Thought Leadership and the Buying Cycle
Organizations claim it. Industry gurus boast their credentials. Marketers include it as a key element of their overall strategy. Everyone wants it; few have it – thought leadership.
At a recent marketing meet-up, thought leadership was a hot topic of conversation. Amidst the canapés, glasses of white wine, and the exchange of business cards, talk of thought leadership came up frequently. What struck me was the level of interest for including thought leadership as a key marketing tactic. Some of those gathered worked for organizations on the cutting edge of emerging technology. Others were marketers working for established companies in mature industries. Regardless, most of the marketers I spoke with planned to include thought leadership in their 2010 marketing plans. Those with a clear understanding of how thought leadership fits into the buying cycle have the opportunity to succeed. The others will soon be in search of the next bandwagon upon which to jump.
Marketing consulting firms, professors, and authors all publish models of the customer sales cycle. Whatever model you subscribe to, most have certain elements in common. However, what’s often undervalued in these models is the issue of market maturity. Industries transition through phases: from radical new concept; through paradigm differentiation; to the point an established market develops and offerings are seen as commodities. An analysis of the environment in which the business operates is central to delivery of an effective thought leadership program. Whether the subject is cloud computing or cloud-soft tissues, thought leadership can help differentiate a business from the competition. The key is identifying an approach that sets an organization apart from competitors while building a stronger bond in the supplier-customer relationship.
As a “pull” tactic, thought leadership or knowledge leadership is most applicable early in the sales cycle when building awareness. It also plays a role in helping organizations maintain customer loyalty. Thought leadership marketing is about conveying the image of market leadership. It should take a strong position on where markets, technology, or regulatory requirements are heading. It’s not necessary that the organization be the market sales leader. Rather, it’s about exhibiting a depth of understanding and generously offering original insight.
As a marketing tactic, thought leadership must be inexorably tied to an organization’s competence and how it plans to differentiate itself from the competition. A solid thought-leadership program has a number of essential characteristics.
• Unique Voice – Take a stand with a clearly defined message. Demonstrate you are the leader and expert in a given field. Break new ground with ideas that challenge the status quo, creating opportunity for prospects and customers to take a new look at your organization.
• Extend Your Reach – Take on public speaking opportunities, start a newsletter, author a blog, get published. True independent thought leadership is not about publishing ideas exclusively on your company website. It’s about creating a uniquely defined, forceful, and compelling vision so your ideas are sought out and published on someone else’s website.
• Inform, Don’t Sell – While thought leadership must support an organization’s overall marketing direction, it should generously provide insights from which others can benefit. Challenge your audience to think outside the box by presenting useful information. Invite others into the conversation. Be willing to test your ideas and assumptions, especially by extending your reach through social media.
• Long Term View – As a marketing tactic, thought leadership is not about filling the sales funnel for the upcoming quarter. It’s about building relationships and moving from being seen as only a supplier, to being seen as a trusted advisor. Thought leadership is not a form of marketing collateral. It’s a long-term strategy whose results are best measured over time.
As a marketing tactic, thought leadership can be applied in both B2B and B2C marketing. But, thought leadership is not for every organization. Taking a unique stand and openly sharing intellectual property goes against some organization’s culture. However, for those organizations seeking an effective pull tactic to balance the marketing investment in standard push marketing techniques, a thought-leadership program offers a unique longer-term return on investment.
Beautiful Smile – Nice Promotion
Every business needs some amount of promotion. Heck, even the CIA promotes itself with a presence on the World Wide Web. But for a small business, promotional expenses can take a bite out of the bottom line. One small business has found a unique way to promote itself and make people smile… while making an impression.
Every morning on my way into work I drive past a shopping center and parked in the last row, nearest the street, is this rolling billboard for Village Dental. I don’t know the dentist or anything about his practice. What I know is that at least half a dozen people I work with have commented about the VW bus and mentioned the promotion.
There are several Laws of Small Business Advertising, and Village Dental successfully makes it works. First, Create Curiosity. The rolling billboard grabs people’s attention and gets noticed. Second, Be Easy to Contact. There’s a phone number, a web address, and the office is located just across the parking lot from the van. What more do you need? Third, Use One Message. Smile, it couldn’t be more focused than that.
I’ve a dentist with whom I am very happy. But if I needed a dentist, I’d be sure to check our Village Dental.
What’s New in New Media?
I was reading posts on a LinkedIn community and came across an interesting question. Responsible for naming a corporate media department, the author posed the question, “What is new media?” That got me thinking about how corporate communication has changed, and the role of technology in affecting that change.
Technology is a fundamental force driving our economy. Advances in technology drive innovation across a wide range of industries. In communication, technology is central to the process of message delivery. As technology advances, it affects all forms of communication. Communication changes culture; and changes in culture drive technological evolution. The circle goes round and round.
Corporate communicators have long relied on print as the primary vehicle for communication. However, over time technology changed the paradigm. In the late 70’s, print was joined by video as a key communication technology. Vast networks of VHS tape players became a fixture in many offices. Moving into the 90’s web-based technology emerged as the primary channel of both internal and external communication. New technologies emerged and were integrated into the communication process at a dizzying pace – forever changing the communication landscape.
When web-based technology emerged as the primary communication channel for most organizations, “network pipes” were limited. The broadband connectivity we take for granted today was still a decade away. Early adopters of communication via the web were limited primarily to text and simple graphics. Photography, multimedia, video, and audio were pushed to the sidelines. Then along came fiber optic technology, Fast Ethernet, and a new generation of more powerful multimedia servers. The relentless advance of new technology emboldened communicators to demand more from the network. A new battlefront emerged with IT on one side, facing off against those pushing the envelope and demanding better communication capabilities. IT insisted on centralized control and governance over media distribution. Communicators pushed for a richer online experience. There are still skirmishes between those who manage infrastructure and those who use network resources to communicate with audiences both internal and external. The battles continue, but the outcome is certain.
New media, rich media, multimedia are one in the same. Web-based communication has become a mashup of data from multiple sources combined into a single, integrated tool. The line between text, graphics, animation, and video has blurred. All represent content, that when creatively combined create a persuasive new form of communication. Video has emerged as a key component of new media on the web. In 2008, video accounted for 60% of all Internet traffic. The amount of video on the net continues to increase and is projected to account for almost 90% of all Internet traffic by 2011. Combined with video, graphics and animation enable video to be presented in new and different ways. Live video webcasts have become an important part of how many organizations communicate. Websites increasingly offer users video content in streaming format or for download to a portable media player. Where once content downloads were limited to a PDF document, multimedia is now a common form of content download. And this not limited to large Fortune 500 organizations. Sure, IBM has video on its website, but so does KnittingHelp.Com.
What’s new about new media? Nothing, and everything. At the dawn of history, cave painters illustrated the results of the hunt. The application of technology, charcoal, made some hunters more successful than others. Incorporating technological change is what corporate communicators do. There’s nothing new about that. What is new, and central to success, is having a vision and the ability to put powerful evolving technology into the hands of skilled communicators who in turn can deliver compelling messages in new media form.
10 Ideas for Weathering Recessionary Times – Part 2 of 2
This second post continues a look at how experienced media professionals are dealing with the downturn in the economy. Everyone acknowledges it tough out there today. Clients have seen their budgets cut and have less money to spend. Just keeping the doors open is a challenge, let alone doing great work.
Thanks to the many media professionals who offered their ideas for this list of 10 Ideas for Weathering Recessionary Times.
6. Production Choices: Several people I spoke with commented that despite the downturn in the economy, cutting back on innovation and creativity is never an answer. In fact, it may be more important now than when clients have more to spend. A project I recently developed for SAS was planned as a live, in-studio webcast. Scheduling problems and the skyrocketing cost of international travel, forced a look at other alternatives. Since the key messages were well supported with PowerPoint charts, it was agreed that rather than a video webcast, an audio seminar would work equally well. The client was pleased with the program, as well as the smaller hurt I put on their budget.
7. Alternate Distribution Channels: The past several years has seen the unrestrained growth of many new distribution channels. Broadcast television commercials will remain a mainstay for many producers, but in some cases there are alternatives. Dan Schwartz of Philadelphia’s Center City Film and Video has found this tactic effective for some clients. “We have used viral distribution of advertisements on YouTube, marketing through Face Book and other social media platforms, when the target viewership required it. This is a huge cost saving over TV media buying. Of course, more traditional marketing outlets always have to be considered as well.” Use of alternate distribution channels requires a different kind of communication’s campaign and possibly a different creative approach.
8. Virtual Office: Next time you need to shoot in Russia, or need something shot for you in Moscow, check in with my friend Fyodor Mozgovoy. Working across distance is something Fyodor does all the time and knows a lot about. “I cannot imagine doing business without Google, Skype, and iChat nowadays. Google services offer me a virtual office with multi-access calendars, ability to collaborate on planning, and share all important documents at a click. This saves me and my employees lots of time, and money for travel expenses. Skype is a great money saver, and iChat is amazing in its ability to share your screen on-line while keeping the voice connection, making online presentations easy and very impressive.” What can I say; the man knows how to squeeze a Ruble.
9. Production Sharing: Reduced budgets mean more than doing more with less. Sometimes sharing production responsibility can help reduce costs. Projects that are developed as part of a coordinated marketing campaign can use elements between projects and reduce overall cost. For example, photos used in a brochure can be incorporated into a video project, reducing production costs. “Resource sharing with clients and their other production agencies can help lower costs” said Jim Fink of New Century Digital Media in Chapel Hill. “Some clients have in-house production resources for creating graphics and web content. Using some of what they have already developed can help hold down expenses.” Such assets don’t always fit easily into the production process, but with some creative design, they can reduce costs and improve the bottom line.
10. Communicate-Communicate-Communicate: “Keep your client in the loop – (over)communicate – updating them often on the status of the project, milestones, and action items.” Great advise from Melanie Raskin, writer, actress, and voice over artist. “Prove your value every time. Not only strive to be the fun, engaging, creative, easy, can-do pro to work with – but also measure what you’ve done – put dollars and cents to those efforts. Send surveys to customers asking how your work/video/webcast/communication helped move the needle for the audience/users…and the company. This can be as simple as just a few questions to your clients or as complex as a survey clients can distribute to their audience (complimentary, of course!). In a challenging economy, clients are asked to make tough choices; make it easy for them to choose you and your services.” What more can I say, Melanie is the consummate professional.
There were many other ideas that came from talking with a great group of communication pros. Please comment on the two parts of this post and offer any suggestions of your own to share with the online community.
Networking was something that came up quite often. A number of people expressed ideas similar to what Melanie Raskin summarized so well, find ways to stay in touch with clients even if a current project is not underway. Maybe ask them for ideas about a blog posting.
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In addition to the traditional print campaign, Starbucks began running one-time TV ads in high-profile shows such as “Saturday Night Live,” or quick hits on news networks such as CNN, which then drive traffic online. Furthering their traditional media presence, last week Starbucks announced a title sponsorship of MSNBC’s “Morning Joe.” A natural partnership, Mr. Davenport said, it will include occasional references to the chain’s environmental activism or efforts in volunteerism.
Radio can play an important part in promotional campaigns as well. When Smirnoff, the makers of America’s most popular vodka, made plans to introduce its first line of ready-to-drink products in the United States,