What is marketing?

For most of my career, I have owned, operated, served and consulted with small to mid-size businesses. I don’t pretend to know how Fortune 500 executives think about marketing, but I have a pretty good idea about the other guys.

Questions about advertising in a down economy.

I work with people who run companies. As a coach, I don’t try to convince them of anything. I make sure they have the information and resources they need to make the right decisions for themselves. Mostly, I ask questions…

• If you slash your marketing budget, how will your customers know that you are alive and well and ready to do business?
• Your customers are cutting orders. What is the most cost-effective thing you can do to find new customers?
• Your competitors have slashed their marketing budgets. Is this a good time to take away their share of the market?

“Advertising” or “marketing communications” can include a wide range of tools and techniques. Every company has to choose the right mix for their audience… print ads, snail mail, email, blog posts, webcasts, trade shows, sky writing, whatever.

If your industry is off 20% in this recession, that means somebody is getting the 80% that’s left. The important thing is to stay as active and visible as you can. Maybe the most important question is…

• If you decide to compete aggressively, what else can you cut besides marketing?

A good marketing budget includes come combination of brand building, lead generation, direct sales and customer support. Lead generation and direct sales are the easiest to measure, customer support often delivers the greatest ROI.

I would ask…

• What is your current marketing mix and how should it change in response to current conditions?

Of course, this question should be asked routinely in good times or bad.

Standing out in a crowd. What crowd?

One of the biggest problems for any marketer is getting people’s attention. OK, great products, customer-focused messages, enticing offers and amazing customer service aren’t easy. But once you have all those other things, you have to do is get noticed.

Yesterday, I was reading Seth Godin’s blog. Seth knows how to get noticed, but that’s not my point… at least not entirely. He was describing his alternative MBA program. In his words, “Unaccredited, residential, free and six months long. A new way to learn about a new way of doing business.”

Most of the nine “graduates” left the program ready to start or grow their entrepreneurial companies. One, was determined to land the best job ever. What makes Susan Lewis different is her approach. She isn’t submitting hundreds of résumés (crowd), she’s inviting potential employers to apply to her (what crowd?).

Social media marketing miracle!

Balderdash. If social media marketing works for you, great. Show me the money! Thus far, nobody has. That’s why I chuckled a bit this morning when the Industry Standard Weekly Edition newsletter arrived.

Lately it seems I can’t go anywhere without running into a gaggle of social media consultants bloviating about the wonders of social network marketing. Sure, you’ve seen ‘em, too. Slick shake-and-bake “experts” promising to help you leverage the power of Twitter and Facebook to raise your profile and, inexplicably, boost your profits. But scratch the surface on most of these claims and they instantly crumble. Meanwhile, it seems the only people making any money in social media are the consultants themselves.

Beware of anti-marketing!

I was facilitating a discussion with a group of small business owners this morning when a new word popped into my head — “anti-marketing”. Sounds dangerous, but what is it?

I had encouraged everyone to think about marketing as a conversation, in fact, every conversation they have with customers, prospects, employees, colleagues… even friends and family. They were all familiar with the concept of the “30 second elevator pitch” and the USP (unique selling proposition), so I asked them to think about the value of personal storytelling as a marketing tool.

If marketing is every positive conversation we have and storytelling is a great way to connect with customers and generate positive word-of-mouth, anti-marketing would be every negative conversation we have or story we tell. Let’s face it. Who wants to do business with someone who is negative? Do you?

To combat anti-marketing, just be aware of the conversations you have and the stories you tell. If you’re tempted to go negative, bite your lip! Let the other person do the talking for awhile, or find a way to change the subject.

Keep your personal brand positive and you can expect a lot more referrals and a lot better word-of-mouth.

Monetize your web app.

Last week, I attended a Think Tank session sponsored by NWEN, the Northwest Entrepreneur Network. The panelists discussed the iPhone ecosystem and marketplace. The three panelists had very different business models and app focus.

This morning, one of my fellow Think Tank committee members sent a link to a blog post by Box UK that analyzes and compares business models for web apps in general. Since “marketing” in its broadest sense includes all aspects of developing and delivering products into the marketplace, I offer the link here.

By far, the most successful business model thus far is based on advertising, where third-parties place clearly defined advertisements within the website/application. Variations include banners, text, inline, pop-over, interstitial, etc. Advertisers are charged by cost per click, cost per action, or cost per thousand impressions.

Imagine life as a game.

“Imagine life as a game in which you’re juggling some five balls in the air. You name them work, family, health, friends & spirit and you’re keeping all of these in the air.

You will soon understand that work is a rubber ball. If you drop it, it will bounce back. But the other four balls — family, health, friends and spirit — are made of glass.

If you drop one of these; they will be irrevocably scuffed, marked, nicked, damaged or even shattered. They will never be the same. You must understand that and strive for balance in your life.”

– Bryan Dyson, CEO of Coca-Cola

Leadership Mantras

Not a mission statement or an elevator pitch, they are quick and easy statements that capture the essence of what you want to accomplish. Leadership mantras work like product taglines, imbedding a message in employees’ minds with repetition. To work, a leader must use them and act on them consistently. For example…

“You will miss 100 percent of the shots you do not take.”
“Hire slowly, fire quickly.”
“Hope is not a strategy.”
“Work is not a place.”

Marketing isn’t always external. Leaders must sell their vision to employees and customers. Mantras can be effective, if occasionally hokey, tools.

What’s your favorite mantra? How do you use it? What has it helped you achieve?

Biznology Blog by Mike Moran

I found this fascinating quote today:

It has been said that there is “nothing new under the sun.” For those of you who think that some great philosopher of the past couple hundred years coined this one I will point you to my reference which is the from the Old Testament book of Ecclesiastes 1:9. I go to this reference because despite being written around 250 B.C. but I think it applies perfectly today. What we do today on the internet is actually nothing new.FrankReed, Biznology Blog by Mike Moran, Dec 2008

You should read the whole article.

The Conversation Prism

The Conversation Prism

Originally uploaded by b_d_solis

And here’s what Web 2.0 looks like if you’re not one of the world’s largest, most recognized names in corporate consultancy.

See what Brian Solis has to say about his conversation prism.

What’s your story?

Personal stories can be a powerful way to communicate intangible value.

Back in high school, my sister used to tease me for having “study parties” to prepare for AP physics exams. She called me a nerd, and maybe I was, but I also knew that without those “study parties” I would be lost. I knew that I could handle the concepts of physics, but that I was awful at the math. By meeting with my classmates, I could explain the theory, and they could explain the calculations. It was all about give and take. I’ve understood the value of peer groups for a long time, so I am really passionate about building the community at ExpertCEO, an online network for senior executives and the community that inspired this blog.
– Nathalee Ghafouri, Marketing Manager, ExpertCEO

When I was involved with Vistage as a CEO group chair, I talked to potential candidates about the benefits of joining a peer group. I could have used a similar story about my days in engineering school, but didn’t think of it. Shame on me, because it clearly demonstrates the value of a peer group without sounding like a sales pitch.

Take a minute and think about the stories in your life that could help someone understand the value of what you do. They can be very powerful, and they are free.