Archive for June, 2011

When teaching our Effective Product Marketing class I’m often asked for B2B examples on Facebook. Dave Folkens over a TopRank has a nice blog post that is all B2B.

Facebook has been a great tool for reaching consumers directly for many B2C brands. But can companies focused in the B2B industry use Facebook to enhance a reputation and grow new business? Absolutely.

In summary the 5 tips are:

  • Create two way conversation
  • Connect a community
  • Build relationships
  • Cross promote content
  • Make it shareable

Read to Facebook Marketing for B2B Companies article here.


Categories : Uncategorized
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Jun
15

Michelangelo’s Sistine Chapel ceiling in Rubik’s Cubes

Posted by: David Daniels on June 15, 2011 | Comments (0)

Cube Works in Toronto makes versions of pop and classic images out of Rubik’s Cubes and it’s really cool. Here’s an example of the “Hand of God”  in time lapse. It took 12,090 Rubik’s Cubes. Amazing.

Categories : Just for Fun
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Jun
09

From PR Daily: Print Revenue Continues Its Decline

Posted by: David Daniels on June 9, 2011 | Comments (0)

If advertising in print media is working for you keep doing it, but keep in mind readership continues to decline, and the economic engine that drives print – advertising – is going down with it.

The Associated Press reports that the industry is at a 27-year low when it comes to generating ad revenue. Combined print and online ads brought in $5.6 billion in the first quarter, compared with $6 billion a year ago.

No surprise there. Advertising in newspapers is akin to slapping your logo on a post-iceberg Titanic, and the only people paying attention are the members of the string quartet.

Read the entire article on PR Daily.

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Jun
08

4 Steps to Solving the Cross-Sell Problem

Posted by: David Daniels on June 8, 2011 | Comments (1)

Many organizations I work with struggle with getting their sales teams to sell ALL the products in their product portfolio. This is particularly difficult to do when there are silos of business units each with their independently defined goals, that don’t include helping the other silos sell their respective products. This gets further complicated when each silo has its own sales force. In the absence of a big organizational change, what can you do to please management’s insistence that product marketing managers do something about the lack of cross-selling?

Step 1: Focus on the primary buyer not the products

Product marketing managers get stuck in their cross-selling programs when they focus on the features in the products rather than the problems they can solve for their buyers. Your sales team can’t possibly build sufficient knowledge about every product. They zero in on a few that will help them achieve quota. Each business unit likely has a go-to buyer persona they consistently call on. Who is that? Do you really know the buyer or just their title? If you haven’t already, build a buyer persona for this buyer.

Step 2: Identify the primary buyer’s top 5 problems

When you have a deep understanding of a buyer persona you have identified their top issues/challenges/problems and ranked them in priority order. For now let’s just worry about the top 5, because any problem that is a lower priority than 5 won’t get attention anyway.

Step 3: Find the products in the portfolio that address the top 5 problems

Take your understanding of the buyer persona’s top 5 problems and match the products in the portfolio that truly address one of their top 5 problems. Don’t force fit it or make it only work at the PowerPoint level. It either addresses the problem or it doesn’t. Don’t fool yourself.

Step 4: Define product bundles

The intersection between the buyer persona’s top 5 problems and the products that address those problems is your baseline for developing product bundles – that are anchored in the buyer persona. Develop positioning documents for your bundles and enable the sales force to close more deals.

In an act of frustration, Marketing will ask Sales for a list of what they want: collateral, sales tools, etc. They will get Sales to prioritize the list. Then they will deliver against the list. Sales will change the priorities. Sales will ask for stuff that’s not on the list. Marketing will get frustrated all over again.

The VP of Marketing will escalate the situation to the CEO to force the VP of Sales to live to his end of the bargain and stick to the deliverables on the list. The VP of Sales will make the case that conditions in the market have changed and if the CEO wants the VP of Sales to hit his numbers, there will need to be adjustments to the list. The CEO will turn to the VP of Marketing and encourage her to deliver what the VP of Sales wants.

Sound familiar? It’s an all too common scenario and I’ve seen marketing VPs go down in flames over it.

As a marketing leader if you’ve made the decision to be the secretary of Sales, so be it. Keep building and working the list. If you’re sick and tired of this game you’ll have to change your approach.

Change the game by becoming the expert on the markets you serve and the buyers within those markets. It’ll get you a seat at the big kids table.

Jun
02

Does an increase in Awareness increase Revenue?

Posted by: David Daniels on June 2, 2011 | Comments (3)

I was asked recently if I knew of any empirical data that shows the relationship between an increase in awareness and an increase in B2B sales. I don’t and so I started by searching online. I found anecdotal evidence at best.

Then I started to question my conventional wisdom that awareness comes first. That is, if potential buyers don’t know we have a solution to their problem, how would we ever get considered? Awareness drives interest, right?

I came to the realization that this kind of thinking is flawed, especially selling technology products. This is not the 70s with salesmen in white shirts, blue suits and red ties dialing for dollars. We are in an era where the majority of buyers find us by using their favorite search engine. It’s no longer a shouting match of advertising and direct marketing. This type of buyer behavior isn’t new. What’s new is that it has become mainstream.

So if buyers seek us out, how could a contemporary awareness campaign work? Are there situations where this makes sense or is it a waste of money?

Why do we “generate awareness”?

The question to be asked is where does the need to generate awareness come from:

  1. Sales makes a call to a prospective buyer and the buyer states they are unaware of the company and/or product;
  2. Our product portfolio has expanded and the customer base is unaware we can solve other problems for them; or
  3. We are introducing an innovative new approach to solving a problem

We can measure awareness through blind awareness studies. We can obviously measure revenue. The challenge is connecting the two measurements to draw a causal conclusion. If an increase in awareness drives interest, then it would be logical to conclude that interest would correlate to revenue. The stone tablet of marketing says it’s so, yet I am humbled by the fact I can’t point to any reliable body of work that supports it.

The order of operations has changed

Let’s assume for a moment you want to buy a waterproof digital camera because you are taking your family to Hawaii for a vacation and it would be cool to have underwater photos (interest). You could go to a camera store in your town, but most likely you’ll search online using the keyword phrase “underwater cameras”. You’ll review the search results, perhaps refining them a little to get a list of manufacturers that provide underwater cameras (awareness). Then you’ll follow the links to the manufacturers web sites to get an idea of what each camera can do and at what price. Before you purchase, you’ll look for reviews of the cameras to see what others are saying about it (evaluate). Finally you’ll try to get the best price based on how you like to buy, and then make a purchase (buy). If you really like the product (or not), you’ll write a review (reference).

What are the implications to marketers?

The implications are significant to marketers. It means we need to shift hard toward developing great content that buyers can find with a message that is clear and compelling. Every day we have buyers that go in and out of our sales process and we don’t know it’s happening. I call them lurkers. Unlike window shoppers – which implies they aren’t going to buy – lurkers have an intent to buy but they haven’t engaged with us yet. They are researching our product along with our competitors and finding references through what others are commenting about (good and bad).

The other implication is measurement. Marketing teams are asked to demonstrate a return and for some traditional activities, like generating awareness, this is getting increasingly more difficult to justify.