What Exactly is Modern Marketing?
Just Do It.
Fly The Friendly Skies.
The Ultimate Driving Machine.
Don't Leave Home Without It.
We've all heard these great taglines, but great marketing is so much more than that.
People often ask me what I do, and when I tell them I am a Chief Marketing Officer, they look at me funny. They ask me things like, "So... You make commercials?" or "Oh, so you're like Mad Men?"
Yes, exactly like Mad Men, I make business decisions over a few martinis... sort of.
What I'm actually striving to be is a modern marketer. What that means is that I'm constantly looking towards a combination of traditional marketing while blending newly adapted styles of communication and metrics. Ultimately modern marketers are responsible for driving revenue.
The 4 P's still play a major factor in what we do We create Pricing for our services, define Placement (or as we now refer to it, Go-To Market Strategy), develop Packaging for services offered, and we Position the product to match the needs of the customers.
Modern Marketing embraces those fundamentals and adapts to the expectations of today's fast-paced, empowered and educated buyer. However, it holds a few critical elements that do make it more unique. It's quicker, it's more adaptive than ever before, but it is also more challenging. In turn it has become more exciting than Don Draper or Roger Sterling could have ever imagined.
This is how I define Modern Marketing:
Revenue is the one metric that really matters
Traditional marketers talk the talk about leads, brand impressions, and more recently about "likes", "follows", and "mentions". While this is all fine and great, the one and only thing that truly matters to a modern marketer is revenue. Dollar Dollar Bills!
Somewhere along the line we have established that creating a recurring revenue stream by rapidly adding new customers is more important than an elusive elephant-hunting type of deal. We discuss revenue velocity of recurring customers, which essentially is the duration from lead to close. This is declared as being the most important thing we do to support our business. Everything else is just a means to an end.
The buyer is in control
Numerous studies show up to 70% of a purchase is complete before a potential buyer even speaks to a sales rep at a B2B company. This means that modern marketing plays a significant role in the sales cycle. Now, modern marketers need to tailor a message way beyond brand awareness. The message needs to be created by anticipating the buyers questions, concerns, and value perception through the cycle. It needs to be so clear that it requires no interpretation.
This is a tough one though, trust me. Get it right and you see the difference instantly. Get it wrong... well, as a former mentor used to say "good luck in your next job”.
We have more data than ever before
We know based on our data that things change at a rapid rate. What worked last week, or last quarter may be obsolete now. Good modern marketers see this, so they use all the data they can attain to locate patterns and trends to create models they can put into practice. It's all about utilizing their resources to draw in a wider variety of buyers.
Social is the default communication strategy
I'm always shocked when I hear people say social media marketing doesn't matter. Or don't ‘get it’. Despite what they think, potential customers and influencers are constantly engaging with each other via social media. They are discussing what they love, what they hate, what their challenges are, and why they care. As marketers, we have to be aware of all of all those things to understand the buyers journey and increase revenue velocity.
It's no longer an option. Before you make any decisions on marketing programs, you have to consider how to incorporate social media into the mix. The fear of several companies I have worked with before is that they can't control the message. Guess what? You can't control the message. What you can do is engage in it.
At my company, I continuously challenge my team to always consider the social media impact of everything we do. With social media, we are really just one degree of separation from a potential client. Embrace it in everything you do. I mean everything. Drive your team to social media. Train them, and develop them into social media advocates. Get them to follow you and each other. Recognize what people are saying about you and your competition. And just as important, what they aren't saying.
You need to LOVE modern marketing
I love being a marketer. I love when our prospects understand the value of our solutions. What I really love about modern marketing is that we get to use some incredible technology, combined with our creativity, to drive revenue.
If you want to know if you are a modern marketer, just ask yourself these questions. Am I doing everything i can to understand my buyers journey? Am I engaging with the buyer on all of the social media channels they are active with? And most importantly... Is everything I do designed to drive more revenue faster for my business.
Say yes to these, and be a modern marketer that will drive the most revenue for your business.