The hardest thing for me about sales leadership is the lack of control. The head of sales is responsible to the board for outcomes. However others are on the front lines.
My natural tendency is to put pressure on direct contributors which creates stress and anxiety hurting results. A hands off approach leads to drift and inefficient development of best practices.
A solution exists. Interview each sales team member and find out their perspective on what is needed to drive success. Here is the key. Don't conduct the interviews yourself. People will not tell you the full truth unless the comments are anonymous.
My suggestion is to have a neutral third party get the information. You will get honest feedback and ideas to help the team rise to their maximum level of performance. From a personal perspective you will feel a sense of control, which acts like a safety value releasing pressure.
Tuesday, October 30, 2012
Friday, October 12, 2012
Selling New Solutions to Satisfied Buyers
Keith Eades in Solution Selling defines what he calls "latent opportunities"as problems waiting to be solved that do not have known solutions. This is different from "active opportunities" where management is looking for ideas to fix known problems.
The book Selling is Dead introduces a different way to think about latent opportunities. The author believes that most sales organizations are not equipped to engage buyers who are satisfied but with the right help will adopt often disruptive new solutions.
It is critical, from their perspective, to build a business case showing the value change will deliver. Until that happens, even solutions that remove pain will not be adopted. Once this step is completed, risk mitigation strategies are needed. That is based on a full understanding of the potential for fear to derail the sales process.
I sold a large complex marketing solution to a major technology company. A manager was curious about my company and thought we could handle overflow work for an overburdened department. Because my questions were focused on larger organizational opportunities, she realized we could help enable a mission critical strategic growth initiative at the CEO level.
Before working for this company, I reported to a CEO whose perspective was limited to finding known opportunities. He wanted me to "get us on the RFP list" and stop wasting time talking to people who were not ready to buy from us. After selling a major product launch marketing solution to a corporation that was not looking for a vendor he changed his mind.
The book Selling is Dead introduces a different way to think about latent opportunities. The author believes that most sales organizations are not equipped to engage buyers who are satisfied but with the right help will adopt often disruptive new solutions.
It is critical, from their perspective, to build a business case showing the value change will deliver. Until that happens, even solutions that remove pain will not be adopted. Once this step is completed, risk mitigation strategies are needed. That is based on a full understanding of the potential for fear to derail the sales process.
I sold a large complex marketing solution to a major technology company. A manager was curious about my company and thought we could handle overflow work for an overburdened department. Because my questions were focused on larger organizational opportunities, she realized we could help enable a mission critical strategic growth initiative at the CEO level.
Before working for this company, I reported to a CEO whose perspective was limited to finding known opportunities. He wanted me to "get us on the RFP list" and stop wasting time talking to people who were not ready to buy from us. After selling a major product launch marketing solution to a corporation that was not looking for a vendor he changed his mind.
Sunday, September 23, 2012
Barriers to selling disruptive marketing services and technologies
Those of us who sell cutting-edge marketing solutions are not always aligned with executives who fund and managers who use new methods and technologies.
We think impacting financial performance and solving business problems should close the deal. It is not always the case. There are all kinds of reasons why people buy or don't buy something that works better. Maybe the person who has to run or implement the test is perceived as barely competent. Or the manager is afraid of looking better than his boss.
The lesson is to find out what matters early in the sales cycle. We need to know not only how to solve business problems but align ourselves with hidden personal and political issues.
In Russia during communism expensive champagne was served during intermission at the ballet. The bartender moved so slowly that not everybody got some. The American visitor asked his Russian friend if servers were always lazy in his country. The Russian said that there was not enough to go around and to save face the theater asked them to go slow.
I read this somewhere and always remember when a potential client engagement makes no sense to me. People always have a reason for doing what they are doing.
We think impacting financial performance and solving business problems should close the deal. It is not always the case. There are all kinds of reasons why people buy or don't buy something that works better. Maybe the person who has to run or implement the test is perceived as barely competent. Or the manager is afraid of looking better than his boss.
The lesson is to find out what matters early in the sales cycle. We need to know not only how to solve business problems but align ourselves with hidden personal and political issues.
In Russia during communism expensive champagne was served during intermission at the ballet. The bartender moved so slowly that not everybody got some. The American visitor asked his Russian friend if servers were always lazy in his country. The Russian said that there was not enough to go around and to save face the theater asked them to go slow.
I read this somewhere and always remember when a potential client engagement makes no sense to me. People always have a reason for doing what they are doing.
Friday, September 21, 2012
So what does your ad technology company really do?
Marketing technology companies are run by some of the smartest people in the country. However, industry leaders created a matrix of jargon equal to that used at the Pentagon.
A writer said he didn't have time to write a short letter because he was too busy. It is easier to talk industry shorthand than simplify messages for those who don't read AdExchanger.
When sales teams "educate" decision makers about the latest in Demand Side Platforms, programmatic media buying, or dynamic optimization the conversation is over quickly.
The best way to stay out of the technology cubicles is to hire "translators" in sales and marketing roles. Focus on buyer persona and how people talk within their industry. Keep the jargon for those who need it but don't make that the main message.
Companies that do this will stand apart and differentiate same sounding technology to those who control budgets.
A writer said he didn't have time to write a short letter because he was too busy. It is easier to talk industry shorthand than simplify messages for those who don't read AdExchanger.
When sales teams "educate" decision makers about the latest in Demand Side Platforms, programmatic media buying, or dynamic optimization the conversation is over quickly.
The best way to stay out of the technology cubicles is to hire "translators" in sales and marketing roles. Focus on buyer persona and how people talk within their industry. Keep the jargon for those who need it but don't make that the main message.
Companies that do this will stand apart and differentiate same sounding technology to those who control budgets.
Saturday, September 8, 2012
Expanding Business in Key Accounts
The goal of new market development is to engage key accounts that contribute significant revenue. Small projects divert time away from focusing on meaningful business.
My approach is to offer the prospect a more valuable and profitable strategic opportunity, based on the success of a smaller test project that meets an immediate need. When the prospect will not discuss this it is a sign not to waste too much time with them.
It is possible to propose, based on the success of a small project, a contract that allows the prospect to take full advantage of your services. Unless the potential scope does not align with management's idea of a key account the prospect is not important. It does not matter how important or large the company. Have this discussion before scoping the first project.
It takes discipline but do not waste a lot of time or scarce resources. When the prospect tells you that once the work is completed a huge opportunity awaits, know that unless they are willing to spend time talking in detail nothing will ever happen.
My approach is to offer the prospect a more valuable and profitable strategic opportunity, based on the success of a smaller test project that meets an immediate need. When the prospect will not discuss this it is a sign not to waste too much time with them.
It is possible to propose, based on the success of a small project, a contract that allows the prospect to take full advantage of your services. Unless the potential scope does not align with management's idea of a key account the prospect is not important. It does not matter how important or large the company. Have this discussion before scoping the first project.
It takes discipline but do not waste a lot of time or scarce resources. When the prospect tells you that once the work is completed a huge opportunity awaits, know that unless they are willing to spend time talking in detail nothing will ever happen.
How to mine and develop a new market
How to get meetings that lead to sales is one of the most challenging problems companies face today. It is a particular issue for companies that do not yet have a brand name.
The article about cold calls and getting past the gatekeeper prompted a new thoughts:
This has to change as prospects today prefer a different way to engage.
The article about cold calls and getting past the gatekeeper prompted a new thoughts:
- When the message is on target cold emails and calls work
- LinkedIn connections are the best way to get great meetings
- When the addressable market or territory is small connections often don't work
- It is always critical to follow industries, companies, and prospects through social media
- Building a network offline is always important even when the individuals are not prospects
This has to change as prospects today prefer a different way to engage.
Saturday, July 21, 2012
Social Data - Keep on top of consumer preferences
At the #blogwell conference in Chicago a speaker, from an industry leading global brand, talked about social media. His company thinks about social as a strategic platform to bring the consumer's voice into the organizational decision process. The focus is not on Facebook or Twitter as separate engagement channels.
The true revolution in social media is to utilize the data to impact major business challenges. This is a much broader opportunity to impact the business than narrowly focusing on social media marketing
The true revolution in social media is to utilize the data to impact major business challenges. This is a much broader opportunity to impact the business than narrowly focusing on social media marketing
Wednesday, March 14, 2012
Big Data and OptiMine Software Event
The digital marketing event last night took an interesting turn. The initial concept was to discuss the balance between optimizing marketing investment within and across marketing channels.
Our panel met ahead of time to talk through the agenda. What was clear to everybody is that none of the above is possible unless the data allows for these projects. Here is a link to a Columbia University study on marketing ROI in the era of big data.
It is important to collect data proactively rather than by accident. A common theme was to start with business outcomes, develop short term KPIs, assess available data, determine missing data, and calculate ROI potential before starting work. It may not make sense to take on too much.
It was interesting to hear how difficult it is to successfully accomplish all this. However some companies do it very well meaning it is possible to succeed. Everybody agreed that automating marketing decision making is not going to happen but it is possible to be smarter and better.
Our panel met ahead of time to talk through the agenda. What was clear to everybody is that none of the above is possible unless the data allows for these projects. Here is a link to a Columbia University study on marketing ROI in the era of big data.
It is important to collect data proactively rather than by accident. A common theme was to start with business outcomes, develop short term KPIs, assess available data, determine missing data, and calculate ROI potential before starting work. It may not make sense to take on too much.
It was interesting to hear how difficult it is to successfully accomplish all this. However some companies do it very well meaning it is possible to succeed. Everybody agreed that automating marketing decision making is not going to happen but it is possible to be smarter and better.
Sunday, February 26, 2012
Are you a hunter or a farmer?
Salespeople lean toward being hunters or farmers. I'm a hunter. However my farmer side retained accounts for years that my dominant hunter side developed from scratch.
This post from Social Media Today concludes that hunters and farmers network differently. It's true that a balance must be struck between both sides. However it's critical to lean toward hunting.
The owner of a marketing agency asked me how to shift from farmer to hunter. 80% of her business came from 2 accounts. She needed to spend time in a methodical way working a rigorous networking process to connect to decision makers in prospective clients. I suggested that she attend Michigan Avenue Toastmasters to overcome fear and learn how to present with confidence. The 3 years that I spent with this tremendous group were well worth it.
There is more malpractice in sales than any other profession. Prospects want to run in the other direction. Farmers can learn how to manage this difficult dynamic by reading sales books that explain how to engage people around their concerns rather than push product.
This post from Social Media Today concludes that hunters and farmers network differently. It's true that a balance must be struck between both sides. However it's critical to lean toward hunting.
The owner of a marketing agency asked me how to shift from farmer to hunter. 80% of her business came from 2 accounts. She needed to spend time in a methodical way working a rigorous networking process to connect to decision makers in prospective clients. I suggested that she attend Michigan Avenue Toastmasters to overcome fear and learn how to present with confidence. The 3 years that I spent with this tremendous group were well worth it.
There is more malpractice in sales than any other profession. Prospects want to run in the other direction. Farmers can learn how to manage this difficult dynamic by reading sales books that explain how to engage people around their concerns rather than push product.
Thursday, February 23, 2012
What about Twitter for salespeople anyway
In a conversation today it was expressed to me that a notable social media expert would consider the number of my Twitter followers a significant metric.
A year after Twitter broke out at SXSW my toastmaster speech focused on this cool breakthrough technology. When I asked how many people had heard of Twitter 2 hands out of 40 raised.
It didn't take long before brands flocked like sheep to out Tweet each other. A brand new KPI was added to marketing dashboards - number of Tweeps. CFO's rolled their eyes in horror.
Andy Crestodina at Orbit Media wrote a great post on Twitter. Twitter is really important and in the ways that Andy reviews in his post. I follow people on Twitter daily which helps my sales efforts.
Salespeople need LinkedIn connections. We need lots of people that know us at least casually. Random invites received here are immediately deleted.
A salesperson with only a few LinkedIn connections would arise my suspicion but with Twitter it doesn't really matter unless you are trying to build a brand as a thought leader or consultant.
A year after Twitter broke out at SXSW my toastmaster speech focused on this cool breakthrough technology. When I asked how many people had heard of Twitter 2 hands out of 40 raised.
It didn't take long before brands flocked like sheep to out Tweet each other. A brand new KPI was added to marketing dashboards - number of Tweeps. CFO's rolled their eyes in horror.
Andy Crestodina at Orbit Media wrote a great post on Twitter. Twitter is really important and in the ways that Andy reviews in his post. I follow people on Twitter daily which helps my sales efforts.
Salespeople need LinkedIn connections. We need lots of people that know us at least casually. Random invites received here are immediately deleted.
A salesperson with only a few LinkedIn connections would arise my suspicion but with Twitter it doesn't really matter unless you are trying to build a brand as a thought leader or consultant.
Buying Cycle Versus Sales Cycle Realities
This is a great post about how salespeople need to shift focus to the buying cycle from the sales cycle.
If only it had grounding in reality. Warren Buffet has a long term view of the companies that he funds. He wants to build significant economic value over time for his shareholders. Because he's Warren Buffet shareholders trust him to deliver results year over year.
How many financial heavyweights can you name that follow this approach? Most companies are backed by money that wants immediate results and looks at quarter by quarter numbers. Sales management is forced to take this myopic sales cycle oriented view and can only dream of living in the Warren Buffett world.
The sad truth is that until an emphasis on quarterly results goes away salespeople will continue to be forced to focus on the sales cycle at the expense of smart long term customer engagement. Nobody that I've ever met believes this is going to happen short or long term.
If only it had grounding in reality. Warren Buffet has a long term view of the companies that he funds. He wants to build significant economic value over time for his shareholders. Because he's Warren Buffet shareholders trust him to deliver results year over year.
How many financial heavyweights can you name that follow this approach? Most companies are backed by money that wants immediate results and looks at quarter by quarter numbers. Sales management is forced to take this myopic sales cycle oriented view and can only dream of living in the Warren Buffett world.
The sad truth is that until an emphasis on quarterly results goes away salespeople will continue to be forced to focus on the sales cycle at the expense of smart long term customer engagement. Nobody that I've ever met believes this is going to happen short or long term.
Tuesday, February 21, 2012
Selling to Senior Management
It is a lot easier selling to senior management than the people who influence their decisions from far away. They make the decisions, don't usually waste your time, and will make things happen.
However beware of books like Selling to VITO. You don't need to start at the top. The ideal place to start is somewhere. Maybe the entry point is that technical guy in the cubicle who is the only person in the company who knows what's happening on the website. Everybody knows it.
In other cases the CMO is the right place to start. He was brought in to change the culture and get results. You better get him engaged or risk spending years wasting effort and time.
However you have to be ready to engage the CXO level. I subscribe to Seeking Alpha alerts and read quarterly earnings transcripts. That's the only language people in these positions care about.
I met a sales trainer who told me it is not necessary to know the technical issues but rather the business impact the product delivers. That's great in concept but the reality is that critical people on the decision making team will have no respect for you if you don't know at least some of the details.
My experience is to never claim true technical expertise but learn the language and the issues well enough to have an intelligent conversation with the experts.
However beware of books like Selling to VITO. You don't need to start at the top. The ideal place to start is somewhere. Maybe the entry point is that technical guy in the cubicle who is the only person in the company who knows what's happening on the website. Everybody knows it.
In other cases the CMO is the right place to start. He was brought in to change the culture and get results. You better get him engaged or risk spending years wasting effort and time.
However you have to be ready to engage the CXO level. I subscribe to Seeking Alpha alerts and read quarterly earnings transcripts. That's the only language people in these positions care about.
I met a sales trainer who told me it is not necessary to know the technical issues but rather the business impact the product delivers. That's great in concept but the reality is that critical people on the decision making team will have no respect for you if you don't know at least some of the details.
My experience is to never claim true technical expertise but learn the language and the issues well enough to have an intelligent conversation with the experts.
Sunday, February 19, 2012
NYT Magazine - Predictive Analytic Use at Target
The NYT today published an article about how Target used predictive analytics to increase revenue from $44 billion to $67 billion from 2002 to 2010.
Most fascinating is the section on how consumers develop habits and how difficult it is to change these habits. However the most important part of this article is the reaction of Target to the article. Target not only refused to talk to the reporter but did everything in its power to distance itself from the story.
The article today comes right after the Google Safari fiasco reported earlier this week. It's impossible to compete today without using these kinds of techniques. Target and Google are not doing anything unusual. They just do it better than anybody else.
As the public learns more about how marketers "watch them" what will be the impact on new business models and practices that rely on the smart use of data to succeed?
The entire ecosystem of free internet content and services depends on the ability of companies to use consumer data effectively without acting in a manner that hurts their relationship with consumers.
Most fascinating is the section on how consumers develop habits and how difficult it is to change these habits. However the most important part of this article is the reaction of Target to the article. Target not only refused to talk to the reporter but did everything in its power to distance itself from the story.
The article today comes right after the Google Safari fiasco reported earlier this week. It's impossible to compete today without using these kinds of techniques. Target and Google are not doing anything unusual. They just do it better than anybody else.
As the public learns more about how marketers "watch them" what will be the impact on new business models and practices that rely on the smart use of data to succeed?
The entire ecosystem of free internet content and services depends on the ability of companies to use consumer data effectively without acting in a manner that hurts their relationship with consumers.
Monday, February 13, 2012
Search marketers treat keywords the same
In this article from Search Engine Land Frost Proleau talks about how paid search marketers don't treat each keyword the same. According to Frost search marketers know better than to do this.
While the statement is true for most aspects of paid search it is not the case with bidding. Automated bidding solutions do not know how to treat each keyword as its own unique entity. The problem is that keywords are grouped together, averages are calculated, and the same bid is set for each keyword put into the grouping. In some cases the bid decision is different for each keyword but the value that determines the bid is calculated from average historical performance for all keywords.
I joined OptiMine Software because its bid approach treats each keyword differently as the article suggests is the key performance indicator for smart marketing. As bidding is most likely the most impact factor impacting financial outcomes knowing how to treat each keyword differently is critical.
While the statement is true for most aspects of paid search it is not the case with bidding. Automated bidding solutions do not know how to treat each keyword as its own unique entity. The problem is that keywords are grouped together, averages are calculated, and the same bid is set for each keyword put into the grouping. In some cases the bid decision is different for each keyword but the value that determines the bid is calculated from average historical performance for all keywords.
I joined OptiMine Software because its bid approach treats each keyword differently as the article suggests is the key performance indicator for smart marketing. As bidding is most likely the most impact factor impacting financial outcomes knowing how to treat each keyword differently is critical.
Sunday, February 12, 2012
Keeping up with the latest in online consumer behavior
I try to keep up with how people use the internet and interact with new forms of marketing. One of the most talked about recently is Pinterest.
The first time I heard about this was at a Chicago SEMPO event from Performics executive Dana Todd. It sounded interesting and I checked it out online.
To read recent adoption and usage statistics it has clearly moved beyond being merely something interesting to a critical new platform for marketers to exploit.
It's great to stay on top of these new developments. However my challenge with something like Pinterest is to dig in deep. Unlike LinkedIn I have no personal interest in using it.
Does anybody in marketing and technology use Pinterest for fun or are we just social scientists a step removed from the laboratory?
The first time I heard about this was at a Chicago SEMPO event from Performics executive Dana Todd. It sounded interesting and I checked it out online.
To read recent adoption and usage statistics it has clearly moved beyond being merely something interesting to a critical new platform for marketers to exploit.
It's great to stay on top of these new developments. However my challenge with something like Pinterest is to dig in deep. Unlike LinkedIn I have no personal interest in using it.
Does anybody in marketing and technology use Pinterest for fun or are we just social scientists a step removed from the laboratory?
Saturday, February 11, 2012
March 13 invite only digital marketing event at Bin36 - Updated
We found our client side marketer to join the panel. David Chen is currently the W.W. Grainger SEM manager. David previously worked in digital marketing at Sears and iCrossing.
The event is invite only and designed to appeal to the networking and educational needs of client and agency side digital marketers at the senior and practitioner level.
Please contact me if you are interested in attending. We are capping at 70 people which makes it likely that we will fill up quickly.
Tuesday, March 13, 2012
Bin 36, Chicago
5:30-6:30pm Heavy hors d'oeuvres, cocktails and networking
6:30 – 8:00 Panel Discussion
Josh Dreller, VP Media Technology and Analytics, Fuor Digital
Matt Miller, SVP Strategy & Analytics, Performics
Rich Stokes, CEO & Founder, Adgooroo
Robert Cooley PhD., CTO & Founder, OptiMine Software
David Chen, SEM Manager, W.W. Grainger
First the Trees, then the Forest
Digital Marketing in a Multi-Channel Ecosystem
Senior marketers want to use data to inform investment decisions and achieve the
holy grail of integrated marketing across communications channels. There is another
approach to consider. Optimize financial performance within each channel for maximum financial results before achieving Nirvana in the multi-channel ecosystem.
The panel for this event will discuss the following topics:
Build a digital foundation - First the trees, then the forest
-Optimize individual channels
-Optimize spend across multiple channels
-Cross-channel effects
-How does spend increase/decrease in Channel A affect performance in Channel B
-Attribution - Does it matter and is it possible
-Data driven financial decision making in marketing
-Use analytics to achieve business goals and optimize spend
-Align marketing investment to attain the financial goals that matter in the C Suite
-Ideas to achieve financial optimization within and across channels
The event is invite only and designed to appeal to the networking and educational needs of client and agency side digital marketers at the senior and practitioner level.
Please contact me if you are interested in attending. We are capping at 70 people which makes it likely that we will fill up quickly.
Tuesday, March 13, 2012
Bin 36, Chicago
5:30-6:30pm Heavy hors d'oeuvres, cocktails and networking
6:30 – 8:00 Panel Discussion
Josh Dreller, VP Media Technology and Analytics, Fuor Digital
Matt Miller, SVP Strategy & Analytics, Performics
Rich Stokes, CEO & Founder, Adgooroo
Robert Cooley PhD., CTO & Founder, OptiMine Software
David Chen, SEM Manager, W.W. Grainger
First the Trees, then the Forest
Digital Marketing in a Multi-Channel Ecosystem
Senior marketers want to use data to inform investment decisions and achieve the
holy grail of integrated marketing across communications channels. There is another
approach to consider. Optimize financial performance within each channel for maximum financial results before achieving Nirvana in the multi-channel ecosystem.
The panel for this event will discuss the following topics:
Build a digital foundation - First the trees, then the forest
-Optimize individual channels
-Optimize spend across multiple channels
-Cross-channel effects
-How does spend increase/decrease in Channel A affect performance in Channel B
-Attribution - Does it matter and is it possible
-Data driven financial decision making in marketing
-Use analytics to achieve business goals and optimize spend
-Align marketing investment to attain the financial goals that matter in the C Suite
-Ideas to achieve financial optimization within and across channels
Tuesday, February 7, 2012
P & G cuts ad spend and marketing staff
The recent article in Business Insider talks about a recent decision at P & G to reverse course and lower rather than continue to raise marketing budgets in the face of SG&A expenses that hurt profits. The decision is a cultural change at P & G and clearly a response to Wall Street criticism.
The reason this is perceived to be possible is that "social media is free" and through smart "big ideas" able to drive impressions more cost effectively than traditional advertising. At Facebook the desire is to eliminate free and maximize the productivity of brand dollars that are flooding into social media.
Social Media of course is not free. It requires employees to drive, agencies to manage, and potentially escalating media costs as companies like Facebook need to hit quarterly earnings targets to deliver growth in the face of enormous valuations.
However it's all relative. Free at P & G means something different than free for a $10 million company cutting their budget to focus on social media. With a $10B annual ad budget social media even as costs escalate must feel like free media at P & G.
The reason this is perceived to be possible is that "social media is free" and through smart "big ideas" able to drive impressions more cost effectively than traditional advertising. At Facebook the desire is to eliminate free and maximize the productivity of brand dollars that are flooding into social media.
Social Media of course is not free. It requires employees to drive, agencies to manage, and potentially escalating media costs as companies like Facebook need to hit quarterly earnings targets to deliver growth in the face of enormous valuations.
However it's all relative. Free at P & G means something different than free for a $10 million company cutting their budget to focus on social media. With a $10B annual ad budget social media even as costs escalate must feel like free media at P & G.
Friday, January 27, 2012
WordStream Report on Google's 2011 Revenues
WordStream just published a must read report on Google's revenue for 2011.
As we suspected here at OptiMine Software the biggest spenders are in financial services, travel, and retail.
That's no surprise but it was a surprise to learn that Lowe's leads the pack investing $59.1 million with AdWords in 2011. That tops Amazon's $55.2m by $3.9m. It's good to learn that home improvement consumer spend is back on track. Doubtful that Lowe's chased a declining market.
However according to the report home sales did not recover. That's easily confirmed by my recent real estate appraisal as I once again refinance to take advantage of low rates.
Now having said all that we had a conversation about these numbers. It's clear that published information is not always in alignment with what people are really spending.
As we suspected here at OptiMine Software the biggest spenders are in financial services, travel, and retail.
That's no surprise but it was a surprise to learn that Lowe's leads the pack investing $59.1 million with AdWords in 2011. That tops Amazon's $55.2m by $3.9m. It's good to learn that home improvement consumer spend is back on track. Doubtful that Lowe's chased a declining market.
However according to the report home sales did not recover. That's easily confirmed by my recent real estate appraisal as I once again refinance to take advantage of low rates.
Now having said all that we had a conversation about these numbers. It's clear that published information is not always in alignment with what people are really spending.
Tuesday, January 17, 2012
March 13 invite only digital marketing event at Bin36
Here is our agenda for the upcoming marketing event. This is invite only but please feel free to contact me if you want to attend or have any questions.
Tuesday, March 13, 2012
Bin 36, Chicago
5:30-6:30pm Heavy hors d'oeuvres, cocktails and networking
6:30 – 8:00 Panel Discussion
Josh Dreller, VP Media Technology and Analytics, Fuor Digital
Matt Miller, SVP Strategy & Analytics, Performics
Rich Stokes, CEO & Founder, Adgooroo
Robert Cooley PhD., CTO & Founder, OptiMine Software
First the Trees, then the Forest
Digital Marketing in a Multi-Channel Ecosystem
Senior marketers want to use data to inform investment decisions and achieve the
holy grail of integrated marketing across communications channels. There is another
approach to consider. Optimize financial performance within each channel for maximum financial results before achieving Nirvana in the multi-channel ecosystem.
The panel for this event will discuss the following topics:
Tuesday, March 13, 2012
Bin 36, Chicago
5:30-6:30pm Heavy hors d'oeuvres, cocktails and networking
6:30 – 8:00 Panel Discussion
Josh Dreller, VP Media Technology and Analytics, Fuor Digital
Matt Miller, SVP Strategy & Analytics, Performics
Rich Stokes, CEO & Founder, Adgooroo
Robert Cooley PhD., CTO & Founder, OptiMine Software
First the Trees, then the Forest
Digital Marketing in a Multi-Channel Ecosystem
Senior marketers want to use data to inform investment decisions and achieve the
holy grail of integrated marketing across communications channels. There is another
approach to consider. Optimize financial performance within each channel for maximum financial results before achieving Nirvana in the multi-channel ecosystem.
The panel for this event will discuss the following topics:
- Build a digital foundation
- First the trees, then the forest
- Optimize individual channels
- Optimize spend across multiple channels
- Cross-channel effects
- How does spend increase/decrease in Channel A affect performance in Channel B
- Attribution - Does it matter and is it possible
- Data driven financial decision making in marketing
- Use analytics to achieve business goals and optimize spend
- Align marketing investment to attain the financial goals that matter in the C Suite
- Ideas to achieve financial optimization within and across channels
Thursday, January 12, 2012
IBM Social Media Monitoring and CADM Event
I attended the Chicago Association of Direct Marketing January lunch event at Bin36.
Graham Mackintosh from IBM spoke about how IBM Cognos social media monitoring software helps companies understand their customer better. The implications of this are significant for any direct to consumer business.
Companies have to understand what is happening on the internet related to their brand, competition, and industry to make intelligent business decisions. Software tools like Cognos pull together in a usable format millions of pieces of consumer data.
I asked Graham how industry currently uses the software and what will happen in 2012. Most current clients are monitoring internet conversations and in some cases using analytic insights to inform better marketing programs.
However Graham believes this is not enough. Future leaders will integrate intelligence into their business processes. The ability to know in real time what consumers are doing makes it possible to be smarter about business strategy, marketing decision making, product development, and customer service engagement.
In my opinion this new best practice will be table stakes in any industry sooner rather than later.
Graham Mackintosh from IBM spoke about how IBM Cognos social media monitoring software helps companies understand their customer better. The implications of this are significant for any direct to consumer business.
Companies have to understand what is happening on the internet related to their brand, competition, and industry to make intelligent business decisions. Software tools like Cognos pull together in a usable format millions of pieces of consumer data.
I asked Graham how industry currently uses the software and what will happen in 2012. Most current clients are monitoring internet conversations and in some cases using analytic insights to inform better marketing programs.
However Graham believes this is not enough. Future leaders will integrate intelligence into their business processes. The ability to know in real time what consumers are doing makes it possible to be smarter about business strategy, marketing decision making, product development, and customer service engagement.
In my opinion this new best practice will be table stakes in any industry sooner rather than later.
Wednesday, January 4, 2012
Another article about consultative selling
Tony Zambito describes from his blog The Digital Buying Persona how much B to B sales has changed. His description of the importance of having a salesperson in the process is something very obvious to me. However as stated in an earlier post buyers have different expectations of what that salesperson needs to bring to the table.
It's not really possible given the complexity of any technology or service offering today for a buying organization to know how to connect an outside solution back to their business challenges. It's just too complicated and there are too many options.
Salespeople today must operate as consultants rather than just describing the features and benefits of their product. That's now marketing's job using online content strategies. Given this situation it makes sense that companies hire subject matter experts and an inside sales team to drive them leads.
Anybody who has worked in sales for more than a few months knows this will not work. Great salespeople add another component. It takes a fearless determination to probe for the critical information that will drive success, navigate complex politics and emotions, and never give up in the face of continuous rejection and obstacles.
The typical subject matter expert does not possess that skill set.
It's not really possible given the complexity of any technology or service offering today for a buying organization to know how to connect an outside solution back to their business challenges. It's just too complicated and there are too many options.
Salespeople today must operate as consultants rather than just describing the features and benefits of their product. That's now marketing's job using online content strategies. Given this situation it makes sense that companies hire subject matter experts and an inside sales team to drive them leads.
Anybody who has worked in sales for more than a few months knows this will not work. Great salespeople add another component. It takes a fearless determination to probe for the critical information that will drive success, navigate complex politics and emotions, and never give up in the face of continuous rejection and obstacles.
The typical subject matter expert does not possess that skill set.
The missing social media void for business
I personally like Facebook for finding old friends and sharing pictures of our new baby. Business usage is not something that interests me very much.
LinkedIn is such a major part of my daily activity that it is impossible to imagine doing business without it. When Google+ launched it appeared to bridge the gap for me between LinkedIn and Facebook. Or at least that was my wishful thinking.
What I want is LinkedIn to create a truly social community including something like Google+ circles to allow me to keep in touch with segmented groups of people.
I never use Google+ anymore. All of my important business connections are on LinkedIn but their social features are not very useful. Somebody who fills this void in the market will certainly get my attention.
LinkedIn is such a major part of my daily activity that it is impossible to imagine doing business without it. When Google+ launched it appeared to bridge the gap for me between LinkedIn and Facebook. Or at least that was my wishful thinking.
What I want is LinkedIn to create a truly social community including something like Google+ circles to allow me to keep in touch with segmented groups of people.
I never use Google+ anymore. All of my important business connections are on LinkedIn but their social features are not very useful. Somebody who fills this void in the market will certainly get my attention.
Type of salesperson that succeeds
This research presented on Jill Konrath's blog is interesting to me. Clients today expect that anybody in sales needs to add value to the conversation. Relationship building is not dead as described but needs to be part of something bigger. Connecting with people is more about building trust that then allows the salesperson to present often controversial ideas that solve problems. It's clear to me that like consultants salespeople need to be experts and able to present best practices to companies that are at first resistant to new ideas. It's not good enough to bring in the sales engineer as the resident expert and think the only duty is to own the relationship.
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