This should be a golden age of marketing.
More channels and tools exist to reach, persuade and gain customers than ever before. A new channel – social media, mobile, the Internet of Things, etc. — is added seemingly every year. Thousands of companies now offer some flavor of marketing technology in dozens of categories. Many studies have shown that companies that market more grow faster.
But the result of this upheaval for many marketers is a feeling of innovation overload. They are constantly bombarded with conflicting claims from vendors. They understandably don’t even know what all of those dozens of channels and types of martech do, let alone how to use them to produce optimal results.
The Bullseye Marketing FrameworkSM is my response to this challenge.
Marketing technology is central to the success of revenue generation programs today. Companies can use these software programs for such important tasks as email marketing, website conversion optimization, search advertising, and providing a consistent message across different channels. When properly used they can help generate significantly increased leads, opportunities and sales.
But Scott Brinker has identified over 5,000 companies offering marketing technology (martech) software in dozens of categories. This vast variety of options makes it difficult for people in many companies to decide which types of technologies to use; selecting the particular software programs is even more difficult. It is especially challenging for small- and mid-sized businesses (SMBs) that don’t have the deep staff and technical expertise that enterprises have.
When planning your marketing you can use three methods to target people: demographic, psychographic, and intent. And of these three, intent is the greatest.
With demographic profiling you’re reaching people who are most broadly potential customers. For a consumer company demographics could include age, gender, income, where they live, race, education and so on. (B2B demographic data can include the industry of the company, location, size, departments and titles of people, etc.) But people with similar demographics may actually have very different buying habits. The people in my neighborhood are similar to me demographically but some have very different tastes when it comes to food, cars, entertainment, vacations, fashion and so on.
I know that the Bullseye Marketing Framework can produce tremendous benefits, but it’s not for everyone.
For example, are you a senior marketing executive at a…
- Global 2000 company?
- Venture backed startup?
- Company with a robust, successful marketing program that’s exceeding its goals?
Then maybe you already have this revenue generation thing nailed. You look at the Bullseye Marketing Framework and think, “I’m good, thanks.” And that may well be the case.
On the other hand, maybe you’re a senior executive (in marketing or another area) in a small- or mid-sized company that is feeling a lot of competitive pressures.
Last Friday I wrote about the need for speed, and (unrelated) on the same day Tom Peters tweeted:
I would never say “speed is all”. Or that you should be hasty. I don’t think there should be a tradeoff between speed and excellence.
“It is no longer the big beating the small, but the fast beating the slow.”
– Eric Pearson, CIO, Intl Hotel Group
Speed has never been more important in business, and no doubt it’ll just keep getting more important.
Fashion has always changed fast, and in tech industries many product lifespans are measured in months.
Customers no longer can afford to wait for perfect; they need good-enough now.
And that means that companies, and marketers, need to constantly launch and iterate.
Does marketing increase revenue? Or is it a cost center?
A recent study from ITC and Velocify says it definitely works.
The two companies surveyed more than 1,000 insurance agencies. Continue reading
Eight years ago United Airlines found itself in the middle of a social media kerfuffle when Canadian folk singer Dave Carroll’s guitar was broken by baggage handlers. Now they’re in the thick of it again.
A few months after his guitar was broken, and the airline refused to compensate him (he says because he didn’t make a claim with 24 hours), Carroll posted a Continue reading
I recently ran across a feature I’d never seen before on the Yahoo news site: real-time sentiment analysis.
Sentiment analysis can be a really valuable tool, such as when a company is evaluating social media conversation about it. Some high end programs also provide purchase and churn intent and predictive analytics about individual behavior. Those programs can start at few thousand dollars a month on up. Continue reading
A few weeks ago I wrote about how viewership of NFL games, including the Super Bowl, has been declining for two or three years. Well, the NFL isn’t going to sit back and do nothing. The league office probably knows more about marketing than it does about football. Continue reading