Marketing

Team Building According to Coach K

I recently attended MarketingProf’s Annual Conference and wanted to share some of my insights from this event – which I highly recommend.

On-the-Edge-SM_11151One of the keynotes was Alison Levine, the Captain of the First All-Women Mount Everest Expedition.  The story was incredible, and I encourage everyone to read the book, but I want to focus on only one story.  Alison was tasked with building a team of five women to hike to the highest point on Earth without dying.  How do you do that?

She called her friend, Coach Krzyzewski, the legendary Head Coach of Duke’s Basketball team and the USA Olympic Basketball team.  He said he looks for 1 thing when building a team – Ego.

Alison assumed he meant lack of ego, but he corrected her.  He wants two types of ego.

  1. Performance Ego – You want people who can walk on the court and have believe they have what it takes to win. You don’t want folks who are filled with self-doubt and question themselves constantly… Especially on a mountain.
  2. Team Ego – You want someone who is proud to be part of something collectively bigger than themselves.  They have to be happy in the team’s victory, even if they get none of the glory.

Maybe you’re building a marketing department for the first time.  Maybe you’re trying to find slot players to fill gaps.  For those of us who have been individual contributors for years and are not used to a “team” mentality, this can be difficult.  I have recently been promoted to run field marketing across all our regions.  The idea of building a team from scratch was an incredible opportunity, but I did wonder if I had what it takes to build the right one.

As we look for talent and encounter opportunities for growth I think we should challenge ourselves to follow Coach K’s advice.  Do we walk on the court and believe we have what it takes, while celebrating the successes of our team members?  Are we hiring team members who do the same?  I challenge you, and myself, to look for ego when hiring, but the right kind.

Thanks Coach.

Image result for coach k

The Anti-Resume Every Marketer Should Make Immediately

Recently, as part of Zayo’s Coffee Club program, I met with a marketing professional named Karen Sutherland.  While meeting we discussed her marketing background and traded stories.  She then handed me a document I’ve been fawning over every since.

Below is Karen’s “Strategic Plan”, the quintessential “anti-resume” and it’s a project every marketer should take on immediately.  In it she summarizes all her experience, differentiators and objectives in an easy-to-consume and compelling format.  I’m blown away and can’t wait to make my own.

Strategic Plan

I’m sure this is meant to be a way to help plan your career with a more targeted and strategic approach.  In my opinion this is also the perfect way to introduce yourself on paper.  Resumes are detailed, bulleted and sometimes overwhelming.  You’re including dates and awards and metrics and publications and on and on.  This document drills down to everything a hiring manager or recruiter actually wants to know.

  • What do you want to do?
  • What do you know how to do?
  • Where do you want to do it?

Once the conversation has started your resume can fill in any timeline or metric gaps.

How to format your personal strategic plan:

  1. Name, contact info, URL at the top – just like a resume.

Don’t slouch on this section.  It doesn’t need to be professionally designed, but this is literally your first impression.  Make it count.  Maybe include a headshot or a special logo.  Maybe just play with the formatting or layout.  Use this to disclose your talent or personal brand without saying it outright.

  1. Professional Objective

I like what Karen did here.  Get to the point and tell the reader exactly what you’re looking for.  Don’t write a complete sentence, but make it skim-worthy.

  1. Positioning Statement

Now you can write in complete sentences.  Write a paragraph on what makes you different, skilled or the best choice – just like if you were describing a product.  Maybe play with the title by doing something fun like “The Pitch” or “In a Nutshell” – if you’re feeling adventurous.

  1. Competencies

I love that Karen broke this into three sections – skills she has, marketing specializations, and who she is.

  1. Target

I really like that she’s broken this down so well.  If you were marketing a product, you would clearly state what your target market looks like.  Why not do that for yourself?

Answer the following questions:

  • Where do you want to work geographically?
  • What type of industries do you prefer?
  • What size company do you prefer?
  • What is your ideal culture?

You may worry that this limits your ability to find work, but we all know the key to proper marketing is segmentation and targeting.  Don’t be afraid to be niche.

Now, do your research.  Which companies fit these parameters?  Which companies complement these parameters?  Now, go hunting.

In summary, stop what you’re doing and make your own strategic plan.  It may be a little tough at first, but zeroing in on your target market and treating yourself like the amazing product you are is the best free thing you can do to market yourself right now.

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