Marketing Darwinism - by Paul Dunay
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Marketing Darwinism - by Paul Dunay
Commodity, CRM, Imagination, Innovation, Thought Leadership

CRM is not a Commodity if used with Imagination

Romi Mahajan, President Pepper
Ann Eberle Thomas, CRO Pepper
Dharmesh Godha, President Advaiya

In a recent discussion with an executive, CRM software came up as a hot topic. Her assertion was that too many customers see CRM as a “commodity” and thus balk at upgrades, new purchases, and list-prices. The comment was interesting for a variety of reasons of which the most important was the degree to which this flies in the face of the claims (obviously) that CRM providers make. After all, they argue, if your customers are your lifeblood (as you claim) then how can the system that enhances your ability to build long, loyal relationships be relegated to commodity status? Isn’t a CRM system your best front-end to the customer and as such a core tool to boost sales? If so, how can you think of it as being “just there?”

Commodity? Not a commodity? The grass is green on both sides of the fence, but that is because our imagination has failed when it comes to both CRM and software in general. We continue to make software fit our calcified methods and processes versus letting it liberate us from these very constraints.

Let’s focus on CRM as an illustrative case. From the beginning, organizations have had relationships with their customers- this is simply a truism. Before machines, before computers, before software, before it all, organizations connected with customers and prospects and conducted business. But when some decades ago, intrepid entrepreneurs like Tom Siebel and Marc Benioff realized that specialized software solutions could be used to enhance an already existing idea, the category “CRM” was born. Once the genie leaves the bottle, it cannot be put back in. Once a category is in the world and the lexicon is understood by all, it takes on a life of its own. As such, today CRM is a decabillion dollar business and there are over a thousand companies that build CRM solutions and platforms.

When faced with so many choices and so many seemingly mundane applications of the category, it is no wonder that many think of it as a commodity. This is an understandable if unfortunate fact. When we take an existing idea and an existing process and simply make it “a bit better” with software, the software itself is measured in increments of value. The game in this case is linear.

What if, however, the CRM system allows you to quickly revisit the taxonomies and hierarchies you’ve held as sacrosanct before? What if the CRM system allows you to do different and dynamic things at scale whereas the previous dispensation made those ambitions impossible? In these cases, CRM is not a commodity but is, to use an overused term, a game-changer. Here, the game is non-linear.

That indeed is the nature of innovation. Incremental change and enhancements are good but when an entire epistemology or process is changed, innovation occurs. Innovation is very much a product of the outcome. As such, customers are thus the judge of whether a software solution is innovative or not.

Coming back to CRM. Yes, organizations have from time immemorial “related” to their customers, but the ability to do it not only at scale but by bringing to bear a variety of otherwise disparate data points, is powerful and indeed innovative. The watchword here is “integration” and how it relates to customer engagement. Customers are not monoliths, given to a unidimensional description. They are active, dynamic, multi-faceted beings. When CRM can help you not only discover deep context but also capitalize on it to offer value to these customers, then it ceases to be a commodity.

It requires us to use our imagination.

January 22, 2023by Paul Dunay
Cyber, eCommerce, Security, Thought Leadership

Framing Security as a Business Issue – A Lesson for 2022

A guest article by Romi Mahajan

In an early part of my career- almost 20 years ago- I had the opportunity to work with some incredible people in the “security” space. Many of those I had the privilege of working with and learning from have gone on to do noteworthy things in the space- from being CISOs of large companies, to starting successful security startups, to authoring important and even tectonic articles on the space.

As I recall from those heady days two decades ago, those involved in the “Business” and “Marketing” sides of security (as opposed to the technical side) all agreed on one thing: Security has to be framed as a business issue not just a technical one. Ninety percent of those on the technical side agreed with this.

While the sentiment appears to be a cliché, it is perhaps more nuanced than it might seem. The point is not that security impinges on business and as such must be taken seriously. Instead, the emphasis here is on the nature of the business and the corresponding defense-posture that a business should take. Additionally, it’s a reminder that the nature of the business will dictate the differential investments in security that make up the whole.

Twenty years ago, I had an easy example to trot out for explanation: If your company is an ecommerce play then making sure your website is not hacked and is up and functional is key to your business. Not so much if your company is a restaurant. Both require security but in different ways and at different levels of investment.

At that time, we created a “Risk Assessment” that essentially assessed business risk and mapped it onto security posture and spending. The idea was that they should match in valence level- you don’t want an important asset unprotected nor do you want to spend millions to protect something that is irrelevant.

The notion that Business risk is the key element of analysis has persisted and would be a truism if indeed it was a universally understood idea. But alas it is not.

We still encounter generic language and un-nuanced views of security. We still see complacency in the ranks of business leaders, relegating security to something that “IT will think about.” We also still see a shifting landscape of blame- forgetting conveniently that security has to be a Board level issue.

LAMR Group’s Paras Shah says it well- “After the fact finger pointing does no one any good in security. Resilient frameworks for managing the business issue that is security have to be developed and funded, continuously, by the Board of any organization of appreciable size.” Security thinker Manish Godha adds, “Security better be part of your 2022 plan. Not-negotiable.”

In a world of daily breaches, attacks, ransom demands- on and to the systems on which our entire human infrastructure runs- security must not only be top of mind but the “thinking” has to be met with real action. The suggestion that security is just a technology issue has no place in the dialogue of 2022 and beyond.

December 30, 2021by Paul Dunay
Agile Marketing, Business Intelligence, Content Marketing, Conversational Marketing, Innovation, Interactive Marketing, Marketing, ROI, Social Media, Social Networking, Thought Leadership, Transformation

Are Marketers over indexing on ROI and the return of the Marketing Mix?

Two of my very good friends, Romi Mahajan of the KKM Group and Aseem Badshah of Socedo shot a video discussing our most recent blog post on the Return of the Marketing Mix. Ultimately, marketing is a mix of channels, tactics, and bets, of which some are measurable and some are not. It’s time for marketers to reclaim their role as engagers, risk-takers, and experimenters!!

January 16, 2018by Paul Dunay
Agile Marketing, Behavioral Targeting, Branding, Business Intelligence, Buzz Marketing, Content Marketing, Conversion, Inbound Marketing, Interactive Marketing, Lead Generation, PR, Real Time Marketing, ROI, Thought Leadership

Enabling Sales for New Growth Opportunities

On April 6, 2016, the Department of Labor released a 1000-page document known as the Fiduciary Duty rule (DOL fiduciary) requiring financial advisors to always act in the best interest of the client, expanding the meaning of “investment advice fiduciary” originally defined under the Employee Retirement Income Security Act of 1974 to also include retirement investment advice. Asset managers have since faced a new set of intricate regulations to comply with, tight timelines to meet, and structural/operational changes to enact within their own firms.

From the very beginning, the fiduciary rule had the weight of inevitability and the social pressure of protecting investors’ morality behind it. Assets under management in America alone nears $40 trillion, most of which is managed by the US’s largest 50 banks.

While the industry foresaw change with the DOL fiduciary rule, my marketing team saw opportunity. What if we could prepare our subject matter experts to react quickly, time our content with the news cycle, and launch an advertising campaign that could help demystify the rule for our clients and potential prospects? Better yet, what if we could be the leading consulting firm on the rule and how to implement it? We immediately got to work.

Program execution

  • Web presence: Ahead of the game In advance of the April 6th announcement, we developed a classic microsite, and built it out with thought leadership, media placements, and videos, all of which were keyword-optimized. Front-and-center, we placed a jargon-free description of what the DOL Fiduciary Duty Rule really meant and how we understood its possible effects. Also quickly available to visitors was a highlighted drop-down list describing various services related to DOL Fiduciary rule and how we could help. Throughout the first added our DOL-focused publications, webcasts and videos, as well as other related content.
  • Thought leadership: A deep-dive and first-to-surface We are never surprised by a regulation. At the time of the announcement, marketing was prepared (at 6 a.m.!) to work alongside a five-member client services team to tear apart the 1,000 page ruling; we published a paper within 48 hours. We also scheduled interviews beginning at 11 a.m. that day with two thought leaders who were media-trained.
  • Media coverage: And then some In advance, and in anticipation of the announcement, two subject area experts had been previously identified and were prepped for press interviews. We arranged for interviews on the day of the DOL announcement with The Wall Street Journal, Financial Times, Reuters, Reuters TV, Bloomberg, CNBC and CNBC Closing Bell.
  • Webcast(s): Ramping up and following up In February 2016, we held a webcast to present industry perspectives and impacts, discussing four major impact areas: business models, operating models, technology and data, and compliance programs. By polling our webcast participants, we also confirmed concerns that we assumed were top-of-mind for our clients. Once the rule was announced, we held a follow-up webcast within two weeks. The April webcast reviewed the regulation, compared the proposed rule to the final, discussed industry impacts and reactions, next steps and FAQs.

Over the course of 14 months, we helped PwC grow a dedicated DOL team of nearly 200 employees serving 25 clients, 120 projects, and of course we booked business. Best of all we got the call every marketer dreams of from the project team to “please turn your marketing off we have too much demand!”

November 6, 2017by Paul Dunay
Advertising, Behavioral Targeting, Big Data, Branding, Content Marketing, Customer Experience, email Marketing, Inbound Marketing, Interactive Marketing, Lead Generation, Lead Nurturing, Personal Branding, Social Media, Strategy, Thought Leadership

4 Stages of a Thought Leadership Maturity Model

thought-leadership

Here is a great piece on the maturity of a company’s Thought Leadership program by ITSMA.

Last year I was asked by ITSMA to collaborate on this piece with them. They also tapped into companies like Deloitte, E&Y, IBM, Coginzant, SAP and more.

What came out is quite interesting for any company looking to take their thought leadership program to the next level. Here are a few points I pulled out to highlight for you that can help you make the case internally:

  • 79% of would-be buyers say thought leadership is important to critical to determining which providers they want to learn more about
  • 75% of would-be buyers say thought leadership helps them determine which buyers to put on their short list
  • Traditional format for thought leadership has been the white paper but in this era of digital and social that isn’t enough
  • To reap the benefits of a thought leadership program you must have SME’s that are recognized outside of your company
  • Interaction with SME’s in social media improves the ability to communicate key thought leadership ideas

Click here for a full copy of the report on the 4 Stages of a Thought Leadership Maturity Model

Enjoy!

July 1, 2015by Paul Dunay
Branding, Innovation, Strategy, Thought Leadership

Interview with Simon Sinek – Start With Why

Simon_Sinek_2_pr-1024x681

I had a chance to catch up with fellow author, Simon Sinek to discuss his book called – Start With Why at the World Business Forum held in New York at Radio City Music Hall on October 7-8. My goal was to go a bit more in-depth on how to get started for B2B marketers, hope you enjoy the interview.

For those that follow this blog but are not yet familiar with your book Start with Why, give us little background.

A few years ago, I discovered that every single organization on the planet, even our own careers always function on the same three levels: what we do, how we do it, and why we do it. Everybody knows what they do. It’s the products we sell or the services we offer. Some know how we do it. It’s whatever you call it, your differentiating value proposition, your USP, the things that you think make you different or stand out from the crowd. But very few people and very few organizations can clearly articulate why they do what they do. But why I don’t mean to make money. That’s a result. I mean what’s your purpose, what’s your cause, what’s your belief, why does your company exist. And those that understand the why can clearly communicate it have an unbalanced amount of influence and success and loyalty in the marketplace with greater ability to innovate on all the rest of it.

Can every company have a why?

Not only can a big company have a why, every company does have a why. It comes from the founder. It’s the reason why they started the company. Those that are started from market opportunity, I read this article in a magazine and I realize that those tend to be very weak and they tend to not do well. But when a human being personally suffered or people close to them personally suffered something and they found a solution to whatever that problem was and that was the birth of the company, that’s a clear purpose.

Where’s the right place for a marketer to get started?

A good place to start is when companies are formed around real problems. It has to be born out of the cause of the founder. If it wasn’t a specific problem, then that founder has their own why, and the company is formed in their own cause.   Virgin is Richard Branson. It’s the same thing. So you can usually go to the personality or the cause, the why of that founder.

How do you make it stick with the organization?

The why is the sticky part because it’s the visceral part. The why talks directly to the limbic brain, which is the part of the brain that makes decisions. It’s the emotion and feeling part of the brain. So when we start with why, that’s what makes it sticky. You can start with what and people might enjoy it for a moment. You describe the product, what it does, and it may or may not appeal to some people. But it’s the why that makes it interesting and makes people viscerally connected to it.

How do you make a strong why work in a B2B professional services organization?

The good news is that even consultants, accountants, or engineers are still human beings. So as much as they like to believe that all of their behavior is rational, it’s not. Otherwise they would only buy the cheapest product and they would never be loyal to anything. When the why is clearly communicated, it viscerally appeals to people, and they feel connected. And being a part of an organization with a clear sense of why becomes part of our self-identity. We wear the tee-shirt that they gave us at the company picnic. We don’t wear it to bed or paint the house. We wear it with pride and don’t want it to get dirty because it’s part of our self-identity.

October 15, 2014by Paul Dunay
Advertising, Behavioral Targeting, Big Data, Business Intelligence, Commerce, Content Marketing, Conversational Marketing, Conversion Optimization, Customer, Customer Experience, Inbound Marketing, Influencer, Interactive Marketing, Lead Generation, Lead Nurturing, Leadership, Online Advertising, Online Testing, Optimization, Strategy, Thought Leadership

CMOs Win When High-Value Customers Are Treated Personally Online

Performance_Improvement

With constant access to a growing list of channels and devices, today’s connected customers are no longer satisfied with vanilla, one-size-fits-all experiences and offers. To stand out in the increasingly crowded and competitive marketplace, many C-level executives from the world’s most iconic brands are not content with just “Keeping Up With the Joneses.” Instead, they are actively seeking opportunities to better understand their high-value customers across every channel and device.

The reason for this is simple: These customers are more often than not brand loyalists and willing to persuade others to become regular brand purchasers if they’re kept happy and engaged consistently in every single place they are interactive with brands. But the task of keeping brands happy and engaged beyond one big “win” isn’t easy. It requires CMOs and the entire business, for that matter, to combine their internal resources with technology that’s both powerful and agile enough to boost customer engagement and revenue long term. And a brand’s success today, in this hyperconnected and digitally dependent environment we live in, depends heavily on leveraging digital to reward high-value customers. Rather than spout out a to-do list of tactics that show high-value customers they’re appreciated, here are some specific benefits instead that can be derived from deep and sophisticated forms of segmentation:

Don’t confuse high-value customers for high-volume customers.

In the less digitally savvy days, brands and their teams of analytics “experts” would navigate through Excel spreadsheets with massive amounts of data. In those days, there was sometimes confusion and lack of knowledge as to what constitutes a high-value customer. As a result, high-volume customers would often be mistakenly categorized, and subsequently treated, as high-value customers. But the reality was, and still is today, that people who interact with a brand frequently aren’t necessarily going to be the ones that have the most value from the perspective of consistent engagement, conversions and sales across multiple channels – from being inside a physical store to making a last-minute purchase on their mobile devices or shopping from their PCs. So it was common for those brands to see a huge surge in traffic for a short burst of time, but after the excitement faded, so did the engagement and ROI.

Marketers today need to adopt a more realistic and accurate definition of value that’s based on “the combination of opportunities to convert and increase potential order value, and maximizes both, while at the same time, yields your highest value customers.” But identifying the best customers online and serving them the content they need is easier said than done. The key to obtaining a 360-degree view of high-value customers means personalizing and differentiating every message by offering an array of online content to drive maximum conversion and revenue uplifts.

To get there, the modern brands of today must, and I repeat must, push beyond the basic forms of personalization – think product recommendations or ads that chase you around on the Web. Instead, these brands are likely to be best served by leveraging the power of technology, real-time data and automated segmentation to effectively profile individuals who are in actuality high-value customers. That identification is the first hurdle that brands need to overcome. From there, it’s all about extending personalization across every device and channel to delight and please consumers with the most humanly relevant, easy-to-navigate and engaging offers.

Tap into the beauty of data to boost cross-channel ROI.

The urgency to identify high-value customers online is being fueled by a number of factors. First, the online channel represents the biggest growth opportunity for most brands. According to a new Forrester Research global eCommerce report, e-commerce revenues are going to continue to grow in 2014 as customers’ online buying habits evolve. Meanwhile, a new study released by IBM in 2014 reveals that brands stand to lose $83 billion due to poor customer experiences.

When you think about it, that’s a lot of revenue that could be left on the table if brands don’t put every segment of their customers first. For example, brands are able to gather intelligence on channels shopped — including Web, tablet, mobile phone or store — and then integrate data from a CRM system, POS, DPM or other source to help augment customer profiles. By combining intelligence on shopping history, search history and Web behavior, this combined intelligence can help brands identify when to offer an in-store promotion, extend a seasonal offer or make a product recommendation. If brands are able to identify their high-value customers, then they can scale the business more efficiently and ensure that every decision and action they make is focused on delivering the right actions defined by the right data.

Discover unique attributes of unique markets.

One common challenge that today’s brands face is a tendency to make decisions based on data points as opposed to data profiles. In these instances, it’s not that uncommon for brands to use pre-existing data models to identify their buyer personas as well as the content and offers they deliver on their websites and mobile sites.

By using automated segmentation and targeting, brands should be able to detect segments unique to their brands and industries. This process turns traditional targeting on its head because buyer profiles and offers are all determined by real-time intelligence gathered against real-time customer behavior. One example of such a data profile could be a “weekend shopper” persona. Based on their digital behavior and purchase activity, these shoppers may spend significantly more money (at multiple channels) than mid-week shoppers. So it’s more than likely these shoppers would be frustrated and intolerant of being shown irrelevant and mismatched offers that would better suit mid-week shoppers. That is where many brands today realize that even with all the benefits of technology, they have made shoppers that much less tolerant and patient with poor experiences.

Move away from campaign analysis; bring it back to the customer.

One of the ways brands have traditionally gathered intelligence on customer behaviors is through basic A/B testing of different content and offers. Building on the quantifiable value of testing, many innovative brands are now shifting from campaign-driven analysis to a more holistic and accurate customer-driven analysis. By doing so, marketers can get a more robust and humanistic view of every single customer segment, as well as being able to identify which segments are performing better than others. With businesses – across all teams – being challenged to consistently demonstrate ROI, this ability to gauge the value of high-value customers and appropriately target them with the best content on the best devices at the best times and places, is especially critical to success.

March 13, 2014by Paul Dunay
Blogging, Business Intelligence, Communities, Content Marketing, Conversational Marketing, Enterprise 2.0, Facebook, Lead Generation, Lead Nurturing, People, Sales, Social Business Intelligence, Social Media, Social Networking, Strategy, Thought Leadership, Twitter

3 Ways Social Media can Boost Sales Success

Sales and Social Media

Recently there has been a lot of conversation against the importance of relationships in selling such as this recent Harvard Business Review article on Selling is Not about Relationships which makes it seem like social media would not make a good fit for sales people.

But a new RAIN Group report proves otherwise and shows that sales people that truly “connect” with buyers in this “always on” environment we live in to win more often. So here are 3 reasons why …

Social media provides great way to connect with potential buyers

  • Social media provides the sales person with unprecedented ways to connect with potential buyers, increase likes or followers to the business, build relationships and most importantly start conversations.
  • Social media provides the sales person with a platform to allow for their online personality to shine and begin that trusted relationship which can create affinity with the buyer
  • Social media provides the sales person a platform for sharing value, which builds reputation and affinity for the seller

Social media provides a platform to collaborate with potential buyers

  • Sales people can use popular online meetings tools like Google Hangout or even GoToMeeting to create spontaneous meetings with potential buyers
  • Other technologies like Postwire can be used for more direct collaboration with more middle of funnel prospects
  • Social listening technologies like Radian6, Hootsuite (or whatever your favorite is) will allow you to chime in at most relevant times with potential buyers, middle of funnel prospects or even existing customers – keeping you top of mind at all times!

Social media allows you to educate potential buyers with new ideas

  • Social media provides plenty of ways to do this. Sales people that tweet their own ideas or find blogs articles that espouse their position – make it easy to connect with buyers. Content is king so being able to use it to your advantage is key.
  • Marketing teams provides the platform and resources to sales to be able to do this. Too many companies in my opinion leave it to the sales team to figure this out all this by themselves. Content is the new collateral. If marketing creates the platform and the sales team can bring it to life with customers then sales will surely flow.

An integral part of the sales process is getting to know your prospects and establishing relationships—and it turns out social media can help you accomplish this quickly and easily. Follow the steps above to help your sales team make the cash register ring using social media. Remember – when you’re there alone there is no one to compete!

May 7, 2013by Paul Dunay
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Welcome to my blog, my name is Paul Dunay and I lead Red Hat's Financial Services Marketing team Globally, I am also a Certified Professional Coach, Author and Award-Winning B2B Marketing Expert. Any views expressed are my own.

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