Money Loves Speed

“Money loves speed.” This phrase has been quoted so often that it’s difficult to know who should be credited for coining it. In an “always-on” digital world, it’s a saying that reminds us that we need to encourage fast action to make a sale, and to act fast when a customer needs help. Today, I contrast the customer service of two digital companies—both household names and both who serve direct marketers—and suggest four money-attracting recommendations

“Money loves speed.” This phrase has been quoted so often that it’s difficult to know who should be credited for coining it. In an “always-on” digital world, it’s a saying that reminds us that we need to encourage fast action to make a sale, and to act fast when a customer needs help. Today, I contrast the customer service of two digital companies—both household names and both who serve direct marketers—and suggest four money-attracting recommendations.

One of the many aggravations for any customer is the inability to get fast answers from a company when help is needed. It’s especially a problem with online merchants. In the digital age, it’s too easy to hide behind an online form.

The contrast of service and responsiveness from Facebook and Google, in my experience, is significant. Both are digital mega-corporations, both provide advertising platforms for marketers, and both are tremendous resources of online metrics for direct marketers.

Facebook is a content marketer’s dream. Gain a fan following at little or no cost, share news, videos, how-to information and much more to your audience. In social media, your audience does your work of sharing and evangelizing for you. Facebook has evolved and requires “pay-to-play” if you want your fans to see your posts. In my view, it’s completely acceptable for Facebook to say that if you want your post to float toward the top of a newsfeed for a day that you’ll need to spend a few bucks.

I pay for posts often for an organization with a vibrant social media presence. The Facebook promoted post budget isn’t huge, but over a year’s time it runs into the thousands of dollars.

The rules for including an image with a promoted post allows up to 20 percent of the image to contain text. Recently, one of my promoted posts was rejected because Facebook technology image scanners thought there was more than the 20 percent amount allowed. But with the human eye, it was apparent looking at the photo and text that we were not over the allowed amount of text. Surely Facebook would reconsider, I thought. My credit card was ready to be charged.

The only way I’ve found to contact Facebook is via an online form. So I filled one out, asking them to reconsider the image for my promoted post expecting a quick response. After all, it took them only about 15 minutes to reject the ad, so surely as an “always-on” social media platform with thousands of employees, someone will respond quickly. Well, it took nearly 24 hours to get a reply to my request. They agreed with me and approved it. But by that point, the timeliness of the news item had passed and myself, and our followers, had moved on.

But then another rejection happened a few days ago. This time, a photo of sheet music didn’t fly. The culprit? Apparently treble clefs, staffs and rests. Once again the rejection was in minutes. I immediately asked Facebook to reevaluate it, thinking that my prior experience of 24 hours for a reply may have been a fluke. It wasn’t. The reply to this second request came in at 1:51 AM the next day, more than 24 hours later, with an approval. But again, the news cycle for this event had ended.

Bottom line: Facebook customer service is pokey. They are leaving advertising money on the table with an apparently cumbersome internal review process.

Contrast Facebook with Google. I manage Google Adwords for another client with a respectable budget. Google has assigned a representative to me. We talk. They rotate representatives every few months so I get different points of view and ideas. And if I need to contact Google, they offer a phone number for me to call where I can actually talk with someone in just minutes, enabling the ads to continue without delay.

Facebook repels money. Google attracts money.

Bottom line points for marketers:

  1. Give the customer options, such as phone, online forms, chat and more to contact you.
  2. Don’t hide behind an online form. Sure, a call center may be more expensive to operate, but it’s surely less expensive than losing sales.
  3. Be responsive. If you decide an online form is less expensive than a call center, fine. But then make sure you have a customer service representative available 24/7 who can quickly answer customer questions.
  4. Remove internal bureaucracy. Sometimes movement is brought to a halt because the internal process is too cumbersome.

In an “always-on” digital age, customers can be impatient. And for goodness sakes, if your business is in technology, act fast! It’s expected.

Money loves speed.

3 Ways Rank-and-File Marketers Matter to the C-Suite in a Brave New Marketing World

A couple weeks ago in my post titled “Wanted: Data-Driven, Digital CMOs,” I wrote about the enormous pressure CMOs are finding themselves under as the world digitizes, requiring a new type of leader, one who understands and feels comfortable in the digital space. The result of this changing dynamic has been a dramatic shortening of your average CMO’s tenure. I’m not the first to observe this trend—it’s been covered in many places over the past few months, including this great article from Fast Company. In response to this post, however, many colleagues have asked me “What does this mean for the rank-and-file marketer?” I thought this was an excellent question; one I’ve not seen discussed elsewhere.

A couple weeks ago in my post titled “Wanted: Data-Driven, Digital CMOs,” I wrote about the enormous pressure CMOs are finding themselves under as the world digitizes, requiring a new type of leader, one who understands and feels comfortable in the digital space. The result of this changing dynamic has been a dramatic shortening of your average CMO’s tenure.

I’m not the first to observe this trend—it’s been covered in many places over the past few months, including this great article from Fast Company. In response to this post, however, many colleagues have asked me “What does this mean for the rank-and-file marketer?” I thought this was an excellent question; one I’ve not seen discussed elsewhere.

By any standard, it’s certainly not an easy time to be a marketer. Over the past decade, nearly everything we know has changed, as new technologies have arrived in a dizzying fashion, upending the established order. The result for most firms has ranged from confusion to clarity, from paralysis to paroxysm—very frequently all at the same time! Working in an environment like this is definitely no picnic, as firms flail around like a hurt animal trying to figure out what to do, reducing head count, hiring, outsourcing, in-sourcing, you name it.

It may not be an easy time to be a marketer, but I think it’s a good time. The reason why is that marketing has evolved in four very important ways:

1. Marketing has become data driven—in the digital age, information is power. Contemporary marketing requires learning about who your customers are, what they look like, what attributes and affinities they share, and so on. Success means becoming fluent in the new language of the digital age—understanding what terms like “impressions,” “clicks,” “likes” and “followers” mean. But that’s not all: Success requires a deep understanding of and familiarity with campaign analytics, what they mean and signify, and how to interpret and improve upon them.

2. Marketing is technology-focused—it’s no secret that a large portion of marketers’ budgets are now being allocated to digital. Anyone who’s worked in the digital marketing arena knows that success in the space means understanding the new technology ecosystem. The other major technology trend is the fragmentation of the IT infrastructure as the SaaS/Cloud model gains traction. In this new service model, it’s marketing that’s mostly responsible for buying, using and maintaining these new tools.

3. Marketing is highly operational in nature—unlike the brand strategists of yesteryear, today’s marketing department is almost entirely focused on operations, with a heavy emphasis being placed on creating, testing and launching, tracking and optimizing numerous marketing campaigns across various channels using different tools.

In this new environment, the DNA of the rank-and-file marketer has changed radically, morphing from that of a brand steward into, well, something else entirely. Any way you look at it, today’s marketers are highly trained and qualified specialists, possessing a wide range of skills and knowledge, which can take months, if not years, to master.

Moreover, success in any given marketing role requires a deep understanding of various marketing program details, familiarity with firm’s marketing technology, systems and tools, not to mention the prevailing corporate culture. All in all, it’s a tall order.

Over the years, I’ve consulted with dozens of large firms, and I can tell you firsthand that most marketing leadership stakeholders are not digital people. In other words, the only people in the firm who really “get” what the firm’s marketing department is actually doing are the marketers themselves. Interesting, huh?

So what does this all mean? Well, in coming years I foresee a shift in the balance of power as the old generation of marketers gives way to a new generation of younger digital specialists. Now, of course, one generation passing the mantle to the next is the natural order of things. But, based on what’s going on, I see this trend accelerating dramatically in coming months and years, as those who don’t get it are replaced by those who do.

If you’re a marketer, all if this is undoubtedly good news, meaning you’re not only much more important than you think, but your trip up the proverbial corporate ladder is that much shorter. So go forth, young man (or woman), it’s a brave new world!

Any questions or feedback? As usual, I’d love to hear it.

—Rio