While technology executives are starting to get the role of Marketing, they still fall back on expecting shortcuts to deliver results.
I continue to be amazed, and optimistic, at how marketing is evolving within executive ranks. For those who follow me, you know it’s a personal pet peeve. Marketing is a discipline that is simply not understood or valued despite the lip service to the contrary. Even then, the lip service is actually genuine, in my opinion, as these same executives really do believe they understand Marketing; of course, that’s even more dangerous - both for the company as well as the investors. Let’s cut to the chase and identify the purpose of Marketing.
Marketing’s role is to drive business revenues through the development of products that meet an identified and sustainable market and develop and execute programs to create awareness and interest in the product and the company providing the product.
I know - it’s a long-winded statement. There is also a lot of subtlety there. While I’m very optimistic that I’m seeing more and more expressed interest and commitment to marketing, as well as an outright acknowledgement that company’s need it, I’m saddened because executives continue to think that Marketing means “generate leads” without any of the supporting aspects of my definition.
Here’s my proof point for all of you naysayers: what’s the first thing you do when someone mentions a company or a product to you that you’ve never heard of before? Give up? C’mon, this should be easy. Just think about your own personal behaviors. I guarantee it’s the same for everybody. Okay - I’ll tell you what you do. You Google the name and quickly assess what they do. If you don’t get it in about ten seconds, you leave. If you do get it but do not feel you are a candidate for the product, you leave. If you do get it and feel you might be a candidate for the product, you click further into the site; if nothing intrigues you further, or compels you to action, you leave. Have I proved my point sufficiently?
I could say it differently, if it helps. How about this? Marketing’s job is to make sure you don’t leave.
I’ll go one step further and state Marketing’s job is to make sure you don’t leave and that you are successfully and gracefully handed off to Sales who can then work you through the Sales funnel. Of course, Marketing must then make sure the Sales team has everything they need to support every stage of the funnel but that’s somewhat implied in my original definition of Marketing.
So what’s confusing about this? Thanks for asking. Allow me to elaborate.
Executives, this is where you pay special attention and you’ll see that Marketing is more than teleprospecting or press releases. You see, if you simply focus on “generating leads”, without any of the supporting pieces in place (remember, your prospects are going to check you out online before they ever engage with you) then
Marketing is doomed to failure, as is the company and the product.
For Marketing to succeed you need Marketing to own the following deliverables - without exception:
Identify a problem that can be addressed with a product that you can create that can be monetized through a sales channel that you can support
Define the scope and requirements of the product such that the market need is satisfied but ensures Engineering does not create a space shuttle caliber product when a paper plan would do the trick, if you know what I mean.
Create a viable go to market plan that includes:
o research competitive intelligence,
o establish unique value propositions and differentiators,
o identify appropriate pricing and corresponding distribution channels
o create compelling collateral to convey the product concisely,
o develop case studies to document the impact
o publish a web site to concisely engage and motivate the visitor to action
o sustain ongoing awareness and lead nurturing programs to develop the market
o integrate processes and technology infrastructure to manage and measure all activities
Execute against all of the above
Have Sales start calling prospects to augment business development, supported by all of the marketing deliverables previously mentioned
So if you’re still reading this, allow me to wrap this up with some pointed questions.
Understanding your own personal propensity to self-assess new products or company’s using Google, why are executives still skipping all of the first steps involved in marketing and going right to the outbound telephone prospecting? Do they think prospects don’t behave the same way? You know from your own behaviors that if you do that, your prospects will not see the website and the messaging and the calls to action to further engage with you and your lead flow will never appear.
Why do executives believe public relations are the answer to more inbound lead flow? Again, without the initial steps identified by marketing, any press release will simply result in the same behaviors of self-assessing the product or company and then disengaging.
If you can identify with being guilty of anything I’ve said here, contact me. I’ll gladly engage in any debate you want to have about the secret sauce outlined above and why it works. I’ll do it for free. I simply want my executive peers to stop making the same mistakes they’ve always made and instead create a product or a company that can succeed beyond their wildest dreams.
As usual, I expect blunt feedback. Bring it on.