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April 13, 2010
In previous blog posts, I explored the relationship of Marketing Operations to Social Media and the ”instant gratification” Marketing ROI organizations are unrealistically expecting from the Social Media channel. Before jumping into another plug for our partner, Newcomm Forum 2010: The Social Web. .. Redefining Business, I want to touch on an aspect of Social Media ROI that is easily overlooked but has significant relevance in today’s world: Social Media Monitoring. Before an organization can even hope to assess the impact of Social Media on its marketing effectiveness, it needs a way to be able to effectively track and monitor activity and relationships online in communities such as LinkedIn, Facebook, Twitter, YouTube, etc.. As is often the case with technology-based solutions and services, the plethora of options available is overwhelming and buyer confusion is the norm. Recently I met with Stephen DeBruyn, who is addressing this challenge with true passion. Steph is a protege of my friend and communications measurement guru Katie Paine, having worked with her at Delahaye Group (now Cision) before Katie left that firm to found KD Paine & Partners. Steph shared with me a fantastic resource he and Connie Benson have developed to take the mystery out of social media monitoring. Their website, Tools and Best Practices for Monitoring Social Media, includes a Guide to Social Media Monitoring Tools, Purchase Criteria, Insights & Trends, Resources, Best Practices/Social Media Case Studies and Definitions. Check it out!
Now on to the NewComm Forum plug!
As you know by now, Marketing Operations Partners is a proud sponsor of:
NewComm Forum 2010: The Social Web. .. Redefining Business
April 20 — 23, 2010
Marriott San Mateo
San Mateo, CA
http://www.commforum.com
We hope you’ll be able to join us next week at NewComm Forum, the premier conference for unlocking the power of social media for business. This is a great opportunity to get up-to-speed on the latest developments in the Social Media world, hear about best practices, explore new tools and applications, and network with users, vendors and thought leaders in the field.
Friends of Marketing Operations Partners can take advantage of special discounts by using the below discount codes.
Come for the entire conference or just a day!
NewComm Forum will feature a who’s who of social media experts and practitioners from leading companies presenting 40 sessions in five comprehensive tracks including:
- Online Communications & Communities
- Social CRM
- Markets are Conversations: From Theory to Practice
- Understanding the New Media Landscape
- NewComm Essentials
Keynoters include:
- Jackie Huba, online marketing expert and author
- Dave Carroll, singer/songwriter, “United Breaks Guitars”
- Scott Monty, Ford
- Jack Holt, US Dept. of Defense
- Tim Westergren, Pandora
- Neville Hobson, WeissComm
Choose from a variety of intensive ½-day and full-day pre-conference workshops on Tuesday, April 20th. See details at: http://www.newcommforum.com/Social-Media-Workshops.
Use discount code NCFW100 to save $100 on a pre-conference workshop.
And, wrap up your Forum experience on Friday, April 23rd in our special one-on-one workshop with conference faculty and SNCR Fellows — included in your conference fee. It’s like getting a half-day of expert consulting FREE! See more details at: http://www.newcommforum.com/Social-Media-Strategy
Register for the full conference now at www.newcommforum.com with special discount code for NCF300 to save $300 off your full conference fee!
Or, just join us for one day on Wednesday, April 21st:
The NewComm Forum 2010 One-day Pass Includes:
- Full Access Pass for Wednesday, April 21st
- 3 Keynote Sessions: Jackie Huba, online marketing expert and author; Dave Carroll, singer/songwriter, “United Breaks Guitars” and Tim Westergren, founder, chief strategist, Pandora
- Access to all conference sessions – choose from 16 breakout sessions in five tracks. Featured presenters include: Shel Holtz, Jen McClure, Paul Chaney, Eric Schwartzman, Francois Gossieaux, Brian Solis, Katie Paine, Dharmesh Shah, Beth Kanter, Kami Huyse and more!
- Networking Activities and Food & Beverage Events: Breakfast, Luncheon featuring Dave Carroll of “United Breaks Guitars” fame & Cocktail Reception
Cost: Only $395! Register now and use code NCF1D.
We hope you’ll join us for NewComm Forum, the premier conference for unlocking the power of social media!
Gary
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March 24, 2010
Today our Marketing Analytics team lead, Creig Foster, dives into the sexy topic of predictive analytics (PA). Why are we so enamored with PA? One of my students, the Marketing Operations leader at fast-growing software company, captured the essence of why PA is compelling in a recent essay: “I have a better chance of my marketing department growing and my personal relevance moving up the food chain if I can predict the future – plain and simple.” So if that’s the case, why aren’t more marketing leaders actively applying PA in their marketing strategies (particularly in the B2B world)? Perhaps they just don’t yet understand the many PA applications that are available to run their Marketing Operations better. Creig’s aticle takes some of the mystery out of the magic of predictive analytics. Gary
Increasing the Value of Marketing Operations with Predictive Analytics
by Creig Foster
A recent blog post by James Kobielus of Forrester Research advances the idea that business success depends on your company’s capability to see likely future outcomes and take appropriate steps now to realize them. He goes on to say that predicting future scenarios successfully, laying plans and deploying the needed resources is critical in seizing opportunities, minimizing threats and mitigating risks. I fully support this view and believe that for a company to be successful these days it must use predictive analytics to its fullest extent.
So what is Predictive Analytics? From the all knowing source, Wikipedia, “Predictive analytics encompasses a variety of techniques from statistics, data mining, and game theory that analyze current and historical facts to make predictions about future events.” You might ask yourself what is the big deal; humans do this sort of thing all the time. Yes, but predictive analytics takes in huge amounts of data, analyzes complex interrelationships, and discerns patterns in the data that the human mind could not possibly see. Besides, the models can do their processing 24/7 without making a mistake.
Kobielus goes on to state that the “grand promise of predictive analytics – still largely unrealized in most companies – is that it will become ubiquitous, guiding all decisions, transactions, and applications.” For a company (large or small) to become a truly predictive enterprise, I believe it will take more than an investment in the technology and people to accomplish this transition. It also takes a change in how a company thinks about its business.
Instead of a reactive response to challenges and opportunities as they are presented, I believe that a proactive and investigative approach to building the business is enabled by predictive analytics. Yes, I know we all plan with the best intentions of positive outcomes. What I am suggesting is using predictive analytics in making decisions about future directions and strategy. In other words, the use of predictive analytics should become part of the way a company thinks about its business and a cornerstone of the overall business strategy.
Read the complete article here.
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March 12, 2010
Whether in a new business process, in conversation with current client executives or via a daily supply of Tweets from Social Media experts and wannabees alike, the subject of ROI has become a mantra for those either advocating or trying to embrace Social Media.
If I hear one more marcom director ask me what kind of ROI they can expect from an investment in Social Media, I might just throw a bucket of water on him or her (<:}.
Or perhaps, more appropriately, his or her boss.
It seems people have forgotten that the purpose of Social Media:
- To build quality two-way relationships with customers, partners and other stakeholders.
- To mutually exchange information, insight and thought leadership.
- To naturally attract the right people with whom to do business when they are willing and ready to do business with you
Social Media is not a replacement for a company or product brand, but it certainly can help reinforce brand (it can wonderfully augment public relations and customer service, for example).
It is not a lead generator, though over time a company will organically receive leads through Social Media efforts (a strong Social Media presence is a powerful support system for new product launches and gaining critical insight from customer and developer communities, for example, to hone the innovation process).
Social Media is not a vehicle for aggressive, “won’t take no for an answer” salespeople or spin-doctor marketers to apply their old-school sales and marketing tactics to manipulate customers to buy. (in face, the use of such invasive and overly-persuasive approaches is actually a barrier to the wholehearted embracement of Social Media).
So what about ROI?
Well first, let’s remember this a brand new channel so when your company decides to enter the Social Media world, do so with an investment mentality. The payout is highly unlikely to be in a few months. It might be a few years.
Second, defining what ROI is for Social Media is not straightforward. What do you measure and track? How does that measurable outcome link back to your enterprise strategic objectives? How does Social Media fit into your overall Marketing strategy in contributing to the success of the enterprise?
Remember, Social Media is an unchartered and mostly standard-less world. Even if your company has established what it is going to measure and track, it probably doesn’t have enough history with Social Media to be able to project specific desired outcomes with a high degree of confidence. Examples of success in Social Media are still the exception, not the norm. Few companies can state with absolute certainty that a success triggered through a Social Media effort wouldn’t have happened anyway through some other marketing or sales approach.
So, Social Media ROI??? Good to think about. Good to begin to define. Good to track. But, ROI? Forgetaboutit! At least until you have a seriously well-established SM program, anyway.
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Speaking of Social Media, as you may recall, Marketing Operations Partners is a sponsor of NewCommForum 2010.
Today is the final day to register and take advantage of Early Bird discounts for NewComm Forum 2010.
If you want to take advantage of a significant price break, register today at http://www.facebook.com/l/18c3d;www.newcommforum.com
Use the Marketing Operations Partners discount code, NCF2010MOP, to save an additional $100.
NewComm Forum will feature:
* 5 in-depth workshops with experts Geoff Livingston, Kami Huyse, Katie Paine, Shel Holtz, Paul Gillin, Susan Getgood, Chuck Hester, and Nancy Duarte for only $195 each for a 1/2-day or $295 for a full-day workshop if you register today!
* 40 sessions in five tracks covering everything from social CRM to social media program development, management and measurement, from online communities to online video and podcasting.
* 5 keynote presentations by online marketing expert and author Jackie Huba; Tim Westergren, founder of Pandora; Scott Monty of Ford; Jack Holt of the DoD; and social media and communications expert Neville Hobson.
Hope to see you San Mateo, CA next month!
Gary
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February 28, 2010
As a tough economy and demanding CEOs call for more disciplined, streamlined, accountable marketing, what impact does this new reality have on how marketing professionals are valued and treated by their organizations?
Is Marketing Operations a protector of individual marketers, helping them optimize and mobilize their talents toward achieving enterprise strategic objectives. Or is it a sinister means to shift responsibility from the system to individuals, making them even more vulnerable and disposable in the name of efficiency and profitability?
It all depends, really, on an organization’s fundamental view of its people. Are your people truly valued or easily replaceable?
A Marketing Operations mindset, and related aspirations such as a culture of measurement and accountability, can be used for good or evil. They can empower marketers or enslave them.
Empowered Marketers
- Have a clear sense of what is expected of them and wholeheartedly buy into the vision
- Are able to focus on what is important, not just urgent
- Continually earn the trust of their management through their willingness to stay accountable, challenge their own mental models (discussed in my ”Building Upon the 5Ts of Marketing Operations post), and act with clarity and courage
- Understand and are able to demonstrate how their efforts contribute to the success of the organization
Enslaved Marketers
- Blindly do what they’re told, what’s always been done, refusing to rock the boat (even when it is sinking)
- Focus on firefighting, pleasing the boss, pointing fingers and playing politics
- Live in constant fear of ”Big Brother”; of being exposed, losing their power (if they have any) and, ultimately, their jobs
- Spend much more time justifying their existence than creating real value
What type of marketer are you, empowered or enslaved?
If your organization empowers you, you have an incredible opportunity to really experience the best of Marketing Operations — to be part of the transformation, the shift in Modus Operandi (MO).
If you’re inside an organization that enslaves you, Marketing Operations is yet another vehicle to maintain the status quo — to keep a sick system sick. Is this the future you envisioned for yourself when you first entered the workplace?
You have a choice.
For more on the relationship of Marketing Operations to the stature of Marketing and Marketing professionals, check out my article, “Integrated? Strategic? Why Marketing Needs a New MO”
Gary
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February 15, 2010
February 4, 2010
Marketing and IT are arguably two of the most overloaded and under-resourced functions in the enterprise. As marketing complexity increases, a key aspect of a scalable marketing strategy is the automation of repetitive, manual processes. In most organizations, Marketing cannot advance these automation initiatives through its own resources. It needs IT. Today, our newest associate partner, Simon Daniels, offers an insightful prescription on exactly what Marketing needs – and doesn’t need – from IT. The following article is republished from Database Marketing magazine — Gary
What Marketing Needs from IT
by Simon Daniels
It’s well known that Sales and Marketing are like cats and dogs in many companies. Constant conflicts take place over the value of marketing activity, the quality of leads and their subsequent follow-up and the appropriate assignment of credit for opportunities that result in new business wins. These issues are much discussed and suggested solutions abound.
What though, of the relationship between Marketing and IT? Technology is crucial to modern marketing in the form of database systems, campaign automation, digital and interactive platforms, analytics and much more. We turn to our IT colleagues for solutions in these areas to help us manage customer lifecycle, campaign execution, measurement and many other aspects of marketing activity. Alongside systems deemed business critical in finance and operations though, Marketing is often afforded lower priority and left to fend for itself.
Continue reading Simon’s article on the Marketing Operations Partners website.
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January 26, 2010
January 11, 2010
I'm finishing up Bill Stinnett's excellent book, Think Like Your Customer, which should be required reading for anyone in Sales and Marketing, especially if you market high-value products and services.
A glaring Marketing Operations disconnect for many companies is our tendency to over-focus on What and How we want to sell, when we really need to develop a deeper understanding of What, Why and How our customers buy. Those of us in MO need to assert leadership in aligning our company's sales process with our customers' buying process.
The healing starts at home. Our collective lack of effectiveness in supporting one of our primary customers, Sales, surely speaks to the growing emphasis today on Sales and Marketing alignment.
Yes, Sales and Marketing have equal roles in this often dysfunctional relationship. Yet it is incumbent on us as marketers to take responsibility for cleaning up our side of the house if we want a shot at a healthy, mutual partnership with Sales. If you've been in a long-term business relationship or a marriage, you know what I mean. Our unilateral thinking and actions impact the overall health of the system, for better or for worse.
So how does all of this relate to Stinnett's book? I've gleaned a couple of key insights below that are especially meaningful to me. I also discuss some possible implications of these insights, which I recommend my fellow marketers and MO practitioners seriously ponder:
1. We need to remember our customers are buying a desired outcome, not a solution. Our organizational focus should be on understanding the gap between our customers'/prospects' current state and their desired future state – the motive, the urgency, the payback, the consequences of inaction, the means to act, the perceived risks in acting.
Implications for marketers: We can best support Sales by providing the process and means to better understand this gap. We also need to deliver collateral and marketing programs that attract prospects interested in bridging the gap. We need to continually ask ourselves some key questions to ensure that our selling process is not just aligned with the customer, but with our business goals. How well can we fill the gap for the customer and still meet our profit objectives? How can we support Sales to ensure that new sales reps are properly trained to act in accord with this customer-centric approach?
2. We need to understand our customers' buying process and imperative to buy. Where are they in the buying process? What do they need to do next? Who else is part of the decision process? How can we enable our customer champions to take the next step in the buying process? We need to understand the motive behind the potential selling opportunity motive to support sales reps. Is the reason to buy a planned replacement, an unplanned replacement, a
new purchase to keep up with the competition or a new purchase to get
ahead? Is the initiative supported from the top-down or is it
bottom-up? How does this initiative rank in terms of priority compared to other initiatives the customer might choose to fund? If we don't understand these fundamental buying factors, we won't be able to support Sales with strategic intent. We'll just be providing air cover, absent a battle.
Implications for marketers: The programs we establish, the campaigns we develop, the tools we create need to be geared toward helping Sales help our customers to buy. Does Sales believe our marketing programs, campaigns and sales tools contribute to gaining greater access to qualified prospects? Reaching "hidden" decision makers? Equipping customer champions to sell on our behalf? Is there significant tension for the customer to buy? Our credibility with Sales is at stake. Our sales reps need to trust that the leads we provide are legitimate qualified opportunities. They'll have much greater respect for us and the quality of our leads if we take the responsibility to nurture prospects until they are truly ready to buy. This means, when the customer has demonstrated that they know what they are buying, why they are buying and how they are going to buy it. The last thing we want to do is waste our sales resources on a sourcing decision ("Who will I buy from?") when we (and/or our prospect) don't have a strong handle on the why, what and how.
It really comes down to aligning our internal sales and marketing process (with our internal customer, Sales) with our customer buying process. This is a fruitful area for Marketing Operations to focus. Our contributions can make a real difference in our organization's ability to:
- Attract and win the right prospects and customers
- Nimbly and appropriately respond to sales opportunities, based on a sound understanding of where prospects are in their buying cycles
- Optimize our sales resources to focus on high-touch, ready-to-buy opportunities
- Empower our customer champions to be highly effective advocates of our value proposition
- Mobilize our marketing resources – programs, campaigns, collateral – where they will have the greatest impact
Gary
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In addition to our webinar, I’ll be speaking about Marketing Operations before the Sales & Marketing SIG of the East Bay IT Group (EBIG) this Thursday, November 16 at 6:30 p.m. For more information, visit http://www.ebig.org/sig/sig.aspx? SIGid=27&EventID=806&old=.
Gary
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