Eye-to-Eye on IT Value, Marketing and SMstudy

When designing a marketing strategy should you start where you want to be, or where you are?

If you’re a motivational speaker, you’re probably saying, “Start where you want to be.” If you’re a process engineer, you’re likely to say, “Start where you are.” If you’re a marketing strategist, you’re probably saying, “Yes.”

“But it’s an ‘either/or’ question!” they might remind you.

“True, but the answer is still ‘Yes,’” you would answer.

In sales and marketing, there must be a strong focus on goals and objectives, the “where you want to be”bit. “The Corporate Marketing Strategy is defined at a corporate level. It defines the overall marketing goals for the company. These general marketing goals drive more specific marketing strategies for each of the company’s business units or geographies,” saysMarketing Strategy, book one of the SMstudy™ Guide.

Can the company meet these goals? The answer to this lies in the “where you are.” “The strengths and weaknesses of a company determine its internal capabilities to compete in a market and to fulfill customer expectations,” says the SMstudy™Guide. “Strengths provide the company with a competitive advantage and weaknesses place the company at a disadvantage.”

“Start where you are” is one of the “Practitioner 9 Guiding Principles” identified by Axelos, the people responsible for publications coming from the Information Technology and Infrastructure Library (ITIL) of the British Home Office. These principles are designed to help IT practitioners succeed in an increasingly customer- and market-oriented service environment.  

One of the key “Practitioner Guiding Principles” is “focus on value.” This is something marketing professionals know very well: their product’s or service’s value proposition. “All successful products or brands need well-planned marketing strategies in place to ensure that they satisfy the goals set by the corresponding Business Unit or Geographic level, and in turn the overall Corporate Marketing Strategy. Marketing Strategy is therefore one of the most crucial Aspects of Sales and Marketing. It defines a product or brand’s unique value proposition, target markets, and the specific strategies to be used to connect with defined audiences,” according to the SMstudy™ Guide.

Arriving at a value proposition involves identifying the target market segment: what are the people that make up this group like? What do they do for a living? For recreation? How do they spend their money? These are very similar to questions that IT developers ask and answer when creating personas for their end users and customers. How will they use this service? When will they most likely access it? What will it do for them? How much is this worth to them? The confluence of service development and marketing is becoming greater and greater.

With the decreasing time between product development and its “hitting the shelves,” it seems inevitable that marketing interests and elements would enter product lifecycles earlier. Which ties in well with “Practitioner Guiding Principle” number 8: collaborate. The real value that developers put into a product after conferring with marketing and management becomes the real value that the sales and marketing people communicate to the customers, who buy that value, take it home and cherish it. Everyone is working together and the world’s a happier place.

For more informative articles on Sales and Marketing, visit SMstudy.com/article.

How I Learned to Stop Worrying and Love the Leaky Funnel

Accepting that the sales and marketing funnel will always be leaky is akin to accepting that, despite all efforts, we will not grow taller… or younger. It’s never going to happen, we know this. The marketing funnel will always be leaky, no matter how talented and thorough sales and marketing teams become at plugging the holes. But accept it we must! Since as of today, there is no leak-free funnel and none on the horizon, we all just have to deal.

We learn from SMstudy that the leaky funnel is an analogy. Water being poured from the top represents prospective customers and the water existing from the bottom represents converted customers. 

SMstudy states: “Digital media reaches out broadly and acquires potential customers using a variety of online tactics. Marketers then capture information about those customers and begin to target them more effectively with marketing messages and other digital marketing initiatives, and many become qualified prospects or leads. Eventually some of the qualified leads buy the product, thus becoming customers.”

In a perfect place known as “Sales-and-Market Landia,” every dear soul who ever views our ad, not to mention visits our website, would be swirled into our seamless steel-trap funnel with no chance of escape except out the bottom as the proud owner of our product or service, free to roam and spread the good word.

Well, the real world is not “Sales-and-Market Landia,” and most of those who venture into the funnel will ultimately slip through the cracks on their way to the final stage (aka the sale). Leakage numbers vary, but according to Lisa Cramer nearly 80 percent of those who fall into the funnel are never brought to sales. On the bright side or perhaps a cautionary warning, 60 percent of leads who enter the funnel will end up purchasing within the next 24 months… just maybe not via that same funnel.  

With figures like these it’s no surprise we find all sorts of advice on how marketers can plug the holes of their own unique funnels. Just google, “plug leaky funnel” and you’ll see what comes back, a bucket load of funnel advice. 

Basics such as data analytics and understanding the Point of Loss (POL) and Point of Influence (POF) can help to identify and shore up the holes, and realistic genuine attempts should be made to do so. But at some point, acceptance of a leaky funnel is key to not obsessing over the holes and maintaining your sanity.   

David Lund of Marketing Executives Networking Group recognizes the inevitable nature of the leaky funnel and the necessity of accepting said leakage, but still offers these simple steps to increase sales even for a hole-riddled funnel:

• Put more total people in the funnel.  Your funnel still leaks, but more people in should mean more people out.  If only 1-5% of the people at the top of your funnel actually buy from you or sign up for your services, you need to first focus on improving your funnel rather than putting more people into it.
• Put more of the right people in the funnel.  You hope to attract and sell more of your target audience.  But, if you don’t clearly understand why they are choosing you, this approach will not be fully effective.
• Retain more of the right people in the funnel.  By slowing or stopping the leaks in your funnel, you will optimize your efforts to attract and retain more target customers.  This is usually a much more productive near-term effort versus just spending more on ads or offering promotions.

So, ideally, yes, all holes would be plugged and anyone who ever knowingly or unknowingly fell into our funnel would come out the proud owner of whatever product or service was for sale. But that is a myth, a dream straight out of “Sales-and-Marketing landia.” The truth is, despite all our efforts, there will always be holes. Always. But still we plug on!  

For more articles on sales and marketing, visit smstudy.com/articles

Photo credit: Catherine, https://www.flickr.com/photos/rumpleteaser/2812559753

Sources:

SMstudy Guide, Digital Marketing, pg.62-63.

Sales Success as an Optimistic Cynic, Tibor Shanto, Pipeliner CRM, July 7, 2015, http://blog.pipelinersales.com/sales-professionals/sales-success-as-a-optimistic-cynic/

The Beginner’s Guide to Identifying Leaks in Your Sales Funnel,” Dale Cudmore, The Daily Egg, June 8, 2015, http://blog.crazyegg.com/2015/06/08/leaks-in-your-sales-funnel/

“How to Reduce Lead Leakage Now,” Lisa Cramer, Marketing Profs, Oct. 27, 2011, http://www.marketingprofs.com/articles/2011/6227/how-to-reduce-lead-leakage-now

“Do you know where your marketing funnel is leaking and how to stop it,” David Lund, Marketing Executives Networking Group, July 30, 2013, http://mengonline.com/blog/2013/07/30/do-you-know-where-your-marketing-funnel-is-leaking-and-how-to-stop-it/

Branding America and SMstudy - Part One

Presidential candidates want to unite America, make it strong again, give it a future to believe in, balance its budget and pass its dream onto the next generation. Each, in his or her own way, paints a picture of what’s wrong with America, but which of them grasps what is right about America, what its value proposition is to its citizens and to the world? Which one has a real grasp of its brand?

A recent commentary by Merrie Carole Powers in The World Post [1] compared candidate Donald Trump as a brand to America as represented in the Declaration of Independence—arguably the quintessential statement of America the brand.  This got us at SMstudy thinking about America the brand. What does the Declaration tell its citizens and the world about its brand?

A concise definition of branding states that it “is the process of creating a distinct image of a product or range of products in the customer's mind. This image communicates the promise of value the customer will receive from the product or products,” according to the SMstudy® Guide: Marketing Strategy.[2]

So, what distinct image of America comes readily to mind? For many the dominant image is the American Dream. Every presidential candidate mentions the American Dream, and their versions range from the ability to achieve anything through hard work and determination to having a job coupled with raised wages and health for people and their surroundings.[3]

What image springs from the pages of the country’s cry to be itself, to be independent?

In her brand analysis of Trump-the-Brand, Powers used the “unique positioning, clearly defined purpose, truly held values, an authentic personality and a compelling message” elements of a strong brand. Marketing Strategy says that a product’s or service’s value proposition is crucial to its branding. We’ll use several of these to consider Brand America in the Declaration of Independence.[4]

The Declaration’s preamble is well known to many—having had to memorize it at some time during their school days—and it is the place to find the introduction of America’s brand image. In its first sentence the brand begins to take shape unassumingly—almost off-handedly as mere conditions for actions that follow—“it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them…”  The Brand claims for itself “the separate and equal station” “among the powers of the earth” “that the Laws of Nature and Nature’s God” says it has the right to. That’s a strong positioning statement, even if it is not unique for countries.

The Brand has a great purpose: to “assume … the separate and equal station,” that is, to step up and take possession of equality among the nations of the entire world.  It is an ennobling purpose. Kouze and Posner said in their work The Leadership Challenge that one of the best practices among successful leaders was the ability to inspire “an ennobling vision of the future.” People want to follow a leader that can do this. And they want to be identified with a brand that does this, too. Perhaps, this is one brand element that explains why so many people emigrate to America.

In Part Two of “Branding America and SMstudy,” we’ll look at Brand America’s compelling message and alluring value proposition.

For more informative and thought-provoking articles on sales and marketing, visit http://www.SMstudy.com/articles.

[1] Powers, Merry Carole. (4/1/16) “Donald Trump vs America: Side-by-Side Brand Analysis.” The World Post. Retrieved on 4/4/16 from http://www.huffingtonpost.com/merry-carole-powers/donald-trump-vs-america-a_b_9592180.html

[2] A Guide to the Sales and Marketing Body of Knowledge, also referred to as the "SMstudy® Guide," is a series of books that provide guidelines for the Sales and Marketing of products and services. It is available at SMstudy.

[3] Ted Cruz says that he and “his entire family have been blessed to live the American Dream — the idea that anyone, through hard work and determination, can achieve anything. And he is committed to ensuring every family has that same opportunity.” For Bernie Sanders, the American Dream includes an “economic agenda that creates jobs, raises wages, protects the environment and provides health care for all.” These quotes come from the respective candidate’s website.

[4] All quotes from the Declaration of Independence come from “the Charters of Freedom” collection of the U.S National Archives at http://www.archives.gov/exhibits/charters/declaration_transcript.html.

Eye-to-Eye on IT Value, Marketing and SMstudy

When designing a marketing strategy should you start where you want to be, or where you are?

If you’re a motivational speaker, you’re probably saying, “Start where you want to be.” If you’re a process engineer, you’re likely to say, “Start where you are.” If you’re a marketing strategist, you’re probably saying, “Yes.”

“But it’s an ‘either/or’ question!” they might remind you.

“True, but the answer is still ‘Yes,’” you would answer.

In sales and marketing, there must be a strong focus on goals and objectives, the “where you want to be”bit. “The Corporate Marketing Strategy is defined at a corporate level. It defines the overall marketing goals for the company. These general marketing goals drive more specific marketing strategies for each of the company’s business units or geographies,” saysMarketing Strategy, book one of the SMstudy™ Guide.

Can the company meet these goals? The answer to this lies in the “where you are.” “The strengths and weaknesses of a company determine its internal capabilities to compete in a market and to fulfill customer expectations,” says the SMstudy™Guide. “Strengths provide the company with a competitive advantage and weaknesses place the company at a disadvantage.”

“Start where you are” is one of the “Practitioner 9 Guiding Principles” identified by Axelos, the people responsible for publications coming from the Information Technology and Infrastructure Library (ITIL) of the British Home Office. These principles are designed to help IT practitioners succeed in an increasingly customer- and market-oriented service environment.  

One of the key “Practitioner Guiding Principles” is “focus on value.” This is something marketing professionals know very well: their product’s or service’s value proposition. “All successful products or brands need well-planned marketing strategies in place to ensure that they satisfy the goals set by the corresponding Business Unit or Geographic level, and in turn the overall Corporate Marketing Strategy. Marketing Strategy is therefore one of the most crucial Aspects of Sales and Marketing. It defines a product or brand’s unique value proposition, target markets, and the specific strategies to be used to connect with defined audiences,” according to the SMstudy™ Guide.

Arriving at a value proposition involves identifying the target market segment: what are the people that make up this group like? What do they do for a living? For recreation? How do they spend their money? These are very similar to questions that IT developers ask and answer when creating personas for their end users and customers. How will they use this service? When will they most likely access it? What will it do for them? How much is this worth to them? The confluence of service development and marketing is becoming greater and greater.

With the decreasing time between product development and its “hitting the shelves,” it seems inevitable that marketing interests and elements would enter product lifecycles earlier. Which ties in well with “Practitioner Guiding Principle” number 8: collaborate. The real value that developers put into a product after conferring with marketing and management becomes the real value that the sales and marketing people communicate to the customers, who buy that value, take it home and cherish it. Everyone is working together and the world’s a happier place.

 For more informative articles on Sales and Marketing, visit SMstudy.com/articles.

Branding America and SMstudy - Part Two

What is right about America? What is its value proposition to its citizens and to the world? What is America’s brand?

In this second part of Brand America, we return to the Declaration of Independence[1]—arguably the quintessential statement of America the brand—to find what it tells us.

In Part One, we looked at the Brand’s strong positioning statement that claimed an equal place among the nations of the world. We saw that the Declaration gives the brand a great sense of an ennobling purpose.

In the world of corporate core value statements, brands that have “truly held values”[2] find loyal audiences and market segments. The Declaration’s preamble includes, “a decent respect to the opinions of mankind requires that they should declare the causes which impel them to separation.” Here then is one of the Brand’s values from the very beginning: respect for the opinion of others. This respect manifests its most power and influence in the first amendment to the Constitution of the United States of America: freedom of speech and religion. The fact that these are still protected and the nature of that protection is still hotly discussed today is a testament to how truly held the value of respect is.

Also, in this phrase is the value of transparency. With respect comes the obligation to be transparent with one’s actions and motivations. Not only is modern America’s commitment to transparency seen in its laws such as open meeting laws, but its citizens have taken it to heart. For example, one of the foremost principles of Scrum project management is empirical process control which “relies on the three main ideas of transparency, inspection and adaptation,” according to A Guide to the Scrum Body of Knowledge (SBOK™ Guide).[3] The Declaration’s values find expression in the threads of everyday life.

Brand America’s greatest value statement has been, “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.” This value statement broadens the Brand’s appeal to humans all over the world.

What is the Brand’s value proposition? “That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government.” The Brand stands for the right, the duty, of people to seek and establish governments that secure their rights. Over the years, the Brand has done this many times—from forming its own government to helping Europe throw off the shackles of Nazi Germany.

And what is the Brand’s compelling message? “when a long train of abuses and usurpations, … evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.” The need that this Brand meets is the need that all humans have to be free of oppression, to possess life and liberty and to be free to pursue happiness.

A country that stays true to a Brand like this cannot help but attract an expansive market share.

For more informative and thought-provoking articles on sales and marketing, visit SMstudy.com.

[1] All quotes from the Declaration of Independence come from “the Charters of Freedom” collection of the U.S National Archives at http://www.archives.gov/exhibits/charters/declaration_transcript.html.

[2] Powers, Merry Carole. (4/1/16) “Donald Trump vs America: Side-by-Side Brand Analysis.” The World Post. Retrieved on 4/4/16 from http://www.huffingtonpost.com/merry-carole-powers/donald-trump-vs-america-a_b_9592180.html

[3] The SBOK™ Guide is available for free at http://www.scrumstudy.com/overview-of-sbok.asp

Branding America and SMstudy - Part One

Presidential candidates want to unite America, make it strong again, give it a future to believe in, balance its budget and pass its dream onto the next generation. Each, in his or her own way, paints a picture of what’s wrong with America, but which of them grasps what is right about America, what its value proposition is to its citizens and to the world? Which one has a real grasp of its brand?

A recent commentary by Merrie Carole Powers in The World Post [1] compared candidate Donald Trump as a brand to America as represented in the Declaration of Independence—arguably the quintessential statement of America the brand.  This got us at SMstudy thinking about America the brand. What does the Declaration tell its citizens and the world about its brand?

A concise definition of branding states that it “is the process of creating a distinct image of a product or range of products in the customer's mind. This image communicates the promise of value the customer will receive from the product or products,” according to the SMstudy® Guide: Marketing Strategy.[2]

So, what distinct image of America comes readily to mind? For many the dominant image is the American Dream. Every presidential candidate mentions the American Dream, and their versions range from the ability to achieve anything through hard work and determination to having a job coupled with raised wages and health for people and their surroundings.[3]

What image springs from the pages of the country’s cry to be itself, to be independent?

In her brand analysis of Trump-the-Brand, Powers used the “unique positioning, clearly defined purpose, truly held values, an authentic personality and a compelling message” elements of a strong brand. Marketing Strategy says that a product’s or service’s value proposition is crucial to its branding. We’ll use several of these to consider Brand America in the Declaration of Independence.[4]

The Declaration’s preamble is well known to many—having had to memorize it at some time during their school days—and it is the place to find the introduction of America’s brand image. In its first sentence the brand begins to take shape unassumingly—almost off-handedly as mere conditions for actions that follow—“it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them…”  The Brand claims for itself “the separate and equal station” “among the powers of the earth” “that the Laws of Nature and Nature’s God” says it has the right to. That’s a strong positioning statement, even if it is not unique for countries.

The Brand has a great purpose: to “assume … the separate and equal station,” that is, to step up and take possession of equality among the nations of the entire world.  It is an ennobling purpose. Kouze and Posner said in their work The Leadership Challenge that one of the best practices among successful leaders was the ability to inspire “an ennobling vision of the future.” People want to follow a leader that can do this. And they want to be identified with a brand that does this, too. Perhaps, this is one brand element that explains why so many people emigrate to America.

In Part Two of “Branding America and SMstudy,” we’ll look at Brand America’s compelling message and alluring value proposition.

For more informative and thought-provoking articles on sales and marketing, visit http://www.SMstudy.com/articles.

[1] Powers, Merry Carole. (4/1/16) “Donald Trump vs America: Side-by-Side Brand Analysis.” The World Post. Retrieved on 4/4/16 from http://www.huffingtonpost.com/merry-carole-powers/donald-trump-vs-america-a_b_9592180.html

[2] A Guide to the Sales and Marketing Body of Knowledge, also referred to as the "SMstudy® Guide," is a series of books that provide guidelines for the Sales and Marketing of products and services. It is available at SMstudy.

[3] Ted Cruz says that he and “his entire family have been blessed to live the American Dream — the idea that anyone, through hard work and determination, can achieve anything. And he is committed to ensuring every family has that same opportunity.” For Bernie Sanders, the American Dream includes an “economic agenda that creates jobs, raises wages, protects the environment and provides health care for all.” These quotes come from the respective candidate’s website.

[4] All quotes from the Declaration of Independence come from “the Charters of Freedom” collection of the U.S National Archives at http://www.archives.gov/exhibits/charters/declaration_transcript.html.

Branding America and SMstudy - Part One

Presidential candidates want to unite America, make it strong again, give it a future to believe in, balance its budget and pass its dream onto the next generation. Each, in his or her own way, paints a picture of what’s wrong with America, but which of them grasps what is right about America, what its value proposition is to its citizens and to the world? Which one has a real grasp of its brand?

A recent commentary by Merrie Carole Powers in The World Post [1] compared candidate Donald Trump as a brand to America as represented in the Declaration of Independence—arguably the quintessential statement of America the brand.  This got us at SMstudy thinking about America the brand. What does the Declaration tell its citizens and the world about its brand?

A concise definition of branding states that it “is the process of creating a distinct image of a product or range of products in the customer's mind. This image communicates the promise of value the customer will receive from the product or products,” according to the SMstudy® Guide: Marketing Strategy.[2]

So, what distinct image of America comes readily to mind? For many the dominant image is the American Dream. Every presidential candidate mentions the American Dream, and their versions range from the ability to achieve anything through hard work and determination to having a job coupled with raised wages and health for people and their surroundings.[3]

What image springs from the pages of the country’s cry to be itself, to be independent?

In her brand analysis of Trump-the-Brand, Powers used the “unique positioning, clearly defined purpose, truly held values, an authentic personality and a compelling message” elements of a strong brand. Marketing Strategy says that a product’s or service’s value proposition is crucial to its branding. We’ll use several of these to consider Brand America in the Declaration of Independence.[4]

The Declaration’s preamble is well known to many—having had to memorize it at some time during their school days—and it is the place to find the introduction of America’s brand image. In its first sentence the brand begins to take shape unassumingly—almost off-handedly as mere conditions for actions that follow—“it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them…”  The Brand claims for itself “the separate and equal station” “among the powers of the earth” “that the Laws of Nature and Nature’s God” says it has the right to. That’s a strong positioning statement, even if it is not unique for countries.

The Brand has a great purpose: to “assume … the separate and equal station,” that is, to step up and take possession of equality among the nations of the entire world.  It is an ennobling purpose. Kouze and Posner said in their work The Leadership Challengethat one of the best practices among successful leaders was the ability to inspire “an ennobling vision of the future.” People want to follow a leader that can do this. And they want to be identified with a brand that does this, too. Perhaps, this is one brand element that explains why so many people emigrate to America.

In Part Two of “Branding America and SMstudy,” we’ll look at Brand America’s compelling message and alluring value proposition.

(Jim Pruitt, educator and staff writer for VMEdu, Inc. contributed to this article.)

For more informative and thought-provoking articles on sales and marketing, visit SMstudy.com/articles.

[1] Powers, Merry Carole. (4/1/16) “Donald Trump vs America: Side-by-Side Brand Analysis.” The World Post. Retrieved on 4/4/16 from http://www.huffingtonpost.com/merry-carole-powers/donald-trump-vs-america-a_b_9592180.html

[2] A Guide to the Sales and Marketing Body of Knowledge, also referred to as the "SMstudy® Guide," is a series of books that provide guidelines for the Sales and Marketing of products and services. It is available at SMstudy.

[3] Ted Cruz says that he and “his entire family have been blessed to live the American Dream — the idea that anyone, through hard work and determination, can achieve anything. And he is committed to ensuring every family has that same opportunity.” For Bernie Sanders, the American Dream includes an “economic agenda that creates jobs, raises wages, protects the environment and provides health care for all.” These quotes come from the respective candidate’s website.

[4] All quotes from the Declaration of Independence come from “the Charters of Freedom” collection of the U.S National Archives at http://www.archives.gov/exhibits/charters/declaration_transcript.html.