Getting a good night’s sleep is very important, and we all do our best to sleep as well as possible. But sometimes our minds fixate on issues we’re dealing with at home or at the office. Given that the marketing world is changing so quickly, there seem to be a disproportionate number of things we worry about more often than in the past.
I asked a number of clients what seems to be worrying them the most…and what are the big issues that keep them up at night. From my discussions, it seemed that there are 4 broad topics that make marketers toss and turn in their beds and keep them awake.
I thought I’d share these 4 sleep deprivers with you, and provide some ideas on how to potentially deal with them. So here goes…
1. I’m Losing Sleep Because…“I’m Behind On the Digital Curve!”
The Problem: The world of marketing used to focus on “traditional” mediums such as TV, print, coupons in the newspaper and the like. It’s moved much more in the direction of digital. But many companies are simply not taking enough advantage of this low cost, highly targeted and very effective digital world. Do you have a solid digital and mobile strategy in place that properly integrates with your overall marketing and business plans?
The Solution: If you’re a small-medium company, digital can do wonders for your business as it helps level the playing field vs. the big boys (who have much more money to spend than you do). To get on track, think not only about the big long term digital plays in website, social media, mobile, video, search, e-mail and content, but also about some of the newer opportunities in trends such as big data, influencers, and chatbots. If you need help, reach out!
2. I’m Not Sleeping Well Because…“Amazon’s Future Effect on My Business is Unclear and That’s Worrying Me!”
The Problem: Amazon has transformed the world of retail in unimaginable ways. Consider this… E-Marketer recently reported that with an incredible 49.1% market share of online shopping, Amazon is bigger in e-commerce than eBay, Apple, Walmart, Home Depot, Best Buy and Macy’s combined! (And those retailers are all ranked in the Top 10 online!)
As companies watch this, people lose sleep over the fact that in an instant, they could wake up one morning having lost 50% of their business! I know one company who this literally happened to…In fact, one of the hottest questions clients are posing to me these days is as follows…”People are selling my products on Amazon at prices lower than we sell them for ourselves. How do they do this and how can we protect ourselves?”
The Solution: The first thing you must do is recognize this potentially huge risk, and track your category on Amazon very carefully! Then develop both a defensive strategy as well as an offensive plan. For example, to defend, you can dig deeper for law breaking diverters, and you can distinguish yourself with better service, key points of difference, product details and demo videos. And developing a proactive offensive strategy can literally transform your business. I have a number of clients who have grown their revenue base so fast through Amazon, that it is today one of their top couple of distribution channels!
If you don’t know how to develop such a strategy, reach out to us or someone qualified to help guide you…The payoff for those who know what they’re doing can be enormous!
3. I’m Tossing & Turning Because…“I Need More New Leads For My B2B Business”!
The Problem: I’m based in Michigan where so much is B2B automotive and industrial, and delivering new leads to the sales organization is critical to keeping businesses going and growing revenue. Without continuous lead generation, you can’t get new customers.
So how can you stay on top of this?
The Solution: In addition to traditional lead generation methods such as networking, trade shows, referrals, e-mail newsletters, and working social media, did you know that LinkedIn Sales Navigator is becoming a hot new way to generate new leads? I’m working with numerous clients on setting up these type of lead gen systems right now!
For example, you can leverage LinkedIn Sales Navigator now to very effectively to micro target potential leads by geography, job title, seniority, closeness to your inner circle and much more. In addition, it’s becoming popular for people to post videos to their Linked In feed as a way to spice up their participation and social optimization. If you’re looking to drive powerful new sales lead generation avenues for your business, you should certainly look into these features for 2020. Call us if you need help…
4. I’m Up at Night Because…“My Product Line or Service Offerings Are Getting “Tired”!
The Problem: Look no further than your local supermarket. The kings of the marketing world – Procter & Gamble, Kraft, General Mills, and Nestle – are all suffering somewhat. Why? Because they’re not transforming quickly enough, and are getting squeezed between low cost private label products and higher end healthier, fresher and more contemporary products that are attractive to millennials.
The Solution: I have a client in an old, unexciting category, and with the right marketing and new product plans (we helped develop for them), we were able to help them grow very dramatically in a relatively short period of time. Whether you’re a big multinational company or a small $10 million family owned business, think the likes of more relevant new products and line extensions, especially for millennials…more digital/social media, cross selling, sampling, and getting the word out cheaply about how wonderful you are via blogs and other newer low cost techniques.
Again here, if you’re struggling to develop such a strategy and plan, reach out to us to help guide you. It can potentially be the difference between a declining revenue trajectory and a future of solid growth.
