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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.
DRIVE: What Motivates Millennials?
Sat, Nov 26, 2011 — Recently, I spent a week working on a project about 90 minutes away and decided to make my commuting time "profitable" be listening to an audio book. Since I was driving, I chose "Drive: The Surprising Truth About What Motivates Us" by Daniel Pink. It was an inspired choice. It is especially relevant to those of us who work with today’s “Millennial” generation and since, in addition to my work as a Chief Outsider, I also teach an undergraduate course at Rutgers University, its message really resonated with me. Pink shares lessons from four decades of scientific research on human motivation. He explores what science knows about the subject and compares it with what business does — and does not do. He examines the three elements of true motivation — autonomy, mastery, and purpose — and offers simple ideas for putting these concepts into action.
Maximizing Your Position In Your Market
Mon, Sep 26, 2011 — Every company must develop a strategic direction that best fits its capabilities and its standing in its marketplace. Most business categories fall into similar market share patterns. There are three major players who, combined, have roughly 70-90% of the market. Then you have a group of small savvy specialists that have identified an underserved audience within the market. These tend to be businesses that succeed based on lower volumes, by definition, but much higher margins. In general, they tend to have no more than 5% of the market each. And, finally, you have the remaining companies in the category that live on the crumbs that are left over.
Price Erosion: Is Your Day-to-Day Mindset Killing You?
Tue, Sep 20, 2011 — Grow or die. Grow wrong and die a slow death. Every CEO is faced with the challenge of ensuring results today, this month, this quarter and this year. And everyday tradeoffs need to be made. For example, how often does the CEO get requests for discounting? And when the company responds to these short-term opportunities to secure a big order, how will it limit any negative impact on the long term pricing strategy?
5 Ways to Stay Customer-Focused and Strategically Relevant
Tue, Aug 23, 2011 — Successful companies are focused on their customers. And customer needs and wants must be an important part of any company’s growth strategy (at Chief Outsiders we call it Big M Marketing). However, day-to-day pressures can take a company off track and cause it to lose that all-important customer-centric perspective.
Situational Competence: A Requirement for International Management
Sat, Aug 6, 2011 — Small and mid-size businesses are becoming increasingly international. This means that CEOs who want to grow need to gain expertise in understanding employees and clients from different cultural backgrounds.
3 Top Sources of Strategic Marketing Insights
Mon, Jul 18, 2011 — Effective marketing strategies that drive significant results are almost always based on key insights. Insights can come from a lot of different places – from research, from a review of operations, from an analysis of the market, from a review of available data, from experience. The critical common element to game-changing insights is perspective – looking at the situation from a customer/prospect/market point of view. Let’s look at some examples: 1. Research-based Insight At Northeast Savings, we conducted a major customer segmentation study to better understand the needs of our consumers. One of the key findings of the research was a hierarchy of concerns expressed by a key constituency – 50+ consumers. Their number one issue was their health; followed closely by their financial well being, especially as it related to being able to take care of themselves should anything happen to them physically. This insight, coupled with an understanding of the need for conservative investments (in this case, CDs) due to the risk profile of older people, led to the creation of the “Take Ten” CD. This was a traditional CD, earning market interest rates, with a twist – you could withdraw up to 10% of your principal without penalty. Northeast Savings was the first bank in the country to offer this type of CD and was recognized in USA Today. More importantly, the CD garnered $180M in new deposits in the first three months and, after a year, no one had exercised the option to withdraw principal. Consumers wanted the security of knowing that they could, but really needed to earn interest on their deposits.
Who’s Looking Out Your Window for You?
Tue, May 31, 2011 — This week I attended a leadership event sponsored by the Greater Houston Partnership. One of the panelists was Dr. Ed Young, the Senior Pastor of Second Baptist Church in Houston. In addition to being a strong man of faith, Dr Young is also a very strong leader as evidenced by the growth of Second Baptist from 300 members to approximately 60,000.
Four Must-Have Strategists Every CEO Needs
Sun, May 8, 2011 — Every CEO has the responsibility to set the vision and make certain the strategies to address this vision are created and implemented. The CEO must determine what resource options are best suited to help develop and implement the various strategies and budget accordingly.
Building Company Value After an Acquisition
Sun, Mar 27, 2011 — Marketing’s Role in Post-Merger Integration The deal was just signed! Now what do we do? How many times have we heard this familiar cry? You are not alone. Over 70% of the deals completed today fail to add company value! The primary reason for most failures: poor post-merger integration planning and execution. The integration of two businesses after an acquisition is no longer restricted to the domain of Finance and IT. Markets drive our businesses today! The role of Marketing in building company value after an acquisition is more critical than ever before. To build market share, competitive dominance and product superiority, Marketing’s approach to the integration program must be very systematic. Marketing must uphold the brand, maintain customer confidence and leverage all possible synergies while vigilantly monitoring ROI. As if this isn’t a difficult enough balancing act, Marketing must articulate the longer-term “go-to-market” strategy to ensure the continuity of value enhancement programs long after the integration process is complete. So where do you begin?