Strategic Marketing Blog by Market Cues

Four Questions You Need the Answers to Thrive in a Recession

According to the SBA, over 50% of small businesses fail in the first five years, and 1 out of 10 make it to year 10. These same pressures hold true for hundreds of Fortune 1000 corporations who have either declared bankruptcy or filed reorganizations during the past five years. So, what do companies who make it past year 10 have that the others don’t?

Here are four questions they know the answers to that help them stand out and thrive during the most difficult of times:

1. Who do you want to communicate with? Knowing your precise target audience seems like a no-brainer, I’m sure, but it’s amazing how many companies try and communicate with “Everyone” thinking this will increase their chances of success. Instead, focus on the specific target market and audience that will make a difference in your business growth.

2. What do they know about us? Before you put one message into the marketplace you need to determine what your prospects already know about you. This simple exercise can save you months of missteps.

3. What do you want them to know? Trying to get your prospects to know everything about you in the first few moments is the equivalent of meeting someone for the first time and starting to tell them about your early childhood! Start where they are and let them know the things that will make them comfortable in continuing the conversation.

4. What do you want them to do? Of course, your end game is to convert your prospects into customers, but the question is what steps would you like them to take in this decision-making process. Hint: it should meet their needs first and foremost.

Having the answers to these four simple questions – along with your strategic prioritized agenda – will place you on the path of not only surviving a recession but thriving in one.

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Eight Tips for Becoming a Leading Brand

How would you feel if someone invited you to an event at a mall, but when you arrived you couldn’t figure out where to go?

That’s precisely what prospects feel like when they visit your website or customer service “support space” and can’t figure out what the @#$%$^% is going on there! Prospects who have taken the time to try and talk with you end up in frustration because there is no logical order to your branding. They will not be back soon.

Here are some practical ways on how to start and sustain meaningful communications:

1. Be creative. Do not expect prospects or your customers to find your brand interesting on their own merit. Use a creative approach to your show and tell, such as an illustrative video with voice-over.

2. Be direct. Know what your top three to five points are that distinguish your brand from all others and present these points in a logical fashion. Use every day language that everyone can understand from the technical director to the CEO.

3. Be logical. Order your website in the most simple way possible, from the first-time prospect’s perspective. Imagine what they feel like the first time they arrive. Place things in a simple and logical order to make it easy for them to find what they are looking for.

4. Be different. If you can’t differentiate your brand from all others, meaning it’s like every other brand on the market, then you might want to rethink your brand offering or you may quickly become a commodity. Being unique gives you the differentiation that builds a brand faster than any other dimension.

5. Be careful. Don’t be given to exaggeration. As the economy has worsened we’ve noticed many marketers increase their product claims beyond what they can deliver. Prospects and customers alike always feel better with a brand that they can rely on to tell the truth.

6. Be thoughtful. A pen of mine stopped working properly and I called Waterman’s customer service and arranged for a pickup. When the pen came back it was a brand new and a note was included that said, “We apologize for your original pen and are sending you a new one courtesy of Waterman.” Needless to say, the Waterman brand went up in my book.

7. Be smart. If you find that you are marketing a series of products that no longer meet the needs of your key customers sift them down into a smaller group. This is tough for many companies, particularly legacy owners, but is the necessary hard work of smart marketers.

8. Be ready. The faster you can respond to your customers the better. Waiting for something to happen, from the customer’s perspective, is not gratifying. Try and make your customer’s schedule yours and provide them with the swiftest services you can.

Implement these simple tips – along with your personalized approach – and you’ll be on your way to becoming a leading brand.

Posted in Brand Identity, Brand Strategy, Strategic Planning | Leave a comment

Six Ways to Build Your Brand if You Cannot Afford a Super Bowl Ad

Most business owners can only dream about running a 30-second commercial advertisement during a Super Bowl.

This year’s cost $3.5 million putting one outside the reach of most. It’s what global brands like Coke and Chevrolet do each year. We could debate the validity of this spend, but let’s assume you can’t afford one. Here are six valid ways to build your brand without spending that incredible amount of money.

1. Determine what your customers’ true needs, interests and wants are. If the brand story you are telling provides your customers with the solutions they need they will tell others all about you. Research, although something many companies resist, is at the heart of knowing and delivering relevant brand messages.

2. Raise awareness among your best-known brand. Companies often confuse their brand channels and customers alike with a high proliferation of brands. Brought to an extreme, sub-brands sometimes become better known than their parent brand and that’s almost always a dangerous positioning.

3. Establish a customer loyalty program. Most businesses have a group of loyal customers that stick with the company through good and bad economic times. These are the customers you want to focus on in special ways that deliver extra service, product preference, etc. from you to maintain their loyalty.

4. Decrease the number of brand messages you put into the market. This is a tough one for many companies because they believe the more messages they put into their markets the better. We can all agree that to build a brand recall among prospects is key. Our research shows that one powerful brand message repeated many times in a market will always beat many differing brand messages.

5. Know your competition as well as you know yourself. Consistently ignoring your competition is a recipe for failure. As the saying goes, “Knowledge is Power” and that applies to knowing what your chief competitors are doing and saying so you can determine your best strategy to overcome their threats.

6. Invest in your brand. Just as you should never take your customers for granted, you should never take your brand for granted either. Perhaps you are the leader today or close to it. That’s great! But don’t assume you always will be. Just look at Kodak. They thought they would always be the king of the mountain.

Building your brand – using consistency and selectivity – can be a sound business strategy. Just make sure you are spending your hard earned dollars on things that produce long-lasting results.

Posted in Brand Identity, Brand Strategy, Football, Strategic Planning | Leave a comment

Three Basic Rules of Strategic Planning

The marketplace has finally come to understand that there aren’t going to be any special bullets handed out in the near future for developing new business or building an existing one. This, in part, helps explain why so many businesses express the attitude that ‘things will be a little bit better in 2012 than last year.” Many business owners have taken ownership of their company’s direction and are finding improved results by doing so.

To get your strategic plan on the right path and your organization on the same strategic page, there are three basic rules that you must follow to do well:

1) Create a cohesive strategy that delivers the focused top goals you’ve established;

2) Provide ample room and opportunity for everyone in your organization to contribute their best ideas; and

3) Find new ways to produce an improved customer experience with your products and services. These three basic rules will do more for your organization than a 300-page report on what’s wrong with your company and how to fix it.

This third rule is particularly important given the massive amount of new content on the Internet being posted each day that provides customers with more choice than ever. This often causes confusion for customers when trying to distinguish one product from another which highlights a profound need that should be at the center of your strategic plan: You need to establish a rock-solid relationship with your customers by opening up the lines of communication and promoting two-way interactions whenever and wherever possible.

Short-term sales marketing tactics can increase the results of a strategic marketing program, but short-term success can quickly build a ‘blind spot’ into seeing your customers’ true needs. A recent example we noted is a company that sold its products successfully because there was no real alternative to their products. However, while successful sales were being posted the company’s distant competitor introduced an alternative product, at a much lower price point, and overnight the successful company’s sales plummeted.

Had the company enjoyed strong customer relations they would have discovered far earlier what their potential problems were and been able to stave off this extremely negative occurrence.

In a very simple and efficient way, you can break down your customer relationships, get your customers to tell you what you are doing well, and what you need to do better, and refocus your efforts on your best growth areas. This will allow you to confidently go into the marketplace because you will know what your customers need and have the ability to deliver it to them.

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Four Tips to Make Your Next Webinar a Success

Webinars have replaced introductory sales meetings. More and more business people are ‘getting to know’ companies by first attending one or more of their webinars before they respond to a telephone call from an eager beaver sales representative or shake that sales representative’s hand for the first time. Given these facts it is becoming increasingly more important to know how to design and run a solid webinar that hits the touch points a prospective customer is interested in learning about. Here are four tips to get you started:

#1: Relevance

Make sure what you are presenting is of absolute value to your attendee. Although information on your company, services and processes are important, it’s unlikely they will hold their interest. Most people are more interested in learning how your particular brand or specialty can be put to good use at their organization. The ability to show how they can immediately find benefit and value using your products and services will drive a greater relevancy score that will produce an increased likelihood of an in-person meeting.

#2: Experience

The digital world presents an interesting contrast between new and experience, particularly to those specializing in technology. On the one hand, prospective organizations are interested in learning new ways to improve their strategies, campaigns and sales programs, while on the other hand they prefer to work with experienced individuals and/or firms who have successful track records in their specialty. So be prepared to present a solid front with solid examples because the stronger they are the more likely it is you will be considered for their next project.

#3: Roadmap

Know what you are going to cover using a big thought storyboard to plan your webinar and then fill in the areas with visuals and a detailed script. Some of the best presenters actually read from written scripts but you would never know it because they read them as casual thoughts. Whatever works best for you is fine. The important aspect is to know what you are going to cover from A to Z and do it in a deliberate way. Off-handed remarks and side bar comments usually detract from the overall discussion.

#4: Interaction

Experienced speakers will tell you one of the most important dynamics any speaker needs to establish is a rapport with the audience. The more two-way the communications feel the better. One quick way to enlist a webinar audience is to take quick surveys throughout the webinar and immediately report the findings. Examples such as 25% of you think we should do this while 69% think we should not do this, etc. create an environment of interaction. This can draw your audience into the webinar and make it a much more enjoyable experience.

The Bottom-line

Most companies would acknowledge webinars would help their overall sales and marketing effectiveness but few conduct them, if at all, on a routine basis. If your sales are not where you would like them to be perhaps you should consider new go-to-market strategies and you might like to consider an effective monthly webinar to begin. One thing is for sure; it will provide your company with something new to talk about and give you the platform to become more relevant in the eyes of your key prospects and customers.

Posted in Media Communications, Strategic Planning | Leave a comment

How email helped a company grow

One of the fastest ways to lift your strategic marketing out of the doldrums is to look at what a successful company is doing and see if there are structural approaches that can be applied to your business marketing. For most of us this type of learning is accomplished best by reviewing success stories that demonstrate winning business development that led to increased top-line revenues. One such example is to look at how to grow your sales funnel using the following recent case study.

Here’s a real challenge: Figure out a way to grow higher sales using a lower budget. After a fairly quick analysis of a company’s overall marketing it was readily apparent that it was relying on extremely traditional media communications that included heavy trade show exhibitions, print advertising and direct mail. Please don’t misunderstand me, I am not opposed to any of these tactics, I’m just saying this type of media was being produced at a hefty price tag with little return for their investment.

Closer analysis showed that a business class email marketing program would generate significantly higher response rates because it was how the company’s key customers preferred to receive information. Is every industry and situation identical to this company’s? No! But it was true for them. Here’s a quick overview of what made the program a success.

THE SITUATION

The company provides financial services to a wide variety of business clients in many different types of industry sectors including industrial capital equipment, professional services and not for profit organizations including associations. The company supported a stand-alone division that relied heavily on the leads they received from their marketing department. Industry focus group research quickly brought to light that their industry had dramatically changed during the past five years and that more business decisions were being made over the Internet and the telephone, versus at trade shows and through responsive print marketing. Because each sale of the company required heavy management involvement it was necessary to either drive a much larger number of new customers through their pipeline or look for more profitable business engagements. The company decided to test an all-email marketing campaign, their first.

THE CHALLENGE

The company also decided that the best marketing approach was to use an automation system that would inexpensively generate qualified leads for their sales team and track and quantify the results generated from the marketing program. The challenge was each email campaign needed to be tracked and the company lacked staff that understood the mechanics of this type of program so an outside strategy firm was engaged for assistance. Using a limited in-house marketing budget and resources a strategic market plan was produced and the email marketing campaign was prepared.

THE SOLUTION

What made this campaign strategy work?

  • Customized emails were issued in their sales representative’s names which was completely different from the company’s insistence on sending out everything using their “corporate brand speak’
  • Email templates were created and emails were sent to each sales representative’s direct contacts within his/her territory or industry specialty
  • The sales representative’s actual email addresses were used to send the emails and to reply to for each direct emailing
  • The emails were personalized with specific linked hypertext to pull the reader to specific areas on the company’s website that contained free downloads and calls to action fulfilled on their website with custom pages
  • All of this email customization was performed by an outside contracted part-time provider

THE ROI / PROGRAM RESULTS

The company’s total out of pocket for 12 weeks of emailing campaigns was $17,500. The program generated 40 highly qualified sales leads where the prospective companies had requested either more information and/or a visit by a sales representative, or both. A total pipeline of $110,000 of new sales was generated from this campaign which was substantially higher than the results the company had been experiencing with a much larger budget in traditional marketing. Considering all, it was a great success for the company.

Posted in Media Communications, Social Media, Strategic Planning | Leave a comment