Should CMOs Concentrate on Brand Building or Business Growth?

Do you remember when Coca-Cola did away with their CMO in favour of a Chief Growth Officer? Then two years later they brought back the position. At the time, I asked if they were wise or foolhardy to make such a change, but they answered the question themselves!

In an interview with Marketing Week, their global vice-president of creative claimed that it had “broadened” the company’s approach to marketing. Obviously, this didn’t live up to their optimistic expectations. I think that other companies who followed suit, also realised that they need a CMO after all. However, their role has changed significantly. 

 

HOW MARKETING HAS CHANGED

Marketing is an old profession. It’s been around for hundreds of years in one form or another. If you’re like me and are fascinated by how change happens, then I’m sure this complete history of marketing Infographic by Hubspot will be of interest.

With the arrival of digital marketing in the early 80’s, many companies began to take a serious look at their marketing. They realised that their primarily outbound strategy had to change. Their consumers didn’t appreciate being interrupted in their daily lives. However, with the creation of inbound marketing, they still irritated their consumers with spammy emails, popups and “subtle” cookies for following their every move. No wonder the EU felt inclined to develop its GDPR (General Data Protection Regulation).

What has changed over the past five years is marketing’s deeper awareness of, if not complete adherence to, what customers like and dislike. The major trends that we have seen and their impact on marketing, include:

  1. Chatbots, especially through Facebook Messenger and WhatsApp, to catch consumers on the go with highly personalised messaging.
  2. The use of voice. With the battle between Amazon, Microsoft and Google in the voice search and commands domain, customers can get answers just by asking. This is a huge challenge for businesses because being on the first page of search results is no longer enough; you have to be first!
  3. Video is taking over social media, with its rapid rise on YouTube, Vimeo, Twitter and Facebook.
  4. Influencer marketing is giving way to customer journey mapping with the increased detail that IoT can provide. Many organisations have moved their marketing plans to mirror their customers’ path to purchase. Or rather paths, as personalisation continues to trump mass engagement.
  5. Zero-party data. As social media platforms have seriously reduced the collection of their subscribers’ data, brands are increasing their direct engagements with their consumers. Through polls, quizzes and competitions, they openly ask for consumers’ details, bypassing the need for cookies.

Have you taken these megatrends on board and adapted your marketing accordingly? If not, why not? 

 

BRAND BUILDING

In the past decade or so, many large CPG companies such as P&G  and Nestle renamed their Marketing departments as Brand Builders, in the hope of adapting to this new world. They failed, miserably.

I believe the reason they failed is that despite this name change, they continued to run their marketing in the same old way. Continue Reading

The Good, Bad and Downright Ugly Parts of a Head of Marketing Job

Listen on Apple Podcasts“Never miss an episode. Subscribe on Apple Podcasts to get new episodes as they become available.”

 

Did you know that the average tenure of a Head of Marketing position continues to fall, reaching just 41 months according to the latest Spencer Stuart research published by the WSJ?

It is still one of the shortest average terms of office of any chief in the C-suite, according to a recent report by Korn Ferry. But one piece of good news in the past year is that although conditions for CMOs have become more difficult since the coronavirus pandemic, “In many cases, CMOs are not being removed, but it’s been pretty dramatic layoffs beneath them” said Greg Welch, practice leader for marketing, sales and communication at Spencer Stuart.

So just how long have you been in your position?

The Bad News

A global survey by the Fournaise Marketing Group provides one possible explanation for the continued decline in tenure. It highlights the ongoing tensions between CEOs and CMOs. A huge 80% of CEOs don’t trust or are unimpressed with their CMOs, compared to just 10% for their CFOs and CIOs. Why is this?

Perhaps it’s because CEOs don’t understand the role of a CMO or is there still an issue with the ROI of the marketing budget? I’ll let you be the judge of this in your own situation.

Another piece of research by HubSpot reported that Marketing as a career suffers credibility issues as well. It ranked the most trustworthy jobs, with Doctor ranking number one and near the bottom, just above Car Salesman and well below Barista, was “Marketer”. Car salesmen? Really? That is scandalous!

The Opportunities

Let’s start at the beginning. What opportunities are there, that marketers can keep their jobs? Despite the short lifespan of a CMO, and while the position is plagued by high turnover, this could also be because CMOs are highly visible.

Therefore they can be targets for promotions or a steal by their industry competitors. Nice to feel wanted, isn’t it?

It is understandably important that a new CMO quickly makes an impact. More so than any other c-suite function, bar the CEO of course, who sometimes faces almost immediate criticism by shareholders and the financial world, upon being named.

Another piece of good news for the head of the marketing function is that being on the executive board they have access to resources. The bad news is that as the CMO is a member of the EB, management expects them to make (profitable) changes fast.

And even more so if they have just been hired! The board trusts the new CMO to analyse the situation, identify what needs to be done, develop the plan to do it and then take actions. And all of this in their first 3 months or so!

Are you or have you yourself been in exactly this situation? Tough isn’t it?

That’s why many CMOs hire a supportive advisor or sounding board such as myself to accompany them on this stressful early part of their journey.  Continue Reading

The Future of Brand Building is Customer Centricity

Marketing is an old profession. It’s been around for hundreds of years in one form or another. But with the advent of digital in the early 80’s, companies began taking a serious look at their marketing strategies.

Many organisations realised that it was time for a major overhaul of their primarily outbound strategies. Consumers no longer appreciated being interrupted in their daily lives, if they ever did!

However, even today, with the creation of inbound marketing strategies, they are still irritating their customers with spammy emails, intrusive pop-ups and over-complicated cookies, that gather far more information than most organisations will ever need or use.

Despite these changes CMOs remain one of the leading c-suite members who struggle to keep their jobs for more than four or five years. The reasons are many, but the post “Head of Marketing, How Can You Keep Your Job When Most CMOs Are Losing Theirs?” explains what you can do to ensure you only leave your position when you want to.

 

Brand Building

Many large CPG companies, such as P&G, Coca-Cola and Nestle, have changed the name of their Marketing departments in the past twenty years, to Brand Building. They hoped that it would revive sales and give new vitality to their communications to better engage their customers in the new social world. But most failed miserably, because they remained very much in a state of business as usual. They continued with the same processes and mind-sets. And with few exceptions, they prioritised thoughts about themselves and their brands, and rarely took their customers’ perspective.

Luckily a few other consumer goods companies realised that to satisfy the consumer they had to do things differently. They were the ones that moved to customer centricity. Or to be exact they started on their journey towards putting the customer at the heart of their business. Customer centricity is not a destination, because consumers are constantly changing and their satisfaction never lasts for long. It is a journey with the aim to satisfy and delight.

I think we have taught our customers far too well! They understand a lot more about “marketing” than they used to. They understand that companies have marketing plans and regular promotions, so they wait for the next price offs whenever they can.

They also realise that in today’s world, products have become more and more similar. Their format, colour or perfume may differ, but there are strong similarities in their performance.

That’s why consumers now often have a portfolio of brands from which they choose in many categories. They are far less likely to be loyal to only one brand than they used to be.

 

They have also come to expect constant innovation as they quickly adapt to the once novel idea and start searching for the next big improvement. According to Accenture’s “ Customer 2020: Are You Future-Ready or Reliving the Past?” almost a half of consumers believe that they are more likely to switch brands today compared to just ten years ago! Continue Reading

How the Best Marketers are Getting More Actionable Insights

Are you as busy as I am, as we plan on how we’re going to deliver on all our objectives before year-end?

The last quarter of any year is a stressful time indeed, but this post on actionable insights is a must-read if you want to start 2020 ahead of the competition!

I’ve just returned from running a two-day workshop in Japan. The topic was “Insight into Action with Impact”. One of the things that I loved about the workshop was that marketing was invited too. Even though market research and insight (MRI) groups generally report into marketing in most companies, it seems to me that they are often working on different planets! In many organisations, the collaboration between these two departments goes no further than project briefings and results delivery.

This is not the case with my client in Tokyo; this MRI group has a wonderful working relationship, not only with marketing but also with Channel, Sales, R&D, Finance and even Legal. They have understood that insight development is too important to be left to the market research team alone and have worked hard to build strong relationships with all the other departments in their organisation.

I am sure that many of you reading this, are asking why this is so important. It is NOT important, it is VITAL! Insights are the golden nuggets that we are all searching for. Successful companies depend upon deep customer insights to grow their business. They understand the power of engagement built on insight, to connect with and inspire their customers. And yet many companies continue to leave this to the insight team to develop and deliver on their own. It’s as if they believe that this group have some natural-born skill or magic that enables them to do it while others cannot. Don’t worry, we can all do it with the right training and a few tools.

Great companies understand the importance of insight generation and the challenges faced by everyone in developing them. This is why the best marketers search for greater collaboration. I always encourage the market researchers in my client companies to socialise with other departments, rather than sitting behind their computers all day. The best marketers already do this, do you?

I was encouraged to see that marketing have finally understood the importance of insights. In some recent research by Gartner CMOs selected market research and insights as just as important as marketing analytics and digital commerce (see graph below).

Better late than never I suppose, but it always amazes me that marketing could put anything ahead of insights. After all, every action they decide to take should be based upon deep knowledge and understanding of the customers targeted.

 

actionable insights supporting marketing strategy

 

If you are struggling to develop insights that will truly resonate with your consumers or customers, then I suggest you follow these eight tips that I shared with my client’s marketing and insight teams last month.

 

 

 

8. Insight development should involve more than the insight team, which is why it is important for them to always be building their relationships with other departments. Continue Reading

Today’s Toughest Marketing Challenge is Not Customer Satisfaction!

We all know how extremely demanding consumers have become in recent years. The offers of constant innovation and novelty have made us all more impatient and critical.

Today we want things better, faster and sometimes cheaper as well. And customer satisfaction is becoming insufficient to drive growth alone. Companies need to deliver more, a lot more!

I was recently in the US and as seems to be the norm these days, the hotel in which I stayed asked me to rate their performance afterwards. I completed their form, giving only four and five-star ratings, as I had been very satisfied with my stay, the hotel rooms, the staff and their services. Imagine my surprise therefore when I got the following email a day or so after submitting my review:

“Thank you for taking the time to complete our online survey regarding your recent stay at our hotel.

On behalf of our entire team, I would like to apologize for failing to exceed your expectations. Your satisfaction is important to us and we will be using the feedback you provided to make improvements to ensure we offer an exceptional experience for our guests in the future.

I hope that you will consider staying with us again so that we can have another chance to provide you with a superior experience.”

Shocking mail isn’t it? To think that a Hotel apologises for not exceeding my expectations! But I believe that is exactly why they get a 4 1/2 star rating on TripAdvisor. For them customer satisfaction is not enough; they want their guests to be enchanted, enthralled, excited, so that a return visit is a “no brainer”; no other hotel choice would make sense!

How do you treat your own customers, consumers and clients? Do you do just enough to satisfy them, or do you consistently look to exceed their expectations?

If you are a regular reader here – and I’d love to know why if you’re not, so I can do better in the future – you will know that I often talk about “surprising” and “delighting” our customers. These are not hollow words; there’s a very real reason why I use them. The reason is that our customers may be satisfied, but they will never stay satisfied for long.

The above personal example I give is one way that the hotel staff ensure they have enough time to correct whatever is not a “superior experience” as they term their own desired service level, and to continue to offer total customer satisfaction.

 

Here are a few examples of other companies who go above and beyond in terms of their own customer service. I hope they inspire you to do the same and to aspire to exceed customer satisfaction whenever and wherever you can.

Coming back to the title of this post, I hope you now agree that satisfaction is no longer sufficient to attract and keep your customers. It is time to step up your game, to aim for surprise and delight. Continue Reading

Market Research & Insight’s New Role is Customer Centricity Champion

I’ve just returned from a trip to Belgium. Apart from the greater presence of armed military personnel, it was business as usual. On Tuesday, I presented at BAQMaR, the Belgian very innovative and forward-thinking research community. What a fantastic and inspiring experience!

My talk was on how market research and insight teams could further progress the industry and their careers, by becoming the customer’s voice within their organizations. Here are my three Big Ideas and three New Skills that will enable market research to make a bigger and more valuable impact on business.

Big Data is not the star of the show, it’s just the support act

Everyone seems to be speaking about big data these days. Not a day goes by without an article, podcast or post about the importance of big data. I don’t dispute the new opportunities that information from smart chips, wearables and the IoT provides. However, data remains just a support to business and decision making. It’s what you do with all the data, how it is analyzed and used, that will make a difference compared to past data analysis.

Business doesn’t get what it needs

One of the problems that has been highlighted by BusinessIntelligence.com is that business leaders and especially marketing don’t get what they need. Executives still struggle with email and Excel spreadsheets whereas what they want are dashboards. They want someone to have thought about their needs and to provide them with the information they need, in a format that is easy to scan, easy to review and easy to action. They also want mobile access, so they can see the I formation they want, where and when they need it.

Information must become smarter

The current data overload means marketing are overwhelmed by the availability of data, especially from social media. They need help in organizing and making sense of it all. My suggestion is to use it to better underst and the customer. The who, what, where and above all why of their attitudes and behavior. This will certainly enable them to start targeting with more than the demographics that a frighteningly high number are still using to segment, according to AdWeek.

Information needs to become useful

While big data can have many uses, it is often so complex and unstructured that many businesses are unable to make it useful for business decision-making. My suggestion would be to start by asking the right questions of it. Data, both big and small, is only as useful as the questions we ask of it. (>>Tweet this<<) If we ask the wrong question we can’t get the answers we need. Therefore start by considering what attitudes or behaviors you want to change in your customers. By bringing the customer into the beginning and not just the end of the analytical process, we will make better use of the information available to us.

Market research and insight teams need new skills

In order to satisfy and leverage the opportunity that big data provides, market research and  insight professionals need to acquire new skills:

  • Firstly that of synthesis.
Continue Reading

Clues to a Remarkable Brand Story

Stories exist in all cultures. They have developed down through the ages as a means of transferring knowledge, long before books and now the web enabled their storage.

Today’s information-rich world has made storytelling a required talent for CEOs and CMOs alike to develop. And websites and Fan pages now make it a necessary skill for br ands too.

Br and stories are perhaps one of the easiest ways to resonate with customers. Hopefully, this will then lead to those highly sought-after but ever-diminishing rewards of loyalty and advocacy. Of course, I say “easiest” with caution, since great storytelling is an art that is often learned but rarely truly mastered. ( and I am conscious that I am (too) often in that group!)

One of the best places to find great stories is on TED. Amongst the most popular talks on the topic of storytelling, andrew_stanton_the_clues_to_a_great_story.html”>The Clue to a great story was given in February 2012 by Andrew Stanton. Stanton is the Pixar writer and director of both the hit movies Toy Story  and WALL-E. I was reminded of his talk because it has since been turned into an infographic on the TED Blog. It inspired me to review the five “clues” Stanton talked about and then to apply them to br ands. These five essential elements of remarkable br and stories are the result.

 

Make me Care

According to Stanton, a story needs to start by quickly drawing sympathy from the audience / reader. The hero is introduced as being rejected or badly treated by family, friends, circumstances, or the world in general.

Well-known examples of heroes include Cinderella or the lovable WALL-E in the film of the same name. Their predicament immediately generates feelings of concern and empathy, especially when identified as unfair or outside the control of the hero.

This works well for people, but for br ands I believe the emotions sought should be on the opposite side of these as demonstrated by Plutchiks’ Wheel of Emotions (see right).

Those of trust, admiration or anticipation are more relevant for br ands than remorse, grief, and loathing. People spend money on br ands because they believe that they will provide pleasure and / or solve one of their problems. Our job as marketers is not only to satisfy this need but to go even further by turning that expectation into surprise and delight (but more on that later).

 

Take me with you

In storytelling, there is often a journey, a mystery or a problem that needs solving. Something that entices the reader or audience to linger a while longer  and to learn more about the situation. In a similar way, a br and wants its customers to remain and become loyal. It therefore makes promises, whether real or just perceived as such by the customer.

Storytelling in businessWhen I first started working at Philip Morris International, there was a rumour amongst consumers that Marlboro was financing the Ku Klux Klan in the US.

Continue Reading

The New Way to Innovate You Must Start Using Today!

When I get several requests in the same week on exactly the same topic, I know something is happening in the marketplace. This week was one such occasion.

A Pharma company wants a presentation on it; a CPG company asked me to give a half-day workshop about the topic; a conference requested a keynote speech about it; a major US business school wants a guest lecture covering the idea  and a consumer goods company wants an article for their newsletter. What’s the topic? The new ways to innovate, that’s what.

With all this interest, and despite having written some popular posts in the past on best-practice innovation, such as “ How to innovate more creatively”, “How to get R&D as excited about consumer innovation as you are”  and “Never succeed at innovation: 10 mistakes even great companies make”, I thought I would summarise the latest trends around how to innovate more successfully today. So here are some ideas to get you thinking about the changes you might want to bring to your own innovation processes.

Customers react to new innovation1. Start with the customer in mind – always

So many organisations still have an innovation process that starts with R&D or operations. It’s time to reverse your innovation funnel and start with the customer. (>>Tweet this<<) What are their problems with current products and services; what do they dream of having? How are they compensating or compromising?

 

If I had asked people what they wanted, they would have said faster horses” Henry Ford

“People don’t know what they want until you show it to them” Steve Jobs

However, as Henry Ford and Steve Jobs remind us, customers don’t usually know what they want. They are usually very clear about what they don’t like, but they also often know the solution they are looking for – even if they don’t express it as such. It is our job to interpret what they are saying into what they need. Therefore, identify the result they want but not how they want to achieve it, otherwise you will be looking for that “faster horse”!

2. Stage-gate innovation is essential for a successful business

Today’s world is fast paced and customers never stay satisfied for long. What surprises and delights today, is ordinary and normal, if not tomorrow, at best in a couple of weeks or months. That’s why it’s vital to work on new product and service developments even before you launch your latest offering.

NEW INNOVATION STAGE-GATESMany companies today work with generation pipelines, with three, four or five stages of innovation preparation. This ensures that they are already working on the replacement of each product they launch, whether or not it’s a success.

3. Line extensions can only do so much

Innovations risks opportunities

According to the McKinsey article “ Reinventing Innovation in CPG“, real growth comes from ground-breaking innovations, not simplistic renovations. However, line extensions do provide the time for organisations to prepare their true innovations, while responding to today’s customers incessant desire for novelty. Continue Reading

4 “Free” Ways to Connect with Customers for World-Class Understanding

Last week I spoke about five of the most important actions you can take when starting your journey to improved customer centricity. If you missed it, you can read the post  here; it will be good background information to build from for this week’s ideas and suggestions.

In this post, I would like to continue to support your efforts with some suggestions on an area that many struggle with, that of connecting with and underst anding your customers.

I believe that one of the main reasons for this, is that the target customer segment has been poorly defined. Perhaps it is too wide, such as all category users, or only superficially described just in terms of demographics. C³Centricity’s 4W™ Template, free to download in the members area, will provide a simple way for you to complete a more detailed description of your customer. Once you have that, you can then start to connect with them to deepen your underst anding of them.

1. Retail connections

There are numerous ways that an organisation can connect with its customers. If you have a retail presence, then this is as simple as going to a few of them  and then talking to the customers present. If you yourself don’t own the outlet then you will need to ask permission of the owner, but since retailers are also interested in getting to know their customers better, they will usually accept in exchange for your sharing any learnings with them. (>>Tweet this<<) Customers are more sensitive to value than price

Another opportunity to connect with your customers in retail is through promotions, demonstrations and sampling activities. These have the added benefit of being able to speak with customers who are already interested in what you have to offer, because they have stopped beside your st and. They also are generally more willing to take the time to talk to you even if they are busy, something which can be a struggle if you are just walking up to customers in the store. (>>Tweet this<<)

In addition, I have found that both these exercises can be a great way to improve your image with the retailer and may even warrant special treatment for your br and.

2. Secondary connections

If you don’t have the luxury of meeting your customers in person, then there are still ways to learn more about them. If you have a call centre, then why not listen in or even spend time answering calls? It is both a rewarding and useful exercise to do. This is why many organisations such as Zappos, make their new employees do just that in their first few weeks after being hired.

Market research can make you more customer centricMarket research projects are also another easy way to observe and listen to your customers, although in general you will be a silent observer behind the interviewer, who is asking the questions. Some people prefer to follow focus groups or in-depth interviews, even from behind the two-way mirror, since they will have the opportunity to impact the discussions by feeding questions to the moderator. Continue Reading

How to Fast-Start your Customer Centric Journey and Accelerate Ahead of Competition

Many of my clients tell me that they underst and they should be paying more attention to their customers, but admit that they just don’t know where to start when it comes to becoming more customer centric.

I can empathise with them; the task may seem overwhelming at first. After all, it is not something that can be corrected by just starting a new project or taking a single action. It dem ands consistent effort over the longterm, to make an organisation truly customer centric. Here are a few of the ideas I give them at the start of their journey, taken from my latest book Winning Customer Centricity, now available in Hardback, Paperback and eBook formats on Amazon, andnoble.com/w/winning-customer-centricity-denyse-drummond-dunn/1121802409?ean=9782970099802″ target=”_blank”>Barnes and andnoble.com/w/winning-customer-centricity-denyse-drummond-dunn/1121802409?ean=9782970099802″ target=”_blank”> Noble,  iBook and in all good bookstores.

As I am often quoted as saying:

“Customer Centricity is a Journey and not a Destination(>>and%20not%20a%20Destination%22%20%20[tweetlink]%20%23CRX%20%23Quote” target=”_blank” rel=”nofollow”>Tweet this<<)

So where do you start?

The first action to take when turning around a product or service-based company is to start by thinking about how your organisation is currently working. What is its structure and what processes are used to develop your offers? It is only by underst anding how your company functions, that you can identify the priority changes that need to be made. Therefore these are the first five things I suggest to do when starting on your own journey to improved customer centricity:

1. Identify a C-suite sponsor

Customers on the board with c-suiteEvery project needs a sponsor, but when it involves a major culture change, it must be sponsored at the very top, ideally by the CEO. (>>Tweet this<<) If this is not possible, the most customer – savvy executive should be the sponsor, whether that is the CMO or the SVP of marketing services or customer insight.

The initiative must be recognised as a priority company objective by everyone in the organisation, so the higher the level of the project sponsor is, the better it will be.

2. Make every employee aware of the priority initiative

Once you have a senior sponsor, the next step is to make everyone aware of the initiative. It always amazes me how many departmental projects go unnoticed by other groups within the same organisation. (>>Tweet this<<) In my consulting practice, I often uncover overlapping projects when I am invited to work with a client on a project. Perhaps this is because I work across departments and therefore don’t suffer from the silo effect impacting most employees. I also have the privilege of being able to ask “silly questions” which of course are never redundant.

In order to make all employees aware of the project, it must be mentioned at every opportunity. This means signing your emails with a suitable quote such as:

“We don’t pay your salaries, our customers do, every time they buy our product” (>>Tweet this<<)

or

“There may be customers without br ands, but there are no br ands without customers” (>>ands%2C%20but%20there%20are%20no%20br ands%20without%20customers%22%20%20[tweetlink]%20%23Customers%20%23Br ands” target=”_blank” rel=”nofollow”>Tweet this<<)

You can also mention it in newsletters, on bulletin boards, or through internal memos, with clear explanations as to why it is important and how everyone is expected to participate. Continue Reading

Which of these 10 Customer Centricity Steps are you Missing?

Last Saturday was the start of Summer in the Northern hemisphere and the weather certainly confirms this, at least for now! Summer is a great time to reflect on the progress we have made to date on our journey to Customer Centricity.

Organisations need to take a step back occasionally and review how their plans are going. What changes do they need to make to ensure they meet their objectives over the remaining six months of the year? So here are my ten ways to tell if you are well on your way to becoming truly customer centric – and what actions you can take to get further along your journey.

#1. Identify the category in which you are competing

This may sound strange to you, but many br ands are not competing in the category in which they first thought they were. Think soup which is now a meal replacement, or laptops which are now entertainment platforms.

Action: Review how your product or service fits into the customers’ daily life and how they compare and decide between options. This will help you identify your real competitors and the actual category in which you are competing.

#2. Underst and your primary target

Knowing precisely who the customer is for each of your br ands is the first essential step to satisfying them. Use the BCG Matrix to help select the best group. Do you already work with this matrix, or do you have a better system? Please share your own best practice below, so I can learn.

Boston Matrix for improved customer centricity  and segmentation evaluationAction: Review the target audience for each of your br ands and ensure you have information on their “4Ws”. In other words the Who, What, Where and Why: demographics, purchase, usage, media use, places of purchase, consumption, connections to communications, their values, usage motivations and emotions when doing so. If you would like to learn more about targeting, check out this post.

#3. Watch and listen to your customers

Personal experience of your customers is essential to putting them at the heart of your business.

Action: Ensure everyone has regular – ideally monthly – contact with the customer. This can be by listening in at the call centre, watching market research interviews & discussions, or observing customers as they shop and use your product / service.

#4. Know what current trends could mean for your business

Many organisations follow trends, but they don’t provide any competitive advantage. It’s time you started turning them into future scenarios or use future prototyping. (Contact us here to learn more about this)

Action: Identify the most relevant trends for your br and and then project them into the future to develop two axes of uncertainty and four plausible future worlds. These will help prepare the business for future opportunities and challenges. Alternatively, why not try Sci-Fi Future Prototyping? (Contact us here for more information)

#5. Reinvent your innovation

Most organisations innovate based upon their current knowledge or technical skills. This keeps them boxed into a narrow b and of categories. Continue Reading

Deliver a Great Experience to All Prospects, Including Those that Don’t Buy

This week I am happy to share a guest post by Bob Thompson from CustomerThink. His post is inspired by his latest book “Hooked on Customers”, which I’ve just read and highly recommend to everyone looking to be more customer centric. 

For sure, increasing sales productivity is a good thing. Marketing organizations are putting in place systems and tools to generate and score leads, so that reps can focus on more qualified prospects.

However, even in the best case scenario reps will not close every opportunity. Some customers may not have a need to buy now. Others may have a need, but they may select another alternative. A CSO Insights study found average win rates of about 45% in 2011, a five point drop from 2006.

So the key question is: What kind of sales experience are you delivering to all of your prospects—including those that weren’t qualified or didn’t buy?

This is important because, whether a prospect buys or not, their experience interacting with your company will create a lasting impression. A good experience means they may return another day, when they have needs that match your solutions. Or, they’ll recommend your company to a colleague. Either way, that helps increase revenue productivity. For example, last year I was looking for software to support my online community CustomerThink.com. Over the course of a couple of weeks, I searched for solutions, interacted with vendor web sites and engaged with several sales reps by email and phone. To most of the vendors I was just another not-very-valuable small business buyer. And I was treated accordingly, no doubt thanks to some nifty lead scoring algorithms that have become de rigueur for B2B marketers.

Unfortunately, these vendors probably didn’t factor into their scoring that my posts on CustomerThink reach an audience of 80,000 visitors per month. Or, that I have colleagues in the publishing business that are also potential buyers. And what do you know, shortly after my buying experiences, an industry colleague asked me for advice on similar tools, and I was only too happy to share my recommendations. Privately.

Bottom line: While I may not have been scored or treated as a valuable prospect, I was valuable in other ways—as an influencer. And many of your prospects are, too. The point of lead scoring is to assess the value of the prospect to you—the seller—so you can make the best use of your resources. Let’s flip this idea around. What I’m advocating is that you spend time to really underst and how your prospects—all of them—perceive their experience with your br and. From the initial web search to interacting with your web site to engaging with inside or field sales reps, all of these touchpoints form an impression and influence their likelihood to buy or recommend.

Start by assessing your current customer and prospect experiences. Look for opportunities to get prospect feedback using web analytics and feedback solutions. You could even hire “mystery prospects” to take on different personas representing buyers, influencers, researchers, etc. Continue Reading

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