• Digital Marketing Success

Use Market Research to Prioritize Dollars for Digital Marketing Success

Yesterday we had the pleasure of attending a regional training event and trade show for an industry that’s new to us. We’ve been exploring the possibilities of partnering our digital marketing experience with a few gentlemen who work in this industry so they invited us to come learn more. The lure of a delicious meal didn’t hurt that invitation one bit!

For me, events like this are about much more than simply hearing the information the presenters share. It can be beneficial to expose ourselves to ideas, people and situations that fall outside of our normal realm of experience. Of course, there’s the chance to learn a new piece or two of information but, more importantly, it can give us a different perspective on life and work.

Dr. Joe Dispenza expresses this thought far more eloquently than I as he says, “If your thoughts determine your reality, and you keep thinking the same thoughts (which are a product and reflection of the environment), then you will continue to produce the same reality day after day…when you think from your past memories, you can only create past experiences. As all of the ‘knowns’ in your life cause your brain to think and feel in familiar ways, thus creating knowable outcomes, you continually reaffirm your environment then each morning, your senses plug you into the same reality and initiate the same stream of consciousness”.

You’ve probably heard “The definition of insanity is doing the same thing over and over again and expecting different results” – a quote typically attributed to Albert Einstein even though there’s no evidence to back that up. Usually we all laugh and shake our heads in agreement then go on our merry way doing the same thing and hoping for a different result.

I saw this in action at the training event. This is a consortium responsible for roughly one-third of the billions of dollars spent in their entire industry. The digital programs they offer to their members aren’t bad but this group of attendees seemed to be somewhat unaware of the possibilities available to them. Clients are the lifeblood of their business so you would think they would enthusiastically embrace any ideas that would bring them more clients and keep them top of mind for the clients they already have. Not necessarily.

I’m not picking on these folks- I think they’re a prime example of how many people function. We work hard, sometimes choosing hard work over smart work. It’s so easy to get caught up in our daily routines we don’t evaluate the best way to accomplish our goals and who has time to stay current with updates in trends and technology? It often seems easier (and even faster) to just do what we’re told or what we see others doing.

I’m reminded of the newlywed who called her mom for the recipe for Grandma’s pot roast.

“Take the roast, cut an inch off of either end, season it and put it in the oven”, says Mom. “Alright, Mom but why do I cut off the ends?”

“I don’t know- that’s just how Grandma always fixed her pot roast so that’s how I do it.”

The curious newlywed called her Grandma.

“Grandma, why do you cut the ends off the roast?”

“Honey, that was the only way to fit it into the one pan I had.”

There may have been a reason for something for someone at some point but it doesn’t necessarily make it the best practice.

A recent study conducted by Harvard Business Review Analytic Services, in partnership with Red Hat, found companies that prioritize the understanding of technology trends realize an actual dollars-and-cents payoff (http://www.cmo.com/articles/2015/5/29/study-digital-leadership-and-acumen-matters-to-business-performance.html).

The findings are impressive. The research shows these companies were significantly more likely to see growth in revenue of 10% or more over the previous two years. On the less impressive side, only 23% of the 436 surveyed believe their companies have the skills and knowledge that lead to digital success.

“The report also confirmed that IT spending is continuing to shift out of IT and into other departments – marketing, in particular. While having more money to spend on technology presents great opportunities for CMOs, Yeaney said, 49% of marketing leaders said their departments often initiate IT projects with little or no direct IT involvement. That’s worrisome because 45% of those surveyed said they do not think they have the technology knowledge needed to succeed in their jobs. The need for CMO and CIO alignment has never been greater… This goes beyond spending money on new Web sites and social media initiatives. It is time for CMOs to create a digital vision and road map for their organizations…every company should have a digital vision that is authentic to their brand, growth/market aspirations, and business goals”

The study shows the importance of a company prioritizing technology which is pretty much a given in today’s tech-savvy marketplace. But it also notes the shift of the dollars and decision-making for technology decisions into the hands of those who feel less than capable of making sound decisions. The people in these positions are being forced into unfamiliar territory so they can’t make choices by rote, not necessarily a bad thing.

At Outreach Strategic Marketing, we utilize propriety natural language algorithms to analyze online market opportunities based on ROI. Based on the market research, we then create a digital blueprint for an empire of perpetual lead generating properties that implement SEO and Persuasion Architecture. The blueprint plans a digital presence and revenue growth that is based on fact based market opportunities for digital marketing success.

2018-01-07T21:40:21+00:00

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