B2B Marketing

Why Video is the New Sales Slick

I’ve spent a lot of time researching video marketing in preparation for my next marketing plan.  There is a wealth of information on the trends and stats surrounding video marketing.  Ultimately I’ve decided, after all this research, that video is replacing the classic one-page sales slick as the go-to-source for B2B marketers to decimate information to the market.

  1. Video marketing is everywhere, just like your classic sales slick.
  2. They’re more engaging than a static piece of paper with a ton of words.
  3. They produce a better conversion than a one-sheeter.

I believe this so much, that I created a video about it.  (Very meta)

3 Metrics Every B2B Marketer Should Know

Razzled-but-not-dazzled“When you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind: it may be the beginning of knowledge, but you have scarcely, in your thoughts, advanced to the stage of science.”
– Sr. William Thomas, Lord Kelvin

The number one thing that has set me apart from other marketers throughout my career is my ability, and willingness, to do math.  It is not enough to make things look pretty or budget for events.  You must be able to express very clear and useful metrics that drive a business forward.  Here are 3 that I believe every marketer should know off the top of their head if ever asked.

ROI: Return on Investment

ROI

This is the basic of the basic.  You should be able to rattle off exactly what your ROI is for major initiatives and for your year overall.  Although we all know this is very basic, most marketers don’t actually bother to calculate it or share it.

If you have a negative ROI it could lead to negative consequences.  However, if you can get ahead of the question, report your negative ROI, and outline causes for this you will, most likely, be viewed as a professional in the eyes of your management.  Entry level marketers hide bad metrics.  Professionals address them head on.

Equity Value Creation

This equation literally tells the business how much more valuable you’ve made it.  Not how much money you’ve made it, but how much you’ve increased the company’s value.

This is a tough concept for many marketers.  We focus on the bottom line and how much deals are worth.  But how much is the company worth?  If you CEO decided to put the company on the market, how much more valuable have you made it?

This is a critical metric for marketers for two reasons:

  1. You’re communicating how your influenced deals affect the attractiveness of the company directly
  2. You’re communicating how your more fluffy work, like brand awareness and sales enablement, are contributing to the overall value of the company – if not the quarterly sales directly.

Equity Value Creation Formula

Let’s break this down:

  • Monthly Revenue – look at how much your influenced deals bill on a monthly basis.  If you’re measuring something like “brand awareness” look at your monthly revenue a year ago and compare it to now.  Calculate the difference.
  • Expense Ratio – What percentage of your revenue goes to cover expenses?  If you don’t know, a good estimate is 50-60%.  Expenses cover keeping the lights on, employees’ salaries, paying contractors, etc.
  • Multiplier – A multiplier tells a potential buyer of your company how much more than your annual profits they need to purchase you.  This one is tricky.  If your company is not publicaly traded, you likely don’t know what your multiplier is.

    Here are a few good rules of thumb I got from BusinessTown:

    • An extremely well-established and steady business with a rock-solid market position, whose continued earnings will not be dependent upon a strong management team:
      a multiple of 8 to 10.
    • An established business with a good market position, with some competitive pressures and some swings in earnings, requiring continual management attention:
      a multiple of 5 to 7.
    • An established business with no significant competitive advantages, stiff competition, few hard assets, and heavy dependency upon management’s skills for success:
      a multiple of 2 to 4.
    • A small, personal service business where the new owner will be the only, or one of the only, professional service providers:
a multiple of 1.

Essentially this equation takes your Annual Profits x your company’s multiplier and generates the value of the company if someone wanted to buy it.  You can use this to communicate how much more valuable your company is now that marketing is doing x, y or z.

NPV: Net Present Value

“A bird in hand is worth two in the bush.”

A dollar today is worth more than a dollar you make a year from now.  Marketers often report metrics based on the total value of a deal, which makes sense.  But to take your marketing game to the next level, start reporting on NPV instead.  Net Present Value is how much the deal is worth today.  For B2B marketers we often deal with more expensive, longer term solutions.   It could be years before our company realizes the actual full revenue from a sale.  By calculating your ROIs with NPV instead of total deal you’re indicating to your leadership that you understand the deal loses value the longer it lasts.  It shows you’re a professional.

Here is the actual equation:

Image result for npv formula

But only college students do it that way.  If your CRM doesn’t already calculate NPV for you, here’s a website that will do it for you.  There is an equation to calculate your discount rate, but here’s a cheat I found online for all our sanity:

  • 10% for public companies
  • 15% for private companies that are scaling predictably (say above $10m in ARR, and growing greater than 40% year on year)
  • 20% for private companies that have not yet reached scale and predictable growth

That being said, most CRMs can do it for you.  Just customize your opportunity page to include the field.

Portfolio Feature: zColo Magazine – Spring 2017 Edition

Cover_Issue2I have been MIA for a while now.  This is mostly due to my deep involvement in producing the 2nd zColo Magazine for work.  This has been a labor of love – as well as surely taking years off my life.

I invite you to peruse the magazine’s online version.  Feel free to leave me any questions in the comment section below.

I used Lucid Press to produce the magazine.  I find it fairly simple to work with, but creating an online magazine and converting it to print can be a pain.  They do allow InDesign uploads in BETA version if you’re exploring a digital content strategy of your own.

In this edition I chose to highlight my organization’s Colorado roots as the cover story, but I also highlighted some other recent professional projects.  Namely I did a visual tour of our latest Dallas data center, which I redesigned from the bottom up.  This foray into interior design was so much fun, but it was definitely challenging to find a balance between my design priorities and accomplishing zColo’s economic goals.  I’m pretty proud of the outcome, I must say.

Tradeshow 101: Be the Party

Each year thousands of people flock to Las Vegas, Orlando, New Orleans and hundreds of other cities to attend conventions.  For them, it is the highlight of their year.  Every day they grind through their 9 to 5 – working well more than 40 hours a week.

But once a year their company sends them to some convention where they are expected to ignore their email and learn something.  But for the attendee this is half learning – half vacation.

So why would anyone want to talk to this guy on their vacation?

Image result for boring tradeshow booth

As the one running the booth it is your job to be the party.  People want to hang out with the fun people.  Don’t be boring.

Here are a few things I do in order to attract those looking to have fun:

  1. No cell phones.  Put them away.  You don’t need them.  Whatever it is can wait.  Your company has dropped thousands of dollars on this event.  Be present and hide your phone.
  2. Get a song stuck in your head.  If you have a fun song stuck in your head it will keep your energy up.  The faster the tempo, the better.  I actually dance at my booths to the song in my head.  People give me weird looks, but it’s usually like “I want whatever she’s having.”  Their on vacation.  Why wouldn’t they?  You would not believe how many people will walk up and start dancing with me without an invite.  My go to is “Conga” by Miami Sound Machine.  Find one that works for you.
  3. Smile.  It seems like a simple thing, but I see it all the time.  People flew across the country to represent their company at the conference and they look miserable.  No one wants to party with the depressed guy who only smiles when you walk up.  Smile like you’re having the time of your life and people will literally cross the room to say hi.

Remember, they’re there to learn and blow off some steam.  So be the party and they will come to you.

And now, for some dancing inspiration…

Tradeshow 101: How to Jedi Mind Trick Someone to Come to Your Booth

Between shipping, giveaways and printing, you can easily drop tens of thousands of dollars on a tradeshow.  Other than television commercials or forgotten PPC campaigns, they are one of the most expensive things a B2B marketer can do.  So generating a positive ROI is paramount.

How do you do it?

To start with, you’re probably going to need to get some leads at the booth.  In order to do that you need to get people to go to your booth.  But everyone is walking by, avoiding eye contact and refusing to come say hi.

Here’s how you get people to come to your booth against their will.

Image result for jedi mind trick gif

“You want to hear my elevator pitch.”

You can jedi mind trick someone into stopping at your booth in 2 simple steps:

  1. Say hello
  2. Shake their hand

It’s that simple.

Step 1: Say Hello

Visualize the convention aisle.  It is wide and most likely you’re facing a similarly sized booth on the other side.  Now cut it in half.  Any person walking on the opposite side of the aisle is off limits.  They’re too far away.  Let them go.

Everyone on your side of the aisle is fair game.  They are in your territory.

Stand at the edge of your booth’s carpet line – one arm’s length from the aisle.

Pro Tip: No one sits at the booth.  Ever.

Image result for compliment memeAs people walk into your territory (directly in front of the carpet), compliment them.  Say something specific and honest.

“I like your shoes.”
“I like your dress.”
“Sweet tie.”
“You are owning that hat!”

Whatever.  Make it genuine and specific.  If you can’t do that, you probably shouldn’t be working the booth at all.

People will instinctively stop, examine whatever you complimented, and then make eye contact to say thank you.  Test it out if you don’t believe me.  Tell someone at work, as their walking past, “I like your [insert piece of clothing].”  They will stop, look at what you are complimenting, and then look at you to say thank you.

Why?

People examine what they’re wearing because an unexpected compliment makes them Image result for compliment giftake pause to see why they are receiving it.  Many won’t remember immediately what tie they wore that day so they have to check.
Then they look at you to say thank you because they’re mamas’ would smack them up side the head if they didn’t. They were raised that the proper response to a compliment is “thank you”.

Step 2: Shake Their Hand

Image result for shaking handsAs soon as you have made eye contact it’s time to stick out your hand. You have their attention.  Time to reel them in.

Stick our your hand as if to shake hands and wait.  Don’t move.

You can experiment with this at the office too.  Stick out your hand to a stranger and see if they shake it.  I’ll bet you a dollar they do.

Why?

Because since you were a baby people have been walking up to you and shaking your hand.  It is so ingrained in your day-to-day routine that it is motor memory at this point.  It is considered painfully rude to ignore someone’s outstretched hand and you do it unconsciously.

So just wait.  95% of the time, they will shake your hand back.  It feels weird not to.

Then you can direct them onto your booth carpeting and go into your elevator pitch.

Don’t believe it works?  This is me pulling in 7 people at once by doing exactly this.  Say hello and shake their hand. Repeat. Works like a charm.

NWCDC Booth

Bringing in a crowd

Tradeshow 101: The Most Important Thing to Buy for Your Booth

Image result for exhibit hall picture

“Dear Hannah,

I am a marketing manager with a non-existing budget.  This year my company wants us to have a booth at a major industry tradeshow.  We have a tabletop, backdrop and podium.  It’s enough to fill up a 10×20.  With limited funds I’m not really sure where to put the bulk of it?  Should I invest in giveaways or a better booth or something else?  If giveaways, what are your favorites?

Sincerely,
Tabitha”

Tabitha,
Tradeshows happen to be one of my favorite topics.  In fact, in response to your email I’m going to write a series on my top tradeshow tips.

I know all too well how expensive tradeshows are and how unrealistic marketing budgets can be.

Here is hands down, the #1 most important thing you should buy for your booth:

Carpet Padding.

Image result for carpet padding tradeshow

It is the most under utilized, under valued and most important thing a marketer can spend money on for their booth.  More than giveaways, more than the booth itself, more than collateral… carpet padding is king.  And best of all, it’s cheap.

Carpet Padding can accomplish 4 critical things:

  1. Entice people to come to your booth
  2. Entice people to stay at your booth
  3. Keep your team’s energy up
  4. Make you look like an event marketing genius

1. Entice People to Come to Your Booth

Let me paint a picture for you.

Image result for professional woman outfit plusKelly works in an office and rarely gets to do something fun as part of her job.  Maybe she travels to other offices, but it’s rarely a good time.  For the most part she works at her desk, rarely has time to eat or exercise properly, and hardly ever gets to rub elbows with her company’s executives.

Her company decides that she will join several others at a conference in Las Vegas – now they’re talking!  She will be joining her VP and a few directors.  She decides to pack her cutest, professional outfits – which include heels.  Kelly doesn’t think about the fact that she’ll have to walk a mile from her hotel room to the convention hall.  She doesn’t realize the convention call is all concrete slightly covered by carpeting.  It never occurs to her that 3,000 exhibitors means spending an entire day on her feet in the exhibitor hall.  After 2 hours, her feet and back are killing her – and she has another 3 days of this.

Then Kelly walks past your booth and you complement her on her amazing heels and state Image result for feet are killing you“… but your feet must be killing you!  Come enjoy some carpet padding.”  She will shake your outstretched hand and come join you on the carpet, just to be polite.
Then Kelly’s eyes light up.  OMG!  Double carpet padding is instant relief.  Triple carpet padding feels like a cloud.

It sounds crazy, but it works 4 out of 5 times.  This is true of men and women alike.  Men’s shoes can be just as terrible, especially when you’re carrying a few extra pounds and are not used to this much walking.

2. Entice People to Stay at Your Booth

When they feel that relief, they are instantly in a better mood and are happy to listen to your elevator pitch.  If you opt for the triple padding, some people may actually take their shoes completely off.

They will tell you their life story for 3 minutes of relief from their feet and back.  Then you can better qualify them at the booth and hand them over to a nearby sales rep who can more expertly answer their question.

If people are running away from your booth, chances are you haven’t given them a good reason to stay.

3. Keep Your Team’s Energy Up

Image result for ready okayNo one should be sitting at the booth.  It is a hard rule at my events.  No one sits.

It is exhausting smiling, standing and being completely “on” for 8 hours 3 days in a row.  I get it.  If you expect your team to be “on” and on their feet, pay for the extra carpet padding.  Chances are they didn’t pack the right shoes either.  They will thank you.

4. Make You Look Like an Event Marketing Genius

geniusMarketing gets a bad rap for spending too much money (see a previous post on the topic), but you can reverse that when you demonstrate how much traffic you’re bringing in without having the nicest booth and coolest gadgets.  Point out to your team how other booths are not doing the same thing.  They have the coolest booth in the world and people are picking up their goody and leaving.  No valuable conversations at all.

When you’re team observes this, you can point out that you spent 1/3 of what the others did and we’ll probably get double the traffic.

You’ll look like a genius.  You’re welcome.

If anyone has any marketing questions feel free to email me at hlhoward71@hotmail.com.  I’m all ears and you may get a shout out on the blog.

 

How to do market research with no time or budget

Image result for market researchMarketers get asked to do a ton – branding, sales enablement, event planning, content creation, lead generation – it never seems to end.  It’s even worse when you have to do it all by yourself.  Here’s one more skill any marketing manager worth their salt needs to master – market research.  Dun DUN DUN!

Here’s the thing.  You don’t have to be a big data or industry analyst to do it.  You already have all the skills you need to do basic market research.  You don’t even need a budget.  Just the willpower to try.

Here is my step-by-step guide so that you look like a marketing rock star at your office:

Image result for audience1) Determine your audience

Who will consume the information?  When I produce reports I direct them towards two groups – sales leadership and product leadership.  You may need to provide useful information to your executive team or business development.  Figure out who you’re writing for and it will direct every decision from there out.

2) Create a report template

Image result for reportI find it’s 12x easier to do almost anything when I have a framework to work inside.  Here is the framework I use for my reports – feel free to copy or edit it for your purposes.

Header – States title and date

Industry News – I use this section to focus on news that is relevant for the entire industry.  This could include shifts in the market, new technology, or any other trends that may be happening at a macro level.

Competitor News – This section breaks down each of our competitors and what they’re up to publicly.  This could include product announcements, executive changes, public filings, important customer announcements – anything I think my audience would find valuable.

Word on the Street – Finally I have a section dedicated to the rumor mill.  Nothing is substantiated and nothing is verified – it’s just a few people’s opinions on a particular topic.  This is by far the most popular section month after month.  This is the stuff you’ll never read on a Google alert and is the hardest to capture.

3) Sign up for everything

Image result for sign upThere is a smorgasbord of information out there.  It’s your job to compile it.  Sign up for daily or weekly email updates from the following sources.  They get delivered to your inbox regularly and you won’t have to spend whole days doing research.  But it will look like you did.

  • Google Alerts – I recommend starting with 3-5 keywords that are most often used in your industry.  Then setup a Google Alert for each one of them.  Also set one up for each of your top competitors.  Every day you’ll get a few emails automatically from Google and you can file them away until you’re ready to read through them.
  • Business Publications – Whether it’s the Wall Street Journal or your local downtown newsletter, these things are packed with the best and most useful information you can find.  Most are free and are more than happy to send you a daily synopsis email.  Sign up for publications that cover your industry or geography or however you breakdown your business.
  • Industry Rags – Every industry has super niche publications.  Do a quick Google search and find them.  “_____ industry news” ought to do the trick.  I used to do marketing for the B2B drug testing industry.  My team tested workers’ comp patients for opioid abuse and marketed to risk managers.  You don’t get any more niche than that.  There were actually 3 websites I used that discussed little more than just this topic.  Trust me.  There are resources out there for whatever you sell.

4) Set a reminder to plug and play

Image result for copy and pasteNow set two 1-hour meetings on your calendar a month; one in the first half of the month, one at the end.  Open up that folder holding all your automatic emails and skim through them.  Click the links that interest you and copy/paste the best content into your report.

Be sure to include a link that reads “Full story” in case your readers want a deeper dive, but catch the high lights in your report.  Don’t include more than 2 paragraphs for any listing.  I actually prefer 3 sentences or fewer.  My audience is mostly made of VPs or higher so they don’t have time to read everything.  Get to the point and give them a means to learn more if they want to.

PRO TIP: No email to an executive should ever take longer than 30 seconds to digest.  Why do you think people created “executive summaries”.

5) Do some custom research

I mentioned my final, and most popular, section is called “Word on the Street”.  It never takes me longer than 2 hours to complete and it’s the most fun.Image result for research meme

  1. Identify a topic
    -Competitor pricing in a certain market
    -How a certain vertical uses your product
    -A new technology that your readers need to know
  2. Identify an expert
    If you’re looking at how competitors are behaving in a certain market, call the local rep that handles that territory and interview them.  What feedback is he/she hearing from local customers?  Where is your pricing being undercut?  What product/solution/competitor do folks love and hate?

    If you’re looking at a particular vertical, go for academics.  Professors love to talk – it is what they do for a living.  Let them tell you what a vertical needs.  Here’s an example.  I was doing a piece on the video gaming industry one month.  I found that Carnegie Mellon has an entire school dedicated to video game design.  I went to the website, emailed everyone listed and requested a 30 minute interview about the topic I was researching.  Within 2 hours I got 2 replies.  One of them, I later found out, also ran her own video game design company.  She was a wealth of information, was happy to let me pick her expert brain and didn’t charge me a dime.

  3. Write it all down.
    Take everything you just wrote notes on and translate it into something useful for your audience.  Stick it in your report.  Done.

6) Format and Distribute

You’ve collected all this information and interviewed experts.  Now you just have to put in a form that’s pretty and distribute it to your audience in a way they want to receive it.


After a year, what you’ll find is that you actually become the expert on your industry and people will start asking you for your opinion.  That’s when you know you’ve created something valuable.

Image result for expert meme