Marketing is Like Commercial Fishing

May 18th, 2011 by Matthew Rosenhaft No comments »

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?
Continue reading “Marketing is Like Commercial Fishing” »

Complexities of Social Target Marketing and Network Selling

May 3rd, 2011 by Matthew Rosenhaft No comments »

Technical sales and business development seems to be getting harder for sales and marketing organizations. BtoB, industrial, engineering, technology, complexity, R&D, etc . At the end of the day, an organizational sale is a technical buyer, influencer committee, and an economic buyer.

Traditional models of lead generation are struggling to reach and engage with complex organizational sales. More senior executives are screening their access from sales people, tuning out email marketing, and ignoring most other forms of advertising. Trade shows and conferences have been in steady decline well before the recession took hold.

On the other hand, we see a huge upside for social media as a means of targeting and building relationships with complex organizational purchase decision makers and influencer teams. The more complex, technical, price tag all the better.
Continue reading “Complexities of Social Target Marketing and Network Selling” »

Social Marketing Adoption

March 28th, 2011 by Matthew Rosenhaft No comments »

Social marketing is not social media adoption. However, you cannot have an effective social marketing if your people do not use social media. 

You can’t legislate that your people all of a sudden embrace social media, just as you cannot expect them to all of a sudden love the CRM system. In reality, all new technologies follow the maturity curve; some faster than others, but at the end of the day, many will be slow to embrace.

We have seen it come up in conversations with sales organizations. Many are resistant to social media as they are uncomfortable with the change in relationships. “I don’t connect to anyone who I haven’t done work with personally.” I don’t like my relationship out on LinkedIn for everyone to see.” “Why would they connect to me?”
Continue reading “Social Marketing Adoption” »

When it is Appropriate to Outsource Your Social Business Strategy

March 8th, 2011 by Matthew Rosenhaft No comments »

This could be my shortest post ever… in a word – “NEVER!”

Seriously, biggest mistake that we are seeing senior executives make is to defer to an “expert” their strategic responsibility.

Why are some executive doing this?

  1. Not Comfortable – The social technologies and the interactions don’t seem natural to an older generation of executives that is used to a more straight forward business model.
  2. Trust the Expert – The experts, whether external or internal subordinates, seem to talk a really good game. Whenever a business question comes up, there is a very technical and detailed answer that is designed to lull the listener to sleep
  3. Don’t See the Business Value – Social hasn’t hit the Top 100 things in their to-do list. Yet….
  4. Don’t Own It – social is crossing lines of traditional responsibilities. We are seeing a lot of organizations decentralizing the management and allowing the business functional groups to do their own thing. The problem is that you can’t create strategic impact by managing tactics.
  5. Moving So Fast – blink and you find that the technology is accelerating. The amount of data, noise, and speed of change is just overwhelming.

Continue reading “When it is Appropriate to Outsource Your Social Business Strategy” »

Social Marketing Economics: Cost of Attention versus Cost of Rejection

February 22nd, 2011 by Matthew Rosenhaft No comments »

What would a world look like where an organization didn’t need marketing? All new sales came via referrals, the sales organization were just focused on order taking, and most of the customer costs were in retention and producing the best experience.

Yes, there are many businesses that look like that, but for most of us; we can never have enough new customers and we have to work for them

The challenge with the traditional marketing approach is that we focus too much on generating attention and interest, but we get lost in the costs. Point in case, email marketing is focused on the conversion rates from a campaign. So, we get a 10% open rate and a 2% conversion from the email campaign. But, if you think about it, 90% didn’t open and 8% rejected the offer. Continue reading “Social Marketing Economics: Cost of Attention versus Cost of Rejection” »