Posts Tagged ‘Tradeshows’

Marketing is Like Commercial Fishing

May 18th, 2011

We are facing a major challenge in marketing with the over-automation of market communications. Let me explain with an analogy about Commercial Fishing .

 Most marketing organizations don’t feel comfortable deep sea fishing. Too expensive, too resource intensive, and too much risk. They tend to stick closer to shore and troll the bay. It is a lot easier to crisscross the bay with nets and pluck out the fish.  Doesn’t require a real understanding of how fish think or even what bait would be used to lure them. We just pluck out our net and they pop into the net.

 The challenge is that their competitors do the same. When markets are new, there is plenty of fish for everyone. We all go out together in fishing fleets (trade-shows) and there is a collegial atmosphere. Plenty for everyone, why get testy? Except as markets mature, the amount of fish in the bay is reduced and all of a sudden tempers flare, competition becomes more intense, the activity becomes more intense, and the fear creeps in around making sure we can reach out limit. What if we don’t hit our numbers? What if our hold is half-full?
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Not So Simple Definition of Social Market Leadership

March 1st, 2010

As we have gone around the country speaking on Enterprise Social Strategy, we have struck upon a simple concept that seems to resonate with senior executives; social market leadership.

On the surface, it seems simple:

  • Thought Leadership – Stepping into the vacancy in the market
  • Market Offense – demonstrating market leadership via social media
  • Brand Defense - protecting brand reputation on social media
  • Associations – creating the forum for market best practices
  • Social Influence – building relationships with key market influencers
  • Social Marketing – influencing the market’s requirements for competitive products

However, ask we dig deeper, we realize that how you measure or even how you define what you measure is critical. We have been asking industry leaders “Who is the Social Market Leader in Your Industry?”. We get a lot of “We are…” then after we ask them “how do you know?”, we get “What do you mean?”. Then when we explain what social market leadership means to us, we get “We’re not sure…”

Our definition of Social Market Leadership… defining the thought leader in the social market with influence over public social networks like Linkedin, Twitter, Facebook, etc, as well as, industry communities, groups, forums, blogs hosted by vendors, associations, publications, enthusiasts, etc. In some industries, we do an audit and find over 100 unique platforms excluding the blogs.

How do you define thought leadership? Are you sharing your information with others? It isn’t what you say, it is what other say about you. How frequently do they interact with your information? Do they react positively? Do they tell everyone about what you say?

How do you define influence? Do you have credibility and reach? it isn’t about reaching everyone n the market. It would be nice, but for most businesses, that isn’t realistic. The brand icons already have a well established brand reach and they are considered a market “brand name” that define a standard. For the rest of the companies, there is a trade off between reaching everyone and reaching the right market cost effectively. Influencers are really about prioritization. Do the influencers have the “mojo”? Do they have the reach AND credibility? Can we hit the top 10% of the market and get them to evangelize on our behalf.

Market Leadership is not just Branding – There are algorithmic formulas out there that try to measure brand strength over social media. But, I think true long term social market leadership is really about creating a better customer experience through better engagement and interaction. With the transparancy that social media provides, companies are more and more realizing that architecting a better, holistic experience is critical to leveraging and maintaining brand equity and market share. If your social market share doesn’t represent your market share, might that be an indication of a problem in the market. If they don’t feel the same way about your company as you advertise, does that negate your market investment? Does your cost of customer acquisition go up because you don’t have brand evangelists and satisfied customers?

How do you measure Social Market Leadership? I think that this is the reason most organizations are struggling. There are simple measures from: simple Facebook fans, twitter followers, retweets, etc. To a little more sophisticated; social mention frequency benchmarking, sentiment scoring, number of influencer relationships, online community membership. To more complicated; taxonomy ownership, multi-criteria customer satisfaction, reputation management dashboarding, social lead scoring, share of customer voice, sentiment analysis benchmarking.

For those really pushing the limits of unstructured data analytics – the tools are rapidly moving towards ability to build a comparable, multi-dimensional dashboard to measure market perception differences between public social networks, online community members, and customer satisfaction surveying. Social media give such a dimensionality into buyer behavior, we think that we are only seeing the tip of the iceberg in terms of behavior analysis leveraging structured data analysis to build deeper analysis of unstructured social interactions.

No so simple an answer, but potentially worth a market.

Virtual Relationships Still Need to Get Physical

July 24th, 2009

As much as I advocate the value of social media and online communications, these still don’t replace the value of face-to-face meetings. Body language aside, most of us grew up in a world without the heavy influence of our computers. TV and radio were the primary electronics of our youth…. well, Atari was prevalent in mine, but despite the disproportionate amount of time that I spent chomping on little strings of dots, most of my childhood was spent offline.

As an adult, I now spend a disproportionate of my time on my computer. My relationships are going virtual as well. It is much more efficient to fire off three emails while working on a presentation than to stop pick up the phone or trek over the nearest Starbucks. I do business online and collaborate with people that I have neither met over the phone or in-person. I have just shy of 3500 Linkedin connections and 550 Facebook friends along with 334 Twitter Followers. I am so “online” that I don’t print out white papers to read anymore. (Yes, I still read them.)

In truth, my technographic profile fits more of the much younger generations that are growing up online. Kids are a little ahead of the adults in that they don’t recognize the difference between interactions online versus offline. I am seeing more of the adults becoming the same way.

We will organize an introduction via email to meet at a local Starbucks. After we meet, we will follow up by email with other virtual introductions, some phone calls, and even a PowerPoint or two. Some may even tweet about it… and then repeat the cycle.

As a social marketing evangelist, I advocate building online relationships as a effective and efficient way to reach broader audiences. I actually believe that this will eclipse many of the traditional methods of relationship building in business over the next couple of years.

As a marketer, I realize that you need to reach people in the ways that they want to be found; email, phone, meetings, introductions, events, social media, direct mail, advertising, PR, search, etc. Many people aren’t comfortable about building relationships without meeting face-to-face. Look at past Ecommerce trends; people weren’t comfortable giving their credit card to unknown merchants. Until there were protections in place that prevented the loss from unethical merchants, Ecommerce was the wild west. We can’t discount the need to build a way to establish trust online for many people.

As a product of my generation and the generations that sandwich mine, I miss the live interactions. With all due respect to the empowered pajama workers, I need the human interaction. Even if I spend all day on the computer, I need a human connection.

I actually like trade shows and conferences. For exactly the same reason I like bookstores, I like to browse the shelves and pick up books. Cover art, book heft, back cover descriptions, immediate gratification, and in-store promotions are still a part of my book buying DNA. Yes, I have bought books online, even online books, but I still will go to a bookstore. There is something to be said for finding a new vendor or meeting new prospects at a conference or show that you would never have met. Even better, a whole lot of them at once.

As much as I do business online, I feel more connected after we meet face-to-face. Breaking bread with someone is still a way to validate the measure of a person.

I am not a look-back type of person as I really like the direction that technology is going, I enjoy social media, and I think we are seeing a fundamental shift towards online relationships. Just saying that virtual relationships still could use a cup of coffee now and then.

Social Marketing Changes Everything Part 2

June 29th, 2009

Continuation of Part 1 – Introduction

Continued at Part 3 – Business Case

The fundamentals of marketing are changing with the mass adoption of RSS. RSS allows the repackaging and redistribution of information into components which can be reused, reassembled, mashed-up, etc. RSS also allows each piece of content to have its own URL. As we transitioned from domains to pages to feeds to tweets, you are seeing increasing componentization of information.

Social Marketing is a direct response to this changing landscape. Social Marketing is the transition away from pre-packaged messaging to evangelism (education before engagement) with focus on user interactions, relationships, influencers, & experiences. Social Marketing represents a continuation of the shift from broadcast messaging to interactive. There are some contributing factors underlying this shift:

  • Sheer Size of the Web -According to Nielsen Netview, 168,670,941 active domains
  • Volume of SPAM emails - My email example: 715 spam messages caught as of Monday, June 29, 2009 10:22 AM
  • Need for Social Search- Search engines are still in their infancy (Google: Results 110 of about 590,000,000 for marketing)
  • Rise of Social Networks – Nielsen puts the interactions on social media larger than web mail as of February
  • Amount of Blog Posts- According to Technorati, close to 1M a day that also get pumped into the search engines

Through the linking, repackaging, and sharing of content; Social Media is playing a key role in bridging the information search challenge on the web. My blog is a perfect example of this. I started this blog as an vehicle to provide thought leadership and credentialling in finding a position as a marketing executive. About a month into building the blog, I realized that my traffic had transitioned from primarily being driven by the people that I know and met to inbound links from social media, other blogs, directories, social bookmark sites, etc. Because I am on a subdomain for wordpress, I don’t get the benefit of branding my own domain so search engines really don’t do anything for me. Even if I had my own domain, my posts on marketing show up in the middle of the 590 Million indexed pages on Marketing.

Without the the linking, repackaging, rating, and sharing of content that people do on sites like Twitter(tweets), Facebook(content and people recommendations), Delicious, Digg, News Aggregation sites, Industry hubs, etc, or the blog-rolls or even the large connectors on Linkedin with the LIONs (Open Networkers); how would anyone really find anything on the web.

Hence the challenge to marketing as the traditional ways that you reach potential buyers are being overwhelmed with the amount of messaging; telemarketing, email marketing, direct mail, tradeshows, webinars, etc. A large part of this is that the internet has enabled near-zero distribution costs for messaging, so it is almost as easy to send 10,000 as it is to send one.

The people who repackage and redistribute content or build relationships hubs play an equally important role as the creators. If you have 50 creators of content on a subject, you need one person to assemble, rate, and aggregate this content into meaningful information. The content and relationship distributors really play the equivelant role of market makers for the stock market. Without a market maker, you couldn’t have exchanges. Without exchanges, you can’t get a place to conduct the scale of trades needed to keep a market fluid. This role is going to continue to drive the market for information; in return, drive the impact on marketing. The bigger the size of the information market, the more importance the role of market makers.

That is why social marketing is so critical to marketing at large and why social marketing is changing everything. Think of information as a product that needs distribution. If you now need to make sure you have the widest distribution of content, you need to build relationships with the distributors. The manufacturer with the biggest, strongest distribution network wins. Traditional broadcast models for marketing presupposes a direct relationship. Social marketing presupposes an indirect relationship. If history is an indicator, then the indirect channels have more scale.