Tag Archives: Strategy

Super Bowl Event Marketing

It’s Super Bowl Sunday!!  A time when advertising comes into focus.  This year, however, I’m thinking less about the commercials and more about event marketing around Super Bowl XLIV.

There are opportunities for your business to piggyback on the excitement of a big event.  DirectTV has implemented a well-timed marketing tactic by setting up tables in Sam’s Club and offering a SuperBowl promotion.  This is a great strategy for DirectTV!  Football fans, one of the drivers behind HDTV adoption, often consider upgrading their TV sets before the SuperBowl and DirectTV can sweeten their purchase by offering attractive HD sports packages.

Shopping for new TVs is one side-effect of the SuperBowl, and there are certainly others.  Let’s consider food consumed on Super Bowl Sunday. Hot wings, pizza, chips, dips, and beer are foods that come to my mind.

If you’re a chicken wing supplier, demand leading up to the SuperBowl is bound to rise.  Chicken wing suppliers and distributors can raise their prices and enjoy better margins than other times of the year.  If you run a hotel in Miami, host of Super Bowl XLIV, demand for hotel rooms and other entertainment venues will be high too.  Plan accordingly.

My advice, think about upcoming events in your area and implement aligned event marketing tactics to capitalize on the event’s excitement.

What event marketing tactics have been effective for your business?

Transparency in Your Business

P&G’s recent backlash for shipping a “new and improved” version of Pampers diapers in old packaging is a lesson proving the value in coporate transparency.   Social media has amplified customer’s voice, which can spread rapidly over social networks.  In this case, upset Pamper customers have put P&G’s new brand in jeopardy before it has even officially launched.

It goes without saying that P&G didn’t handle this product introduction very well.  They’ve also struggled to respond to their critics in an effective manner (read: using social media platforms to inform and respond to buyers of Pamper diapers).  However, injecting transparency in your company is not only important for preventing similar failures, but it is also important for establishing an authentic voice in your business.

Achieving transparency is easier said than done.  Organizations need to give their clients insight to their company, products and services without giving up too much competitive intelligence.  Ultimately, transparency breeds an authentic company.  Customers gravitate towards authenticity and your long-term business will benefit by having more connected customers.

Put yourself in your customer’s shoes and share the type of information that could provide value in their life. Find an authentic voice that connects you (and builds a valued relationship) with your customer.

Differentiating With Customer Service

As more products essentially become commodities, service has become a viable means for increasing revenue and profit margins for companies in these industries. Use a service strategy to your advantage.

Big companies often struggle to develop great relationships with their customers.  Too many levels of authority, employees unauthorized to make decisions, arbitrary policies preventing customer-facing employees from advocating for the customer, and limited access to direct customer feedback often handcuff the big guys from delivering great service and developing good relationships with their customers.

This spells opportunity for agile companies!

One of the reasons I enjoy working with small companies is knowing exactly who stands behind the company and its policies.  This tends to build a more responsive organization and it’s good marketing.  If your a small business, use your size to your advantage.  Develop relationships with your customers and provide the best service possible.  Develop a culture for customer service through training and service programs that empower your employees.

Great customer service can differentiate your business from others and improve your bottom line.  Embrace a culture of customer service and develop relationships with clients that make them want to be your customer for life.

Avoid Enemies of Change

Companies that spot trends early on and get transform their business focus at the right time are in the minority.  Why do some companies have blinders on when accessing trends?  A company’s very success is often what holds them back from seizing opportunities.  The mindset of leaders is crucial to combating this enemy of change.

We tend to be creatures of our past; our experience shapes what we believe and our perception of reality.  In sum, everyone is biased.  Our history and success are strong sources of our bias.  What often sets good leaders apart from leaders who miss opportunities is colored vision.  Good leaders see beyond their bias and spot trends that may be disparate from their past experience.

Automatically assuming something based on bias can handcuff you from changing direction to capitalize on a fruitful opportunity.  To combat bias and gain clarity, I recommend organizations use numbers and metrics to quantify trends and dispel bias that doesn’t mesh with the trends.

Avoid the enemies of change. Put your history and success in your back pocket while assessing your reality.  Use an unbiased view to ensure you can see trends as they really are and find opportunities that you may have missed before.

Dream Big, Narrow Your Focus

I dream big.  I also know that focusing on the key customer-driven components of my business solution and aligning my company’s processes around those elements is the best way to turn my big dreams into a successful business.

In a small business, it’s all too easy to get distracted by potential development opportunities that add breadth to your product or service line.  Don’t fall prey to this lure.  Ensure your success by selling a viable product or service before taking misguided steps that steer your attention away from your company’s mission.

Focus on one specific solution and deliver it better than anyone else.  This will lay the ground work to pursue more intricate business opportunities down the line.  Take a cue from 37Signals build a simple focused product like BaseCamp and parlay that success into other complimentary products that add additional value to your enthusiastic client base.

For entrepreneurs, it’s critical you define and stay focused on what your customer needs are and deliver your solution that is so focused on those needs that your customer’s alternative options become substandard in comparison.

Customer prospecting and marketing research upfront is key to accurately determine whether your solution meets your target market’s needs.  Once these needs are defined and you have your product mission statement, you can focus on developing your core product or service.

For example, let’s say I’m a window washer that’s discovered my customers want eco-friendly washing detergents and fast service. That’s great, but are they actually going to pay money for these proclamations? Be sure your prospect wants, is willing to pay for, and has the ability to purchase your product or solution.

As a window washer, If I find my prospects are more willing to pay for fast service then you better believe every decision I make will be guided by this need for speed, and my marketing efforts will position my services as the speediest window washer in town!

The takeaway from all this is when your starting out, narrow your focus, deliver a solution that meet your paying customers needs and parlay your success into developing complimentary solutions.  Dream big, but stay focused.  Your success awaits!

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Problem Solving With Monet

Our ability to problem solve is often directly correlated with our levels of success. Regardless of what function or role we inhabit, we are constantly bombarded with obstacles that require a measured response.

I prefer to view these problems as opportunities to improve a situation.  As the saying goes, “when life serves you lemons, make lemonade.”

Up close Monet's paints are difficult to make out, but from afar they are a thing of beauty - When analyzing your problem take a step back and to improve your perspective of the problem.

Apply a Monet framework to problem solving. Up close, Monet's paints are difficult to make out; from afar they are a thing of beauty. When analyzing a problem, improve your perspective by taking a step back to understand all of the problem's elements.

To improve your response, approach particularly troublesome problems using a problem-solving framework.  In my framework, I look at the situation like I view Monet paintings – from afar. I assume a third-party perspective that enables me to take a step back and hypothesize all stakeholder points of view.  From this perspective I recommend you:

Define the problem.
What’s causing it? Without knowing what the problem is and what’s causing it, you’ll either be fixing problems that don’t need fixing or not finding the right solution

Understand what you can control.
If you have no control over some aspect of the problem, don’t focus your efforts on solving the problem by trying to change that element.  Think creatively about how you can solve the problem and consider changing directions that circumvent that element entirely.

List you potential solutions.
Come up with potential solutions to fix the cause of your problem or change the landscape entirely.  Improve your creativity by brainstorming ideas with others to develop possible solutions.  Additional perspectives can give you a more complete view of the whole picture.  I also find it helpful to look at other solutions to disparate problems and see if those can be applied to your problem at hand.

Pick the best option and act on it.
Once you settle on the best option for solving the problem you’ve defined, take the steps to carry it out.  You’ll find this process is very rewarding, especially if you start seeing immediate results.  If this solution doesn’t solve your problem. Great! Now you know and you can move back through these steps to see what options you have to approach the problem that exists now.

Move on
Often, I find out problems aren’t as bad as they initially appear.  Problems can be great opportunities to explore new directions in your business.  Hopefully, your problem-solving process will have the results you desire.  Once you decide on a solution to a problem, it is often best to move on and tackle the next problems opportunity that comes your way.  This is particularly true for problems you don’t have any control over.  Don’t waste your time dwelling on what went wrong or why the situation isn’t fair; learn from your missteps and move forward by proactively taking steps to be successful.

Influencer Marketing for B2B Sales

Influence is one of the most powerful psychological drivers in sales and in belt-tightening times like these, influencer marketing is one of the most cost efficient ways to promote your business.  While this type of marketing has often been employed in the B2C space, opportunity abounds in the B2B space.

Influencer marketing, one of a dozen types of word of mouth marketing,  is an especially effective tactic in driving B2B sales.  To better understand what influencer marketing is all about, let’s define the players.

Effective influencer marketing is composed of three components:  the influencer, the follower, the business solution.

  1. Influencer – An influencer would be someone whose ability to motivate, change views, shift over from the status quo through their energy and passion and helpful knowledge over time.
  2. Followers – These people seek out the advice of the said ‘influencer‘ and will often listen and employ the advice to the extent they can implement it.
  3. Business Solution – While not directly linked to influencer marketing, the business solution is the most critical of the three parts of the influence puzzle.  Your solution needs to be relevant, meet the high standards of the influencer that share it with their followers, and be easy t0 understand (read: if an influencer can’t figure out why they or their community of followers should be interested in your product then you can bet they won’t give it the right type of influence to help it grow!).

Whether a follower of a influential person moves to take action on a product or service depends on the level of authority the influencer possesses.  Popular bloggers are very good at promoting their authority by developing thought leadership with their blog posts.

However, not all business influencers are created equally.  Selecting influencers that are best equipped to reach and influence your target audience will be a key component in your influencer marketing strategy.  To get started:

  1. Make a list of bloggers/writers/influencers who appear to reach your market.
  2. Assess their market reach by estimating their number of connections.
  3. Determine their though leadership (Do their followers hold the influencer’s opinion in high esteem?)
  4. Check their followers for the decision makers of your target market (LinkedIn is great for this).
  5. Rank your influencers according to their market reach, thought leadership, and ties to your target audience

Once you have your ranked list, I’d start connecting with a few who aren’t crucial to your influencer marketing success.  Incorporate your learnings from those approaches and craft a winning strategy for reaching out to the higher-ranked influencers who influence potential buyers in your product or services’ sweet spot.

When done right, influencer marketing is an effective and economical way to increase sales for your business.  If you can identify the right influencers, know your target customers (followers), and have a business solution worth talking about then influencer marketing needs to be included in your marketing mix.

Have you employed the power of influence in your marketing strategy?