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