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Beating Industry Benchmarks
In my previous blog, I discussed a fast way to assess relative marketing performance, and covered proven approaches to improving six industry benchmark-based Key Performance Indicators (reach, share, engagement, loyalty, pipeline, and progression) that can boost overall marketing effectiveness. Today, I’m going to review some of the key findings from recent research around Marketing benchmarks. I’ll select key metrics from each of these three benchmarks and their implications for optimizing marketing performance.
How To Differentiate Yourself When You're Not that Different
Wed, Oct 9, 2013 — Positioning is a critical step in any business’ marketing strategy. It defines the company, forms the basis for messaging, drives the marketing approach and impacts the way in which products and services are priced. To be effective, positioning must be clear, compelling and, most importantly, differentiated. One of the most common complaints I hear from sales people is that their company’s positioning sounds the same as everyone else they sell against. Their products are “innovative”, their services are “world class”, and they are “customer focused.” These are all examples of buzzwords that marketers use to try polish their position. But spin is not enough. Instead, business leaders need to find or create real differences they can leverage in the market.
How Companies Can Make Inevitable Mistakes Pay Off
Sun, Sep 29, 2013 — No one likes making mistakes, but we all make our fair share of them. Humans are fallible, products and processes fail, and things slip through the cracks. Even the best-managed companies can go awry. Unfortunately, mistakes are not only inevitable; they can also be very costly. As a CEO you know that mistakes can cause operations costs to rise and productivity to falter — and most damaging of all, they frustrate our customers so that they start thinking about taking their business elsewhere. If we act quickly to fix our mistakes, however, we can make our mistake pay off.
Transforming an Organization: The 4 Steps Every CEO Should Take
Sun, Sep 15, 2013 — Companies can no longer settle for incremental improvement in today’s rapidly evolving and increasingly global economy—organizational transformation is necessary. McKinsey Quarterly, in their June 2011 issue offered the suggestion that in order to sustain high performance, organizations today must build the capacity to learn and keep changing over time and suggested that organizational health was perhaps the ultimate competitive advantage for today's economy. I can not stress more strongly how important the role of the CEO is in visibly participating in transforming an organization and how the CMO can assist in this process. I believe there is no single model for success, and actions will be influenced by the magnitude, need and nature of the change for an organization. But, in my experience there are four steps every CEO should take to transofrm an organization. I've found these basic change management steps always apply and can be scaled to fit every organizational transformation. The premise of these four steps a CEO should take to transform an organization is based on two important tenets that I believe must be considered when implementing an organizational transformation. First, it is people and relationships that make up organizations, not buildings, systems or processes. And second, most people don't like being forced out of their comfort zones and they must have a reason to do so. With that said – lets review the four steps for integrating change management into a new business strategy.
Most Leaders are Made Not Born—And They Need to be Developed
Sat, Sep 14, 2013 — Born leader or made leader—do they both exist? There is a world of difference between knowing about leadership and becoming an effective leader. I may be wrong about this, but from my reading and conversations with colleagues and clients, I get the impression that relatively few supervisors and managers and even fewer C-level executives, entrepreneurs and board members actively pursue disciplined professional leadership development. They read books, articles and blogs about leadership, and they attend workshops and seminars—so they know about leadership. But were they born leaders or are they made leaders?
Email Is Not Always Your Friend – Three Ideas for Better Management
Wed, Sep 11, 2013 — It’s Not Just a Problem of Volume The immense volume of email that many of us receive each day can make email seem like an unbeatable adversary in a battle between responding to messages and getting the work done that we had planned. It is always a bit impressive, therefore, when people come up with a system for dealing with email overload that actually works for them. For instance, Both Zappos CEO Tony Hsieh and LinkedIn CEO Jeff Weiner have developed their own systems for handling email and staying productive rather than email being a constant, nagging drag on his day. Their systems won’t work for everyone, but they are good examples of taking a systematic approach to email.
LinkedIn Advertising: Does It Work?
Wed, Aug 28, 2013 — (WARNING: Marketing is Not Advertising – this post is simply on the topic of advertising – see last section below) We’ve all seen billboards on a highway that say, “Does Advertising Work? Just Did!” Are we supposed to believe that since we’ve read these words, their ads are effective? I suppose it depends on their objective. But if it’s such an effective medium, why are they using their ad space to promote…well, their ad space? Why aren’t more advertisers lined up to get their messages out along the highways?
Start Using Market Research Strategies to Drive Your Company’s Growth
Sat, Aug 24, 2013 — Market Research Strategies: Getting to Your Company to The Next Level Quite often these days, especially evident in mid-market businesses, I come across CEOs, who have been very successful at building their company’s revenues but are now are challenged with reaching the next level. Sales may have slowed down; the low hanging fruit picked; or competitors are upping their game. They may also have been successful in using their technology and expertise in one market, but totally misread another. Whatever the issues are; in order to flourish, every company should consider integrating market research strategies into their growth plan to keep a pulse on their market and its dynamics and to capitalize on market opportunities. Growing through market research strategies can include new products and services, new pricing plans, new positioning, new market segments, changes in business models, or new channels of distribution. Each of these should be evaluated, researched and integrated into your growth strategy and ultimately into your business, product development, and tactical go-to-market plans.
Leading Out Loud!
Thu, Aug 22, 2013 — By now, anyone who reads this blog knows that we read a lot. And a book I recently read is Leading Out Loud: Inspiring Change Through Authentic Communications, New and Revised by Terry Pearce (February 2013). The main point of the book is that a leader must speak in an authentic voice to build loyalty, commitment and enthusiasm in his or her organization. Pearce doesn’t just write this. He provides a step-by-step process to help leaders find their authentic voice. It is not an easy journey, but it's one that is worthwhile. “People make commitments to causes they value and people they respect and trust.”
Don’t Let Your Business Journey Become “The Ride From Hell”
Sun, Aug 18, 2013 — My wife and I recently took a trip to Virginia to help my daughter look for an apartment as she is moving from New Jersey for her first post-college job. We were lucky enough to find a nice place in a good neighborhood where she and a friend from college will live in their first “grown-up” apartment. This made all of us very happy and certainly helped relieve some parental anxiety. Our task finished, we headed back to NJ at around 1pm on Sunday, and that’s when it happened. Our pleasant weekend was hijacked by one of the worst road trips I’ve ever taken, as no matter which way we went, we ran into traffic tie-ups and delays. We finally pulled up the driveway around 9 pm both aggravated and exhausted. Once I had a chance to relax and catch my breath, I got to thinking of ways to equate the ride to lessons I can use in my business life and work with growth-oriented midmarket companies.