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.
Sunday, February 26, 2012
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.
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