grow revenue consistently modern sales and marketing minus the … · 2018-06-08 · salesforce’s...

John James, Growth Specialist, @adoseofjohn

Grow revenue consistently: modern sales and marketing minus the fluff

#QBConnect | WiFi: QBConnect Password not required

Your biggest marketing Challenges?

Survey Results

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You’re not alone

Source: Australian Marketing Institute (AMI Survey 2017)

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Connect and be social

john@jameshammon.com.au

@adoseofjohn (Twitter)

@champagnesociety (Instagram)

/officialjohnjames (LinkedIn)

John James

Director, James Hammon Group

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John James

Director, James Hammon Group

Connect and be social

Marketing Internships - University (2002)

Global Advertising Agencies (2007)

Client-side – Government and Private (2008)

Digital Agencies x 2 (2011)

James Hammon Group (2014)

Silicon Valley Startup (2017)

Entrepreneur & Consultant (2018)

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People know about you – brand awareness

People interested in your product – interest

People want your product – desire

People buy your product – action

Profitable people buy your product - segmentation

People keep buying your product – retention

People tell others about your product – advocacy

Full funnel growth marketer

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Silicon Valley + traditional marketing

A different approach

Objective scientific testing > opinion

Focus on $ high-value outcomes

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You’re rich, sipping champagne at Lake Como

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Core growth activities

Marketing promotions

Measure for success

Agenda

B2B, B2C, B2G, service, product, SaaS?

Core growthWhat agencies will never recommend

Our success at Amazon is a function of how many experiments we do per year, per month, per week, per day…

- Jeff Bezos

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There’s more than 1 P of marketing

PPeople

Product

Place (distribution)

Promotion

Price Positioning

Packaging

…too often those launching new businesses or products put the cart before the horse, pouring resources and staff into trying to drive more customers to a product that isn’t actually loved, or sometimes even understood, by its target market.

- Sean Ellis, Author of Hacking Growth

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The aim is to build a product that,

in the eyes of your customers is,

‘must-have’

The importance of product market fit

1. Who are they?

2. Why is your product ‘must-have’ or not?

3. How are they using the product?

Age of online customers

55-64 65+ 35-44 45-54 25-34

45.2%

21.4%

11.9%

11.9%

9.5%

Age of online visitors

55-64 65+ 35-44 45-54 25-34 Other

24.9%

19.2%

15.4%

14.2%

4.5%

21.8%

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Three product layers

Core

Tangible

Augmented

C18H29NaO3SSodium dodecylbenzenesulfonate

Value = Benefits - Costs

Perceived Value = Perceived Benefits – Perceived Costs

REMEMBER: Your customer’s perceptions of your product are what matters, not your perception of your product.

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Emotional costs

• Stress, mental exertion

Monetary costs

• Cash, credit

Opportunity costs

• Forgoing an alternative

Time costs

• Seconds, minutes, hours

Functional benefits

• Product attribute that provides functional utility

Tax return that is completed and submitted. Notifications.

Emotional benefits

• A positive feeling when they use your product

“I feel like a savvy business owner because my accountant helped me avoid paying tax this year”

Self-expressive

• An opportunity for the customer to communicate their self-image

I’m a bad-ass business man and going to close the deal. I know I have the formidable XYZ Partners as my accounting firm backing me up.

Maximize benefits & minimize costs

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Differentiate or die

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Or be distinctive

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Generates Referrals

Good products spur word of mouth

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Go1.com grew through one $50m partnership

Salesforce’s strategy is build upon integration and partnerships

AU medical fraternity relies solely on referrals (legal restrictions)

Or grow via strategic partnerships

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Vertical & horizontal integration

REMEMBER: Unless you have the resources to do everything well, do one thing well and create a referral network for everything else

Board advisory (NED)

Freelance CFO

Audit & forensic

Tax

Bookkeeping

Accounting software

Inventory, POS, ERP systems

Government grants

Debt financingFamily office

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Great products & services sell themselves right?

• Sony - Betamax

• Google +

• Quickflix

Product market fit

Marketing PromotionsWhen your product needs a boost

Which marketing media do you use?

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Results from an AMI survey 2017

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Strategy should determine your choices

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Avoid skipping straight to tactics

Research Strategy Tactics Measurement Repeat

– Gather data

– Primary research

– Secondary research

– Goals/Objectives

– General approach

– Agree on KPIs

– Contingency plan

– Assign tasks

– Execute campaigns

– Allocate resources

– Collect data

– Interpret data

– Compile report

REMEMBER: If I had an hour to chop down a tree I’d spend the first 30 minutes sharpening the axe – at least do some planning

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Core channels you should invest in

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I’m a great

lover

Marketing

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Trust me, he’s a

great lover

Public relations

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I’m a great lover

I’m a great lover

I’m a great lover

Advertising

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I hear you’re a

good lover

Branding

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Which channels you should invest in?

REMEMBER: Earned Media is more valuable because the perceived source of the message is not you

3 impression rule

High vs low involvement decision-making

Sales lead cycle and purchase frequency

The strengths and weaknesses of each medium

B2B vs B2C

Product vs service & digital vs

physical vs experiential

Resources and capabilities

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1. Content (articles, images and video)

2. Social (choose 1)

3. Search (paid and organic)

4. Email (database & automation)

Core owned media you should invest in first

REMEMBER: I’ve written a cheat sheet for each one of these exclusively for QB Connect attendees

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Content marketing

no one consumes is useless

is consumed, but doesn’t persuade is expensive

influences action is gold

REMEMBER: Focus on producing less quantity, but higher quality until you have the resources

Content that…

Content that…

Content that…

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Social media

personal vs business vs groups

tweet about Trump

stories and videos engagement superior

videos and improved ads

stalling growth, millennials

how-to guides, personal branding

REMEMBER: Small business should invest in one platform and do it properly rather than spread yourself too thin

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Search marketing

SEO

AdWords

Bing vs Google

REMEMBER: It’s critically important to target the right key phrases otherwise search marketing just won’t work

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Email marketing

Grow list and segment – tailor message

Send content that provides value to the user, not content about your business

Great for nurturing, upselling, retention

REMEMBER: The quality, not size of your database is important. Don’t buy lists. Don’t spam them.

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SEO agencies will say SEO will solve your problems

Facebook marketers will say Facebook will solve your problems

Full service agencies aren’t good at everything

Vendors will sell you what they want to sell you

“The only thing more expensive than hiring a professional, is hiring an amateur.”

- Red Adair – Firefighter (oil wells)

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Outsourcing warning signs

• Overly optimistic promises

• Focus on output not outcome

• Vague contracts and reporting

• Excessive use of jargon a.k.a “fluff”

• Say “don’t worry” when you’re worried

The inhouse or outsource option

REMEMBER: A hybrid mix of internal (laborious tasks) and external resources (specialists) works best

Marketing manager

• $80k +super + media spend

• Media spend required

• Difficult to find suitable hire

• Inflexible if conditions change

• Specialist skills often required

Measuring for GrowthAvoid measuring the wrong things

How do you currently measure growth?

“Without data, you’re just another person with an opinion.”

- W. Edwards Deming (Engineer & Statistician)

Beta Kochab

Pherkad Gamma

Zeta

Eta

Epsilon

Delta

Alpha

Polaris “The North Star”

Ursa Minor

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Your North Star?

sales enquiries

new customersrepeat-purchase customers

customers who become

advocates

profitable high-margin customerssales revenue

market share

number of customers

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The value of actions are not equal

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I halved website traffic and enquiries increased

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Recording outcomes is more important than actions

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Real life example of goal metrics

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It’s rare for 1 medium (channel) to do everything

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Use advanced programs or a consultant

REMEMBER: The customer journey is longer and more complex than you think.

“The role of marketing is to drive revenue and sales. Every campaign needs to bring in business; otherwise we turn it off.

Don’t listen to a marketer that tells you it is “brand building for the future”….. good marketing generates sales today.

- Everard Hunder - CMO Monash IVF - CMO Australia Top 50 2017

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