsourced a 10% leap in accuracy (of course, it didn’t hurt that they offered a million dollar prize). Even funding for innovation is becoming more external and social. A website called Kickstarter lets anyone—not just venture capitalists—fund innovation projects featured on the site.

Social media management and innovation
This shift in innovation has big implications for marketing. ITSMA’s social media research (free excerpt available) shows that marketing is responsible for monitoring social media and for training, governing, and supporting the organization in using social media. I think this means that marketing must be ready to take a larger role in facilitating the innovation process and in being the ears to the ground on all the innovation that’s happening externally to organizations out there on the internet.

CMOs can succeed where CIOs struggled
Marketing is in a similar position today to where IT was in the 90s. Back then, the rise of reengineering and enterprise software systems gave CIOs a unique opportunity to be facilitators of innovation. They were the only C-level executives involved in all the efforts to rethink the ways that companies did work across the entire organization. Sadly, few CIOs took advantage of this cross-company view to innovate the ways that their companies did things. (In CIOs’ defense, few companies felt comfortable giving CIOs the power to do this sort of thing.)

Move beyond brand stewardship
Today, CMOs have the same opportunity that CIOs did back in the 90s. Marketing is essentially in charge of collaboration both inside and outside the company through its leading role in social media. CMOs have to resist the tendency to view this stewardship as simply a continuation of their traditional role as the head of branding and communications. For CMOs, social media aren’t just for listening to what people are saying about the brand or pushing out messages. Social media aren’t even just for facilitating conversation and customer relationships. Social media are also for innovation, and marketing has a major role to play in making it happen.

Examples of the mandate for innovation
In a blog post this week entitled What CEOs Want from Their CMOs, Forrester’s CEO, George Colony, discusses the mandate for the CMO to keep an eye out for what’s ahead. I wrote a case study a few years ago about how IT services firm CSC has an innovation process that is facilitated by marketing.

So the question is, will CMOs step up to the innovation challenge? And will CEOs let them?

What do you think?

Enhanced by Zemanta
Filed Under: Latest Post, Social Media Tagged With: , , , , , , , , ,

How do you know when you’ve reached the next level in social media?

April 8, 2011 by

I was thrilled to run a social media workshop this week with a large B2B technology and services provider (and ITSMA member). The great thing about the experience was that this company is already doing social media. In other words, I didn’t have to spend any time defending the honor of social media and explaining why they should be doing it.

This was all about the how.

But even the how was different. This company has established a highly visible presence in social media—indeed, it has won an award for it. The marketing team wanted to do the workshop because, as one executive told me, “We’re committed to social media and we’ve done some good things, but we want to take it to the next level.”

That got me thinking. Exactly what does that mean? What is the next level of social media in B2B and how do you know when you’ve gotten there?

We could all use some way to gauge our progress, especially in large, dispersed companies and marketing organizations. So let’s try to define what the ground level is so we know when we’ve established the base level of organizational social media skills. Here’s my take (I hope you will help me with your thoughts).

  • There is cultural permission to speak. Companies need to give themselves permission to engage in social media, both within marketing and in the broader culture of the company. I speak to many regulated B2B companies who (still) don’t believe their employees can engage in uncontrolled conversations with customers and prospects. The company I worked with this week no longer has that problem.
  • Internal social media is thriving. Most B2B companies I work with are much farther ahead with internal social media efforts than with external. I’m committed to the theory that companies can’t be effective at engaging in social media marketing until they’ve gotten the hang of it internally first.
  • Basic social media governance has been established. I’ve yet to see a B2B company have any success in social media that doesn’t have a social media policy, at least some training, and an informal social media center of excellence.
  • The organization views social media as important to relationship building. Unless social media is embraced by respected subject or experts outside marketing and PR, you haven’t gotten past the first level yet.
  • Social media is integrated with traditional marketing. Most companies need to use social media as adjuncts to traditional marketing practices before they can feel comfortable going farther with it. Social media supports an event, or an offering introduction, then ebbs. It’s hard to go to the always-on mode with social media at first. Most companies just don’t know how to sustain it. But at least they are testing and practicing.

I think this defines the base level of social media capabilities—the things you need to have in place before you can begin down the long road of perfection. What do you think? Do you agree? What would you add or change?

Related articles
Enhanced by Zemanta
Filed Under: Latest Post, Social Media Tagged With: , , , , , ,

The prerequisite to effective social media: the idea organization

March 25, 2011 by

At the first of ITSMA’s series of road shows this week in Silicon Valley this week (there’s still time to sign up for New York and Boston next week!) I confirmed something I’ve been hearing in my research on idea marketing over the past month: idea marketing requires a deep commitment not just from marketing but from the entire organization.

Eric Wittlake makes this point in a blog post this week and I heartily agree.

But then this got me to thinking, without a commitment to ideas throughout the organization, all these dollars we’re starting to spend on social media will be wasted.

In other words, unless we become idea organizations, we’re not going to have much to say to customers, prospects, and influencers in social media.

What do I mean by an idea organization? Let’s look at some attributes I’m seeing I’m my research:

  • Show commitment to idea development from the top. Some management consulting companies have the commitment to ideas baked into the culture—you simply will not survive as a consultant if you do not create ideas that lead to new IP. For everyone else, a visible commitment from the CEO and other top leaders signals that ideas, not just offerings, are part of all subject matter experts’ jobs.
  • Appeal to their egos. Recognition from peers means a lot to subject matter experts. Some companies get pretty formal about this, creating invitation-only SME councils with entry requirements. For example, one company required that its council members hold at least one patent before they’d be invited.
  • Make ideas part of individual expectations. I’m hearing B2B companies tell me that they are starting to make idea development part of the yearly goals of their subject matter experts. Few go so far as to specify the number of ideas or idea-based content that these people are expected to produce each year, but they have made idea development a part of the yearly review discussion.
  • Give them the tools to think. We’re seeing some companies develop some creative tools for fostering idea development. One company has created an internal portal where project members submit ideas that are vetted and voted on by the project customers. The winning ideas are implemented.
  • Make it competitive. Some companies have companywide competitions for the best ideas or the best white paper. This process is usually facilitated by marketing.
  • Make it visible. You’ll never create an idea organization if ideas are developed in secret. Think about it: if employees aren’t comfortable sharing their ideas with each other, how will they ever be comfortable talking about them in social media? Collaboration—both internally and externally—will help embed idea development into the culture.

Can you start to see that by creating these idea development processes, it becomes much easier for companies to engage in social media conversations that will impress customers and influencers?

What do you think? How are you creating an idea organization?

Enhanced by Zemanta
Filed Under: Idea Marketing, Latest Post, Social Media Tagged With: , , , , , , , , , , , ,

3 ways to link marketing to revenue without metrics

March 18, 2011 by

I’m looking forward to our annual ITSMA spring road trip. This time, I’ll be speaking about how to tie thought leadership to revenue, starting in Santa Clara, CA next Wednesday, and in New York and Newton, MA the following week. Hope you can join us.

Now, you may think that because I’m using revenue and thought leadership together in the same sentence that I’m going to reveal some secret way to measure the link between the white paper you published last month and the complex solution sale you make six months from now. Alas, no such magic metric exists.

We’re focusing on the wrong things
In fact, our most recent thought leadership survey found that few marketers are measuring much besides consumption of their marketing content. I’m not saying that you should stop measuring consumption; but it’s clear that those kinds of metrics don’t give business people the answers they’re looking for when they ask about the value of marketing. They want more strategic answers, such as whether marketing is increasing the velocity of contacts through the buying process and reducing the time and effort that salespeople need to expend in making a sale.

If you have the ability to measure those two things, then great. But if you don’t, there are still ways to make sure that those things are happening. Here are three ways to do it:

  • Connect ideas to offerings. Too much of our content just tries to look and sound smart—great focus on ideas, but no real connection to how our companies can solve the problem. At the other end of the spectrum are the brochures that masquerade as idea marketing by making the offering descriptions longer and the production values higher. One great way to connect ideas to offerings is to create a business theme—think IBM’s Smarter Planet or Cognizant’s Future of Work. Both of these themes give subject matter experts and marketers plenty of leeway to focus on ideas while maintaining a link to the company strategy and its offerings.
  • Use ideas to attract and nurture leads. If you’re a regular reader of this blog, you know that I’m constantly beating the drum of integrating content with an automated lead management process. A lead management process gives you the ability to get the right content to the right people at the time they need it.
  • Train salespeople to use and talk about ideas. Creating good idea-based marketing content is hard and takes a long time if done right. That’s why the urge to start drinking kicks in about the time the white paper finally hits the website. But hold the beverages. Most salespeople don’t know what to do with a 20-page white paper. Marketers tell me that if they can get salespeople to even send the thing to prospects and customers they’re happy. We need to do much more than that. We need to create talking points for salespeople to use when communicating to customers and prospects, and we need to find ways to integrate salespeople into the content development and dissemination processes from the start.

How do you link content to revenue? Please give me your thoughts. Hope to meet you live, in-person soon!

Enhanced by Zemanta
Filed Under: Latest Post, Marketing Metrics and Analytics Tagged With: , , , , , , , , , ,

What the slow death of B2B publishing means for marketers

March 4, 2011 by

Marketers always struggle with what to do next. There so many channels out there and so little time. But if you step back and think about where the real opportunity is for B2B marketers, it is idea marketing. Start with a good idea and the channel questions will resolve themselves.

B2B buyers are tired of marketing, but they’re not tired of ideas. In fact, buyers are hungrier than ever for good ideas presented in an objective way that target their specific needs. The people who used to do that, B2B journalists, aren’t doing it so much anymore.

This cartoon making the rounds online captures the frustrations of trade journalists--and reveals the opportunity for B2B marketers.

The business model is broken
It’s not that the journalists have gotten lazy; it’s a problem with the business model for B2B publishing. The business side of these organizations is trying to maintain profitability by slashing staff and by maximizing online traffic to make up for lost print ad revenue (and other desiccated revenue streams like events).

But unlike the old print subscription models, where publishers qualified their audiences by setting minimum requirements for things like role in the organization and buying power (which allowed them to justify high prices for advertising), online traffic is essentially random. Today, publishers must substitute traffic quantity for quality of subscribers to get advertisers to buy. That drives publishers to produce a lot of short content designed to reach the broadest possible audience (at least one online story about Apple per day for a technology pub, for example).

Half your ad dollars wasted? Try all of them.
Meanwhile, B2B buyers still hunger for good, specific content just as they always have. But because advertisers don’t believe in print anymore, the economics aren’t there for publishers to provide it. We keep hearing that quote from John Wanamaker about how half of his print advertising dollars were wasted. Trouble is, with online that figure is closer to 100%. Advertisers have abandoned print display advertising that at least had some degree of targeting for online display ads that have no targeting at all.

It’s a no win for everybody except the ad agencies. Publishers are left with a trickle of revenue and B2B companies discover just how uninterested a generic online audience is in their products and services. Meanwhile, Google, which has become the biggest ad agency of them all, gets rich by presenting hungry content seekers with links to JC Penney.

From the ashes of trade journalism, an opportunity for marketers
However, the tragedy that has become trade journalism is an opportunity for B2B marketers.

Providers have the opportunity to fill the content gap themselves. Too bad more of them aren’t doing it. Though most respondents in our How Customers Choose research said the quality of their providers’ thought leadership was pretty good, nearly 40% said it could be better. The number one suggestion for improvement: Focus more specifically on buyers’ particular business segment and needs (which B2B print publications used to be measured on each year in reader surveys).

This longing for personalization isn’t just heard in the context of thought leadership, however. When asked to name the number one factor in choosing a provider, variations on the “know me” theme came through 42% of the time.

Measure relevance, not output
But most marketing organizations don’t measure relevance; they measure output—whether it’s in leads or downloads. Marketers need to invest their money where B2B publications used to invest it—in constantly researching their target audiences and identifying the trends and ideas that are most relevant to them. Then marketers need to provide that relevant content.

When they do, they win business. In our recent survey, How Customers Choose Solution Providers, 2010: The New Buyer Paradox (free summary available), nearly 60% of respondents said that idea-based content plays an important or critical role in determining which providers make it onto their shortlists. But if providers go farther and use thought leadership to help companies clarify their business needs and suggest solutions, 30% of respondents said they are more likely to choose those providers. Even better, more than 50% of this group said they would consider sole-sourcing the deal. And this potential windfall isn’t limited to new prospects. Existing customers are also looking for new ideas. There’s no reason you can’t explore the epiphany stage with them more than once.

Does that help clarify what to do next?

What do you think?

Enhanced by Zemanta
Filed Under: Idea Marketing, Latest Post, Marketing Strategy Tagged With: , , , , , , , , , , , , , ,

We need a chief marketing analytics officer

February 11, 2011 by

There’s lots of talk out there these days about the need for a technology guru within the B2B marketing department. Paul Dunay makes the case for one in this post, and Scott Brinker has been beating the drum for this for some time.

Maybe I’m splitting hairs here, but I wonder about the long-term need for a marketing technologist. In the short term, I think marketing has a lot of catching up to do in terms of technology. Most companies do not yet have closed-loop lead management processes supported by systems, for example.

So we need some important systems installed in the short-term. But once the system of record is installed (and many of them are SaaS), do we really need a CIO for marketing?

We need to connect the analytical dots
I think the larger and more long-term need is for marketing to become data driven. We need to use analytics to quantify and manage how fast we move prospects through the buying process and to increase loyalty and trust after they’ve bought from us.

I’d rather see a chief marketing analytics officer than a chief technologist. Or if this person is going to be a technologist, he or she must have a serious grounding in analytics. B2C companies have these “wonks” today. I think B2B marketing groups need the same emphasis–and that need will never go away once the systems are installed.

What do you think?

Enhanced by Zemanta
Filed Under: Latest Post, Marketing Metrics and Analytics Tagged With: , , , , , , , , , , ,
« Previous Page
Next Page »
Get Adobe Flash player