Worth the Read

The Art of Data-Driven Marketing

data-driven marketing by the numbersMarketing is about being creative.

Marketing is about engaging. It’s about meeting customer needs and delivering an experience.

Marketing is an art.

But, there is a science behind marketing and that is where Data-Driven Marketing comes in.

Metrics like net present value (NPV) and customer satisfaction (CSAT) are a good starting point, but don’t forget customer lifetime value, return on dollars spent, and transaction conversion rate (TCR).

Does this sound familiar or like a foreign language?

These are the type of numbers you need to have in order to answer questions such as, “When will we see a return?“, “Is this worth doing?“, and “What are your assumptions?

In total, Mark Jeffery covers 15 essential marketing metrics, that you need to know, in the book. If it has been some time since your last finance or statistics course, not to worry. The book not only goes over the formulas, but also provides case examples to see how they would work in the real world.

But what if your company doesn’t do Data-Driven Marketing? You are not alone. In his research, Jeffery found that 80% of companies don’t use these metrics to drive their marketing efforts. However, the ones that do have a greater chance of capturing more revenue and meeting their financial goals.

What’s not to like about that?

Image credit:  artnoose

Top 10 Marketing Slideshares of 2011

I am a big fan of a Slideshare and I try to sort through the latest business and marketing presentations at least once a week. When I find a great deck I either use Instapaper or Evernote to save it as a resource for future use.

2011 has been a great year for presentations so I wanted to share some of my favorites. With thousands of presentations published in the business category, I am sure I missed a lot of good ones so please add your favorites to the list.

Here are my 10 favorite marketing presentations:

Mktng like jazz

View more presentations from Peter Economides
That completes my ten favorite for 2011. For extra credit, here is my favorite personal presentation from 2011 and thanks to Brian Solis, is now my most viewed deck ever:

Finding Innovative Ideas with The Innovator’s DNA

The Innovator's DNA: Mastering the Five Skills of Disruptive Innovators

Here’s an idea for you from the Innovator’s DNA that I thought was worth sharing. If you want to innovate, you need to ask questions. More importantly, you need to ask the right type of questions.

The goal is to challenge assumptions, make new connections, and see past what’s already there. This doesn’t happen by asking a random scattering of questions but through a disciplined practice.

Here’s how they sum up the approach in the book:

During interviews with disruptive innovators, we noticed not only a high frequency of questions but a pattern as well. They started with a deep-sea-like exploration of what currently is and then rocketed to the skies for an equally compelling search for what might be. Focusing on what is, they asked lots of who, what, when, where, and how questions (as world-class journalists or investigators do) to dig beneath the surface and truly “know the place for the first time” (as poet T. S. Eliot observed).

Essentially, you need to be able to see the entire box before you can see outside the box. Only by asking the right questions can you get build the full picture necessary to find a transformative solution to the challenge.

16 Reasons Why You Should Read the End of Business as Usual

Everything is changing and this is having a major impact on how businesses need to operate in the era of the connected consumer.

If you are trying to figure out what’s going on and how you can best adapt, Brian Solis’s new book, The End of Business as Usual, is a great place to start.

Thanks to Brian’s early release on Twitter, I was able to purchase an advance copy and spent the weekend reading it. There is a lot of great advice in the book of how to take advantage of this changing landscape and several outstanding case studies of companies that are leading the way. The major point being that you will either learn to adapt or be left behind by those that do (to accentuate this point, make sure to check out Brian’s End of Business as Usual teaser video).

I put together a few of my favorite quotes from the book in a presentation to share. Enjoy the presentation and grab a copy of the book!

 

The Quarter in Review – Q1 2011

I am not sure how it happened but somehow the first quarter of the year has come and gone. I want blame it on a product launch, a trip or two, and SXSW but it could just be that 2011 is going to be a fast year.

Hopefully, you will have a moment to reflect on what has transpired over the last three months. During your review, here’s chance to revisit a few of the quarter’s outstanding product blog posts – covering everything from leading product vision to not sucking. I hope you find these reads as insightful as I did. Enjoy!

If you made this change, how would you know if it worked? If you can’t answer that, it’s not measurable enough for you to start with. (Your instincts on how to effective measure success will get better over time; I’m just saying, if you don’t grok it now, start with something simpler.)

Influence from the Bottom Up – product leaders who consistently build, communicate and collaborate with market data, current trends, competitive knowledge, customer feedback and data points developed from daily activities have a higher probability of impacting their organizations product vision.

Build trust and stronger customer relationships by ensuring that the design of your marketing artifacts and your messages are consistent. This will build customer confidence in your ability to complete projects on time, on budget and other positive thoughts about the business. If you promise me a pb&j, deliver it.

What’s important, and difficult (especially for people with technology backgrounds), is to think about it in terms of what people are trying to accomplish – not how they are trying to accomplish it. In a business process view, it is the difference between process (why) and procedure (how).

I refuse to believe that there are more bad marketers out there than there are bad programmers or sales people. But I also believe Fred’s right that the failure rate in senior Marketing positions at startups is high (I’ve certainly mopped up after a few). Why? I think companies often hire the wrong marketer for the job and marketers sometimes accept the wrong job. Both problems stem from the fact that “Marketing” means many different things.

Small and growing PM organizations typically suffer from lack of resource/bandwidth, scalability, ability to work across organizations, ability to impact change and in some cases, overall domain knowledge. All of these can be traced to a lack of understanding of the overall objectives of the PM role and the reactive nature in how the PM organization was created.

Maybe it’s the “product manager equals president” mindset that causes us to micro-manage others. And maybe it causes us to enable the dysfunction of others. But unless we can fix the people and the process, product management is often just hiding the real issues.

If you want your prospects to pay attention, start your presentation by telling them what you’re going to do for them or – even better – tell them what you know about their problems. Be audacious, so long as you can back it up: “We’re going to get you to the RIGHT cloud, faster.”

If the overarching tech marketing theme in the ’90s was all about marketing as branding, and in the ’00s, marketing as lead generation, then the ’teens are shaping up to be about marketing as education. But not about educating customers about your product, per se. No, what I mean is educating customers about the business process/function and best practices that underlay your product, i.e., that your product supports.

and from A Random Jog, here’s our most popular post of the quarter:

Even more fascinating is the strong marketing community they’ve been able to build. In the last month alone, they’ve generated over 30,000 leads (yes that’s in one month) and their marketing blog, webinars, resources etc are a great source of tips and best practices for any marketer.

and the most commented on:

The challenge of us in the marketing world is to do a better job learning the strategies and tactics and understanding when and where to use them. The challenge of those hiring startup marketers, make sure you find one that understands that marketing is not a “one-size-fits-all” problem and one that can address not only where you are now but where you want to be.

 

Image credit: Simon Cocks

27 Insights On Social Business – Dachis Group Social Business Summit 2011

Yesterday was the second annual Dachis Group Social Business Summit held in Austin, Texas.  The focus of the event was on the opportunities and challenges around social business and what’s actually working today.

The conference was a full of case studies and advice from some of the leading thought leaders and practitioners in the social business field. Topics covered the impact of social on business, design, technology, and marketing.

Since social is all about sharing, here are some of my favorite points from the conference:

Nature Doesn’t do SLA’s: JP Rangaswami, Salesforce.com, @jobsworth

  • Social Business is not new, but now necessary because we have somehow engineered the social out of business
  • Reduce friction in business by allowing mistakes
  • Your own time is your most scarce resource

The Connected Company: David Gray, xPlane, @DaveGray

  • When we design a company and organize it like a machine, the problem is that we assume a stable environment which is not the case
  • Long lived companies are decentralized, have a strong identity, and actively listen (e.g. animals that flock together  learn a lot faster than territory animals)
  • If you want to be proactive to new business opportunities, you need the funds to act

Extreme Sharing:  Phillip Kaplan, Blippy ,@pud

  • People will share if you give them a reason to share

Only An Empowered Employee Can Serve An Empowered Customer:  Josh Bernoff, Forrester , @jbernoff

  • Online social participation continues to grow:
    • In 2007 18% were creators, 48% spectators, 44% untouched by social
    • In 2010, 23% creators, 68% spectators, 19% inactive
  • IT is the “department of no” because they manage risk, not innovation
  • Threat based change is more effective than opportunity based change

Cascading Change: John Hagel, Deloitte, @jhagel

  • The Big Shift: We’re moving from an era of diminishing returns to an era of increasing returns
  • Start on the edge – the core of the businesses has antibodies that are effective at throwing off and resisting change
  • Going slow at the outset may allow you to go faster at the end of the day
  • Everyone is a knowledge worker

The Future of Marketing: Shiv Singh, PepsiCo, @shivsingh

  • You need to know what your consumers are doing in real-time
  • You need to be able to respond in real-time
  • You need to be able to create content in real-time (real-time content studio)
  • Then add real-time co-creation & real-time distribution
  • Insights to execution in mins/seconds – requires a whole new way of thinking

Leadership and Common Purpose in a Socially Calibrated Business: Lee Bryant, Headshift, @leebryant

  • The change we need for social business needs to be deeper, more structural – not lipstick on a pig
  • Don’t limit employee conversations. Real leaders thrive in open culture and feedback
  • Common purpose is often enough to win

Delivering Happiness:  Tony Hsieh, @zappos

  • If you don’t pay attention to your company culture, it may become something you dread
  • The power of WOW!

  • If you get the customer contact right when you have them on the phone, they will tell others
  • People that consider themselves lucky will look for the opportunity
  • Find something you would be happy about doing for the next 10 years – independent of money

Top 10 Quotes from TEDxAustin

Saturday I had the privilege of attending the 2011 TEDxAustin.  If you have watched any of the TED talks online you know how inspiring they can be and getting to see them delivered live, in front of a crowd of 600 people, was outstanding.

After the talks, it was very interesting to speak to people at the event to hear what impacted them the most and what was a miss. Everyone I spoke with had a different perspective on what moved them and why. It was also fascinating to hear them build on the story with their own experiences and data.

Needless to say, I left the conference with my head spinning with ideas.  Lots more to come but in the meantime, here are a few of my favorite quotes from the session that I hope will help inspire:

My Top 10 Quotes from TEDxAustin:

Businesses with short term-itist don’t last – Sunny Vanderbeck
Just because it has not been proven dangerous doesn’t mean it’s safe – Robyn O’Brien
Are you running with joy? – Gilbert Tuhabonye
We don’t all share a past but we all share a future – Sylvia Acevedo
Energy – It’s who we are, who we will be as people - Gregory Kallengerg
There is salvation in words – Joaquin Zihuatanejo
May your greatest longing be met by your greatest gift – Flint Sparks
From the rain’s drop view, there is no Cloud – Gary Thompson
Ask not if it’s a good or bad map but what was the process for creating and the purpose – Peter Hall
To the blind, everything is the sudden- Dr. Lionel Tiger
If you want to see even more from the conference, keep an eye on TEDxAustin on Twitter and check out Tim Gasper’s KeepStream of all the best Tweets from the day.

If you were at the event, what was your favorite quote or moment?

Fab 5 Product Marketing Blogs

Update: I have just published my 2012 Product Marketing Blogs list – check here

I have always enjoyed learning and exploring new ideas.

However and for quite a long time, I have found it quite hard to find a lot of good reading materials  related to the field of Product Marketing. Then came the world of blogs giving all of us access to some excellent experts who are freely sharing their thoughts on a wide range of insightful topics.

Here are my Fab 5 Product Marketing Blogs (in no specific order):

  • Jon Gatrell – Jon continuously provides some great insights on topics ranging from Product Management to Marketing. I have become a big fan of his recent Marketing is in the middle series. Jon also does a great job at passing along some really good materials. For example this excellent recap on content strategy.
  • Seth Godin– Well, who needs to introduce Seth? I have now gotten into the habit of reading his short but very unique daily post over coffee. Who knew he would make me want to learn more about Jack LaLanne.
  • Chris Brogan– When he is not trying to sell you one of his new projects, Chris provides some insightful posts on Marketing in the social age. What I most enjoy about Chris however is the human touch he brings into his posts. Chris is real. In life and on his blog.
  • April Dunford – April is a rising star in the world of Product Marketing. Her posts always have a lot of depth and are very relevant to any marketers whether working for a start up or a larger organization. If you want to hear April in action, I encourage you to attend this upcoming webinar.
  • Dave Daniels – An instructor for Pragmatic Marketing, Dave is another great resource for B2B Product Marketers. In particular I encourage everyone in a Product Marketing function and/ or with Product Marketing responsibilities to find out in which of the ‘4 Product Marketing Habitats’ you live in. A worthwhile exercise that will save you a lot of time.

Ultimately your list of favorite blogs and bloggers will differ based on 1) what you want to learn about 2) those who will help you to make a difference in your job, and 3) the writing style of the authors.

I am always looking for more inspiration. Who are your Fab 5?

Image Credit:  Flickr

Top Product Posts of 2010

2010 has been a fantastic year for product blogging. During the course of the year, I have tried to highlight several posts every month that are worth your time to review.  Usually, I look for posts that bring up new ideas to consider or ones that help remind you to not forget about the basics.

All total, I have shared 53 posts this year that have offered valuable lessons when it comes to building better products and helping your customers understand your product story.

While I still recommend reading them all, I spent the last weekend going through them and have picked my nine favorite product management and product marketing blog posts for the year.  Enjoy!

January

Outside-in-view, A New Roadmap to Consider:

As I peruse my product roadmap, I was thinking about what the benefits would be for a product marketing roadmap, how would we change behaviors? We could start product positioning sooner, define the product benefits, do internal education while product is being developed, test potential messages as we test the features – matching critical product launch elements to the product roadmap process.

February

Spatially Relevant, You wouldn’t even read your own case study:

While case study candidates are hard to find, fluff pieces immortalized in Adobe aren’t that helpful to most sales people or buyers. Try to better understand why someone/a company might want to do a case study. It’s not that hard, just ask them “So why are you looking to do the case study?”

March

Where the Product Management Tribe Gathers, Transparency isn’t Invisible:

However, in many organizations, product management is relegated to “hoarding requirements” and nothing more. Why? I believe it’s due to the fact that the team hasn’t built a level of transparency within its organization, product management leadership doesn’t effectively or consistently know how to get the right information into the hands of senior management and executives, there’s limited understanding as to the value of product management and finally, by human nature we often collect or horde information and hold on to it until we feel it’s time to share or someone asks to give the information. What can we do to improve transparency in product management?

April

Software Product Manager, Friction points – Why customers don’t buy from you:

As product managers, it is important for us to realize that unless we reduce our customer’s friction points of doing business with us, we are not going to be successful. And the friction points may not always be related to the product, but it maybe within the ecosystem of your product – whether it is customer support, documentation, order management, sales support etc.

May

Rocket Watcher,  A New Marketing Framework:

As I’ve been working with companies on marketing plans however, I’ve wondered what something similar to the Pragmatic Framework would look like from a purely marketing point of view.  I took what I’ve done with companies and what I’ve seen smart marketers around me doing and constructed a marketing framework that looks like the diagram below.  Also, you lean startup types should note that this is applicable for companies that are beyond product/market fit.

June

On Product Management, Why I hate that Henry Ford quote!:

You’ve heard it before haven’t you?  It gets used all the time. Even  Steve Jobs has used it in interviews.  Unfortunately, the people who use this quote most often seem to be people who think they have all the answers or want to quash any discussion about getting outside validation of ideas or plans.  They speak it as if it is an absolute rule about not asking questions to customers or others in the market.

July/August

Tyner Blain, Rupert Murdoch – Zero; John Nash – One:

Understanding your market involves not only knowing what problems your customers face, but also predicting how your competitors will behave. Competitive analysis is not just capturing a snap-shot of their products and positioning today, but also forming predictions of how they will respond to the disruptions you will create in your market by innovating. Markets are not static – you have to understand both how your customers’ needs will evolve and how your competitor’s offerings will change, in order to understand how your product will perform.

September

Launch Clinic, How Do You Measure the Effectiveness of Your Product Marketing Managers?

A huge contribution to outcomes is to be the expert on your buyers. Product marketing managers are often confined to the four walls of their offices with little contact with real buyers in the market. Set a quota that requires them to interact with potential buyers, outside the office and write up what they learn. Start with eight or ten per quarter. These are interactions that are not conducted as part of a sales call.

October/November

The Accidental Product Manager, Many Happy Returns: How Product Managers Can Make Product Returns Work For Them

When too many of your customers start to return your product, then you’ve got a problem on your hands. All too often product managers may take the wrong actions when this situation shows up. One of the simplest (and wrong) things to do is to toughen up you product’s return policy.

December

The Experience is the Product, Don’t Forget the Hidden Customer(s):

If you’ve done persona / target customer exercises, you probably have a pretty clear idea (or hypothesis, at least) of who the people are who will be using your product.  You know their pain points, what frustrates them, their highest priorities. So, in a world where your target customer is 100% empowered to purchase, download/install, configure, and require their coworkers to learn a new tool / adapt to a new workflow, you’re all set.…Hmm.

Picture Credit:  Flickr

Favorite Product Posts October and November 2010

Once a month I try to highlight some of the great product management and product marketing articles that have been published.  I was slow getting the October list out so here is the combined two month summary.  Thanks again to all the authors for taking the time to share their knowledge!

Many Happy Returns: How Product Managers Can Make Product Returns Work For Them

When too many of your customers start to return your product, then you’ve got a problem on your hands. All too often product managers may take the wrong actions when this situation shows up. One of the simplest (and wrong) things to do is to toughen up you product’s return policy.

SWAT Team Approach: Introducing New Products to Established Sales Teams

The SWAT team approach is more conservative. Take two salespeople and a sales engineer (technical presales) and have them dedicated to the new product for a limited period of time. Consider the expected length of the sales cycle and start there. Conduct sales enablement and then provide very close sales support. As deals close, the other salespeople will take notice.

The Dangers of Outsourcing Content Creation

Great Writing doesn’t Ensure Great Content (Great Management Does) – I’ve seen folks throw projects to outside writers with little direction and then they accept almost anything that comes back. Which is nuts!  A great case study, for example, is really hard to write.  You need to decide which parts of your value proposition the story will highlight, how to structure the story to best bring those points out, what quotes you will want to re-use from the story, what proof-points you would like to have to back up the value, etc.

I don’t care what you say, Glaminar is a great product name

Product naming just might be one of the most heated discussions when launching a new product to market or re-branding a portfolio. For most marketers, product naming is rife with frustration, disagreement and perhaps a little bit of fear no matter what is driving the need to come up with new product names. Urban legends have even formed around product naming ( Cheverolet’s Nova ), so there is definitely some stress around product naming – real and perceived.

The Value of Storytelling & Persuasion in Content Marketing

Highlighting and promoting stories that represent examples of persona archetypes making the transition from previous behaviors to the desired outcomes seems to me, a opportune method for persuasion with content. Those stories that are tailored specifically for the personas for each major segment of the target audience can provide the information and context needed to make fundamental changes in perception.

The Real Reason Companies Avoid Feedback

We Made 90% Happy, But Boy Is This 10% PISSED. You know trying to make everyone happy is a recipe for mediocrity and failure.  So if the vast majority of your customers like a certain feature or UX element, you did the right thing.  But that doesn’t make it less painful to hear that one user rail about how this is the worst thing ever and making his life worse.  Oof.

Your strategy is in your DNA

Just think about what happens if you instruct your staff to act outside the space defined by your corporate DNA. That cognitive dissonance, the state of having inconsistent thoughts, beliefs, or attitudes, produces high emotions. Staff become sick, they argue, burst into tears and do anything to try to defeat your instructions. Does that sound like culture or DNA?

Inside Product Management Politics

By virtue of the role, product management is often involved or dragged into some political situations. Whether you like it or not, your company reorganizes, product(s) are acquired, leadership changes, development has a great idea, a new competitor enters the market, a new channel partnership is formed or the CxO spoke to one of your most important customers.