How to be a CMO & Create the Marketing Function of an Organization

EY-the-average-cmo.JPG

image via http://www.ey.com/gl/en/services/advisory/ey-dna-of-sales-and-marketing-leaders-reinvention-of-the-cmo#.WCsll-YrLIU

The role of CMO needs to focus on more than just marketing to increase sales as seen in this chart.

Image via http://blog.marketo.com/2007/04/are_you_a_cmo_o.html

To have success in the CMO role, you need to: get executive buy in on authority and the ability to make changes, otherwise you are doomed to fail.

Brand Message and Content Marketing

From a brand stand point, the brand messaging need to be in alignment. It should not take a genius to understand what your product does and how it will help the customer. To achieve this goal, you need to do the following: Audit, understand and improve Brand message, voice, sales, marketing collateral, print and digital properties.

Do the above before starting a content marketing program if the organization sells products because you will need to build and create a content tilt to be found by customers in search.

Developing Sales Processes and Shortening the Sales Cycle

Sales Managers hired; should train sales staff properly and hold Reps accountable to hit Revenue Goals. If you are tasked with creating/building out the marketing function of the organization, make sure that support staff are trained by the Sales Manager to handle inbound leads. Sales staff should be trained on objection handling, prospecting, product knowledge, making Sales, post Sales follow up and obtaining repeat business.

SMarketing

Have marketing partner with Sales. Go on Sales calls to understand customer objections /pain points to improve messaging and product. The goal of any Sales and Marketing program is to shorten sales cycles and increase Revenue.

Defining Your Target Market and Sales Channels

Audit, understand, and improve the sales structure of the organization, sales operations and sales processes. Define Sales Rep territories, compensations and commission structure using analysis that includes data from customer acquisition costs and ROI.

Decide if you will sell your product directly to customers or through re-sellers. Some companies do both.

Sales Management/Sales Reps

Hopefully if there is Sales Leadership at the company when you arrive, this will be handled. If no Sales people are present, start this process yourself and hire a seasoned rep or Manager from a larger competitor. If Sales leadership is there but has not done the above, give them a Sales Leadership improvement plan, look for a seasoned replacement and fire them. This applies to Sales Reps as well.

Market Research

Understand customers and buyer behaviors.

Share buyer personas and research with the sales staff.

image via smartdraw.com

Have sales staff complete a competitive analysis on how your company stacks up against your competition in the marketplace.

Product Development

Use Market Research to collaborate with product to come up with ideas for new products, features, promotions and pricing strategy.

Crossing the Chasm and Selling into New Markets

image via http://4.bp.blogspot.com/

Identify new markets to sell into. If Sales are stagnant, find a way to get in front of your customers before they become customers by using pricing in a crossing the chasm style analysis.

Proving you’re a CMO

Position marketing a source of revenue rather than a cost by putting marketing at the center of the organization. Showing how marketing can make an impact on the income statement beyond increasing sales. Show how marketing makes the organization run better.

Talent Branding

Improve the talent brand by creating a job site with employee stories. This job site will increase the amount of applicants and reduce recruitment advertising costs. Write more appealing job descriptions.

Attempt to make the organization the company of tomorrow by making it cross functional.

Company Revenue and Financials

Ask about the financial health of the company i.e. Churn rate, burn rate, Profitably, funding etc…

image via pinterest.com/explore/churn-rate

Ask the CEO about cash flow and if they can commit large amounts of cash to developing/executing marketing programs.

image via http://www.accountingcoach.com/financial-ratios/explanation/4

Data Driven Decisions

Above all, CMO’s need to use Data from Financials, Sales, Revenue and Analytics to make marketing decisions. The Data needs to be used continuously to justify marketing decisions and to pivot when marketing programs are not working.

The duties of the CMO will vary by industry and company size but these are the basics that a CMO must do to be successful.

What do you think makes a successful CMO? Comment and Share.

About the Author

Dan is passionate about using Marketing to help businesses drive sales. HubSpot Certified in Inbound Marketing, Dan has worked on various marketing assignments including Start Ups, a Political Campaign & a Digital Marketing Conference.

Prior to teaching, Dan served customers as an Outside Sales & Marketing Rep in NYC. In this role, he taught & trained Dentists on the company’s products & services using a consultative selling approach combined with direct marketing. He also supported the company’s marketing efforts at industry trade shows.

He writes & publishes a business blog on the topics of Sales, Marketing & Social Media entitled Sales, Marketing & Social Media Today; which has grown to over 16,000 followers on LinkedIn & over 11,000 on WordPress.

Dan is seeking a full-time marketing role in Direct, Inbound, Digital, Content & Social Media Marketing. He is willing to be a CMO to create and build out the Marketing function of your organization if it does not exist. If your company is hiring for roles in these areas, contact him directly via a free LinkedIn Message or email him at Dan@DanGalante.com to set up interviews.

How Brands Can use Cultural Diffusion to Sell & Market Products Abroad

things-to-know-before-entering-international-markets

image via marketing 91.com

The United States is an established country with a built up infrastructure. Depending on the product and industry, brands may see product sales hit a plateau based on a high market saturation rate.

Go to Market Strategy

One go to market strategy that brands may use to increase product sales is to sell into new markets. Chances are that brands have exhausted all markets and customers based in the United States. Upon reaching this conclusion, brands need to decide if they want to sell and market their products abroad based on the principle of cultural diffusion.

Cultural Diffusion

Cultural diffusion is the spread of one civilizations ideas, customs and beliefs from:

1. one nation to another

2. from another area or region to another.

To see if international marketing makes sense for brands, they must list the positives and negatives of this go to market strategy. Positive benefits include the chance to increase sales and gain revenue from a new source. A negative of this go to market strategy is that it will require a large outlay of operating cash to implement and execute. This may drain resources from other programs in the organization.

Contacting Local Authorities

Before brands can start selling products abroad, they need to check with the commerce division of the Foreign country’s government. The Commerce division of the government can guide brands on the proper procedures needed to sell and market products abroad.

Market Research

image via smartdraw.com

New Market research needs to be conducted for the international markets brands intend to sell into. This research includes, new buyer personas, competitive analysis, cost of customer acquisition, pricing, promotions, understanding local laws and customs.

Product Development

Product specifications need to be aligned with the customs and laws of the country. These products may need to be re-branded with a different name. Outside of the US, product measurements need to be converted to the metric system; triggering a change in the product packaging.

Examples of International Brands

A few examples of Global brands are Starbucks, McDonalds, Auto makers and Oil companies.

Starbucks

image via http://chinaexpat.com/wp-content/uploads/u659/starbucks.jpg

Starbucks operates stores abroad and follows local customs.

McDonald’s

A McDonald’s in Riyadh, Saudi Arabia. Businesses as well as people can exemplify cultural diffusion.

Image via http://www.p12.nysed.gov/ciai/socst/grade3/geoimages/Image16.gif

McDonald’s uses local ingredients to make its food. For example, in Greece they fry french fries with olive oil. McDonald offers alternative sandwiches in countries where citizens are not allowed to eat beef and pork.

Exxon Mobil

https://goodlogo.com/images/logos/esso_logo_2709.gif6

Exxon Mobil, operates under the brand name ESSO in Europe and uses the metric system to measure gasoline.

Auto Makers

Image via Dan Galante

Global Automakers , use the metric system when making cars and trucks. Also, these cars and trucks are made to the specification of local laws. Vehicle models made for foreign markets have different brand names. In England and other UK countries, the steering wheel is on the opposite side of vehicles made for the US market.

Deciding What an International Go to Market Strategy will look like

Once brands have an understanding of customer needs and competitive analysis, they need to decide what channels to use to sell their products. Brands can set up stores and offices that sell direct to the end-user. They may decide to partner with distributors who sell to the end-user directly or through licensing and/or use an e-commerce model. Brands may decide to use a combination of the above channels. They also need to decide how many people will need to be hired to execute the go to market strategy.

Using Data to Make a decision about whether or not to Implement an International Marketing Strategy

All the numbers and projections need to be calculated to see if International marketing is right for Brands. Each brand need to examine its financial health, and come up with an investment amount needed to execute an international go to market strategy. This amount needs to be measured against: financial health , potential sales, revenue, profits, cost per customer acquisition, market research, procedure to enter the market and opportunity costs. Based on these numbers, brands may decide to enter the market or use their operating cash for other programs.

CMO’s are you selling your products abroad? Why or Why not?

Comment and share below.

About the Author

Dan is passionate about using Marketing to help businesses drive sales. HubSpot Certified in Inbound Marketing, Dan has worked on various marketing assignments including Start Ups, a Political Campaign & a Digital Marketing Conference.
Prior to teaching, Dan served customers as an Outside Sales & Marketing Rep in NYC. In this role, he taught & trained Dentists on the company’s products & services using a consultative selling approach combined with direct marketing. He also supported the company’s marketing efforts at industry trade shows.

He writes & publishes a business blog on the topics of Sales, Marketing & Social Media entitled Sales, Marketing & Social Media Today; which has grown to over 16,000 followers on LinkedIn & over 10,000 on WordPress.

Dan is seeking a full-time marketing role in Direct, Inbound, Digital, Content & Social Media Marketing. He is willing to create and build out the Marketing function of your organization if it does not exist. If your company is hiring for roles in these areas, contact him directly via a free LinkedIn Message or email him at Dan@DanGalante.com to set up interviews.

AAEAAQAAAAAAAATWAAAAJDg3MWM4YWM0LWMyMWYtNDQwOC04OGU0LTg0NDVhYWQ3MzE1Mw

 

 

 

 

How to use Engagement to Generate Leads at Trade Shows

Generate Leads at Trade Shows by Keeping  Prospects Engaged

image via mediashower.com

It is important to attend industry trade shows either as an exhibitor or an attendee. Trade shows are a great way to keep up to date with trends in your industry. This will allow you to improve your product knowledge and assess the needs of customers in the market place.

Trade shows are a great place to interact and market your products & services to prospects in a relaxed atmosphere. The prospects visit the shows voluntarily as opposed to the traditional B2B direct Sales model and cold calling where prospects are not expecting to be called on by sales people.

Trade shows are a great place to generate leads because prospects go to them looking to make purchases either at the show or soon after. If you are an exhibitor, require attendees to give you their contact information to see a demonstration of your product. Your demonstration must engage customers. A good way to do this is to have prospects  take part in your demonstration if possible so they form a connection with the product. This is similar to a test drive.

Another way to generate leads is to design engaging contents where customers have to fill out surveys about their buying habits. Surveys can be a great way to get information about prospects and customers. You can ask specific questions that ask:

1. What are you looking for in this product or service?

2. When are you looking to make a purchase?

3. What product or service are you currently using?

Questions should be open ended; allowing prospects to accurately supply information but simple enough to allow them to be answered in short amount of time.

If you are doing a trivia style contest, you make questions multiple choice.

You can offer small incentives such as branded merchandise such as pens, pads, shirts, gift cards etc.. in exchange for filling out a survey or performing a desired action or behavior.

Surveys can be completed through branded tablets & computer kiosks. The information from the survey can be stored in CRM software such as Salesforce or ACT! This can be the start of an informal conversation which you can follow-up on later.

These are strategies that you can use for lead generation at trade shows.

How do you generate leads at trade shows?

About the Author

Dan is passionate about using Marketing to help businesses drive sales. He has worked on various marketing assignments that include a Start Up, Political Campaign & a Digital Marketing Conference.

Prior to Teaching, Dan served customers as an Outside Sales & Marketing Representative in the Dental industry. In this role, he taught and trained Dentists on the  company’s products and services using a consultative selling approach. He also supported the company’s marketing efforts at industry trade shows & in the field through lead generation of Digital Technology along with large Dental Equipment.

Dan is seeking a full time marketing role in New York City. He is interested in roles in Direct, Digital, Content & Social Media Marketing. If your company is hiring for roles in these areas, contact him directly via a free LinkedIn Message or email him at Dan@DanGalante.com to set up interviews.

Boost Sales and launch Brands with Interview Marketing

When strangers get to know one another for the purpose of friendship, dating, employment, selling and networking; they ask questions about one another. This exchange of questions back and forth is known as an interview. Countless articles and books have been written about selling yourself in a job interview and the like. Now how can we take the skills of giving a good interview and apply them to Selling, Marketing and branding products? I call this Interview Marketing. Interview Marketing has been used by political leaders to sell ideas, business leaders to build brands and sell products along with launching careers of the unknown. For Interview Marketing to be successful, the person being interviewed need to be able to answer questions that are both scripted and unscripted. For example, politicians do this by working with their press people while hitting the Sunday morning talk shows. The person being interviewed also needs to be confident and have total product or idea knowledge of what they are sharing. Business leaders do this when they appear on CNBC, Bloomberg TV and the like. When business people share their opinions or analyze a story being discussed, they demonstrate their skills and expertise to a world audience of prospects. Businesses have sprung up around the concept of Interview Marketing. These businesses have you meet with a journalist to record an interview that they then in turn market to major news outlets for sharing. It’s no wonder that many people have the as seen on TV logo on their profile and products. People and businesses that are unknown use Interview Marketing when they appear on programs like SharkTank. People call this a pitch.Yes businesses appear on programs like this to

get funding but many that do not get funding from the Sharks get discovered from the media exposure the show provides. So if you get asked by someone to do an interview about your product or service; do the interview.

How Laws and Mandates Create and Disrupt Markets

Laws and mandates have major changes on the products and services that we use. Markets for goods and services are created and disrupted. An example of this is the Prohibition era in the United States. Prohibition was a time when the sale of drinking alcohol was made illegal by States and the Federal government. The logic behind the ban was that quality of life would improve because the consumption of alcohol would decrease. But did this happen? Nope. Instead the sales of alcohol skyrocketed. Bootleggers became rich by selling alcohol. All Prohibition did was disrupt the traditional alcoholic beverage market into a black market. People were able to make a business out of selling illegal alcohol.The same could be said for the sale of illegal drugs.

The auto industry also created a new market for the energy conscious with the release of the electric car and the hybrid. These changes created jobs in the green economy.

During my time the dental industry, I noticed a surge in product sales of Amalgam Separators. This occurred after an environmental law was passed across the United States; barring Dentist’s from pouring amalgam(mercury) used in fillings down the sewer. Amalgam had to be separated into a separator and disposed of through special means. Think of commercial waste.

If you want to see what markets will be created and disrupted; look to the laws and mandates of the government.prohibition-ends-daily-mirror-nyc1

Increase Sales by Firing your Worst Customers

Everyone has that customer that is a late payer, nasty  and/or a time waster that they wished they could fire. In previous posts, I have discussed how to deal with difficult customers, sociopaths and how to get customers to pay on time. However, there are some customers that need to be fired. The question is how to determine which customers to fire. As Dr. Tony Alessandra puts it, the good, the bad and the ugly. He goes on to describe how companies rank their customers and fire the bottom level of customers. You want to keep the good, try to convert the bad into the good group and fire the ugly.

But how do you determine which customers need to be fired? During my time in outside sales, I was faced with this very dilemma. I had the slow payer, the nasty customer, the customer who always ordered something and returned it. To properly assess which customers to give the ax to, you need to determine how much business they provide you with and how much of your time they take up. As a Sales Rep, or Business owner, time is money. You want to spend most of your time with your good clients, try to improve the relationship with the bad customers and fire the worst customers or the ugly ones. Once you have this list, you want to get to work on firing the worst customers by removing discounts and giving priority to your better customers. I always asked my good customers if they had colleagues who might need my services. However, I would wait until I have them delivered value with my products and services before asking for referrals.

By focusing on the best customers, improving your relationship with the bad customers and firing the the worst or ugly customers; your sales will increase dramatically. My numbers improved a lot when I used this method.

How has firing your worst customers increased your sales?