A few weeks ago, I was faced with needing to find a new dentist. So, the search began and the more I looked around, the more it showed just how many touchpoints came into play prior to – and after – a selection being made.
As we know, customers experience your brand in numerous ways and each of these touchpoints molds the customer’s impression of your company’s brand. If the brand is a promise you make, then the customer experience is the fulfillment of that promise. The customer experience can’t be left to chance. It has to consistently reinforce the brand promise across every customer touchpoint or the value of the brand itself is at risk.
So, after thinking about what your brand stands for and what sets it apart, it’s time to look outward. After all, if a brand is built and nobody hears it, does it make a sound? In not-so-distant marketing past, reaching consumers meant connecting through just a few channels: a catalog, a radio spot, a store visit, a customer service line, a salesperson…You get the idea. However, the number of channels for reaching customers has exploded in recent years. Think about it: when was the last time you made a major (or even not-so-major) purchase decision, personal or for business, whether a product or service, through a single channel? In fact, it’s more likely that your purchasing decision was made after being reached through a variety of interconnected touchpoints, from social media, to word-of-mouth, to advertising messaging, to conducting research online, to comparison shopping in the store.
Despite the desire to “silo” marketing channels, they’re far more effectively used together than individually. In a Forrester’s research report, it was noted that 33% of new customers involve two or more “trackable touchpoints,” and nearly 50% of repeat customers visit three or more “trackable touchpoints.” And despite the fact that nearly a 50% of the surveyed people believed that social media channels are a great place to discover new products, less than 1% of sales resulted directly from a social media referral. Online search (i.e., Google) and email were much more effective at closing a sale.
That said, your ultimate goal is to have each touchpoint reinforce and fulfill your marketplace promise. The best way to do this effectively is to look at each of your marketing, selling, and servicing processes which then allows you to create a simple touchpoint chart or map that defines your customers’ experiences with your brand.
Keeping this in mind, let’s use the process in looking for a new dentist:
That said, all touchpoints are not created equal. Some will naturally play a larger role in determining your company’s overall customer experience. To determine the touchpoints driving your customers’ overall experience, your organization can use a wide array of techniques ranging from quantitative research to institutional knowledge.
Yes, it’s simple….almost absurdly simple. But stepping into consumers’ shoes is an exercise absolutely too many executives neglect when marketing. We forget to become our own customers–with real, day-to-day concerns–and in the process, we lose sight of the most valuable touchpoint opportunities. Each one is a chance to present your brand and what you stand for.
In other words, having a more refined sense of “touch” has a big impact on how your prospects feel.
What does this popular country song by Johnny Lee have to do with this blog post? Well, this week my neighbor received a really attractive offer from a company with whom I’ve had a long standing relationship. When I called the company and asked if I could get the same offer, I was told “Sorry. That’s for new customers only.” When I then asked what offers did they have for current customers, I was told they’d get back to me on that. I have yet to hear from them.
So, with that in mind, have you noticed how many companies offer deals only to new customers? Sign up for our new program and the first month is free! Special gift for new customers only! Try our new product and we’ll give you more than you asked for! Here’s the problem with those type of offers: They focus on new customers and not the ones you already have. As a loyal customer of that business, it would be nice if you could take advantage of some of those special offers too. Trouble is that they’re for new customers only. You, on the other hand, have been supporting the business for years but you get nothing. Nothing for your dedication and loyalty.
Most people think that growing a company’s sales means getting new customers. Well, yes and no. Yes, new customers are constantly needed, but truly successful companies prosper on their ability to keep the customers they’ve already acquired. The reason is simple. Finding new customers is expensive and time consuming. For example, let the following research statistics wash over you….
Not to mention that current customers give invaluable feedback on “how we did” or “how the product/service is doing” along with being a major source of referrals, etc. That’s why losing a good customer to the competition is always a bad thing. You have to work more than 10 times as hard to get enough new customers just to make up the revenue lost with your departing one, and forget about profit.
Which brings me to the question that begs to be asked: “Why do customers leave?” Curiously, most business owners and managers have the exact wrong idea about why customers leave. Most people believe that customers leave because:
(Drum roll please)…Wrong!
According to an in-depth study by the research firm CRMGuru, the reasons customers give for taking their “business down the road” are:
As you can see, when it comes to keeping your existing customers, customer service is 3 times more important than price–and 5 times more important than functionality. Which obviously means that if you want to keep the customers that you’ve got, you should think about reversing priorities and pay more attention to customer service and quality–and, consequently, less attention to functionality and price. I fully realize that this runs contrary to 90% of what most people think is important, probably because price and functionality can play a large role in new customer acquisition.
So what can be done to maximize the value of your most valuable asset? Here are five quick thought starters:
Regardless of what you’re selling, your long-term profitability is largely dependent upon your ability to keep current customers, rather than acquiring new ones. While it’s fine to try things to attract new customers to your business, be sure to spread a little love around to those who are already in your camp and are supporting your business. Don’t forget, every now and then, to “dance with the one that brung ya.”
Imagine if you had some magical warning sound that alerted you before you made a misjudgment or a social faux pas. You know, like you’re about to bet on a bad hand and, HONK!, so you pull back your bet just in time. Or you’re about to give a future employer one of those cool “street” handshakes and, HONK!”, you think better of it. There’s a clever commercial for the Nissan Altima that plays out this funny notion as it promotes a cool new feature on the car: a warning honk that alerts you before you over-inflate your tires.
[youtube http://www.youtube.com/watch?v=V9xFgyv8BJI]
Now admittedly, we’ve all managed this long without the benefit of an automatic over-inflation warning, but still, it’s pretty cool. And it dramatizes a point that as a marketer you should be asking yourself: What’s the cool feature you have to sell? What do you produce, offer or do that excites your audience and makes them think “Wow!”
This is a pretty ho-hum world we live in and we’ve all seen ads, commercials, websites and Facebook pages up the wazoo. So the challenge of breaking through today means finding the one or two out-of-the-ordinary things people don’t expect or don’t know about you that fascinates them. We all know that to be the all important “Wow Factor.”
In your specific industry, you already know what the baseline of expectations is (quality product, made from quality materials/ingredients, great customer service, affordable prices). That’s just the opening ante that anyone in your business must provide. But where is the Wow that you alone can talk about? That one thing, or series of things, that is not merely unique but deserves an exclamation point in the eyes of your customer.
In books such as Raving Fans: A Revolutionary Approach To Customer Service, or Purple Cow: Transform Your Business by Being Remarkable, the authors write about the need to be remarkable or else become invisible. In your marketing, the same rule applies, that you must find the Wow Factor and express it in a fresh and unexpected manner so that it excites the audience and sets you in a league all your own. That way, it grabs people’s attention and has them focusing on the message and not thinking about the other stuff that might come into their minds. They’re engaged…captivated.
In doing so, you start connecting with your audience on a more intimate level, and that better allows you to persuade them, get them to trust you, get them to believe you, and get them to want to buy from you. So when your competitor tries to pull them away, they’ll stay loyal to you.
Back to the example of the Nissan Altima, the commercial demonstrates that promoting one small but really interesting feature is better than loads of features or bland generalities. That nugget of marketing gold for you might exist in one “small” aspect of your operation but demonstrates everything holographically about the way you do business. Whether it’s some unique characteristic about the what makes up the product (i.e., it doesn’t rust…even when submerged in salt water) or a particular service that you alone are offering (i.e., you’ll return every inquiry within 2 hours), it just needs to be a Wow. Anything short of Wow, whatever it is, will be background noise and nothing more. And if it’s a Wow, no matter how small it is, your marketing can make it big.
It’s time to do some corporate detective work and discover – or develop – your own Wow Factor.
And hey, did I mention the marketing director’s daughter who (HONK!!!!) … oh, never mind.
The year is 1913. The automobile is more than a novelty by this time. It is here to stay, and already, in the big cities, cars are beginning to outnumber horses on the major thoroughfares. Every young and growing family of any means has one of these contraptions. And the Ford Motor Company is pumping these babies out as fast as his factory will allow. In fact, if you’re Henry Ford, in 1913, you can’t imagine that ANYONE would want to be without a car, given its obvious speed, convenience and ability to vastly improve commerce.
But that same year, anyone who is over 50 has grown up with the horse and buggy and they are far from abandoning the most dependable and affordable form of transportation there is. Out in the countryside, they’re even more locked in to the old ways. Of course, they’re all a dying breed – literally – and one day, maybe in another decade or two, Mr. Ford will be right. But in the meantime, it still pays to be a blacksmith.
The year is 2013. Social Media is more than a novelty. And the digital universe will continue to play a growing role in how one makes choices in every area. But there’s a market divide here as well: those under 50 who, growing up, depended on television and now the Internet as their major information sources, and those over 50 who grew up with newspapers, books and encyclopedias, news magazines, radio and eight channels of TV to inform their world view. Those gray-haired Baby Boomers and pre-Boomers aren’t ready to give up the old medium forms or use the full potential of Internet the way their younger counterparts are. They still rely on traditional media and the power of face-to-face relationships to form their opinions. It’s how they’re hard-wired, even though many Boomers and older seniors may have Facebook accounts and smart phones.
For the visionary marketer under the age of 50, little wonder that he or she sees the future the way Henry Ford did in 1913. Soon, EVERYBODY will be wired, interactive, and engaged in the multiplicity of online touch points.
But whoa! If you’re reaching buyers over 50, which is the absolutely dominant market for health care, retirement living, destination travel, hospice care and funeral services, it still pays to know how to shoe horses!
I spoke last week to a senior services industry group, most of whom were Boomers or older, and they were very clear on the fact that for the next decade at least, Boomers and the older generations will remain the primary target audience. In fact, it was fascinating to note how many of these industry professionals struggled to understand how to use Facebook. Well, they’re over 50, just like their buyers!
If you’re under 50, you might chuckle at these old codgers and say their ways are fast coming to a close. But do remember, if you’re selling anything to Baby Boomers and older, these old-school marketers are more on-target than you are.
Young emerging marketing directors need to know how to employ the technological and social changes that are underway. But if you’re marketing to Boomers and older, automotively speaking, this is still 1913, not 1930. The changes that should be happening right now aren’t so much about how to use Facebook and Twitter but how to speak to the Baby Boomer better, understand their culture better, speak their language better and show up where they are. That means more relevant branding, more choices of products and services, adroit use of surprise, humor and respectful irreverence in marketing, and the avoidance of anything that reeks of clichés and stock or traditional messages.
Visionary thinking is wonderful, but while you’re looking well down the path, it pays to watch where your very next step will be as well.
“Did you hear what I just said?” my wife asked me as I was busy doing the chores this past weekend. Fessing up, I admitted that I heard her but wasn’t really listening. I think it had something to do with the dripping bathroom faucet.
There really is a difference between “listening” and “hearing” as my wife occasionally reminds me. Hearing is passive and requires no effort, while listening, on the other hand, requires focus, attention and concentration. So with that as the backdrop, as a marketer, “Are you merely “hearing” your customers or are you “listening” to them?
In today’s world, we’re all stretched for time and the need to get done everything that needs to be done. But too many marketers are becoming so technology-addicted to their iPhones and email that they forget to listen the old-fashioned way to what their customers are saying and learning what it is that they want. They’re hardly even asking them. Attention spans have compressed to seconds, and face-to-face conversations (where body language plays a big part) are avoided in favor of texting and anonymous Internet surveys. It shouldn’t surprise you then that a Harris survey found that about 25% of all Internet users think it’s okay to be “plugged in” during their honeymoon, and just under 10% think it’s alright to surf the web during religious services. Do you really think that any of these people are taking the time to listen to their customers? Hardly.
So how do you know what your customers want? One of the most common answers I hear is, “Because they told us….” Yet, for me anyway, this answer only calls for more questions. Who? When? What did they tell you? How did they tell you – online? in person? Are you sure you really understood what they were telling you? Have their wants changed?
Think about this: if understanding what your customers want is the foundation of your marketing strategy, listening to customers is going to require more than a one-time investment in classic market research tools like focus groups and customer surveys. (Can I get an Amen on that?)
It’s no big secret that the markets in which you compete are evolving. Customer preferences and wants are continually changing. New competitors are showing up. But the one constant is your customers are talking. The key to truly understanding what they want is continual engagement – through social media, one-on-one interactions, and even sales calls. Getting in front of your customers and engaging them in conversations should be a required part of every marketer’s job – from the CMO down to the marketing specialist. And this applies to both B2B and B2C companies.
Ever wonder what causes customers to flock to one brand while remaining coldly indifferent to another—even when the offerings of the companies in question aren’t substantially different? Well, my experience working with varied sized organizations in all sorts of industries says that the single most important factor that separates the good companies from the great companies is the ability to listen to their customers. Great companies are maniacal about listening and differentiate meaning from the information given. In other words, they’re doing more than hearing what their customers are saying. They’re spending quality time listening. And they’re deriving their direction from what their customers are saying.
On that note, with social media being what it is, here are a couple of things to consider to help bring home the point of how important listening really is: Almost 50% of consumers want businesses to listen to them to improve their products while 60% of consumers want businesses to respond to their complaints. And, 66% of consumers across age groups want companies to respond to online comments on social media platforms.
Here are 5 quick tips on listening to your customers, and please, share this with your staff:
Now that all said, it’s also important to understand that not all customer comments are of equal importance and listening to them without some discrimination can be dangerous. Sure, they provide valuable feedback, advice and criticism, but the stuff some customers tell you can be distracting, unfocused, self-serving and a waste of time. You can’t please everyone and you can’t meet the needs of all your customers. This is when “hearing” them is a better course of action.
At the end of the day, if you don’t care, or can’t convince your customers that you listen, you can bet they will find a competitor who does. Successful businesses walk the walk and listen to the talk,
The life of a hummingbird rarely exceeds four years. The life expectancy of a Marketing Director (or CMO or VP of Sales & Marketing) at any given company is even less than that. The typical tenure these days is a little more than 3 years and this is up from about 26 months in 2004. In fact, as you stroll through the offices at many companies, it’s an easy bet which executive is a dead man (or woman) walking: the Marketing Director.
What are some of the reasons causing such a short tenure? What are some things a Marketing Director can do to be successful? How much of that is on the company and how much is brought on by the individual?
Ok, so how much of this is do you see or experience in the world that you live in? If you’re like the vast majority of Marketing Directors in this country, you see any of these issues popping up on a fairly regular basis. Here are a few things to consider in order to make sure you’re not having to call your executive recruiter anytime soon.
While the marketing landscape changes so quickly, the good news is that a Marketing Director can succeed in the face of headwinds no matter which way he/she faces. It may be more challenging than it should be, but stand true to your brand, be current and always in the know, and be bold enough to make a difference….otherwise, chances are, you might be dusting off that resume.
Over the past 5 years or so, it’s it happen more times than we care to remember …maybe even at a company that we once worked at. (For me it was Countrywide Home Loans.) I’m talking about a company or brand that was once a familiar part of the business landscape which is now no longer around. Disappeared. Gone and forgotten. From Oldsmobile to Borders bookstores to more big city and community newspapers than one can count.
The fact that “going out of business” has become such a growth business, it got me thinking about a question I’ve posed time and again to the marketing leadership of companies during this “New Normal.”
The question is simple and insightful — and it’s worth taking seriously as you evaluate your approach to strategy, competition, and innovation. Here it is: If your company went out of business tomorrow, would anybody really miss you and why? Let that swim around in your brain for a bit.
If that question didn’t concern you…maybe it should. What’s being done in order to make your brand important enough and invaluable to your customer so that they feel they could not live without, or at worst not want to live without you? Here are 5 ways to help make your company or brand so meaningful that your various customers would notice if you went out of business.
First, you must provide a product or service so different that it can’t be provided nearly as well by any of your main competitors. Mercedes would certainly be one, maybe even Ritz-Carlton and Southwest Airlines as well. But really, how many products or services fall into this group? Do your customers see you as a “must” or a “they’ll do”? How many viable options are there to what you offer? Do they trust you to follow through on what you’re telling them? What makes you so special…really?
Second, meaningful brands are created by people with a vision and a passion, and destroyed by “caretakers.” Perhaps the founder of a company identified a niche or angle that was unique and pursued it with passion. But once the brand is relinquished into the hands of “caretakers” more focused on the financials and preserving the status quo, it can tend to be slowly destroyed. Marketing, and I mean the kind of marketing that moves people to act, is something seen getting smaller and smaller in the rearview mirror. Former President Reagan once said “Status quo is Latin for the ‘mess we’re in’.” Amen.
Third, make sure that the company continues to innovate and not stand still when the brand realizes some success. When something works, either because it was thought through or, more times than not, by other factors, the “don’t fix it if it is not broken” philosophy kicks in. The growth of the brand or company stalls, instead of constantly trying to evolve, improve and adapt to the changing world. One cannot win a race by standing still. Vanilla/mediocre advertising is a big contributor to — or perhaps the result of — standing still.
Fourth, your company must forge a uniquely emotional connection with your customers that other companies can’t copy. Apple is an obvious passion brand in the performance-obsessed technology world. HBO is a brand in the fussy media market that doesn’t just have viewers but devoted followers. But in a world of endless choices, how many companies and brands do you know that have achieved the status that inspires “loyalty beyond reason?” Is there a reason why your brand shouldn’t one? Can your company be an Apple, Starbucks or HBO to your customers? If your answer is “we can be a brand like that”… good for you!
Lastly, look at the marketplace and understand who you’re competing against. Many companies and brands define their business too narrowly just like stagecoach owners did. They focused on offering the best stagecoach service, the cheapest stagecoach service or the fastest stagecoach service. Eventually other forms of getting people from “A” to “B” came along, like when the jet plane destroyed the lucrative transatlantic ocean liner business. You need to define what business you’re in and who the competition really is. Food for thought: If Google’s the one ranking your business against your peers, then it makes sense to understand who they think you’re similar to, right? Type in your own URL in the search bar and see what comes up. You may be surprised.
The fact is, a very few companies meet any of these criteria — which may be why so many companies feel like they are on the verge of going out of business. So the next time someone at work urges you to think small and settle, ask them why they believe that playing it safe is playing it smart. That’s what they thought at Saturn, E.F. Hutton and House and Garden magazine — and look how it worked out for them! For, as they found, their customers could live without them.
At the end of the day, if your customers can live without you, eventually they will. If you do business the way everybody else does business, you’ll never do much better. If your answer to the question of whether anyone would notice if your company or brand went out of business is “no” or “not sure” – you need to focus on how to ensure it doesn’t happen. What is your marketing doing to make sure that doesn’t happen?
The most dangerous place to be in your marketing is in the middle of the road.
We had a client call last week telling us that she had received a letter from someone stating how much they were put off by an ad we were running. She was wondering if we should hold off running that ad and instead run another one we had produced. My response was “Heck no. I’m thrilled that someone felt that way. I hope we get a few more letters.” Why would I say that, right?
You see, your company, like 99.9% (there’s always that oddball out there) wants to be loved. You want adoring customers, enthusiastic vendors, committed partners, etc. Yet in reality, few companies are really appreciated. In fact, most companies and marketing messages are tolerated at best, and at worst, ignored. And do you know why? It’s because most company messaging is too forgettable and too dull to spark any type of reaction.
If you want your company to have passionate customers, dedicated partners, etc., you must first inspire strong responses. Only then can you convince people to love your company and become raving fans of your brand. But here’s the kicker: as you attract fans, you’re also bound to get the critics, or “Haters.” As we learned in physics: Every action creates an equal and opposite reaction. These Haters are the ones that write nasty letters or post negative comments on sites like Yelp or Angie’s list. That said, here’s something which might also cause you to recoil a bit. Experience has taught me that it’s OK to have some not like your brand (not a lot, of course). Yup, you heard me right. In fact, having a few critics is essential. The undeniable reality is that if you’re not eliciting a negative response from someone somewhere, then you’re probably not that fascinating to anyone. No one remembers lukewarm!
Fresh, imaginative, and original ideas come across as unfamiliar, even uncomfortable, which means that not everyone will like it. But unfortunately, most companies spend too much time worrying over damage control for the Haters that they never get up the nerve to be exceptional in the first place. In short, Haters are the price one pays for being special. Apple has Haters. Starbucks has Haters. Accept their presence but do not let them stop you from moving forward.
On the other hand you have the advocates, evangelists, loyalist…the Lovers. They don’t just buy your product or service, they also accept price increases and forgive occasional “issues.” When your product is sold out in one store, they’ll drive to another store to find it. When the competition tries to appeal to them with an incentive, they stay loyal. Lovers also do your marketing work for you — for free. They write nice things in online reviews, and even occasionally re-post your content online. In every aspect of your company, Lovers will reward you with new business and higher sales. They’re not just buying your products for price or utility.
So you now have the Lovers on the left and the Haters on the right and between them you have a set of customers who give you little loyalty or value. Let’s call this group the “Lukewarmers”. Maybe a good way of describing this group is like that friend of yours that would come over to watch a game but as soon as the beer ran out…so would he. Kind of like a friend…but not really. In the same way, these indifferent customers make a purchase here and there but don’t add much of anything else.
The Lukewarmers also have a really bad habit of not caring. They won’t buy your product unless it’s the cheapest or most convenient option which means they’re only buying you until a cheaper or more convenient alternative comes around. So in addition to not being loyal, they’re also expensive to maintain because you’re spending money to get them as customers and they never really pay out over multiple purchases.
In today’s marketplace, this middle ground is death!! Not caring is not buying. Not caring is inaction. The Lukewarmers leave for just the smallest of reasons. So how do you get people to quit being Lukewarmers and start actively choosing you and your brand?
Simply put, if your company wants to influence purchase decisions, you need to provoke strong and immediate emotional reactions so that people bond with your brand or company. The goal isn’t to create, or even stay away from controversy, but to avoid creating legions of people who simply don’t care.
The world is not changed by people who sort of care or don’t care at all. Stop focusing on the Lukewarmer. And don’t let the Haters keep you from your goals. Start accumulating the Lovers. And it all starts by having your marketing and advertising being original and captivating. There’s no middle ground here.
As businesspeople, we want to be acknowledged for the work we do, for the value we provide. Can you image doing your work year after year and rarely being told “Great Job! We need a lot more people like you!”? We all want to be recognized for how we go about our business but also that we have worth as individuals. It’s just a part of how we’re hard-wired as human beings.
Well, the same thing holds true in having your company being praised by clients and customers. We all know how good it feels to be called out as a team or as a member of the team for making someone feel good about their association with your organization or department. Aside from personally feeling good about it, and depending on who is giving the “atta boy/girl”, people start walking around with a bounce in their step and overall team morale starts to increase. I know because last week our own firm received a couple of unanticipated and very flattering “great job” kudos from some clients that made us feel pretty darn good. Which got me to thinking, how might we want to let others know that our clients think we’re the “cat’s meow?” Because, probably like you, while we know it would be a good thing to do, we’re either sometimes to modest or we just don’t put the time into thinking how we could showcase these wonderful endorsements for the betterment of the firm.
In today’s world, the majority of prospective customers, both B2B and B2C, spend time researching online or through social media before they buy. They depend more than ever on word-of-mouth references from people who have used those brands or products – whether those references are in the form of anonymous reviews or client testimonials. (Think Angie’s List, Buzzillions or Yelp.) In fact, according to a the marketing group, ODM, about 90% of consumers trust the word of people they know and 70% of consumers trust the word of people they don’t know. Just look at how we shop online. We find what we’re looking for and one of the first things we do is check the customer rating number on the product. The second thing we typically do is read the actual customer reviews to see why someone gave that product 1 star and why others gave the same product 5. The point is, it wouldn’t hurt, regardless how large or small your organization, to make sure that people come across testimonials about your business to help establish trust and prove your credibility.
Ok, so if you’re running low on client testimonials, how do you get more? Well, here are a few thought starters:
Now, what to do with the client testimonials that you receive? Again, just some thoughts to get your marketing juices flowing:
If you have done your job well and earned satisfied customers, don’t let it end there. Let them speak up for you. Their words are worth their weight in gold. I know it. You know it. And your competitors know it. Oh, and before I forget “You’re doing a great job. We could use a lot more people like you.”
Let me ask a question regarding your marketing initiatives that might be of a sensitive nature for some: How much of what you have planned for in the way of campaigns, media channels, tradeshow activity, collateral, etc., is a holdover from last year and the year before and the year before that?
Now, how many of those activities are part of “status-quo” thinking – it’s just what we’ve always done? How many of these things are ineffectual? In today’s world of measurement metrics, internal analysis and ROI’s, some people would say non-producing activities would not be tolerated by upper management. Well here’s a news flash…these initiatives not only show up year after year but they’re staunchly defended by…upper management.
So why do companies keep investing in these programs and activities? Well, the thinking goes: “We’ve spent $ XX,XXX (and maybe another X) into this. Plus we’ve already invested XXXX hours into the program. We can’t stop now or we’ll have lost everything.” All that’s being done here is engaging in the sunk-cost fallacy that describes the tendency to throw good money after bad. Psychologically, the more you spend on something, the less you’re willing to let it go. But truth be told, once your money is spent, it’s gone. It has no relevance. What counts in terms of getting where you want to be tomorrow, is what that investment is worth to your organization today. It’s important not to consider past costs when making planning decisions, but to make decisions based on future costs and benefits.
There’s something else that marketers do that’s almost a bigger of waste of money than investing in ineffective programs and it’s really the genesis for this blog. What I’m talking about is the total lack of effort that’s put into making programs resonate as well as they could.
We all know that well-planned, well-executed strategic marketing is a lot of work. But then, so is filing for bankruptcy, selling off your assets and shuttering the business – which is the alternative to putting in the required effort. That makes me wonder why companies bother to invest in marketing activities and then put nearly zero effort into executing them. The creative is boring; the strategy is half-baked; the lackluster results are acceptable. This is just throwing good money after bad!
I stumbled onto a great example of this while clicking through the online exhibitor’s list for an upcoming industrial B2B trade show that covers a huge range of industrial services and equipment. Reading the self-authored company descriptions posted by each exhibitor, I was shaking my head in disbelief. Here are just two examples, and believe me, others were even less informative:
“Manufacturer & supplier of Cable/Wire Harness Assemblies, Power Supplies & Fans with Value-Added Capabilities.”
“Precision CNC turning and machining. Design and manufacturer of custom rubber products.”
There were literally dozens of entries like these and they were all written by the companies themselves! And they were free! The more I read, the more dumbfounded I became. Unique selling proposition? Strategic positioning? Differentiation? Okay, let’s shoot lower. Let’s try for just a coherent company description. How is any potential buyer supposed to even understand what value these companies could offer to them from those descriptions?
Trade shows are no small financial and time investment. Consider the possible costs: exhibitor fees, booth purchase, collateral materials, promotional giveaway, travel, meals, and man-hours spent on show logistics and for staffing the booth. So why then would any company that commits to a trade show deliberately and willfully flush that investment away with company descriptions like this:
“Extrusions – profiles large & small, tubing, rod, bar stock, co-extrusion, drilling and forming. Thermoforming. Pressure forming – deep draw, sheet thickness .030″ – .500″, high volume, long or short runs.”
This isn’t even a company description. It’s a list of processes, none of which are unique to this company! You may be thinking, “Rolf, you’re being too hard on these people. They’re doing the best they can.” Yeah, …NO.
Here’s a company description from another exhibitor at the same show:
“Recognized as one of the largest & most reliable service bureaus in the country, [Company] offers clients high quality/low cost tooling & manufacturing. We offer full service to assist our clients from concept through production, and have nationwide locations to serve you.”
At least it’s coherent. This probably took the company rep who (possibly, late at night in his/her hotel room) wrote it in all of about five minutes. Maybe the rep even copied it from the company brochure. The funny thing is that lazy marketers are often the first to wonder why their budgets and customers have disappeared.
Marketing is hard work. But that isn’t an excuse for not putting in your best effort. Or calling on professionals who know how to weave words into dollars.
While the above examples were for a tradeshow, throwing good money after bad certainly applies to other types of marketing initiatives as well, from ads to email campaigns. As a marketing firm ourselves, we don’t treat anything we do for our clients in a ho-hum fashion…because our clients deserve to get their money’s worth. Which is a lot more than what many companies do for themselves. Time to stop spending good money after bad.