The New Wave in Digital Marketing

For roughly a decade technology has been facilitating the brushstrokes to paint an ever clearer picture of consumer behavior. Over time, analytics has helped solve the mysteries of the where, the when and the how often as it pertains to clicks, views or anything else online for that matter. In the process, the human behind the consumer data has been neglected.  The time has come to treat them like real people again.

The next new wave in marketing (there’ve been two so far according to reliable sources) will be marked by a return to the personal touch. There exists an emerging opinion that a continuation down the path of the science of analytics will not yield the desired results. And if anything, at some point it becomes a liability and deterrent to constructing strong enduring relationships with customers. The kind built on trust, respect and understanding. Or so believes Jahia, a leading User Experience Platform for Digital Transformation.

They state: “Building 1:1 customer relationships means relating in the most appropriate way for each customer. It is vital to find the right balance in communicating just enough – too much and they are annoyed, too little and they feel forgotten (or forget you).”

As I mentioned recently in the article “How Information Finds You: Hyper-relevant Content Marketing,” there is a refinement process occurring in digital marketing that emphasizes the use of high-quality content and a marketing strategy that employs the smartest possible implementation based on what is known about the viewer/consumer. This is the future of digital marketing due to several factors, including the phenomena of “peak content”. A more nuanced marketing approach that acknowledges the human being on the other side of the conversation is where everyone should be headed.

Again from Jahia: “The right relationship is not the same for every brand or every customer. It depends on both the product or service you offer and each customer’s individual preferences. The core of that relationship is giving the customer the feeling that they have as much control over the relationship as you do. That includes giving them transparency into what data you keep about them and how you use it — this is the beginning of trust.”

In addition, for the sake of a company’s longevity, to manage and use consumer data responsibly will set any marketer ahead of the curve; soon enough federal regulation will catch up and kinder practices will be required by law. By setting up a marketing system that respects privacy AND manages to market in an informed, logical manner is a vanguard move.

Jahia notes: “Very soon, this privacy and usage standard will not be simply the voluntary action of ethical companies. Emerging legal regulations will make it mandatory as it catches up with the digital revolution. This has already begun to be legislated in European courts. The courts determined that there is a ‘right to be forgotten’. This is just the beginning of the what is to come in the next few years. The courts are recognizing that individual’s privacy rights need to be respected, even on the internet. No enterprise can afford to be behind in this area.”

Creative ways to cultivate real relationships with customers will be the mandate for marketers and sales professionals in the coming months and years. Systematizing that cultivation with a hyper-relevant content strategy is only a portion of what the future will require; the rest will rely on the sales and marketing teams’ skill, intuition and ability to empathize with consumers.

In 2016, the big data boom will settle into the tasteful, refined use of the data to provide value and relevance to the public. Now that we have a clear picture, what marketers do with it matters.

For more interesting articles on sales and marketing, visit www.smstudy.com/articles

[Spring Eselgroth, VMEdu staff writer, contributed to this article.]

Sources: http://www.smstudy.com/Article/the-new-wave-in-digital-marketing

Discovering Third Wave, Jahia, Feb. 10, 2016. https://www.jahia.com/files/live/sites/jahiacom/files/Discovering%20Third%20Wave%20of%20DX.pdf

Happy Customer, Happy Life

Just as every married man can attest to the fact that “a happy wife makes a happy life,” anyone interacting with customers will agree that a happy customer makes a happy life as well.

So, why would a sales team not use a Customer Relationship Management (CRM) system when it’s been shown to improve customer happiness? The truth is that very few opt out of a CRM system, since there are just too many good, sound reasons to incorporate the tool and in essence create a win-win situation for the sales team AND customer alike.

According to SMstudy, a CRM system is used to track the various stages in the sales process. It also assists in managing a company’s interactions with a customer, thus allowing a company to manage information about customers and customer touch-points in order to maximize customer loyalty.

Based on the information available in most CRM systems, a company is able to provide a high degree of personalized service to the customer in the form of customized products, services and promotions. Personalized services are also key to maintaining and building customer loyalty.

A typical CRM System has four processes:

  1. Knowledge Discovery– This is the process of analyzing customer information through contact with a company’s products or services. CRM systems enable the company to analyze the data and draw meaningful insights.
  2. Planning– In this process, the output from the knowledge discovery phase is used to develop strategies for personalized marketing and promotional activities.
  3. Customer Interaction– This is the process where the actual implementation of the various programs and strategies occurs. These programs and strategies target various customer touch-points and/or company channels.
  4. Analysis and Refinement– In this process, customer feedback and responses from the various programs implemented are analyzed as part of the ongoing communication and review process.

In his article, “The five biggest benefits of CRM systems,” Patricio Robles notes, “In today’s ultra-competitive markets, the companies that manage customer relationships the best are more likely to win than those that don’t.”

Robles goes on to list the top five reasons why a company should incorporate a CRM system. They include:

  1. Efficiency – not only does a CRM system clear up any inefficiencies related to manual customer management, but also “the ability of popular CRM platforms to integrate with other systems, such as marketing automation tools can enable companies to interact with customers in ways that they wouldn’t have the resources to do otherwise.”
  2. Collaboration – Complex customer lifecycles require the ability for many to work together. “The use of cloud-based CRM platforms allows employees in multiple departments to more effectively manage their customer relationships and to see the big picture at any time.”
  3. Data – Access to data, the ability to analyze data and present it clearly are all integral to understanding what’s happening with customers. “Popular CRM platforms typically offer a variety of homegrown and third party tools that enable companies to understand their CRM data and learn things about their customers that wouldn’t be possible otherwise.”
  4. Increased accountability – Consider a CRM system as the safety net catching all who may have “fallen through the cracks.” “A well-implemented CRM system helps employees across departments understand their responsibilities to customers throughout the customer lifecycle and when those responsibilities aren’t met, it’s easy to identify what went wrong, where, who fell short and how to make sure it doesn’t happen again.”
  5. Improved customer experience – As we said earlier, this is the ultimate benefit of all. “Customers are more easily and accurately segmented, their needs identified, and because the status of a company’s relationship with them is accurately tracked, companies can interact with them meaningfully at the right times, leading to more sales, faster sales and higher customer retention and satisfaction.”

Happy customers make a happy sales and marketing life.

To read more articles about sales and marketing, visit http://www.smstudy.com/articles

Sources: http://www.smstudy.com/Article/happy-customer-happy-life

“The five biggest benefits of CRM systems,” Patricio Robles, April 10, 2015

https://econsultancy.com/blog/66287-the-five-biggest-benefits-of-crm-systems/

A Ninety-two-year-old, a Value Proposition and SMstudy

“Leaders are teachers and good team members,” according to product designer Barbara Beskind.

“If you can help those who are under you maximize their greatest potential, you’re a successful leader,” Beskind told interviewer Sarah Bielecki for a story on the Stanford Engineering website.[i]

And this could lead someone to ask, “how does Beskind rate an article in Stanford Engineering’s blog pages, and why should I care?” In sales and marketing terms this question is asking about Beskind’s unique value proposition.  In a way, everyone determines the value proposition of everything they offer to others.

A value proposition is “a business or marketing statement that summarizes why a consumer should buy a product or use a service. This statement should convince a potential consumer that one particular product or service will add more value or better solve a problem than other similar offerings.”[ii] For Bielecki, journalists and blog writers, this question comes into play when we find a source to quote—Why should the reader (our consumers) accept what I am telling them? What value does this expert or authority add to the information I want to share?

Bielecki answered this question by providing Beskind’s “bona fides” or credentials, telling her readers that at the age of 89 Beskind wrote to David Kelly, CEO of IDEO, “offering to help IDEO design for aging and low-vision populations.” Kelly soon hired her, and Bielecki spoke with her three years later, when she was 92 years-old, adding that “Prior to her career at IDEO, Beskind served in the U.S. Army for 20 years as an occupational therapist. She retired as a major in 1966 and went on to found the Princeton Center for Learning Disorders, the first independent private practice in occupational therapy in the United States”—all in all, a unique and beneficial value proposition when discussing the difference between a leader and a manager.

For businesses, the value proposition isn’t about sourcing, it’s about strategy. “Marketing strategy is one of the most crucial Aspects of Sales and Marketing,” according to Marketing Strategy, book three of the SMstudy® Guide,[iii] “It defines a product or brand’s unique value proposition, target markets, and the specific strategies to be used to connect with defined audiences.”

There are many ways for businesses to determine a value proposition—what is the value of the problem being solved, the need being met or the revenue to be earned? An additional approach to complete the value picture is to look at one’s competition. “Competitive positioning tools help a company explore how it can differentiate its product or service offerings in order to create a value proposition for those products or services in the market,” says the SMstudy® Guide. And creating a differentiated competitive position “helps the company maintain focus on each product and its value proposition while developing the key elements of its marketing mix, pricing, and distribution strategy.”

Like the journalist selling the idea that a 92-year-old product designer has something to say about developing leadership, a company has a lot to gain by defining and clearly articulating its value, “when a product’s price, value proposition, and positioning are optimally aligned, a company is in a position to maximize revenues and profits.” And that’s a valuable proposition for any business.

For more information on sales and marketing, visit http://www.smstudy.com/Article/A-Ninety-two-year-old-a-Value-Proposition-and-Smstudy

Importance of Questions During Lead Generation Process

Questions are an effective tool for the Needs Assessment for Each Qualified Lead process. Asking questions is especially useful when the qualified lead does not have clearly stated needs.

Even in cases where requirements are documented, questions are an effective approach to gain a better understanding of the need or needs driving those requirements. Questions are also helpful in conveying a better understanding of the lead’s industry. Answers to the questions during this phase serve as inputs for designing, creating, or customizing a solution.

The questions asked during the Needs Assessment for Each Qualified Lead process are generally classified into two types:

Closed Questions – Closed questions can be answered with either a simple “yes” or “no,” or the answer may lie in a single word or phrase. Typical examples of closed questions include the following:

  • Is your annual revenue above $5 million?
  • Does your company use an ERP system?

Open Questions – Open questions require longer answers and cannot be answered with a “yes” or “no.” Typical examples of open questions include the following:

  • What can you tell me about your current business environment?
  • What can you tell me about your manufacturing process?

Needs assessment uses a combination of closed and open questions.

To know more visit – http://www.smstudy.com/Article/Importance-of-Questions-During-Lead-Generation-Process

A Disappearing Brand

The iPad was Apple’s last big innovation launched in 2010. Since then the company has yet to give the people a product that has really caused us to say, “wow.”

Why is this?

In the last five years the company has released upgrades to the iPhone, but I think we can all agree that Apple has mastered the art of the iPhone, so maybe it is time to move onto something else. The company seems to have adopted the, “if it ain’t broke, don’t fix it” mentality, but the problem with this approach is technology is not static. It is changing, adapting and growing every second; so instead of mastering its product, the company should think of advancing with technology by creating a new product.

Apple followed the iPad release with the iPad Pro, which should have provided us all with that “wow” factor that we have been looking for, but unfortunately the device seems more like a copy of Microsoft’s Surface Pro 3. So, instead of creating new, innovative products the company has stooped to mimicking.

This rut that Apple finds itself in can all be attributed to their previous innovations. According to Timothy Wang at Cubic Lane, “the company is at the top of the industry in the terms of revenues. There is really no pressing need to create or change when business is doing so well.”

The company has to get out of the comfort zone they’ve created if they plan on staying on top of the industry. Remember Nokia? The company used to be the leader in the mobile phone industry. If Apple doesn’t change their mentality soon they could become just another disappearing brand.

As discussed in the recent article, “Out with Innovation, in with Maturation,” brand loyalty is the reason for the company’s continued success, but if we, as consumers, aren’t provided with a big “wow” anytime soon we might find loyalty for another brand. I used to love my Nokia, but now I love my iPhone. Maybe I’ll love my Samsung Galaxy next, you never know.

Apple can look to the SMstudy® Guide, the Sales and Marketing Body of Knowledge, to find their answer. As noted inMarketing Research, book two in the six book series, “A 5C Analysis is one of the most popular and useful frameworks in understanding internal and external environments. It is an extension of the 3C Analysis that originally included, Company, Customers, and Competitors. Collaborators and Climate were later added to the analysis to make it comprehensive. This integrated analysis covers the most important areas of marketing, and the insights generated can help identify the key problems and challenges facing the organization.”

An analysis of the company and where it wishes to advance in order to beat competitors and appease their customers can be done with the help of collaborators and climate. Apple needs to stand up to its reputation as the most innovative company in order to stay on top of the technological food chain, and fortunately for the company the SMstudy® Guide is the light at the end of their innovative tunnel.

For more interesting articles and resources visit SMstudy.com

For more Visit – http://www.smstudy.com/Article/A-Disappearing-Brand

Levels of Sales and Marketing Strategy

A company enjoying a good reign must possess an assortment of umbrellas.

Beneath the wide umbrella of Corporate Strategy exists a smaller umbrella known as Corporate Marketing Strategy, which covers Business Unit and Geographic Strategies. Those, in turn, are further divided into particular Product or Brand Strategies for each product or brand.

This figure illustrates the relationship between the various strategies:

The Corporate Marketing Strategy is defined at a corporate level and outlines the overall marketing goals for the company. These general marketing goals drive more specific marketing strategies for each of the company’s business units or geographies. Each business unit or geography defines its own goals, which become relevant inputs for each area’s particular product or brand marketing strategies. Each product or brand marketing strategy defines sales and marketing objectives for each product or brand, which drive specific tactics that align with and often rely on other Marketing Aspects identified in theSMstudy® Guide (Marketing Research, Digital Marketing, Corporate Sales, Branding and Advertising and Retail Marketing).

Here is an example of Levels of Sales and Marketing Strategy:

Land Development Company

  • Corporate LevelA land development company wants to grow to be among the top three land development companies in its state.
  • Business Unit/Geographic LevelThe land development company operates two business units: residential and retail. A goal of the residential business unit is to grow that unit by 12 percent within one year; a goal of the retail business unit is to grow that unit by 10 percent within the same time period.
  • Product/Brand LevelWithin the residential business unit, the company sells three products: condominiums, town homes and singles. The singles Product Marketing Strategy identifies an objective to grow the sale of single units by 15 percent. To achieve this objective, the teams responsible for building strategy within the various Aspects of Marketing establish specific objectives that are designed to support the overall product objectives and to align with one another.
  • Marketing Aspect Level­The company’s greatest strength is the fact that it is an award-winning leader in green sustainable development. Therefore, the branding and advertising team builds specific tactics that incorporate an increase in reach of its messaging around sustainable development. One specific tactic is to leverage billboard and newspaper advertising with the objective of increasing reach of green messaging by 30 percent. The digital marketing team incorporates tactics to support the objective of increasing the green sustainable development messaging, stressing the importance of this trend and positioning the company as a leader in the industry through the use of various social media channels. One specific tactic is to leverage blogs and online public relations with the objective of increasing the company’s rankings in online searches related to keywords such as “sustainable development.” The tactics of each Marketing Aspect are aimed at achieving their own specific objectives; however, both support the overall singles Product Strategy objective of achieving a 15 percent growth in sales for this product line.

When seeking sustained success, a company should equip and adhere to a comprehensive Corporate Marketing Strategy. That umbrella has you covered.

For more visit – http://www.smstudy.com/Article/levels-of-sales-and-marketing-strategy

Eye-to-Eye on IT Value, Marketing and SMstudy

When designing a marketing strategy should you start where you want to be, or where you are?

If you’re a motivational speaker, you’re probably saying, “Start where you want to be.” If you’re a process engineer, you’re likely to say, “Start where you are.” If you’re a marketing strategist, you’re probably saying, “Yes.”

“But it’s an ‘either/or’ question!” they might remind you.

“True, but the answer is still ‘Yes,’” you would answer.

In sales and marketing, there must be a strong focus on goals and objectives, the “where you want to be”bit. “The Corporate Marketing Strategy is defined at a corporate level. It defines the overall marketing goals for the company. These general marketing goals drive more specific marketing strategies for each of the company’s business units or geographies,” saysMarketing Strategy, book one of the SMstudy™ Guide.

Can the company meet these goals? The answer to this lies in the “where you are.” “The strengths and weaknesses of a company determine its internal capabilities to compete in a market and to fulfill customer expectations,” says the SMstudyGuide. “Strengths provide the company with a competitive advantage and weaknesses place the company at a disadvantage.”

“Start where you are” is one of the “Practitioner 9 Guiding Principles” identified by Axelos, the people responsible for publications coming from the Information Technology and Infrastructure Library (ITIL) of the British Home Office. These principles are designed to help IT practitioners succeed in an increasingly customer- and market-oriented service environment.

One of the key “Practitioner Guiding Principles” is “focus on value.” This is something marketing professionals know very well: their product’s or service’s value proposition. “All successful products or brands need well-planned marketing strategies in place to ensure that they satisfy the goals set by the corresponding Business Unit or Geographic level, and in turn the overall Corporate Marketing Strategy. Marketing Strategy is therefore one of the most crucial Aspects of Sales and Marketing. It defines a product or brand’s unique value proposition, target markets, and the specific strategies to be used to connect with defined audiences,” according to the SMstudyGuide.

Arriving at a value proposition involves identifying the target market segment: what are the people that make up this group like? What do they do for a living? For recreation? How do they spend their money? These are very similar to questions that IT developers ask and answer when creating personas for their end users and customers. How will they use this service? When will they most likely access it? What will it do for them? How much is this worth to them? The confluence of service development and marketing is becoming greater and greater.

With the decreasing time between product development and its “hitting the shelves,” it seems inevitable that marketing interests and elements would enter product lifecycles earlier. Which ties in well with “Practitioner Guiding Principle” number 8: collaborate. The real value that developers put into a product after conferring with marketing and management becomes the real value that the sales and marketing people communicate to the customers, who buy that value, take it home and cherish it. Everyone is working together and the world’s a happier place.

For more visit – http://www.smstudy.com/Article/Eye-to-Eye-on-IT-Value-Marketing-and-SMstudy

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