The Ecosystem CMOs Need To Build Now – CMO Nation

The marketing world has undergone a dramatic shift: digital now touches nearly every customer interaction. Marketing has become a technology-powered discipline, with the two areas so interwoven that chief marketing officers are projected to spend more on technology than chief information officers by 2017.

The rise of digital has led to the emergence and explosion of marketing technology (MarTech) applications and platforms. Marketers can now collect and analyze large and disparate volumes of data—and make their insights actionable with a degree of precision just years ago was only a dream. This gives more power to the CMO, who constantly aims to address the basic question of marketing: how to engage and acquire customers for the long term by making engagement and acquisition more attainable and measurable.

Source: The Ecosystem CMOs Need To Build Now – CMO Nation

2016 Marketing Requires High Quality Data

Do Your 2016 Marketing Resolutions Include Achieving High Quality Data?

58% of marketers cite personalizing the customer experience as the most important objective of a data-driven marketing strategy, yet 57% say that improving data quality is the most challenging obstacle to data-driven marketing success. Data quality issues have challenged organizations for years, but it has now become a huge issue and responsibility that is impacting every area of marketing.

Source: 2016 Marketing Requires High Quality Data

Facebook Stats that Every Social Marketer Should Know

With over 1.23 billion active users (including 71% of online adults in the United States), a 94% increase in shared content since 2012, and enough spending money to buy several small countries, it’s clear that Facebook isn’t going anywhere soon. Smart marketers are already using Facebook’s impressive reach to their own advantage, but the network is still relatively new and constantly evolving. It’s hard enough to keep up with Facebook’s changing algorithms – how can marketers be sure they’re using Facebook strategically, not just “marketing at random”?

In addition to arming yourself with a rock solid social media tactical plan (click the link for a comprehensive sample plan, including high-level objectives and granular action items), marketers need to approach their Facebook strategy with the most up-to-date insights and stats.

How can you be sure you’re using Facebook strategically? Check out stats from TrackMaven’s new report, The Marketing Maven’s Guide to Facebook.

Source: Facebook Stats that Every Social Marketer Should Know

When to Buy Data

Have your investments in data generated ROI? Do you have a data strategy? Are you performing quarterly data assessments? Have you ever completed a gap analysis?

When to Buy Data

The quality of a company’s data will have a direct impact on the performance of its people, process and technology. Maintaining the quality, timeliness, and completeness of a company’s data will often require working with external data suppliers.

The decision to buy data should only happen after a data assessment, gap analysis and cost benefit analysis have been completed…

The Data Assessment – is an iterative process that aligns to company’s data strategy and go to market plan, and involves:

  • Identifying all data sources
  • Reviewing the data collection procedures
  • Interviewing those responsible for data and analysis
  • Analyzing sample data for quality
  • Setting segmentation based on personas
  • Documenting business process

 

Data assessments provide qualitative and quantitative insights into data’s…

  • Reliability – Data provides stable and consistent collection processes and analysis
    methods.
  • Validity – Data should clearly and adequately represent the intended result.
  • Timeliness – Data should be available at a useful frequency, should be current, and should be
    timely enough to influence management decision making.
  • Precision – Data have a sufficient level of detail to permit management decision making.

 

Gap Analysis – A gap analysis will identify missing, incomplete or inaccurate data through the data assessment process. Below are examples where data may need to be acquired:GapAnalysis

  • Information missing pertains to specific individuals (i.e. email addresses, phone numbers,etc.)
  • Behavioral information like purchasing patterns, memberships and affiliations, technologies used, etc.
  • Credit score and risk rating
  • Online search history unavailable (cookies, device information, etc.)

 

cost_benefit_analysisCost Benefit Analysis – Justifies the decision to buy data using the findings from the gap analysis and data assessment. It is a comparison of the costs of all options against their total anticipated benefits.

DataQualityWhen to buy data | Cleanse, Enrich, Acquire?

Quality data continues to be a challenge for companies today, and buying data does not guarantee its quality. When using purchasing data from a new supplier start small, inspect the data, and test performance.

Work with major data vendors that are known suppliers of quality consumer and business information. Major suppliers like D&B, InfoGroup, Experian, Equifax, TransUnion, Acxiom, and TeraData are able to provide consumer or business level intelligence that includes their interests, spending patterns, financial information, demographics, firmographic information, and so on.

 

5 Steps to Building Buyer Personas

Buyer personas are like sketches of the customers to whom your company serves. When creating a persona, it’s best to focus on one customer segment per product/service at a time. Once you’ve selected a target audience, you want to identify the influencers and decision makers within those companies and then create your persona around them.

5 Steps to Build a Persona

Step 1: Define their current situation

  • What are their priorities and what are they doing to meet their goals today?
  • What alternatives could be in place or are they considering?
  • What problems are limiting their success?

Step 2: Define their demographics

  • Job title
  • Years in current position and place in career – whether they’re young and just starting out or have spent most of their career with the same company and can provide insight on risk tolerance, influence increasing change within the company, etc.
  • Company size and revenues
  • Industry

Step 3: Identify their attributes

  • Role – Their place in the company and who they answer to.
  • Responsibilities – What or who they manage and what outcomes they must achieve.
  • Threats – what could derail the deal?
  • Motivations – both professionally and based on company objectives – could also be what they want to avoid.
  • Influencers – who can aid in affirming the project or stall it from moving forward?

Step 4: Understand their preferences

  • Where do they spend time online? Offline?
  • How do they participate with social media? Do they?
  • What keywords, phrases and search terms resonate with them?

Step 5: Draft the buyer persona value statement

  • I need to solve [FILL IN BLANK], in order to achieve [FILL IN BLANK].

Speak to people and use third party data to help complete your personas. A few examples follow:

Use Business Intelligence Portals:

  • Search by industry, size, title.
  • Assess profiles, click through to review LinkedIn profiles.
  • Use at least ten profiles to identify common themes.
  • Access the industry information to gain insight to challenges and opportunities.
  • BI portals also offer in-depth research on specific industries, helping you to define priorities and challenges quickly.

Talk to Salespeople:

  • What areas of the business are they focused on?
  • Who are they speaking with?
  • How do prospects frame the problem?
  • Who else do they have to convince?

Talk to Customers:

  • What problem did we solve?
  • What else did that enable?
  • Why did they choose us?
  • What obstacles did they have to overcome to buy?

Knowing your audience and having a personalized business plan is a foolproof formula to create new business leads, and strengthen old ones.

Content Marketing | 3 Rules

Today, a company’s success depends greatly on on its ability to effectively manage its brand awareness, market conditioning, and demand generation programs.

Technology enables companies to automate how, when and what is communicated to its market today. However, content must still be curated by people and in today’s digital market place it is imperative that content follow three basic rules…

1. Be Customer Centric

Buyers consume content to address a challenge or pain, and they are evaluating their options. If your content is difficult to find or doesn’t provide answers to their needs, they will ultimately arrive at another content provider that very well might be your competitor.

The trend emerging with B2B buyers is a decreasing level of engagement with sales people during their awareness phase. Engagement with Sales these days happens during the down selection process and as they narrow down their options to just a few providers.

Today, more than ever before, a company’s success requires that its content be relevant, timely and personalized so that a high level of value is maintained throughout the customer engagement process.

Perception is managed through effective content management.

2. Build and Maintain Alignment on Personas

Create buyer personas. Set up panels comprised of external buyers and internal content curators.  Align both groups against your buyer personas will help align your company to your buyer types, and will help improve how content is synthesized for your company’s target audience. Your personas should drive everything how you communicate with your buyers’ journeys as they make decisions to choose you or your competitor.

3. Communicate Intimately | Personalization

Avoid speaking in your company’s or industry’s language. Use real words and when and wherever possible apply personalization that addresses the specific pain or need of your customer.

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The Sales and Marketing Promance | Technology not included

Many businesses lack the alignment between the sales and marketing organizations. Whether you agree or disagree, it’s important to understand the barriers that prevent alignment. Some common barriers include:

  • Success in the sales and marketing departments is measured differently
  • Sales and marketing have a different vision of the ideal target customer
  • Actionable customer insight sits in disconnected databases
  • There is a lack of a 360-degree view of customers and their buying preferences
  • Broken processes make it impossible to track what is working
  • The technology is too hard to use so that there is limited adoption

 

These barriers lead to the disconnect and are making it difficult for organizations to make the most of their sales opportunities and go to market investments. As an example, companies are unable to provide the right offers to the right people, at the right time, because customer insights live in disparate locations and the company’s go-to-market strategies are uncoordinated and inefficient.

To address this disconnect, businesses are turning to applications and new technology to help build cohesive sales and marketing alliances. The common mistake businesses have been making in their rush to technology is that they forget to address their people and process challenges first. 

The promises of the Digital Revolution and emerging technologies are often not in line with management’s expectations. Many mid to large sized companies rushed to replace older systems that worked, to new and unproven cloud based technologies that are not living up to expectations. Many of these decisions were based on unrealistic, pie-in the sky, cloud-high promises (no pun intended) and the pain is just beginning to be felt by customers.

The reality is that many companies launched into cloud based technologies without a good business plan. So perhaps 2015 will be the year many companies awaken to a reality check.

The pendulum is about to swing in another direction. Brace yourselves.

Good times ahead.

How to Create Facebook Video Ads: A Step by Step Guide : Social Media Examiner

Interested in creating Facebook video ads? This article shares a step-by-step guide to designing and recording your own Facebook video ads.

Source: How to Create Facebook Video Ads: A Step by Step Guide : Social Media Examiner

Five reasons Twitter’s character limit increase is a terrible idea | Econsultancy

It’s somewhat sad that something as seemingly innocuous as an update to a social media site can cause so much online furore.

Source: Five reasons Twitter’s character limit increase is a terrible idea | Econsultancy