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" How are leading marketers acting on new priorities? We partnered with eConsultancy and learned that top companies are employing three key trends, in which they: - Use first-party data to forge stronger connection to consumers.
- Apply estimates or proxies to link real-time metrics with outcomes.
- Dedicate time and budget to strategic experimentation."
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New research indicates where to focus digital investments so that they will reap rewards in online and face-to-face channels.
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“We are on a journey” says Carrie Palin, CMO of Box. She said this to me as we were discussing the outlook of her role as CMO of Box, one year after joining this fast-growing Silicon Valley cloud content management company.
The topic at hand? The holy grail for a CMO today – the ability to measure the performance of every dollar and confidently articulate the result of that investment.
Palin believes the role of today’s CMO is highly strategic. “We must not only demonstrate stewardship over every dollar spent, but we must also operate in lock-step with business objectives.”
For many CMOs, this capability is about keeping the board happy. It’s about keeping the CEO happy. It’s also something that the vast majority of organizations struggle with today, according to an empirical study on the topic from Marketing Performance Management (MPM) tech firm Allocadia.
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The right approach for SAS was a ground up renovation to better integrate channels and create a new customer-centric view of the market. We needed a way to monitor all of the campaigns in a centralized fashion. This meant creating unified experiences across all channels to deliver to customers the personalized attention they are asking for. And we started by establishing an Analytical Marketing Functional Framework that would serve as the foundational structure.
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Learn about the newest member of the Demand Waterfall family and how it can help b-to-b companies drive demand and revenue creation performance optimization throughout their organization.
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Here are the three B2C marketing strategies your B2B company should adopt to generate some serious ROI.
1. Use user-generated content (UGC)
2. Leverage social advertising
3. Think mobile, think optimized
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The challenge is to break down traditional silos by engineering engaging, omni-channel experiences that exceed customer expectations. Differentiation in the B2B marketplace is not just about product. It requires leveraging data, knowledge, and technology in order to create a virtual crystal ball that presents customers with the right information at the right moment.
A fully integrated B2B platform — one that goes beyond e-commerce to include customer data, marketing assets, content management, campaign orchestration, and analytics — provides a roadmap for customer engagement by providing real-time context about the person interacting with specific company content. That context then becomes a powerful tool for enabling highly targeted content delivery that offers customized solutions and product options.
Today’s B2B companies need a marketing platform that provides users with a rich digital buying experience that facilitates engagement and makes it easy to use. That means providing customers, sales reps, distributors, and service technicians with desktop and mobile apps that offer real-time access to marketing collateral, automated sales processes, and key sales systems that streamline purchasing and fulfillment.
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"More than half of consumers across the U.S., Europe and Canada say company websites and e-mail remain their go-to channels — a sign one CMO Council exec says the “arrogance” of B2B marketers must come to an end.
While 38 per cent of respondents said brands are “getting there and know me better today than before,” the survey suggested mismanaging marketing channels or failing to invest in them could be costly. If they experience common frustrations such as not being treated like loyal customers (cited by 36 per cent of respondents) or deal with slow service from reps who don’t recognize them (33 per cent), they’re not afraid to walk. In fact, 47 per cent of customers said they would stop doing business with a brand that continues to frustrate them, and 45 per cent said they would spend their money with another brand."
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Improving digital strategies and innovation remain a challenge
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"AI usage "light to medium." Yes, Salesforce's report notes that 51 percent of marketers surveyed are already using AI. There is a bit of a trust issue when it comes to creating models and algorithms behind AI and humans want to oversee things.
Yet AI will be needed to manage media fragmentation and channel sprawl. Email still matters as marketing channels proliferate.
The CMO is becoming the chief growth officer and that reality changes structures."
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Learn how customer experience is reshaping marketers’ mindsets in our latest survey of 3,500 marketing leaders worldwide. Our new Salesforce Research study explores:
Shifting priorities that are sparking organizational change Marketing technology that’s making waves across the broader business How artificial intelligence is raising the bar for personalization and efficiency
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Learn the top ways B2B marketers are reaching successfully reaching their customers this year.
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1. The Grand Unified Theory of Marketing
2. Industry Narrative
3. Differentiation
4. Ingredient Branding
5. Leveraged Acquisition
6. Repeat
7. PR APIs
- Controversy
- Acquisition
- Financial / Funding (IPO, quarterly results)
- Partnership
- Product Launch
- Hiring
- Metrics
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The core cause of the B2B sales prospecting epidemic is an inability to create opportunities when buyers aren’t looking to buy. The reality is 90+% of potential buyers in your market aren’t actively looking.
A second reality exacerbates this situation. Professional purchasing agents have given way to teams of buyers. The 6 to 8 people on these teams typically represent multiple functional groups. Often they have never conducted a similar procurement process before.
A third reality complicates this situation. The digital trend to ubiquitous online information has produced self-educating buyers.
B2B is high stakes team buying. It’s a very different buying dynamic. If your marketing team isn’t clear and honest about these differences, and have a compelling strategy to address them, you’re probably in even deeper trouble than you think.
This is not a sales rep problem, per se. It is a business and sales leadership problem. B2B sellers must create value for customers through the way you sell. This starts with the way you create opportunities with prospective buyers who aren’t actively looking to buy what you are selling.
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Finding out your favorite marketing byword is a lie can be as upsetting as learning there’s no tooth fairy. These 8 marketing myths are the worst offenders.
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You need to find ways to improve your modern marketing skills by partnering with agencies, hiring them directly or through consultancies. Skills especially around digital marketing technology like social trends in marketing, social management, social listening, data strategy, data management platforms, all of this new consumer-centric capabilities that make the media and marketing more like CRM, and they require the modern skill set. You need to re-define a way to bring in to understand the marketing channels and opportunities.
The three most important key points:
1. It is absolutely necessary to have people who can understand digital and technology based marketing
2. Companies should understand that data plays a significant part of your marketing as media used to be, so people should know how to use data, how to use data strategy, how to manage data (first party data), and understand how much of an asset that is for your company.
3. The willingness to try new ways of thinking about marketing based on this new challenge and the insight that are generated through data strategy and management
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Check out trends in, and stats about, performance marketing - i.e., when the advertiser pays only if there are measurable results, such as a click or a lead-form completion - in Europe.
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Regardless of where a new tool or piece of technology fits in the overall landscape it is it is important to ensure that it is visible across the organization for a number of reasons:
- To manage the security risk of implementing new technology that accidentally exposes or corrupts customer data.
- To enable teams to learn from each other’s experience with any given technology and to increase efficiency by distributing product qualification tasks.
- To reduce spend by identifying redundant products or opportunities to lower spend by negotiating a single contract for the enterprise.
This is where the marketing stack comes in.
Marketing stacks showcase the technology in use across the organization and their relationship to one another. Stacks can be developed at the project, team, functional or enterprise level. They can be used to track products in use, in test and that have been retired.
There’s no right or wrong way to construct a stack — each stack ends up being unique to the organization and the objectives it serves. You just have to look at the Stackies submissions for the last two years to see how unique stacks can be. Stacks are a great way to audit and manage the technology in place and ensure technology visibility across the enterprise.
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Despite the reach of email, asking in person is the significantly more effective approach; you need to ask six people in person to equal the power of a 200-recipient email blast. Still, most people tend to think the email ask will be more effective.
In research Mahdi Roghanizad of Western University and I conducted, recently published in the Journal of Experimental Social Psychology, we have found that people tend to overestimate the power of their persuasiveness via text-based communication, and underestimate the power of their persuasiveness via face-to-face communication.
We found that people were much more likely to agree to complete a survey when they were asked in-person as opposed to over email. These findings are consistent with previous research showing that people are more likely to comply with requests in person than over email.
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An Overview of Common Digital Marketing Channels Paid Acquisition
SEO
Email Marketing
Content Marketing
Virality and Referral
Sales
Business Development & Partnerships
Emerging Channels
There are a few tenets that we repeatedly find to be true in choosing and scaling channels:
- Choose channels with high ROI that have the ability to scale.
- Focus on few channels rather than spreading yourself too thin.
- Adapt and experiment. Channels and their effectiveness change.
- Look for emerging channels. The blue ocean is where you can find cheap customers at scale and beat your larger competitors.
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1. Create granular content assets Implementation tip: LinkedIn provides granular targeting options that enable you to target subsets of your audience either through position, job function, seniority level or title.
2. Build your top-of-funnel prospect list Implementation tip: Launch a social ad campaign in Facebook and Twitter to drive engagement with your content. Build a remarketing list in AdWords or AdRoll with these social top-of-funnel visitors and deploy a remarketing strategy that helps to educate.
3. Integrate remarketing & lead nurturing Implementation tip: When a prospect engages with content, move them to the next stage, your remarketing list.
4. Appeal to each persona
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Broad Pay-Per-Click Campaigns
Lack of a Strategy for Non-Converting Website Visitors
Impatience with Driving Organic Leads
Lack of Discipline with Email Marketing
Thinking About Ads in a Silo
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Marketing technology has become a fact of life, as new data from digital agency Squiz attests. Roughly two-thirds of senior marketers surveyed in Australia, the UK and the US have invested heavily in marketing technology over the past year, the study shows.
Another third of respondents said they have either invested a little to add to their existing marketing technology stack, or have taken their first steps in marketing technology.
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Proxies are (1) fast, and (2) better than nothing.
marketingIO’s MarTech Managed Services solves numerous B2B Marketing challenges. Contact us to see how. #MarTech #DigitalMarketing