“What Were They Thinking?” Finds a New Home in BRAND United

Last week I shared the news of the four-year anniversary of “What Were They Thinking?” and asked “What’s next?” Well, I’m happy to announce that we just recently refreshed BRAND United’s website, with the goal of a more robust content offering, webinar programming, events, and more. And part of that content offering will be “What Were They Thinking?”

Last week I shared the news of the four-year anniversary of “What Were They Thinking?” and asked “What’s next?” (Oh how I miss you President Jed Bartlet) Well, I’m happy to announce that we just recently refreshed our sister brand BRAND United’s website, with the goal of a more robust content offering, webinar programming, events, and more. And part of that content offering will be my weekly “What Were They Thinking?”

BRAND United’s mission is to educate and equip brands, agencies, and designers with strategies to maximize the impact of their campaigns while helping to create a united brand experience … which lines up perfectly with what I talk about for WWTT?

Much like Target Marketing, BRAND United has an e-newsletter full of content covering brand campaigns, optichannel — optimized omnichannel — marketing strategies, print marketing tips, and marketing trends. And while “What Were They Thinking?” is making the move to BRAND United, Target Marketing is still going strong, offering our audience marketing best practices, marketing technology info, and marketing leadership articles as per usual.

So be sure to subscribe to the BRAND United e-newsletter, and as always, feel free to email me at mward@napco.com when you see excellent examples of the good, the bad, and the truly bizarre of marketing campaigns (also, I’m open to any brand approaching me about new campaigns they’re launching and excited to talk about!) Until next week … have a great weekend!

Money Talks: It’s Past Time That Marketers Reconsider Reward-Based Promotions

Recently, Bill Warshauer provided Target Marketing readers with a timely reminder of the efficacy of reward-based promotions and their utility in replacing discounts in the promotional mix. Now let’s take it a step further with some modeling.

Recently, Bill Warshauer provided Target Marketing readers with a timely reminder of the efficacy of reward-based promotions and their utility in replacing discounts in the promotional mix.

Extremely interested, I commented and a somewhat updated summary follows:

It is past time that marketers reconsider reward-based promotions.

Let me give you one simple case history.

Some years ago, a client, a leading bank, found that they were sending pre-approved but unrequested credit cards to customers and were getting unacceptably few people “deblocking” or “activating” their cards despite a regular monthly conversion series urging them with various incentives like no annual charges for one year, to accept and use the new cards. The low conversion rate, plus the costs of up to six efforts per prospect with no revenue, were at least discouraging.

When we were asked for help, we proposed turning this system on its head. Our objective was simple: incentivize card recipients to use their new cards immediately instead of allowing the costly slow drip from promotions over months: make them, as mafia lore says, an offer they couldn’t afford to refuse but we could afford to make.

To do this we designed an elaborate mailing to be sent without fail, the day after the card, rehearsing all the card holder benefits but telling the prospect there was another “secret” benefit which could only be had by calling a special toll-free number.

Having determined in advance, the allowable cost per active card, we knew that we could afford to offer $50 per active card user. The caller was not to be asked to “deblock” or “activate” their card (unnecessarily bureaucratic words in our view) but rather, “May we credit your card account with a $50 gift you can spend right away when you use your card within the next five days?” (We also tested $20, $30, and $40 as alternatives to determine the most profitable offer.)

Want to know which was best? Ask me.

While the cost of the mailing package nearly got us fired, the results turned client fury into joy. We achieved the client’s objective of conversion, even after consideration of the cost of the reward, at a cost-per-conversion of less than half of what the client had been spending. And it was right away, a significant cash advantage.

Not exactly the proverbial rocket science, is it?

I had drilled into me over the years by the iconic Dick Benson and by others that Rule No. 1 of what was then called direct marketing was:

It doesn’t matter a damn how much you spend in marketing money so long as in the end, the unit cost of achieving your order gives you the pre-determined profit you desire, or more!

Why many marketers have the least trouble getting their minds around this is a total mystery to me. It should be hardwired into them.

However, taking advantage of the isolation of the pandemic, it seemed worthwhile to have another go at trying to explain it and providing those readers who are interested, with the tools to build a simple model to help them calculate it for themselves.

Using the activation of distributed credit cards as an example, let’s assume that the bank has determined it can afford to spend a maximum of $87.50 to generate each active credit card. In arriving at that assessment of the “allowable,” the bank has determined that it wishes to achieve a profit of a similar $87.50. And to make certain that their marketing geniuses won’t forget the need for that profit, the bank’s managers have made believe the profit is a “cost” and reserved it so the marketing guys cannot get their mitts on it.

Now, if the actual cost of generating the activation is exactly the $87.50 allowable, the profit will still be there. And if, due to the marketing team’s genius (or luck, or a combination of the two), the activation costs less than the allowable, the difference will go right to the bottom line and the applause will be deafening.

Let’s look at this starting with the knowns:

Determining the allowable figure 1For this hypothetical example, let’s accept that the historic active card revenue is $350 and that operating the card system and covering general and administrative costs is 50% of this revenue. Now let’s reserve an additional 25% ($87.50) for profit before determining how much we can spend for marketing.

As you can see, that leaves us with $87.50 which we can afford to obtain an activated card user and make a 25% profit. Put another way, if we spend exactly $87.50 for marketing including the cost of any incentive, then we will make the mandated 25% profit. Spend more and we will make less profit or even have a loss; spend less and the saving against the $87.50 allowable will add to the profit.

Now the fun starts.

What we wish to project is how much our response needs to increase from a non-incentivized baseline to justify the incremental cost of each level of incentive. Let’s assume that including the variable cost of converting the incoming telephone calls, the per-thousand marketing cost is $1,500. Before adding the cost of any incentive, the baseline at different response levels looks like this.

Non-incentivized cost per activated card, figure 2
Note that the white outlined cells are inputs and the shaded cells are driven by formulae. In working with the model, this allows you to play “what ifs?” and input your own assumptions, for example, different percentage responses or cost per thousand.

As you can plainly see, only the cost of a 1% response exceeds the $87.50 allowable and eats into the reserved profit. At 2%, the cost is $75 which means that the bottom line is the $87.50 allowable plus the $87.50 reserved profit objective, less the $75 cost per response, for a total contribution of $100 or 35% of revenue, a comfortable ROMI of 1.33.

But as aggressive marketers, we want more responses and profit. And we are prepared to offer an incentive of $20 to achieve that. Our question must be: How much does the addition of this incentive have to increase the percentage return to justify the additional $20 (or some other number you choose)?

To find the answer to this and provide a tool for answering other questions with different inputs, we built this model. It references the ACPO model above and matrixes the calculated cost of a given response percentage with the addition of the incentive.

Actual Cost, Figure 3To this has been added a table which permits us to input any combination of response rate and incentive and generate how much additional percentage response would be required to justify using the specified incentive, in the case of this example a $30 cash promise.

Incentive Justification, Figure 4
To help you should you care to build your own model, the equations which drive it are explained below the numbers.

As you’ll see, to justify the $30 incentive, response must rise by 0.86% from 2.0% to 2.86%. Any increase greater than 0.86% would make the use of the $30 incentive a winner.

There is no question that money talks. We just need to understand the language.

Any interested reader who wishes to have a copy of this Excel model, email pjrosenwald@gmail.com with “Model Please” in the subject line.

Will Isolation Kill Creativity and Innovation — Or Reinvigorate Us?

As the pandemic continues to isolate many, we have to wonder if this isolation will eat away at our creativity and innovation — the fuel that great marketers live off of. Or, will it reinvigorate us?

Happy Memorial Day 2020. To say the least, I salute our fallen soldiers and sailors. They matter greatly to us. This year, of course, we know of another “frontline” of warriors battling a grave threat. We’re also thinking of them — some of whom have succumbed. We mourn and are humbled by their sacrifice, too. Fighting and dying to protect us. Fighting and dying to preserve our freedoms.

Continued adherence to local public health mandates for social distancing and isolation is perhaps the best way we can honor these heroes. We cannot let down our home guard.

And yet, it’s the unofficial start of summer. And my mind and body are eager for familiar patterns this time of year — in a world that is anything but familiar. Much of what I love about late spring inevitably means 1) making plans to go places — and then going; 2) sharing experiences; and 3) taking “down time” to refresh and reinvigorate.

Every one of these activities feeds our creativity. Every one is a sum greater than its parts. True, like a good book, our immersion in virtual experiences can launch our minds and imaginations in new ways.

Graph Showing American Vacation Plans for 2020 with COVID impacts
Credit: eMarketer, April 2020

Yet, it’s also true that hand-to-hand exchanges, encountering new faces and places, and human contact rev up the creativity meter that much more.

I’m fortunate to be a knowledge worker. I have a job. I am able to work remotely with initiative — and get assignments accomplished, and I’m absolutely thankful to have my life and livelihood. But as the cold weather finally has faded away, we need to start our summer.

A Creativity Pact — Isolation That Inspires

So let’s make a pact. This will be our most creative summer ever, because:

We’re going to challenge ourselves to find the silver lining — sun, rain or in-between. They’re plenty of them: “rediscovering” our family relationships and our immediate neighbors, and appreciating them for their quirks and gifts.

I know this sounds strange, but I’ve spent more time studying my family … and I’m grateful for the time we’ve had on top of each other. It’s as though my office mates — who I sometimes think of as family — just became Zoom mates, and my “real” family recaptured the role they were always meant to have. I’ve been re-grounded in family values.

We’re going to go places. They just likely will be near and nearer. Some believe globalism just died, and that supply chains, politics, networks and communities have been forced into isolationism. Some are even celebrating this fact. Tsk, tsk.

I work in the world of data, and silos are NEVER a good thing. So we must commit ourselves to “Think Global, Act Local” — and let the innovations flow. Balkanizations never produced anything worth emulating. So protect that down time, and use it locally.

Find five area points of interest — a state or national park, a bike or hiking trail, a new neighborhood, a vista, an outdoor venue and go there — anywhere that gives you time to breathe, think and share safe distances to both people and nature watch. Observations produce revelations.

We’re going to find new ways to “share” that stimulates the brain. What might you do on those Google Hangouts to provoke the unexpected? Wear a funny hat. Display an aspirational background. Show some personality. Provoke.

I’m about to engage a summer intern, virtually, for the next 10 weeks. And, with my colleagues, it’s going to take a collective effort to make this new normal one where “remote” learning will be anything but boring. So on each call, there will be at least one external experience — non-work — to share. To exchange an idea is a gift — and we need to be in giving mood.

I’m ready to be invigorated. Aren’t you? This pandemic offers us new opportunities to take our familiar summer themes in whole new directions. Let’s discover them — and be very grateful for our ability to make better this unprecedented time.

 

Are You Prepared to Handle the Oncoming Martech Consolidation?

For those marketers who rely on marketing technologies while navigating an industry landscape that changes almost daily, here are four considerations to make when adapting to the oncoming martech consolidation.

In previous posts, I have often referred to the vast martech landscape as the land of shiny objects. This was a term of derision and admiration. The landscape is filled with amazing innovations. It also can overwhelm even the most tech-savvy marketers and cloud strategic thinking.

We marketers were often so enthralled by what we could do, we often lose sight of what we should do. Today, as the economic impact of COVID-19 grows, the effect on marketing technology spend will be significant. The martech landscape has been built on billions of speculative investments from private equity. However, most of these products were barely profitable, if at all, before COVID-19. Most of them are now burning significant cash, and they were never capitalized with a pandemic in mind.

Soon, investors will be making hard choices. Many martech solutions will be sold at huge discounts, some will close. I believe the much-anticipated industry consolidation is around the corner. This is not the way we wanted martech consolidation to happen, but this is the painful reality. For those marketers who rely on these technologies while navigating an industry landscape that changes almost daily, here are four considerations to make when adapting to the oncoming martech consolidation:

  1. Hire “The” technology expert. Many martech companies have implantation consultants; the best ones are often held closely and deployed on the most complex projects. This could be your opportunity to hire them. If new hires are not in the budget, perhaps a contracting agreement might work. In either case, if you have invested in the technology, why not invest a bit more for the right talent who will help you get the most out of your investment?
  2. If you are using a niche technology, reach out to your account rep. Find out how they are doing and what their plans are. If you have a good relationship with your rep, they will hopefully share any changes afoot, availability of on-going product support, the possibility of a sale or even closure.
  3. If you need to invest in new technology, look for solution providers with a broad base of active clients. (Notice the word “Active”). In some cases, one or two large clients can support a solution provider just fine. However, if typical license fees are $60,000 per year and the solution provider has a staff of 20 people, a broad base of clients will be critical for survival. (It’s just math.)
  4. The exceptions to No. 3 are cases where the solution provider has recently been acquired by a larger concern, especially post COVID-19. In such cases, someone with deep pockets thought enough of the technology to buy and invest in its survival. Although deep pockets do not always translate into smart money, it is enough of a reason to consider the technology seriously.

Those of us who have been keeping track of the martech universe know that the growth was unsustainable (There were over seven thousand solutions in the market as of 2019). The hope was that the best products would survive and eventually lead to industry consolidation. It seems that COVID-19 will abruptly end the natural evolution of the industry, for the time being. Innovations and investments will return, but exactly when is anyone’s guess.

In the meantime, we need to be kind and helpful to those who will be affected. In doing so, we may benefit from their wisdom, which was often drowned out in the previously noisy clamor of martech.

The Art of the Virtual Pitch, Part 2: Prepping the Creative Brief and Getting to Work

This is Part 2 of a 4-part series on The Art of the Virtual Pitch. Let’s cover what happens after you’ve accepted the RFP, and now need to develop your pitch without the benefit of in-person meetings. There are two guiding principles to live by when drafting a creative brief to get all members of your team ready.

This is Part 2 of a four-part series on The Art of the Virtual Pitch. In Part 1, I laid out some strategies to help you cut through all the virtual noise and stand out to potential clients. Now let’s cover what happens after you’ve accepted the RFP, and need to develop your pitch without the benefit of in-person meetings. There are two guiding principles to live by when drafting a creative brief to get all members of your team ready to brainstorm:

Principle No. 1: Invest Your Time in Organizing

Now that you don’t have the luxury to kick things off in person, it’s critical to have documents to keep people aligned. You need to spell out roles and responsibilities, and create a work plan with clear owners and assignments for each deliverable. You’ll also need a new way to handle onboarding a bunch of different folks.

Instead of picking up the phone again and again to launch into your onboarding spiel, devote your time to developing a robust creative brief. In one document, you lay out:

  • all the relevant research,
  • the problems you’re trying to solve,
  • the details of the RFP, and
  • anything else you don’t want to find yourself repeating ad nauseam.

This briefing document becomes the foundation for briefing people moving forward and gives you the landscape analysis you need to craft the insight that will be the jumping-off point for your strategy.

A thorough creative brief gets everyone marching in the right direction, but the toughest element of pitch development to pull off in an all-remote setting is brainstorming, which brings me to my second principle.

Principle No. 2: Don’t Treat Virtual Meetings Like In-Person Meetings

We’ve all been at brainstorming sessions when many or all attendees are calling in to a conference line. The remote brainstorm is nothing new. It’s just that actually doing them effectively and ensuring participation is still really difficult.

Leverage that creative brief you already worked on! Everyone should have it well in advance, and they need to be held accountable for really knowing it. This isn’t just another email attachment in a meeting invite. It’s what everyone will be working from, and it’s absolutely required reading for every meeting.

In fact, successful virtual brainstorming generally requires the team to put more time than usual into meeting prep. Exercises that you’d normally depend on teams to do together in meetings, you might now have to have people do in advance. To help quickly ideate on a bunch of different things, give people two to three action items to brainstorm against on their own. They can present those ideas in a conference call, and the team can build from there instead of starting the call from the ground up.

Also consider assigning more structured brainstorming exercises in advance. One of my personal favorites is called “Pass It Along.” Here’s how it works: When I’m working on those big multi-million dollar pitches, I set up four to five teams consisting of four to five people each, and they have their own mini brainstorm.

First, one person writes down the germ of an idea. Then the second person builds on it, making it even bigger. The third person goes wild, making it so big they could get fired. Then, the last person brings the idea back down to being realistic. This approach forces the big, bold thinking you need. Later, the groups can present their hero idea to the larger group, which jumpstarts your process.

Adjust your brainstorming process to follow my two principles for virtual pitch development and you’ll have a winning deck in no time.

Next time, I want to discuss the finer points of presenting online and helping your team’s chemistry shine through. If you have questions about the art of the virtual pitch, tweet me @RumEkhtiar.

 

 

3 Marketing Tactics for Credit Unions to Win Over Millennials

Credit unions offer a better deal for Millennials than any other financial institution, but to win them over, your marketing must embody and convey those advantages.

Credit unions are doing worse with Millennials than any other generation, as this banking target market has flocked to fintech-driven mobile finance experiences that prioritize faceless convenience over the advantages of credit unions. But this disconnect is not the way it has to be.

Credit unions offer a better deal for Millennials than any other financial institution, but to win them over, your marketing must embody and convey those advantages.

The disconnect is a customer experience issue, but it’s not one that can be fixed by just improving customer service. You need to help these potential customers see what your brand represents throughout the lead generation process. If you amplify personalized direct mail with targeted digital marketing, you create an optichannel marketing experience that shows younger audiences you are both relevant to their world and able to deliver the individualized, convenient banking experience they’re looking for.

To attract digitally savvy, convenience-centric banking customers, credit unions must be able to deliver marketing that accomplishes three things at once:

  1. Convey a better customer experience
  2. Embrace technology and convenience
  3. Make a personal connection

1. Convey a Better Credit Union Customer Experience

This is the first taste these Millennials will have of your brand, so it’s important to show why it’s worth their time to bank with you. How does this marketing experience convey the things that will give them a great experience as customers? Is it relevant to what they’re interested in? Is it convenient? Is it personal?

Beyond the marketing experience, what aspects of the customer experience does it actually show? Does it showcase the mobile tools your credit union provides? Does it show how you make it easier for them to access funds and perform transactions? What other benefits do you offer? Do you integrate with their favorite fintech, like Venmo?

It’s the time to show why you’re the credit union that can help them live their active, technology-empowered lives and achieve their financial dreams. Make it clear why your institution is the financial hub Millennials should be choosing as the foundation to reach their goals.

2. Embrace Technology and Convenience

Mobile should not just feature in your customer experience, it must be an integral part of your marketing as well. Today brands can target individuals through data you already have about them or by building custom audiences on digital platforms. These ads must be targeted to social and mobile marketplaces, as well, to ensure that Millennials see your messaging where they live when they’re ready to engage with it.

Reaching out to your audience through mobile channels is only the beginning. The creative you send and the offers it presents must showcase mobile-enablement as well. These customers live on their phones, and you need to show them your credit union lives there, too.

3. Make a Personal Connection

Targeting and personalization go hand-in-hand. The data available today — both your first-party data and information vendors can provide — is a powerful tool for making marketing that connects. This goes beyond demographics. With the right data, you can target younger adults at times when they may be more open to changing banks or pursuing other financial products like car loans and mortgages.

Figure out what demographics and life events you want to engage with this campaign and design a direct mail campaign that addresses them and serves as your marketing catalyst. Then target that defined segment with complimentary marketing across the digital world.

Millennial Marketing Tech for Credit Unions

Credit unions have always marketed less than other financial institutions, especially through mass-market channels. Instead, the traditional credit union relied on word of mouth and brand reputation supported by local direct mail to build personal connections with its community customer base.

Those are all good tactics and credit unions should keep using them, but they aren’t enough. Today, a single direct mail campaign may be seen, but it’s too easily forgotten in the tide of advertising Millennials see all day. Not to mention, while Millennials have been shown to appreciate direct mail, this is not the demographic you want thinking that your brand is “old-school” — digital marketing and engagement channels are essential for getting and holding Millennials’ attention.

Just like your credit union isn’t their father’s financial institution, today’s optichannel marketing isn’t the direct marketing of 1990. With the data and tools available today, it’s possible to make a personal connection that sets your brand up for success with each customer you reach. Doing that in a way that embodies the customer experience your credit union provides is the key to winning Millennial bank accounts today.

How to Justify Your Marketing Budget to Management

Even in the best of times, getting approval for your marketing budget can be a difficult task, particularly if yours is a complex sale and tracking direct attribution is fuzzy.

Even in the best of times, getting approval for your marketing budget can be a difficult task, particularly if yours is a complex sale and tracking direct attribution is fuzzy.

You’ll likely find the path easier if you lay out your plans to include a set of key metrics and parameters that define success.

What Is the Opportunity?

Begin the conversation by outlining the opportunity you see available to your organization and identifying what happens when you win that opportunity. Do you increase market share? Improve profitability? Bump up customer satisfaction?

The opportunity better be based on a business metric improvement. You’re not likely to get far with a discussion of improved process metrics: more subscribers, likes, followers, etc. That said, it is worth tracking these things so that in the future you can point to them and draw a connection between improved engagement and increases in hard-dollar metrics.

You may also consider a defensive positioning — “if we don’t do this, our competitors will.” Or, “our competitors are already doing this, and we’re falling behind.” I’d be careful with this route, though, as it often leads to defensive thinking. And that leads to marketing resources spent to maintain the status quo. Sometimes that’s the smart path, but it’s not necessarily a popular one.

What Are the Opportunity Costs?

Corporate budgets are generally a zero-sum game. If you spend the money here, that money isn’t being spent somewhere else. You need to demonstrate an awareness of that and be prepared to discuss how and why the investment you are requesting will outproduce the one it is replacing.

How Long Will It Take?

Not all marketing activities are created equal. They have different payoff expectations. (Writing a blog post today won’t likely get you a new customer tomorrow. Launching a new PPC campaign just might.)

Be ready to discuss whether your marketing budget proposal is a short-, medium-, or long-term play and why anything that will take longer than this quarter to realize goals is worth the time risk involved. (Your organization’s culture will influence how important this question is, and perhaps even if recommending a long-term plan is an option.)

What Will It Cost?

This might be the first question out of a manager’s mouth regarding the marketing spend on a specific project, but I wouldn’t address it first if I could avoid it. Better to establish value and expected (positive) outcomes first. Then get into what the total cost will be, whether costs are front-end loaded or more evenly spread out, and whether some portion of your costs are accrued only when progress is being made. The more detail you can provide — particularly details that mitigate risk — the better.

How Can It Be Tweaked?

If it’s not working, what can you change? If it’s working, can it be improved upon? These are critical questions not only to be able to answer, but to get your management team to think about. Why? Because the condition on day one of your new initiative are not going to change, perhaps radically, by day 90.

If you can show that you’re prepared to make the adjustments necessary to keep your efforts pointed toward a profitable outcome, you’ll find greater success in funding your marketing ideas.

 

 

The Art of the Virtual Pitch, Part 1: Perfecting Pre-Pitch Engagement

Pitches aren’t always won in the room. That’s great news right now because it might be a while before we’re even in a room together again. Pitches are won by what you do before, during, and after the pitch. Over the next few weeks, I’ll be sharing my best insights on the art of the virtual pitch.

Pitches aren’t always won in the room. That’s great news right now because it might be a while before we’re even in a room together again. The flip side is that every other element of winning business has become a little more challenging. Pitches are won by what you do before, during, and after the pitch. Over the next few weeks, I’ll be sharing my best insights on the art of the virtual pitch.

First, let’s talk about wowing potential clients before the pitch even happens. Without the benefit of face-to-face meetings, you’ll need new ways to engage with the client and show that you’re hungry for business.

It’s Business, and It’s Personal

Now is the time to get super creative about showing off your personality. Clients aren’t just buying capability; they’re also looking for chemistry. You’ve already put some thought into the team pitching this client, so dig into your thought process there. What are the skills each person has? What makes them indispensable to your team? When clients feel like they already know you before your pitch meeting, your proposal will go that much smoother.

A technique I love (and that you can tweak and reuse often!) is compiling something engaging to show off your team. Think of it like a totally juiced up business card. You could frame it as a yearbook, a set of baseball cards, the cast of a TV show — anything you think will get a second look. Including names, photos, and specialties is a given, but this should be fun, too. Consider including information like favorite quarantine activity, preferred pitching soundtrack, or last book read. Or lean into the yearbook concept and give everyone a superlative. Emphasizing personality is going to be crucial in the era of virtual pitches.

Make a Grand Gesture

When I was assisting Paypal’s push to expand into working with small businesses, we set up interviews with small businesses and profiled how PayPal could help. One of those small businesses was a great little chocolate maker, so we had them design special PayPal logo chocolates that we delivered on Valentine’s Day.

I also fondly remember a campaign we orchestrated for Discover. We wanted to upend the old notion that Discover cards aren’t widely accepted. It was at the height of the Cronut craze in NYC. So, a box of the city’s most sought after treats with a receipt showing we paid with a Discover credit card said it all.

Okay, so both of those involved snacks, and we know food can be a positive motivator and fan favorite to receive. But right now, something that supports your clients’ community could be a great move as everyone is looking to support one another through a public health crisis.

Whatever You Do, Don’t Be Afraid to Be Different

The virtual pitch isn’t new, but conducting remote business on this level is uncharted territory for many, so feel free to break out of your usual approach. Ultimately, this all comes down to romancing potential clients, so if you missed my post about “dating” clients, check it out now.

Remember, clients are not just buying capabilities from you, they’re also buying chemistry with you. Help them get a sense of who your team is and why they’d be awesome to collaborate with.

I’ll be back soon with tips on collaborating on a winning deck … remotely.

6 Tips for Brand Communications on a Budget

We are facing a bleak global economic outlook due to the spread of COVID-19. For many brands, recovery will take time. However, an economic downturn is not a reason to halt all brand communications and public relations activities. There are many things that brands can do to raise their visibility with limited investment and strategic allocation of resources.

We are facing a bleak global economic outlook due to the spread of COVID-19. For many brands, recovery will take time. However, an economic downturn is not a reason to halt all brand communications and public relations activities. There are many things that brands can do to raise their visibility with limited investment and strategic allocation of resources.

Take Advantage of Free Content Platforms

If your business is not able to invest in paid advertising or promotional content, there are great platforms to share thought leadership and increase visibility with current and potential followers. Medium and LinkedIn are sites that provide an opportunity to build reach with your audience, as well as the chance for compelling content to become viral.

Find Passionate Writers Within Your Organization

It can be challenging to lean on your most senior executives to serve as subject matter experts for brand communications when these leaders are focused on keeping the business afloat. However, there are typically many other SMEs that are untapped who can be a valuable asset when you’re developing content. Ideally, these folks are looking for professional development and advancement opportunities, and you can increase their visibility in the organization and industry. In all pockets of the companies I’ve worked for, I’ve found former journalists and passionate writers. To identify these individuals, consider an internal poll or leverage LinkedIn and Twitter to see which employees are actively blogging or sharing insightful articles.

Use Social Media to Find and Engage Reporters

There are many PR tools available today that help you identify reporters, contact them, and track stories and coverage. However, if you don’t have thousands of dollars to spend, Twitter is a great free resource. Reporters are very active, and many include their contact information, or you can reach them via direct message. Through reporters’ social media accounts, you can easily see what they cover as well as what interests them on a personal level to help build your relationship with them.

Lean on Corporate Partners, Clients, and Industry Organizations

Your business partners are likely facing similar circumstances and are trying to do more with less. Consider collaborating with like-minded clients, industry organizations, and vendors on communications and PR activities. Together you can make your resources go farther and tap into each other’s reach.

Look for Hungry Consultants

PR agencies carry a hefty price tag and may not be right for your needs or your budget. A consultant can be a cost-effective alternative and a way to get traction quickly. Agree upon goals, the scope of work, and metrics for success to make sure your investment aligns with your strategy.

Revisit Past Successes

Look back on your past brand communications and PR successes. Often there’s an opportunity to update and refresh successful content and PR strategies, especially thought leadership, research, and pitch angles.

Brand communications and PR belong in the marketing mix during economic ups and downs. There are plenty of ways to build and protect your reputation without a hefty investment.

 

Are Your Marketing Messages Worth Your Prospects’ Time?

With no commuting, trips to the gym, or fun being had with friends and family, who doesn’t have more time today than they did a few short weeks ago? But on the other hand, given the seriousness of our circumstances, we all have less patience for marketing messages that seem frivolous or unnecessary.

On the one hand, with no commuting, trips to the gym, or fun being had with friends and family, who doesn’t have more time today than they did a few short weeks ago? On the other hand, given the seriousness of our circumstances, we all have less patience for marketing messages that seem frivolous or unnecessary.

In other words, attention is even more valuable, so you’d better be sure that your messaging is worth the time you’re asking your prospects to invest. Here are a few ways you can help your prospects see why it’s worth it to engage with you.

Advise and Connect

Forget the hard sell. Gain trust and attention by offering help in your marketing messages. What advice can you offer your prospects that they will find value in? What questions do you know prospects are asking as they begin their buying journey? What questions are they asking later in the process?

Those are the questions you need to answer. The trick is in answering them not only in a way that helps prospects solve their business problems, but also in a way that positions you as an expert and helps engender trust.

All without giving away your secret sauce.

Probably not something you can whip up off the top of your head, but most definitely something that will pay great dividends. Create content that matters and resonates, and you will connect with your desired decision makers.

Another Kind of Connection

Beyond the connection you want to make with your prospects, you can also make connections for your prospects. Are there colleagues you work with you can stand behind that will make your prospects’ business lives better? Make the connection and you’ll a happy prospect and a happy colleague.

Obviously, this doesn’t scale and isn’t appropriate for early funnel prospects, but it can be a great way to remain in contact with prospects as you nurture them over time.

Demonstrate Through Your Marketing Messages

Finally, create opportunities to demonstrate that you have the experience and expertise to make a difference in their business. Case studies and testimonials are great, as are interviews and presentaiotnsr with clients who you have helped succeed.

So forget the “just checking in” phone calls and “we’re new and improved” emails. Provide value in your marketing messages and they will be greeted warmly more often, and your prospects’ doors will more frequently be open.