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

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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.

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10 Ways to Build an Audience & Grow a Customer Base

There are many ways to grow an audience and build a customer base.

Here are 10 strategies for you to grow your audience and build a customer base.

1. Starting a Blog based on Buyer Personas

Create a blog within your website focusing on customer pain points discovered in your buyer personas.

Image via http://www.garrisoneverest.com/inbound-marketing-2/how-to-implement-inbound-marketing/

2.Use Social Media to share Blog Content

Share the content of this blog on Social Media channels such as Twitter, LinkedIn, Facebook, Instagram etc….

3. Employees LinkedIn Company Pages & LinkedIn profiles

Start publishing on your LinkedIn company page. Also, encourage employees publish and share content to their LinkedIn profiles if you are not doing so.

4. Content Repurposing

http://bluepolointeractive.com/ 

Repuropse blog content in the following ways: On SlideShare,

http://www.whitehatmedia.com/sites/default/files/styles/large/public/linkedin-buys-slideshare.jpg?itok=PZQMLnYm

YouTube videos, podcasts, ebooks, whitepapers, newsletters, webinars etc…

5. User Groups

Create a user group on LinkedIn, and Facebook to facilitate discussion of your product and service.

6. Twitter Chats

Host Live Twitter chats on topics that are important to your customers

7. Using Groups to organize and announce off-line events

Use LinkedIn and Facebook groups to organize off-line events such as trade shows; invite customers to provide in person testimonials to prospects.

8. Stay In front of Customers

Be where your customers are, share a value message based on Market Research,Customer Analysis, Big Data Analytics and Competitive analysis.

https://marketingtruth.wordpress.com/category/analytics/

Image via http://smartdraw.com

9. Content  & Customer Retention

Create content to keep current customers engaged; share new features and ways they can get the most out of your product or service. Use the content to stay in the mind of customers.

http://www.invespcro.com/blog/customer-acquisition-retention/

Use your blog and product check out to ask customers to opt in to your marketing messages. Once you obtain permission, you can create email marketing campaigns targeted to subscriber needs and interests.

10. Develop Marketing Partnerships & Relationships

Strength comes in numbers. It helps to have other noncompeting businesses with complementary products promoting your product and services. These businesses can have a similar customer base and audience that can help your business.

Cross promote partner content/offerings on Social Media and at events to facilitate a reciprocal relationship.

Bonus Tips Statistics & Related Content

http://www.marketingcloud.com/blog/wp-content/uploads/2014/06/audience_infographic_w640.png 

How have you built an audience and customer base?

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 a Start Up, 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 15,000 followers on LinkedIn & over 10,000 on WordPress.

Dan is seeking a full-time marketing role in Direct, Inbound, Digital, Content & Social Media Marketing. 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.

 

Sales Reps: Want to Boost your Sales? Study your Sales Data & Do the Math!

Math and Sales Data are essential to improve the sales efforts of Sales Reps. The use of Math and Sales Data can provide a wealth of insights in terms of how effective a businesses sales campaigns are doing. In my previous post, How to be your own Manager of Sales, I detailed how Sales Reps could track their own sales numbers using a Closing ratio.

“Closing ratio is calculated by taking the number of sales you make per day, dividing them by the number of sales calls you have made and setting it equal to X/100. Next set each of the proportions equal to each other, cross multiply and solve for X. For example, if I made 3 sales per day and made 30 calls per day; my closing ratio would be 10 percent. 3/30 = X/100 = 10%. Try this with your own sales numbers”

Our closing ratio can be further extended to examine the number of exposures it takes to convert a prospect into a customer. I will call this the Prospect to Customer conversion ratio. The prospect conversion ratio is a great way to examine your prior sales calls to determine how hard you will need to work to get the sale. For example, during my time as an Outside Sales Rep in NYC; it would take me as many as 10 exposures before I was able to convert some prospects into customers. Some times the number of exposures were as low as two or three or some were as many as 20. Typically, if I cold called and the customer never heard of my product it usually took about 10 exposures. To calculate this ratio for a particular customer,I would take the number of times I called on the prospect and divide it by 1. For example, if it took me 20 exposures to convert the prospect to a customer, I would divide 20/1 and my prospect to conversion ratio would be 20/1. If it took 10 exposures, the ratio would 10/1 for that particular customer. If you track your prior sales calls and examine the Prospect to Customer conversion ratio; you will notice a pattern in the number of exposures to sales in many cases.

However, this method will work in all cases. Remember, not all prospects are created equal. As a Sales Rep, you need to prove to prospects that you and your product are worth it’s purchase price. There are no free customers unless you are calling on a new start-up. In most cases, Sales Reps will need to take prospects from competitors.

Using both the closing ratio and the prospect to customer conversion ratio; will provide Sales Rep with invaluable snapshot insight into how they hard you need to work along with how effective they are in the field. If you are a Sales rep and you are not examining your call patterns, I guarantee that your Sales Manager is!

In fact, most Sales Managers use both the closing ratio and the prospect to customer conversion ratio to set sales goals and daily sales call requirements for Sales Reps. This Math and Data analysis is also used to help Sales Managers mentor their team.

As you can see, studying the data from sales calls and doing the math using ratios are power methods for Sales Reps to use to boost their sales.

 

How the Romney and Obama Campaigns use Big Data to Market themselves to Voters

Today is Election Day in the United States. There are many candidates who are up for election. However, the most followed race is the Presidential race between Barack Obama and Mitt Romney. These candidates have been selling and marketing their vision for America for many months. These candidates have been doing everything they can to get elected. Their campaigns resemble those of consumer products. These candidates send out direct mailings. They make in person appeals for your vote along with commercials.  Consumer product companies use these marketing techniques. Both candidates are using social media effectively. There is a big focus on which campaign is the most effective on social media. However, social media is a basic requirement for every marketer and politician to promote, sell and market their platform of ideas. Being that everyone is expected to be on Social Media channels, I think that big data and its use is a more interesting topic.

The Romney and Obama campaigns are using big data to reach out and market to voters. The candidates are using their websites to market to voters. According to a report that aired on Bloomberg West, Barack Obama’s site barackobama.com is placing 87 tracking cookies on people’s computers who access the site. Mitt Romney’s site mittromney.com is placing 48 tracking cookies on people’s computers. For those of you who don’t know, cookies are software that track what sites you visit online. Many marketing and retail companies use data obtained from cookies to market to their companies.  So what are the campaigns doing with all of this data? Both campaigns are using the data obtained from these cookies to create targeted ads to voters according to a Bloomberg West report.

In a race that is neck and neck, each campaign needs to pull out all the stops to win.  Big data that is obtained from these tracking cookies can help the candidates create messages to engage voters. Soon enough we will know who the winner is. No matter which candidate is your choice, remember to go out and vote!