by tradesmeninsights | Nov 3, 2009 | Social Marketing, Traditional Marketing
Gee…who would you believe, the national news anchor or someone on one of your social networking sites?
According to the Harvard Business Review, “the American public assessment of the accuracy of the news media has reached a new low. 63% of American adults say news stories are often inaccurate, compared to 53% in 2007 and 34% in 1985. 70% say that the news media tries to cover up mistakes, and 27% describe the press as “not professional.” Right there is a pretty good reason no one is watching the nightly news. But come on, we do have options don’t we, or do we have to rely on someone pushing their agenda on us? How many times have you listened to the news and only got one side of the story?
According to The Sacred Heart University Polling Institute who released its 3rd survey on, Trust and satisfaction with the news media. Nearly two-fifths of all respondents, 38.1%, said they are reading newspapers less often than they did five years ago. And, nearly half, 45.0%, agreed that the internet is adequately covering for failing newspapers,
Now take social media. Do you think a national anchor would get away with some of the things they say on TV if they had to interact with the social media scene? Afraid not! They would have their head handed to them. Why, because social allows other people to have an opinion and they aren’t afraid to call you out if you’re wrong. Americans aren’t as dumb as the Networks think we are. People are relying more on social. Look at Twitter. You knew about the plane landing in the Hudson, along with photos, long before the mainstream media knew about it. If you really want to know what John Q Public is thinking, you need to get to the streets. Social literally has put “the man on the street” interview back in vogue. Only this time the man isn’t a staged prop.
75%-plus of us use the Internet when we’re looking to buy something and want to do research on it first. Yes, we might look at some manufacturers’ sites for features and benefits. What most people like is a site that has a place where people can leave comments and rate the product from a customer’s view. People trust other people’s experiences and views.
What are your thoughts?
by tradesmeninsights | Oct 27, 2009 | Marketing Tips, Social Marketing, Traditional Marketing
This probably doesn’t come as a surprise to most, but most Industrial Marketing budgets have been cut this year. It’s also no surprise that Mar/Com departments are still charged with bringing in leads. But what I want to warn everyone about is, don’t be focused on just the number of leads (yeah, I’m assuming that they are ROI, qualified in some manner). You need to separate the suspects from the prospects from the shoppers. Shoppers are getting ready to buy, and these are the ones that need to be identified and passed on to the sales department. There is nothing wrong with the suspects or prospects, they just need to be nurtured along and up the customer development ladder. Matt Sonnhalter had an article in BtoB Magazine, pointing out that you need to make sure to look for the right decision maker.
Tough times make us focus more on ROI, but we should be doing that all along. I’ve listed several other articles that I thought might be of interest on this topic and I’d like to hear how you’re doing on your ROI.
Increase your sales revenue by 20% using existing inquiries
5 highlights from GlobalSpec marketing trends survey
Use social media to generate professional tradesmen leads
Industrial marketers focus on social media
Industrial community responds to online marketing
by tradesmeninsights | Oct 13, 2009 | Marketing Trends, Social Marketing, Traditional Marketing
I’m hooked on the cable series Mad Men. I guess since I’m in the business and I started my ad career as the 3-martini lunches were winding down, I look at these guys and marvel at how simple their lives were. What did they have to offer the clients? TV, Radio, Outdoor, Papers and Magazines were pretty much what they had in their bag of tricks. Today, we have the Internet, Web 2.0, mobile media, digital ads and a host of other options that keep changing daily.
One of the newer ones out there is social media, and while the consumers have latched onto this in a big way, the B-to-B community has been slow in recognizing the power and potential of this marketing tool. Times are changing and the traditional marketers should come to grips sooner than later on the changing world we live in. The enclosed study by IBM should open your eyes as to what is coming and the key word is CHANGE. You think social media is a challenge, just wait. You’ll need to re-think the way you communicate with your customers, no matter who they are.
The next 5 years will hold more change for the advertising industry than the previous 50 did.
The information for this post is from an IBM global survey of more than 2,400 consumers and 80 advertising experts… the report is titled, “The end of advertising as we know it.”
Imagine an advertising world where...spending on interactive, one-to-one advertising formats surpasses traditional, one-to-many advertising vehicles, and a significant share of ad space is sold through auctions and exchanges. Advertisers know who viewed and acted on an ad, and pay based on real impact rather than estimated “impressions.” Consumers self-select which ads they watch and share preferred ads with peers. User-generated advertising is as prevalent (and appealing) as agency-created spots.
Based on IBM global surveys, there are four change drivers shifting control within the ad industry:
- Attention – Consumers are increasingly in control of how they view, interact with and filter advertising in a multichannel world.
- Creativity – Thanks to technology, the rising popularity of user-generated and peer-delivered content, and new ad revenue-sharing models (e.g., YouTube, Crackle, Current TV), amateurs and semi- professionals are now creating lower-cost advertising content.
- Measurement – Advertisers are demanding more individual-specific and involvement- based measurements, putting pressure on the traditional mass-market model.
- Advertising inventories – Will be bought and sold through efficient exchanges, bypassing traditional intermediaries.
There is no question that the future of advertising will look radically different from its past. The push for control of attention, creativity, measurements and inventory will reshape the advertising value chain and shift the balance of power.
by tradesmeninsights | Oct 6, 2009 | Marketing Tips, Marketing Tools, Social Marketing, Traditional Marketing
Sales leads and what to do with them has been an age old problem. Today though, there are programs and processes available to help you monitor and mine those precious sales leads. I’ve been associated with Russ Hill from Ultimate Leads for over 20 years. He “gets” the closing the loop issue and I’m glad to share with you some of his thoughts.
According to the CMO Council/BPM Forum survey in Marketing Today, corporate officers who were polled in an online survey believe revenues at their companies could increase by more than 20 percent by improving their prospect cultivation and management techniques. Marketing and C-Level executives are dissatisfied with the way they generate new business, yet more than half lack formal process to correct the problem.
And my guess is that they are not alone. According to the Advertising Research Foundation, 67 percent of industrial product inquiries are from real prospects with real needs, yet 72 percent NEVER hear from a sales person.
Clearly these executives are onto something. Does this sound like your sales team?
Haley Marketing Group cites recent studies indicating that more than 50 percent of sales people stop working a prospect after the first call. The percentage grows to 65 percent after the second call and 80 percent after the third call.
A whopping 90 percent of sales people call it quits by the fourth call. Here is the troubling part – some 70 percent of prospects won’t make a decision until after the fifth call. Are these sales slipping through your fingers too?
To some degree these numbers are easy to understand. Most sales people are like gunfighters interested in the “quick kill.” The study suggests that while companies may be good at generating large volumes of business leads, most opportunities languish because sales people all too often focus on only closing the most promising and qualified short-term opportunities.
Marketing and C-level executives are dissatisfied with the way they generate new business, but still more than half lack a formal process to correct the matter.
Sales and Marketing teams often point fingers at each other as companies struggle with reaching their sales goals. Sale people complain about receiving too many or too few unqualified leads and marketing complains about poor follow-up, lack of feedback, and wasted dollars. In our 25-years-plus years of experience in sales lead management and CRM services, this lack of synergy can usually be traced back to three specific things:
1) A lack of training about each function’s role and challenges
2) Utilizing agreed upon methodology for generating, qualifying and following up on leads
3) Getting everyone to keep their “eye on the prize.”
If Marketing’s job is to identify target markets, communicate the “right” company message and generate viable sales opportunities, then it is Sales’ job to cultivate and sell those opportunities. Who qualifies a lead and when should it be handed off to sales is an important question. Sales and marketing need be in agreement to be successful. Failing to address this important issue can trap management in something I call “the Transition Zone.”
When marketing and sales management work together to establish mutually agreed upon processes and goals, then train their teams to continuously work to both improve practices and to work together, good things can happen – more business can be captured from existing opportunities, ROI improves…and that is good for everyone.
So, the next time you are considering where to look for new business, take a fresh look at your existing prospects and sales leads. Improving your opportunity management practices may be your first and best means of growing your business.
by tradesmeninsights | Sep 30, 2009 | Marketing Tips, Social Marketing, Traditional Marketing
With the economy being what it is and growth for ’10 in the construction, industrial and MRO markets being minimal at best, what could/should manufacturers do to work together? Here’s an idea. If you’re two non-competing companies that serve that same market, why not do a cross promotion for both Product A and B? For those manufacturers who belong to a buying group, this should be a “No Brainer.” They are already preferred suppliers and they should welcome this kind of promotion. Here are 3 reasons why you should consider such a concept:
- Creates buzz at both the user and distributor level. From the user perspective, they could offer better deals on specific packages if bought in conjunction with the promotion. Distributors can have more of an “event” atmosphere .
- More reach – Both companies can promote the event on their respective web sites and print ad campaigns.
- Better utilization of assets – Direct mail and e-mail can use combined creative and share the costs. Imagine if you have an e-mail list of 50,000 user names and the other manufacturer had the same. Let’s also assume there’s a 20% overlap in names. The bottom line is you now have 80,000 names to send to. Having these joint events at both user and distributor levels allows you to share the costs as well as the limelight.
I’m sure you could add to this list, and I’d like to hear from you. Let’s think outside the box.
by tradesmeninsights | Aug 25, 2009 | Marketing Tips, Traditional Marketing
Interesting fact about recessions – they end.
In our practice, most of our clients have been hit exceptionally hard in ’09 due primarily to their ties to the construction market. Some have opted to cut spending and ride out the storm. Others have reduced their budgets, but have continued to launch new products and support existing ones. It’s gratifying to see those that continued to promote themselves gained interest, inquiries and sales even in this downturn.
According to Industrial Supply, housing starts were up 2% in July. This was the 5th consecutive increase. Building permits for future projects climbed nearly 8%.You can read the entire USDH report here.
Here’s an interesting fact from some recent research from the Kauffman Foundation – More than half of the Fortune 500 companies were launched in economic downturns. For marketing purposes, if you don’t currently have something in the pipeline, this year is done.
All economic data indicates that the worst is over and we should start seeing an uptick as quickly as the 4th quarter for some industry segments.A recent online survey by StrongMail of 979 business executives in various industries show an optimism about the economy. The survey indicates that 85% are planning to maintain or increase their spending for the remainder of the year. But enough about ’09.
Yes, soon the trend lines will start to go up, but not as sharply as they came down. B-to-B marketers need to look forward and should be starting to crank up their plans for ’10. Inventory levels at distributors are at their lowest levels in years, and manufacturers need to be ready to respond. Spend smartly and monitor what you do. Try something new. If you haven’t added social media to the mix, consider it for ’10. Do something! There are contractors out there buying stuff!
