Marketing

What You Need to Know about Business in 2010

December 28, 2009 by Karen Swim

: Image by nDevilTV via Flickr

In the final week of 2009, we will undoubtedly do a lot of looking back and looking ahead. I wanted to take this final Monday to look ahead and share a few things that I learned from reviewing the 2010-2015 strategic plans of other businesses. Read this information and consider how:

You can apply it in your career to become more valuable in your organization
Your own strategic plans compare
You can leverage it to win new business and serve your market in the coming year

I will not share any confidential or proprietary information, but am simply sharing trends and thought patterns that I noted after reviewing strategic plans from several small to medium sized businesses (SMBs). The companies represent a wide spectrum of industries.

The Economy

Without surprise, the economy of the past several years played a factor in all plans. However, not in ways you may expect. All plans reflected a shift in thinking about business processes, and customer engagement. The paradigm shift is driven in large part by increased competition (fewer established competitors fiercely fighting for market share) and the change in consumer behavior and mindset.

Every single plan drives back to the bottom line of growing / protecting market share and profits. All roads to ROI lead through the customer and in all plans the customer was king.

Customers

Two common words could be found in each plan – “customer relationship.” Businesses are interested in building and sustaining relationships with customers. They are shifting their internal processes to better discover and deliver on their customers’ long-term needs. There is a move from transaction based selling to relationships. In the past, companies sought relationship as a way to boost lifetime customer value. While that remains a benefit, the motivation as presented in these 2010 plans is to have the customer truly believe in the business as a trusted partner.

Each company wanted to be a resource for its customers. Planned investments include technology and training that would support collecting better customer information and managing it to provide information and education that was timely and valuable.

Internal

As companies look to shift their external relationships they also want to improve internal relationships. There is a desire to change internal communication structures with more real time, collaborative communication throughout the organization. Executives and front line managers are expected to communicate with teams more frequently, providing feedback and updates about progress against goals. Technology that addresses these needs will be welcomed.

No Buzzwords

None of the plans contained buzzwords like “behavioral marketing” or “social media” but all described a need for exactly what new media offers. Businesses want to improve how they target, talk to and engage their customers. If you are selling to business customers, you will do well to present the benefits and eliminate the jargon. Don’t talk to them about platforms and methodologies but show them how those things help them to achieve their bottom line goals.

Investments

All plans included increased funding for training, technology and new hires but there was a decided uncertainty about the ability to fund these investments in 2010. There were contingencies that extended plans into later years. This was an area that differed from plans I reviewed in past years. All will make the investments needed to drive their bottom line goals but investments may happen at a slower pace. If you sell to businesses, consider phased approaches that would help them invest and realize a return before moving to the next step.

Marketing departments are stretched thin and as always are subject to rule changes in the middle of the game. While vendor budgets have been decreased, and will not increase in 2010, there is room for outsourced help. The majority of the plans stated a renewed focus on holding marketing to budget based goals. Nothing new here but in light of the economy, be prepared to show the executive suite the money when it comes to campaigns and communications. The smart internal or external marketer will tie marketing to customer engagement initiatives with a focus of driving bottom line results.

Summary

Business at its core has not changed. Companies want and need to make money. What has changed is the approach, processes and people that will help them with that longstanding goal. Whether you are an employee, business owner or business provider, understanding this will put you ahead in 2010 and beyond.

What trends are you seeing as we near the new year? How can we all do better and serve better in the coming year?

No Chimney Required

December 14, 2009 by Karen Swim

: Image by creativeFlutter AKA MazerDesign via Flickr

Recently, Chris Brogan shared his business wish list for 2010. He invited readers of the post to do the same. Chris said, “We think about our personal wishes all the time, but why not think about it with regards to our businesses?” I agree.

This list is not new for me. However, the decision to share it publicly forced me into deeper reflection about the items on it.

My Business Wish List

I want to be a published author. Yes, I have lots of published work – books, articles but all ghostwritten. I have loved helping others birth their visions but it’s time to birth my own. More importantly than just being published I want my writing to inspire, inform and/or entertain.
I want to teach, mentor and support servant leaders. I am profoundly passionate about creating leaders who respect their teams and cultivate a culture where success and growth flourish.
I want to improve my blogging and grow my subscribers. I also want this to be a place where readers connect and share with one another.
I want to help more small to medium sized businesses (SMBs) with my knowledge of integrated marketing strategies and business process expertise. This year, some of my best moments were from helping companies to navigate the changing landscape of customer engagement, new media and marketing. I want more of that in 2010.
I want to help professionals get serious about actively managing their career and not simply trusting that “the system” will take them where they want and need to go.
I want to give more business away. I am over the moon when I can influence referrals and help put money in another person’s bank account. In 2010, I want to put giving on steroids.
I have longed to create information products but have not quite found the right path. In 2010, I want to find my calling in this area.
I want to work less. One of my driving forces for creating a business was a desired lifestyle. I wanted to serve others with my talents but also have time to write, and pursue my other interests. It is time to make my dream a reality.

Sharing our wish list aloud creates accountability for turning those wishes into action. It also invites the collective support and wisdom of your community. I value that from all of you and welcome your suggestions. If you decide to post your own wish list, link to Chris’ post but please let me know too. I want to support you in 2010.

Why Pretty Good May Be Really Good for Your Business

December 7, 2009 by Karen Swim

In a post on Monday Brad Shorr demonstrated how understated marketing is better received than grandiose claims. The example he used was a large sign that advertised Really Good Jerky. You can read his full post here.

As Brad pointed out, had the sign said “World’s Best” it may not have been as memorable, but the simplicity of the message made it more authentic.

For the past several days, I have thought about that post in relation to my own personal brand. I am much more comfortable with describing myself as a “pretty good writer” or “really good marketer.” Ironically, the descriptions that do not make me cringe, defy the rules of writing to kill unnecessary adverbs.

The corporate marketer would be encouraged to use “best in class” or “best in region.” The sales person would simply go for “World’s Greatest!” I have been both but shy away from those trade tendencies when it becomes personal.

Yet, the language that breaks the rules of all the disciplines I’ve worked in is ironically the most comfortable. If it is comfortable for me to use, it will undoubtedly resonate with my “right people.”

In our race to dominate our niche and stake our claim on the mountain, we may revert to language that is robust and powerful. Yet that very language may cause our target audience to mistrust our message and us.

There are however, exceptions. If you have earned the title share it. If you are a bestselling author, or the world’s leading expert on gene therapy, you would be a fool not to use it in your marketing.

If you business provides life saving or mission critical services, “pretty good” won’t cut it. No one wants a fairly good surgeon, a pretty safe airplane or a lab that gets it right most of the time. The nature of your business has a great deal to do with the language you choose to promote it.

For many of us though, really good is more than good enough.

Do you prefer simple claims or the more powerful “best” claims? Does your preference vary depending on what is being advertised?

Fruity Marketing Lessons

October 19, 2009 by Karen Swim

: Image via Wikipedia

A California grocer recalled several cartons of Del Monte Cantaloupe because it may be contaminated with salmonella. I read the story and realized I don’t spend much time thinking about Cantaloupe. In fact, I could not have been counted on to tell you Del Monte produced cantaloupe.

Imagine being a brand that fades into the background of consumers’ minds until it is placed front and center by negative news. I do associate Del Monte with certain fruit but now I will remember they also grow cantaloupe. In the short term, I will also remember the association with salmonella.

When it comes to food, I care about organic, environmentally safe and locally grown. There are brands I associate with my food values but all the others just become fruit in the bins.

Do your consumers care about your brand or are you just one of many choices? Are they turning over the fruit looking for your label or just choosing whatever is convenient? Would it take a problem or bad news for your brand to be visible or do they know and love you now?

I don’t know about you but I don’t want to be the Del Monte of cantaloupe.

Creepy Strangers and Bad Sales Tactics

September 21, 2009 by Karen Swim

: Image by alles-schlumpf via Flickr

In the community where I live, our mail is delivered to a community mailbox, rather than to individual homes. The daily trip to pick up the mail is an opportunity to have small chat with your neighbors. On one recent mail trip, I arrived at the same time as a new neighbor. We exchanged pleasantries as we each went to our boxes to gather mail.

A conveniently placed trash receptacle at the boxes makes it easy to sort your mail and discard unwanted pieces. I moved toward the receptacle just as she was closing her own box and walking toward the curb. “If you know anyone who needs a babysitter, I live right there,” she said pointing at a corner home. In case I had missed the pointing, she recited the address. A little dumbstruck, I think I must have nodded and smiled and muttered okay. She went on to tell me that she was retired and now cares for children. We bid each other a good day and moved toward home.

She did not introduce herself even after the sales pitch. Should I simply tell friends to show up at her home and trust she was not a serial killer?

In sales and marketing, we have learned that people buy from people that they like and trust. However, those are steps 2 and 3. Before like and trust, there is “know.” This poor woman had skipped right to trust without establishing the basics. Many people commit the same sin daily in their marketing or networking efforts.

On Twitter, people auto DM a sales message upon following. In web copy, companies skip right to “buy now” without a proper introduction. They ask for trust but provide no basis to do so.

Does selling always require relationship? No. When you have the answer to an immediate or urgent need, or there are no other competitors, the sales process is very different. However, even companies with a monopoly will do far better by treating customers as if they have a choice. (Cable and utility companies take note.)

When you skip the all crucial “know” you are sending a message that your potential customers are not important. They are fresh prospects that serve to help you hit your profit margin. Your ideal customer is anyone with the ability to pay. Is that the message you really want to send?

Last week, Joanna Young provided tips on writing with intention and possibility and her tips on pacing and leading is perfect for the sales process:

If you’re writing to open up a sense of possibility in another person, you’ll need to do a little work to take them there. You can’t thrown them straight in.

I like to think of it as walking along a road with someone: you want them to get comfortable with your pace, your rhythm, your presence, before you start to do anything more dramatic.

If you take the time to lead verbally and in writing, rather than rushing head long into the sales process, you will experience better results and create longer-term relationships with your clients.

Do you prefer to get to know a person/company before moving to the sales process? What are triggers that make you feel better about going from stranger to potential customer?

Is Your Brand the Man in the Mirror?

July 9, 2009 by Karen Swim

: Image by lukas lehmann via Flickr

The Michael Jackson memorial service was a celebration of his music and a collective mourning of the loss of the man, father, son, brother and friend. I watched as a marketer, mourner and the little girl whose first concert at age 5 was the Jackson 5.

In life and death, Michael Jackson is a global brand and we have only come to grasp the magnitude of what he truly accomplished.

As I watched, listened, and participated in social media discussions I was acutely aware that in Michael’s case the man in the mirror was also his brand. Michael Jackson created a global base of customers and fans who so closely identified with his brand that it was interwoven into the fabric of their own lives. His brand story became a backdrop of their own history.

Brand evangelists are the holy grail for many in business. We diligently work to deeply engage our customers and build brand affinity. We look upon the attainment of such as marketing heaven but in the business world the trip from marketing heaven to the nether regions is not that far.

Passion and intimacy go hand in hand and your raving fans can direct that passion for or against you. We saw this in action earlier this year when long time brand Tropicana redesigned its packaging and their consumers revolted. Tropicana is a multi million dollar corporation and they changed their packaging and survived the ordeal. But how do you handle it when you are your brand?

Michael Jackson created a level of intimacy with his fans that made them feel that he was part of the family (and he was incredibly gracious to fans). That family never let him rest and in death it appears this will continue. For Michael Jackson the market did not separate the man from the brand, and they unleashed their passion both for and against him during his lifetime.

In marketing, it is wise to decide on your relationship strategy with your customers. Will you casually date or embark on a fiery love affair? Will you be friends for a season or join together till death do you part? Know your strategy and be prepared to embrace the good, bad and ugly because in marketing heaven and hell are in very close proximity.

What are your thoughts? Are there boundaries in personal branding or do your customers have open access? Have you ever lost control of your brand message? How did you handle it?

As my friend Rosa Say would invite, let’s huddle and learn together.