5 tips for getting over stage fright

August 14, 2014

Have stage fright?  You’re not alone.

They say that our greatest fear, once you’ve eliminated death as a choice, is public speaking.

And yet many of us are called to take that plunge on a regular basis. Whether you are speaking to group of two in a sales presentation or you’re standing at a podium, with hundreds of eyes on you – the intent is the same.

We want to impart knowledge, persuade, entertain and be remembered. And above all else, we want to get through the presentation without looking like a fool or being paralyzed by our stage fright.

I’m one of those rare individuals who isn’t freaked out at the idea of speaking to a group. I like it. But I think I enjoy it because I have a very set routine of prepping for each speech. By the time I step up to the podium or approach the next sales call, I’m confident that I won’t embarrass myself or be nervous to step up on that stage.

Here are my secrets to prepping and delivering a presentation that gets them to ask you back.

Know your audience: One of the easiest ways to get off track with a presentation is to either talk over the audience’s head or at a level that is insulting because your audience is way ahead of you. Not only do you need to understand where they’re coming from, in terms of knowledge, but also in terms of personality. Are they an audience who asks a lot of questions? Are they open to small group activities or sharing information about their work?

Grab them right up front: You need to quickly take charge of your audience. In a large group setting, you might tell them a powerful story. In a sales presentation, you might lead with a stat or fact that is guaranteed to grab their attention. Too many speakers limp into their presentation – either by telling a lame joke or by getting too technical too fast. You want an emotional reaction of some kind to kick you off.

Assume the worst: I’ve watched many speakers melt into a puddle of goo right in front of an audience because their PowerPoint didn’t load right or their video worked but there was no sound or the internet connection was faulty so they couldn’t demo something. When it comes to speaking and technology – assume it will fail. Always have a back up (your presentation on multiple jump drives, the YouTube video on-line but also on a DVD, etc.) You need to be ready to deliver your presentation in the pitch black with no power, if need be. If you’re that prepared, you’ll worry a whole lot less.

Think sound bytes and repeats: In today’s “tweet while you are talking” world, you want to give your audience plenty of tidbits to share. Give them key facts, stats and catch phrases. Imagine someone from your audience going back to the office and re-telling a story you told during your presentation. Which one would get retold? If you answered “none of them” then you’d better come up with a story that is so funny, compelling, astounding or illuminating that people won’t be able to help but repeat it.

Be ready to improvise: You can do all the prep in the world, but sometimes that nagging stage fright had it right — something could still go wrong. At the end of the day, there are many elements of giving a presentation that are out of your control. So even though I am advocating ample prep time, you also have to realize that sometimes you just have to go with the flow. It might be a tough question during the Q&A or a technology malfunction. If you can keep your sense of humor and your balance – your audience will reward you for it.

Odds are you were invited to make the presentation. So remember that your audience is anxious for you to be successful as well. Do the prep work, have faith that you know what you’re talking about and try to enjoy the conversation.

Even if something does go wrong — remember at the end of the day — your audience doesn’t expect you to be perfect.  They just want you to be real and share something of value.

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Your best customers are pure gold

July 19, 2014

You’ve heard it before — the top 20% of your customers, your very best customers, account for 80% of your profitability and referrals.  We intellectually know that and yet our behavior sure doesn’t show it.

We spend all kinds of dollars, time, energy and worry chasing after new customers and after someone starts to buy, the typical business sort of forgets all about them.  Much like people’s dating patterns — there’s a lot of wooing that goes on before the wedding but after the “I do’s” get said, the florist goes broke.

Our poor best customers get the same treatment from us and that needs to stop.  We need to shift a portion of our marketing focus away from prospects and invest even more in our best customers — the ones who have already proven that they’ll sing our praises, buy more and more and bring their friends along for the ride.

Fortunately, my friend Stan Phelps has written a book to help us all do just that.  This book, What’s Your Golden Goldfish, is the third book in a trilogy of marketing books that are all built around over 2,200 crowdsourced examples of real life marketing smarts.

This particular book shares over 100 examples of what leading brands like Starbucks, Doubletree, Enterprise Rent-A-Car and Virgin Atlantic are doing differently to cater to their best customers and earn even more of their business and loyalty.

The book showcases nine different ways to let your best customers (and employees) know how much you value them. By doing those little extras, you will make your company even stronger.  You will differentiate yourself even more from your competitors, you’ll keep both your best customers and employees longer so they contribute to your success and with every little extra, you will create more word of mouth buzz.

The entire series of books is all built around the idea of lagniappe which is a creole word for “a little something extra.” In this edition — Stan helps his readers explore how organizations large and small can do a little something extra for their most loyal customers and employees.

You’ll love the storytelling but make sure you have a pen and paper handy because this book is going to spark so many ideas that you’ll never remember them all.  And as you implement them — your best customers will reward you with even more buzz, money and referrals.

Sounds like it is going to work out well for everyone, doesn’t it?

If you’re interested in Stan’s entire series, here’s how you can get them from Amazon.  If your an Amazon Unlimited customer, you can read the electronic version for free.  If you want the paperbacks, click on the links below:

• Third book — What’s Your Golden Goldfish: The Vital Few
• Second book — What’s your Green Goldfish: 15 Ways to Drive Employee Engagement and Reinforce Culture
• First book — What’s your Purple Goldfish: How to Win Customers and Influence Word of Mouth

 

Note:  If you click on one of the Amazon links, I get a few cents.

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Building a website your users will love

July 14, 2014

It seems like a “duh,” doesn’t it?  Of course you want to build a website your users will love.

But remember, not that long ago, many businesses were wondering whether or not they even needed a website.

It seemed so far-fetched that any of their customers would ever do anything but show up at their store or pick up the phone to place an order.

How quickly times change. Now, a business isn’t considered legitimate until they have a web presence.  No matter what it is you sell, odds are your prospects are going to visit your website to decide if you’re even in the running.

I’m hard pressed to think of an industry or business category that doesn’t rely on their website as the main workhorse in their marketing arsenal.

It used to be that you had an opportunity to make the sale when someone walked into your retail location, your salesperson called on the buyer or you answered your phone.  But today, a good portion of the sales process has nothing to do with you actively engaging with the potential buyer.  They’re doing a great deal of their due diligence tire kicking without you being in the room at all.

It’s happening on your website, within social networks and with the help of a Google search.

Which makes what you put out on the web absolutely vital to your business’ success. You must build a website your users will love.

All of that being said – most websites stink.  They’re badly designed, built for the business’ ego rather than the customer’s utility and they’re out of date.

Why?  I think most businesses think of their website like an ever expanding junk drawer.  They just keep tossing more stuff in there and hope that when someone rummages through it – they can find what they need.

If you’d like your website to be the effective workhorse you need it to be, consider these best practices:

It should be an experience: Keep in mind that many people will decide whether or not to do business with you based on their web visit.  So you want them to have a memorable and enjoyable experience.   Get them interacting with you – give them a quiz, help them find answers to their specific questions or offer them something they might want to share with others.

In addition:

• Let your company’s personality be a part of the site — both in design and voice
• Simple navigation matters – make it intuitive
• Remember eye flow – give them plenty of white space and eye rest

Don’t talk about yourself: Talk about their world and how you can improve it.  Everything should be presented from their perspective, not yours. You might need an outside perspective to help you identify what truly matters to your audience.

In addition:

• Don’t over share – think hors’ oeuvres, not a six course meal
• Start at the 101 level — not every visitor will already be an expert
• Leave them wanting more so they call or send an email
• Keep the content fresh – stale content does not sell
• Cascade your content – start with a little and then let them choose to drill down for more if they want it

Make it easy, no matter the device: Don’t assume everyone is using a 15-inch screen.  Within the next couple years, the majority of web searches will be conducted on a mobile phone. Check your site on desktops, laptops, tablets and smart phones because if there’s one thing your users will love is being able to access your content no matter where they are.

In addition:

• Pay attention to page placement — your most important content should be above the fold
• Give them more than one way to navigate
• Use landing pages to help diverse audiences get where they want to go

Don’t let a mediocre website discourage prospects from becoming customers before they even shake your hand. If you haven’t already done it — start tomorrow.  Build a website your users will love and share and best of all — buy from.

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How to be a good agency client

July 1, 2014

I’ve been working in advertising agencies for almost 30 years now and I’ve had the incredible good fortune to work with some amazing clients over the years. Early in my career, before I had the deciding vote on who we’d serve, I also worked with some real jerks.

For most of us in the marketing world, we serve clients (could be an internal department or external, paying clients) and in most cases, we are also someone else’s client (vendor, strategic partner, agency if you’re client side, etc.) as well.

I thought I’d reflect on my life with clients (and being a client) …and share the best practices so we can all be a better client on the next go around. Have you ever wondered how to be a good agency client?

Talk to us about budget: It’s ridiculous how some clients make their agency jump through hoops to guess at the budget. We can’t help you spend your money in the wisest, most effective way possible if we don’t know the boundaries. If you don’t trust us enough to tell us – fire us.

Say thank you in your own way: One of my all-time favorite clients came over one Christmas week and serenaded us with one of her holiday favorites. What an incredible gift – to share something so personal with such affection and heart. I’ll never forget the experience.

Invite us to the party: We can be so much more helpful if you bring us inside. Let us interact with your c-suite, sales team, and customer service reps and be a part of the very early strategy sessions. We bring a very unique and valuable perspective – we’re informed outsiders. We can see with more clarity and less bias but we also know enough to ask the hard but insightful questions.

Trust us: Our job is to make you a rock star. To help you achieve and surpass your company’s goals. We’re on your side. In theory, you selected us to be your partner because you believe we’re good at our work. So trust us. Don’t let your personal bias or preferences lead you in the wrong direction – when we disagree with you, let us explain, from our experience and expertise, why we disagree and be mindful of your mindset. In the end, it’s your money and we’ll do as you ask, but don’t shortchange our desire to being your best ally.

Pay your bills on time: On the other end of the money — pay your bills on time. Odds are we jumped through hoops to hit your deadlines, and now it’s your turn. Don’t put your agency in the position of being your bank. Remember, they’ve incurred costs on your behalf, so don’t hang them out to dry. Everyone hits a tough spot and when that happens, talk to us about it. But don’t leave us in the dark.

Connect with us: We all want to work with people we like. Don’t hide your humanity. Show us your vacation pictures. Tell us your funny weekend story. Reminisce about the old job or the old boss. We don’t have to be best buddies (although it’s nice when that happens) but it’s human nature to work harder for someone you like. So let us get to know you on a personal level.

Celebrate with us: Marketing is usually a a winding road of obstacles and last minute adjustments, done at breakneck speed and involves a bit of risk. When it all comes together, it’s magical. Take time to celebrate with the entire team. Give kudos to the people who often don’t get the lead the team or enjoy the glory. Rewarding everyone with a special dinner or even a bagel break will fire up the team for the next challenge.

The lion’s share of agency owners and employees chose the profession because they love to use their creativity to help clients.

Letting them know you appreciate their efforts and actually helping them help you means you both get more of what will make you happy and successful.

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Is your website sales funnel-shaped?

June 24, 2014

There’s always a lot of buzz about SEO (search engine optimization), SEM (search engine marketing) and of course, Google rankings.

Rightly so – each of those plays a role in how effectively your website can serve you from a marketing and sales perspective. Your website should be sales funnel shaped.

But I think most companies approach the web a little like the fable about the five blind men who were asked to describe the elephant that stood before them. The man who was near the elephant’s leg reached out, touched the elephant and announced that an elephant was like a huge tree trunk. The man who was by the tail, after feeling it, described an elephant like a bullwhip and so on.

While none of them were wrong – none of them were right either. That’s exactly where many companies are when they think about how to leverage their website. They’re not wrong but they haven’t got it quite right either.

Lets step back and take a more holistic view of the website’s purpose for being. You might have a website because it:

• Gives you credibility – it proves that you’re real
• Tells the visitor what your company is all about and why you exist
• Lists/show what you sell/do
• Educates your prospect on how you are different from your competitors and help them make an more informed buying decision
• Helps your customers and prospects by making them smarter/better in some way
• Is an information repository so your customers can access things like users manuals, support forums, case studies, testimonials or other forms of thought leadership
• Provides ways to start a conversation, ask a question or give you feedback
• May serve as a shopping portal and people can buy right there

But if we step back even a little further and take a look from the 30,000 foot level, we can see through all those functionalities, your website is the entry point to your sales funnel. For most organizations today — your website is the initial point of entry that could lead to a sale today or five years from today.

That doesn’t happen by accident. Getting them to your site isn’t the end of the game; it’s just the beginning. Now your goal is to move them into and through your sales funnel. You have to build your site and everything that happens on it with that intention.

Whenever I think of a sales funnel, I picture one of those plastic funnels people use when they do an oil change. The top of it is really wide and the bottom is a very skinny hole. The funnel coincides with the know • like • trust equation.

The top of the sales funnel – know

The top of the funnel is for catching all those people who have no idea you exist or that you sell anything they might need or want. This is where you are hoping they’ll get to know you.

The middle of the funnel is filled with all the ways you either keep them on your site or get them to come back. With repeated exposure, you’re hoping they’ll come to like you.

The smallest section of the funnel is where you’re hoping they come to trust you through repeated interactions, you continuing to be helpful and demonstrating a consistency in how you talk, behave and perform.

Once they’ve willingly squeezed themselves through that tiny little section of the funnel, they’ll be ready to buy. But not before.

Let’s look at the first stage of the funnel (know) and what you can do to catch the interest of your web visitors and encourage them to get to know you a little.

At the top of the funnel we have people who’ve never heard of you and may have no idea they need or want what you sell. They might discover you by clicking on a link in a blog post or after reading about you in the newspaper. They might have a problem and be Googling to find a solution and your site is listed in their search results. They may see a Facebook ad or type in your URL off your business card that they picked up at a trade show. But at this point, you’re a stranger. They don’t know, like or trust you. And we know we have to earn their trust before we can earn their money.

At that moment, your website has to be helpful or relevant enough in some way that they spend a little time on it so they begin to get a sense of you and how you might matter to them.

This is a do or die moment. If the visitor pokes around the site and then leaves, they might never return and you’ll never know who they were or if you could have served them. That’s how it works on most websites. If I asked you to show me a list of people who were on your website in the last six months, could you do it?

One of the appealing aspects of using the web to pre-shop is the anonymity of it. To get someone to introduce themselves to you — you have to either give them a compelling reason to keep coming back or better yet, you have to create the opportunity for an information exchange. You have to offer them something that is valuable enough that they’ll give you their email address in return. While it sounds simple – think of how many websites you visit and how few capture your contact information.

What does that look like? You want to offer something that’s a low barrier to entry. It doesn’t feel too intrusive. It could be any of these:

• Sign up for our Enewsletter or regular tips
• Get a copy of a how-to report, whitepaper or cheat sheet
• Take an online course via email
• Get access to unique content behind a firewall
• Join a discussion group/closed forum
• Be notified when new content/information is available
• Download an eBook or watch a short video series
• Sign up for a webinar or phone conference

Once you’ve done made that initial connection and you have a way to stay in touch – you can continue to be helpful which will keep the conversation going. At that point, one of two things is going to happen. As they get to know you/your company – they’re either going to decide they like you or they don’t. Both are great outcomes.

If they like you, they’ll stay in the conversation and get to know you even better. If they don’t like you, they’ll go away. Now you don’t have to waste any energy on someone who was going to be a bad fit.

The middle section of the sales funnel – like

To move someone from the start of the process into this section requires a mix of bravery and generosity on your part.

Keep in mind that most prospects are pretty skittish. Whether it’s in a retail store or online, they’re used to being chased around by over eager salespeople that pester the poor potential buyer until they flee. That’s one of the reasons many people do a significant amount of their shopping online. The anonymity allows them to browse without pressure.

That’s why you want to load up your website with lots of content that has no barrier to consumption like blog posts, testimonials and FAQs. Those elements will generate traffic to your site. The strategies we talked about last week – where there is an exchange of information (their email address for some downloadable tool or content) begins to thin the herd. The tire kickers will avoid the opt-in level, preferring to stick with your free content. And that’s fine. Until they move to the next level, they’re not ready to buy. Once they trade you their email address for some content, they’ve indicated that they are open to hearing from you.

I find it hard to believe I have to actually say this but I’ve seen time and time again that I do. There is absolutely no reason to collect email addresses if you aren’t going to actually send them something.

And that something cannot be a sales pitch. I’ve seen so many businesses stumble here. They didn’t give you their email address so you could hard sell them or immediately try to get an appointment or schedule a sales call. They gave it to you so you would keep sending them information that’s valuable to them.

That is your litmus test. Each and every time, before you hit send, ask yourself “is this going to be valuable to my audience?” Time for a re-write if your honest answer is no.

Assuming you keep producing helpful content and you actually send it out consistently – the prospects will let you stay in their in box. Week (or month or quarter) after week, you’re there. You’re teaching, helping and they are getting a little smarter and a little more comfortable with you each time they hear from you.

You should also use those regular emails (or however you decide to connect with them) to drive them back to new content/offerings on the website. Maybe you produced a demo video series or you’re hosting an educational event that you’d like them to register for.

While we are focusing on your website, it certainly shouldn’t be the only tool in your toolbox. Your sales funnel should be armed with both digital and traditional tactics. They work together hand in glove, each strengthening the other.

The days of your website just being an online brochure are long gone. Be sure your web presence is the sales workhorse it should be by building a sales funnel around the know • like • trust = sales equation.

The last section of the sales funnel – trust

Having the right timing matters. You don’t get to this part of the funnel after the first couple interactions. If I see one consistent mistake, it’s that people shift into these sorts of strategy way too early. It’s like meeting someone in a bar and proposing the same night. Odds are you aren’t going to get too many yeses.

I totally get it from a business’ point of view and have often felt that frustration myself. You’ve shared your expertise. You’ve answered their questions. Surely they should be ready to buy by now. They obviously like what you do enough to keep coming back. So why aren’t they buying?

In my thirty years of being in business, I’ve rarely met a buyer who is as anxious to make the sale as the seller. Sure, there are those customers who come to us in crisis, and we scramble to put out their fire but they’re not the norm. So what do we do? We hang in there, and we keep being helpful and we work to stay top of mind until they’re ready to move forward.

The other factor to remember is that while we are the ones who build the sales funnel, it’s the prospect that moves through it and they control the pace and direction. So while one prospect may linger in the getting to know you (remember our know • like • trust = sales model) or growing to like you section for years, another may whip through both of those and be willing to trust you enough for a trial purchase in a matter of a couple visits.

For your website to truly be an effective sales funnel, you need to offer different levels of engagement, so the prospects can move themselves through at their own speed. As we talked about in the last couple columns, that means free content (text and video if possible) and content that you’ll give them for an email trade. But what kinds of things should you have available for those who are ready to consider a purchase?

Believe it or not – one that many companies miss is having contact information on the site. Don’t make me look for your phone number or email address. If you have the capacity, live chat is great. But make sure I can contact you and give me more than one method. If you have a brick and mortar presence, be sure you list your street addresses as well, with a link to one of the mapping sites.

You can also offer the ability to schedule a call, demo or take an assessment that will require you contact them (usually by email) with the results.

Remember that most buyers want to be pretty sure they’re going to buy before they speak to a salesperson or company representative. When they do reach out, they may have some final questions but they’re very close to making a buying decision. Which means you need to be ready to respond quickly once they do trigger that next level of readiness. Test your site and all your internal systems to verify that nothing is going to get in the way of you finally connecting with this potential buyer.

Today’s consumers want to be able to shop us on the web. How well that works for you is completely in your control. Is your site ready?

P.S. I found the great graphic on a SocialFresh blog post.

 

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I confess — I don’t write these posts on my own

May 27, 2014

I have a confession to make. I don’t write my blog posts on my own. I’m just not a good enough writer. And I’m even worse at proofreading.

That’s why I use Grammarly’s proofreading software because, with my luck, public would become pubic without its keen eye keeping me on the G-rated side of the tracks.

When I started in the business, every time we drafted anything, it immediately went to the proofers. Over the course of an ad’s creation or a brochure’s multiple drafts — the proofer was there at every turn, making sure we writers didn’t embarrass ourselves or our clients.

Think of Grammerly as a much less intrusive, less time-intensive insurance policy for today’s much faster paced world.

So much of the content we create is either live — tweets, Facebook updates, etc. or done on the fly like blog posts that we’d better have a back up plan. All you have to do is drag and drop your copy into the Grammerly editing window and voila — it catches all of your mistakes and even suggests alternatives.

Here are some of my other “try not to embarrass yourself Drew” writing/editing proofreading tips:

I read my posts out loud.  Some people suggest reading your content backwards, but I want to hear how it sounds so I know how the readers hear it in their head.

When possible, let it sit overnight. I’m always astonished and disappointed at all the errors I find when I go back the following day to something I’ve written.

Know your own bad habits. My brain moves faster than my fingers so many of my errors are just sloppy typing.  Maybe you struggle with then/than or to/too/two.  Whatever it is…watch for the repeat offenders.

Never forget to spellcheck. It’s fast and free. But don’t count on it to catch everything.

We create content to demonstrate our expertise and to encourage people to trust that we’re capable and qualified. Don’t let silly mistakes or sloppy writing undo your efforts.

Note:  The folks at Grammerly gave me a trial subscription to their software and asked me to test it out.  They invited me to write a blog post in exchange for a gift card.  I want you to know — I now choose to pay for a subscription because the tool is valuable and I wouldn’t be writing about it if that weren’t the case.

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Is creativity bad for marketing?

April 8, 2014

As a writer just typing the question – is creativity bad for marketing – hurts a little.

Advertising and marketing people pride themselves on their creativity. After all, it’s one of the lures of the profession for most of us.

But does it serve our businesses and our business goals?

On the surface, it’s easy to argue that creativity is essential to good advertising and marketing. Whether it’s strategic nuances and insights, being innovative in your brand and how you express it, or marketing materials that capture the audience’s attention and imagination – all of those are built on a foundation of creative thinking.

But I’ve been in some situations recently where it was evident that the long-term objectives were not being well served by an infusion of creativity. Then, sadly the answer is yes…. creativity can be bad for marketing.

So let’s look at how the very thing we work so hard to capture can also be a detriment.

Too many ideas: This can be a killer. When a team is on fire with great ideas and falls in love with them all, the end result can be a mess. Sometimes the team tries to pack in all the ideas so rather than building a message hierarchy where you lead with your key message and then support that message — you get five pounds of ideas shoved into a one pound bag. That results in a lot of superficial messaging rather than a well-developed story with depth and relevance.

The other possible outcome of too many ideas is that the team decides to use them all sequentially. That typically means that no one idea is left in place long enough to really take root. Remember, about the time that we as the creators are getting sick of the ad/brochure/tagline etc. is about the same time the intended audience is just noticing the communication. If you pull the plug too soon, you lose all momentum and have to start all over.

Unbridled creativity: As the brainstorming pendulum swings, it often goes to an extreme that’s beyond the audience’s sensibilities. Sometimes a team can get so enamored with being provocative or wildly creative that they forget who their audience is. We’ve all seen ads that were very outlandish and got a lot of attention but in the end, were too far over the top and the company ended up issuing an apology or retracting the ad.

Marketing has a very simple purpose – to sell something. It might be selling a product, or an ideal or a candidate or a charity’s cause. But it does not exist to entertain, provoke a reaction or win awards. If it sells AND entertains, all the better. But it needs to do its job. Which means the audience’s perspective must always be front and center.

Cart before the horse creativity: Believe it or not, good creativity is actually the outcome of a very disciplined process, at least in marketing. To truly be creative in a way that nets the desired results, you have to do your homework before you release the creative juices. Until you define the goals, identify and get to know your audience and understand your unique position in the marketplace – you hold your creativity in place.

When you unleash it too soon, you may come up with the most compelling marketing tools that drive the audience to action, but they might be the wrong audience, might be taking the wrong action or might play to one of your competitor’s strengths.

Like most things, creativity isn’t good or bad, at least not in the world of marketing. It’s how we use it that makes it either a huge asset or a hindrance to us achieving our ultimate marketing goals.

 

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Danger! Distraction ahead!

March 14, 2014

There’s a lot of discussion around the notion that our attention spans are shortening. Forbes recently blamed it on social media and the nonstop 24/7 media barrage.

While I think our uber plugged in lives certainly contributes, there’s more to the story. Yes, we are being bombarded with more information than ever before but we also distract ourselves when we don’t keep things in perspective.

For example, one of the greatest dangers to our focus is actually all the attention we afford our competition. Should we keep an eye on them? Sure. But we shouldn’t let them pull us off course.

Have you ever had the experience of driving along, paying attention to something off in the horizon and next thing you know, you’ve driven to that spot?  And it wasn’t where you meant to go?

The same phenomenon can happen in your business.  Most business owners I meet pay a lot of attention to what their competition is doing.  In the good old days, you might watch for a competitor’s ad in the newspaper. But today, you can track tweets, Facebook page updates, their Pinterest boards, blog comments and a whole host of other streams of information. You could literally be monitoring your competition like it was a full-time job. While we definitely need to keep an eye on the competitive landscape, there’s a very fine line.

The danger in keeping track of the other guys is that you lose track of your own path.  We tend to move towards what we pay attention to. (Re-read that last sentence…it really is that important.) You don’t want to let your competitors determine your marketing strategy and that’s exactly what’s going to happen if you spend too much time and energy keeping an eye on their activities.  When you feel it happening your brain needs to broadcast — Danger! Distraction ahead!

Or else, you’re at risk of:

Deplete your resources: You have only so many hours and so many dollars. If you let your competition re-direct your attention and your marketing messages – pretty soon, you’ll run out of opportunities to tell your own story.

Look like you’re playing the “us too” game: No one is impressed with a copycat. Even the coolest idea or product benefit falls flat when someone else has already claimed them as their point of difference. No one’s going to see you as an industry leader if you’re always a follower.

We know that it takes a fair amount of repetition to seed your message. The last thing in the world you want to do is invest time, money and your audience’s attention just to divert it with a completely different message that is in reaction to your competition. It’s like getting to the final mile marker of a marathon and then swerving off course, only to have to go back to the starting blocks when you want to resume your own race.

You want to be the leader in your industry, not follow someone else.  The best way to beat your competition isn’t watching what they do.  It’s doing what you should be doing.

If you have and follow a marketing plan — you can enjoy the best of both worlds.  The marketing plan keeps you on your course and heading in the direction you have determined.  When you know where you’re headed and keep checking the map to see that you’re on course, you can afford to peek at what the competitors are doing.

You should keep an eye on your competitor…but you shouldn’t let them change your game plan. It’s much easier to stay on track if you have a well-defined track to begin with.

Odds are, if you set and follow your own course, your competitors will be the ones following you.

 

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Who determines absolute value?

March 5, 2014

Many people, myself included, believe in the power of a strong brand. Brand positioning has influenced buying decisions for years and a company with a strong sense of their own brand and a commitment to authentically walking out that brand is at an advantage over their competitors.

In the past, a great brand could significantly influence if not determine the absolute value of a product or service.

But, is that marketing truth evolving?

I’ve just finished reading the book Absolute Value, What Really Influences Customers in the Age of Nearly Perfect Information* by Itamar Simonson and Emanuel Rosen and it digs into this issue. The book offers many examples of how consumers have viewed and evaluated brands in the past and how they are coming to interact and judge them today. When you see the trends spelled out, in example after example, it’s pretty eye opening.

To kick things off — the authors list 5 widely held beliefs and suggest that they are all becoming less true today.

1. A company’s brand is more important today than it has ever been
2. Nurturing loyalty should be the marketer’s primary, day-to-day concern
3. All customers are irrational
4. An overload of opinions may actually paralyze people
5. Positioning is the most important part of the marketing game

The authors assert that most brands are losing their role as a definer of quality and that a consumer’s past satisfaction is not as anchoring as it used to be. They also contend that because of the abundance of rational information that is so readily available to all of us, our methods of evaluating products and services has changed dramatically.

We really don’t shop/buy the way we used to. Let’s say you need to buy a car. Back in the day, you either went to a dealer based on your brand preference or you might have reacted to a TV spot or your neighbor’s experience.

But today, what would you do? You would look online and read the reviews. You’d look at safety reports. You’d then go to a site and could review exactly what the dealer paid for any car you were interested in. Finally, armed with print outs and a price you knew was 3% over dealer invoice, you’d head to the dealership.

Suddenly, you have access to all kinds of data that wasn’t readily available a decade ago and much of that data is ranking, grading and critiquing the item in question.

Given those two choices – a fuzzy brand preference or hundreds/thousands of reviews from other people – which do you think will influence you more today?

If you’re like most other people, you’ll trust the masses more than your own perception or previous experiences, unless you’re already a brand zealot.

That’s where the problem comes in for marketers. In this new marketplace, there’s a voice that is overshadowing theirs. And it’s not just word of mouth. It’s word of mouth, amplified. Many voices and they’re so much easier to find/listen to. And it turns out, their collective wisdom and experience is quite compelling.

This book is a thought provoking read. (Buy a copy of the book**) It will make the marketer in you tilt your head and really wonder about the effectiveness of your efforts. It will make the consumer in you examine your own purchasing patterns and identify some of your biggest influencers.

But whichever hat you’re wearing — it will force you to look at our world and your work in marketing a little differently. Just like your consumers are doing.

 

 

 

*I received a copy of this book from Emanuel Rosen but I really did read it and I really liked it and found it thought provoking.  You’d be amazed at the number of books I receive that I don’t really like… and therefore, don’t mention to you.

**Amazon affiliate link

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