Tag Archives: #marketscan

How do I Know What I do Not Know?

This question can have a pivotal impact across any aspect of our lives. If only, I had known that? Why didn’t someone tell me? Can I backdate it?

“Knowing everything” is impossible however creating an infrastructure of information/data which heightens your awareness of issues that are applicable to your situation can be improved. Here are six ways to increase your chances of asking the “right questions” to ensure that you are getting more of the “right information” coming your way:

question marks

1. Ask incident related questions vs general questions.
Instead of asking: How is it going today? Or how is business, start asking more specific incident-related questions:
• Tell me about the last new piece of business you closed
• Tell me about the last employee you hired
• Did John give you an update on the five client requests made during the March 10 meeting

2. Ask the same question more than once to different people.
Did you ever call a utility company or insurance company and receive completely different answers to the same question — from two different people within the same 60 minute period of time. It happens every day and it goes beyond the quality of the service training. It reflects the experience and the empowerment levels of the person handling your request. Hang up the phone and call back if the answer is important enough to you!

3. Let me tell you what I am going to tell you, and then tell you what I told you that I would tell you.
Creating awareness and interest is a never-ending marketing challenge, Studies show that making an impression on someone can take anywhere from 7 to 20 exposure points across multiple channels of influence.
In addition to telling your story multiple times and in multiple ways, remember to stop and ask questions that are as specific as possible. In small discussion settings, pull from your knowledge of the participants history to open up the dialogue. Whenever possible, the goal is to understand how someone else handled a situation. Are there insights that would help you ask different questions?

4. Can I prevent this from happening again?
We all have situations that annoy the heck out of us, especially since they keep happening again and again. We come up with a plan to remedy the situation so that eventually we are less annoyed and more adept at handling the situation. However, have we truly resolved the core reason behind the incomplete transaction, the never-ending disruptions, or the repetitive errors that need to be corrected?
The application of: How do we know what we do not know in this situation is to make sure to let others know how a problem was solved. This supports continuous improvement in work flow and case management so that the root cause of the situation can be adjusted!

5. Ask someone who really cares.
Some people give their heart and soul to specific causes. Find those who have walked in your shoes. Others devote their lives to providing the support services to the situation you are seeking answers. Ask someone who truly cares, as their answer will point to both the emotional and functional issues that are pivotal to your success.

6. Having the courage to take a leap of faith.
The amount of information in our domain is doubling within brief periods of time. Analysis-Paralysis is no longer possible. A smart pilot program can mitigate the risk. Small changes that can be seen in a conservative culture as acceptable iterations to the process……..move the process forward.
Former NY Mayor Ed Koch created an environment of wanting feedback by including his famous “How am I Doing” question with every appearance. How do you know what you do not know? Start by taking an inquisitive nature to life, always looking for new ways to make the questions you ask more insight.

In keeping with this philosophy, I ask you to share a question with me that you now ask on a regular basis that has made a difference in your life.

 

 

Future of Marketing: Collisions and Complexities

The Future of Marketing Summit 2015: Collisions and Complexity #FTMarketing is always a treat to attend. While conference attendance continues to drop these days, the live conferences allow us to share our real time views in more than 140 characters, giving some additional color to the speaker comments.

The conference explored relevance and personalization —objectives that marketers always strive to achieve — regardless of the available technology and in spite of the available technology.

“Content is king. Context is queen and she wears the pants.” 

Big data and the balance of personalized messaging, limited budgets and the creep factor caused by revealing the knowledge of too much individual data, continue to be a dominant subject on everybody’s mind. Ad-blocking is a relevant piece of the conversation as it impacts so many of the content development and customization strategies that we all are exploring.

content and contextWith so much free content available, what motivates someone to share the information that allows us/them to customize their stream of news? The answer lies in the value proposition. The importance of which is not new; the newness is in the never-ending expansion of resources that we can use to meet our needs.

Hence, if I can get the information elsewhere, I will get it wherever it is easiest and most obviously synergistic.

  • Exemplifying this example was Seth Farbman, CMO at Spotify. Consumer access to music at little to no cost delivers huge exposure for the artist. For those artists who do not have the marketing and label support, Spotify sees themselves as an avenue for artist exposure. Their goal is to build music fans. The majority of their users do not pay fees. However, the Spotify service is not free; it is advertising supported. Hence what happens to this business model when users go incognito?

Knowing that “Content is king. Context is queen and she wears the pants.” What can the marketer do to ensure the right experience for the individual customer?  Simultaneously, what can be done to maintain advertising dollar supports? Maintaining a robust exchange of information is paramount.

  • Businesses that are using Virtual Reality (VR) provided a good example of creating customer relevancy. In fact, one of the panelists shared his own story; it involved a dislike for camping activities which ended in the booking of a camping trip after a VR experience. Sounds like the adage: Try it. You’ll like it. Virtual Reality brings us closer to the experience than any copy deck or photo montage could achieve.

Storytelling: A Strategic Business Tool

8591351239_24bcb987df_nAnd, when VR is not possible, we know that a well-delivered story format is a readily affordable tactic to initiating an immersive brand experience. In the panel titled “Shifting the Brand Strategy in the Age of Empowered Consumer”, one message was unanimous: Brands can no longer speak to the customer. Rather, brands must speak with the customer. Be it a consumer or a  B2B transaction, the human being will make a decision and individuals want to buy things that reflect smart decisions and which make them feel like they are adding value to the situation.

When is yes a maybe? Marketers are still figuring this out.

Unraveling what the customer wants will continue to be an ongoing riddle. The true psycho-graphics behind one’s behavior are rarely available on an individual basis and just because someone looks at a website does not mean they want to use or buy the product….a challenge with programmatic marketing.

As marketers, we want to test everything to see how we can better create a dialogue with our customer groups. However, social media is still being challenged to prove the consistency of the measurable impacts that the tactics generate for a campaign.

  • There was an audible chuckle in the audience when Roel de Vries, Global Head of Marketing and Brand Strategy at Nissan Motor Company spoke to the “hobby-ism of doing things. If I have to sell x million cars, is 10,000 hits good enough to get me there?” And, hence, we must again balance testing opportunities with scale impact and the budget allocation.

The Basic Human Need for Emotional Resonance

As technology continues to alter the way we consume data for our decisions, there was chatter amongst the room for another proven behavior: The continued need for emotional resonance. No matter how technological our society has become, in the end, we are individuals with numerous personas that are all actively in play at any given time.

Reminding us of this basic human nature was the five step ecosystem that individuals use to make decisions. The buzz words have changed over time however the concepts remain intact. The five step ecosystem is: brain photo

  • Notice: Get noticed. Create awareness.
  • Curiosity: Generate interest.
  • Interaction: Offer an array of opportunities for interaction and the query for more information. Engage the customer/prospect in a dialogue that makes the impact of this product in their lives real.
  • Reinforcement: Create on-going reinforcement of the purchase decision.
  • Evangelize: With the ultimate goal of turning the customer into an evangelist your product

Some things do not change; they get modified and fine-tuned to reflect the modern-age tools.

Relevance, personalization and service excellence continue to be the critical success factors in establishing long term relationships.

If you found any of the subjects in this post to be of interest to you, please get in touch and lets continue the conversation.

Thank you to the Marketing Executives Networking Group MENG for my ticket. to this event.

Ah-ha Moments for Competitive Intelligence

Competitive Intelligence can have a huge impact to the bottom line of a business. This knowledge comes in many forms, and ultimately, it is the application of human intelligence and human logic that reveals the value in the data, the trends and the inconsistencies.ahha moment lightbulb

With this in mind, the “aha” competitive intelligence moments will often reveal themselves where you least expect to uncover them. Here are some questions to help you find the “aha” in non-traditional places, creating competitive advantages for you and your organization:

1.     Does it really matter what the competition is doing?

Competitive Intelligence is not just about looking at what your industry competitors are doing; it is about seeing your business through a completely new set of eyes.

Better stated: The activity of your peers is only one part of the equation.  In fact, case studies show that many innovative breakthroughs came from non-industry competitors. Yes, know the industry competition and, do position yourself favorably. However, do not spend so much time on the competitor activities that you forget to focus on the activity of THE most important piece of the marketplace: the customer!

2.     Can you make lemonade out of lemons?

We know that every production line output includes first quality and imperfect items. Does your business allow you to develop a secondary distribution channel for the “seconds”? For example: “ding and dent sales” for furniture or appliances or consignment stores for manufacturers over-runs.

The lemonade concept has been successfully applied to situations where fixed costs render heavily discounted, last minute offers a preferable option for the business. Last minute vacation websites (think Travelocity, Cheap Tickets) alongside of theatre ticket offerings (think Play-by-Play and Theatre Mania in NYC)  have trained many consumers to plan these activities at the last minute, thereby allowing themselves  an experience that may otherwise be unaffordable.

3.     Do you have a diversified reading list?

We’ve all been trained to regularly read the daily newspapers and the industry journals for our business specialties. However, Best Practices are often industry-agnostic; can you imagine any call center manager disputing the value in real time call monitoring and feedback loops? Reading industry journals from any other industry but your own; reading political articles that you do not agree with and occasionally scanning a forever classic Dr. Seuss book….can move your mind into new directions and thought patterns that can impact your business?

4.     Does this really have to be a seasonal item?

Back in graduate school, I prepared an advertising campaign for matzo as an all year round cracker choice. Fast forward to today’s metropolitan grocer and you are likely to find boxes of matzo year-round. In a similar fashion, Gold’s Horseradish has created another category of condiments and eliminated horseradish as a seasonal product.

5.     How can you change consumer behaviors?

Slowly is the pessimist’s answer. By speaking to emotions is the more logical answer. Create a competitive advantage for yourself by focusing on the emotional level appeal.

Forget the product benefits – Focus on the storyline. This is another great example of seeing a situation through a different set of eyes. Madison Avenue examples of this:

  • Nike is not about shoes and running shorts. It is about a state of mind: Just Do It. Get out and exercise
  • The L’Oreal tagline” Because You’re worth it” moved the emphasis off of the products and onto the consumer. Yeah, I am worth it – I am beautiful
  • What if we could apply this to our children’s chore-list? Imagine: “A neat room is a higher test score”
  • Zappos is a customer service company…that happens to sell shoes!

SUMMARY:

Competitive intelligence is not just about looking at what your industry competitors are doing; it is about seeing your business through completely different sets of eyes.  And using these new and varied viewpoints to maximize opportunities.

 

Original posting: FIVE KEY Questions on Competitive Intelligence. New Places to find the “ah-ha” by @sharonlewisnyc #EQlist buff.ly/1gsE3Dz  via @CASUDI