Browsing Category

Product Marketing

5 Incomplete Thoughts on Social Media

Remember the title….

1. Manufactured Market?

There is so much noise about the market opportunity and the necessity to fund community initiatives for enterprises but little has materialize in respect to direct revenue and meaningful metrics. This is a challenge for traditional marketers on many levels and the type of topics I suspect are being at the Forrester Marketing conference. There is a after the show workshop that asserts the following which might be close to revenue:

Experiments with rich media, blogging, RSS, and social networks show how dynamic marketing techniques can touch on buyers’ emotions, educate and persuade them, measure interactions more effectively, and generate additional business.

2. Perpetual Social Markets

Shel’s interviews of Jeremiah Owang and the Sea World folks are both emblematic of the challenges of linking social media investments to a return. How can you effectively measure and manage social media as a growth engine? Examples exist where a specific event or a series of inferences can be leveraged to assume the impact of social media, as evidenced in the description of Sea World video at Fast Company:

Measuring social media is one of the pain spots for the enterprise. As Kami Huyse, says in this clip of her client SeaWorld San Antonio. “It all depends on what you measure.” …

What to measure indeed – hits, downloads….. Ultimately most businesses measure revenue from Marketers, so perhaps Sea World is an anomaly and most businesses know how to convert the social media marketing budget to revenue and understand how to successfully deploy/develop a community. Let’s see if this is the case from Shel’s interview of Jeremiah, you probably only need to listen for say, the whole thing:

3. Social Media as Infrastructure

With the metric challenges and elusiveness of revenue is social media a function of retention more so than demand? If marketers are unable to deliver/verify incremental new revenues base on investment, should the metric hunt move to revenue retention and customer satisfaction?

Cool technology should never be relegated to the “post-transactional” budget fight…..

4. Platforms as Markets

Is Twitter a market? Facebook? Myspace? With increasing platforms for exchange more and more opportunity appears to emerge as populations flock to platforms. Where people gather transactions happen right? There are many example of this in the physical space – Burning Man, dead shows and in the parking lots of panic shows. So if people are gathering, there has to be transactions to be had – right?

Information as currency and messaging as a service continues to be the key commodities being exchanged on social media platforms….

5. Community as a Commoditizer

The transactional efficiencies of social computing by it’s very nature puts downward cost pressure on goods. Ease of comparison, ease of purchase and ease of access to other consumers/product customers. Ease of discovery. Product differentiation through a cost center represents…

Maybe the title should have been 5 Incoherent Thoughts…

~cheers!

April 11, 2008 by
(1)

A Litmus Test: Transitioning Technology to Product

I haven’t spent much time doing pure play product management posting in a while, so I thought I would today. I’ve been doing a bunch of leisure surfing and looking at a bunch of great stuff online and challenged myself to think about what it takes to transition a technology into a product. While I didn’t come to a great deal of conclusions, I think I’ve come up with some reasonable litmus tests for consideration:

  • Does your product have more defects than enhancement requests?
  • Can the users manage their own product experience?
  • Does everyone tell the same story about the product inside your organization?
  • Do customer users out number the support staff?
  • Can your product be contracted the same from sale to sale?
  • Are your training materials for the organization more lengthy than the prospect presentation?
  • Do you use the words scripting and framework more than configurable?
  • Does a product error message require research from development or is it in the knowledge base?
  • Are there more sales tools for the product than product managers?

What questions do you ask about your product?

April 3, 2008 by
(4)

Stories in The Village: EVERYONE must understand the brand

Our stories as marketers continues to be a theme of late, whether it’s understanding how YOUR history and biases impact your stories and now from Seth, how your EXECUTION is central to the story/brand experience. Below is an excerpt which asserts lack of a story can impact consistency of the brand:

But what if you haven’t figured out a story yet?

Then the work is random. Then the story is confused or bland or indifferent and it doesn’t spread.

On the other hand, if you decide what the story is, you can do work that matches the story. Your decisions will match the story. The story will become true because you’re living it.

Does Starbucks tell a different story from McDonald’s? Of course they do. But look how the work they do matches those stories… from the benefits they offer employees to the decisions they make about packaging or locations.

The pithy piece from Seth opines about what comes first, the story or the work. Not sure that this is the best way to manage the story or the execution, since they are more or less ONE thing – the Brand. These are two interactive and evolving components which can’t be untethered. Customers, employees and transactional interactions move the story and change the story over time, evidence the $1 coffee from Starbucks or the 3 hour re-training event which was intended to boost the barista-ness of the the customer experience.

This example from Starbucks is a great use case for how to align execution to the story and the market. So if the story is linked to execution/the work, then speaking to the market is only part of the story to be told.

As brand managers/creators, marketers need to continuously deliver messaging not just for the market, but for the larger organization in partnership with human resources and the leadership. What are the types of activities and processes required to consistently deliver on a brand story/uphold the integrity of a brand? The realities is it varies. This will vary from industry to industry and market segment to market segment, but 3 key areas for consideration regardless of industry:

  • Establish a Unified Tribal Understanding
  • Open Channels for Feedback
  • Consistently Reward and Publicize Contribution

Tribal Understanding

You can’t tell the same story, unless you KNOW what the story is, so what have YOU done as a marketer to make this happen?

This is the concept of making sure the whole organization understands what a product is supposed to do and what the value drivers are for the consumer. In technology for example, the larger organization needs to understand the solutions being delivered, the relative importance of the solution for the consumer and overall strategic direction of the company.

With this baseline folks can understand and how this relates to what customers/the market need for a given technology provider. Without common tribal understanding, you get inconsistent execution which can greatly change the market version of the story/the stories your customers tell.

Tip: The easiest way to figure out if you need to develop a plan for this is fairly simple, walk around the business. Walk around and ask say 10 folks across the organization from a functional perspective and seniority perspective and see if they tell the same story about your product or your brand. If you get 6 different answers, you probably need to do something.

Channels for Feedback

As consumers habits change and market requirements evolve, it is important that every organizational story teller cannot only understand the brand story, but also that they can contribute to the evolution of the story. Whether it’s collections, professional services or customer service, all of these stakeholders interact with the market daily and should have easy access to provide input from the business. This can be as simple as email or a suggestion box on the intranet and is imperative to keep a pulse on the market and to understand how your product is perceived on the front lines.

Tip: See if you have a clear path from communication to the marketing team, product management and leadership of YOUR organization, if not perhaps you should roll out a formal plan, remind folks of how to contribute and develop a formal plan to manage input for improvement.

Reward and Publicize Contribution

This seems a little obvious, but telling the story for the market, requires awareness for the larger organization of how a single person can leverage their tribal knowledge and exceed the promises of the brand. While the type of recognition will vary by company size and budget, marketers need to equally tell the story internally and leveraging an open channel for feedback and ensuring the full understanding of the story makes it simple. Don’t underestimate a Starbucks gift card and an “all employee” email.

Tip: Recognition isn’t about burying an accomplishment on the intranet for a specific functional group – it needs to be shared. Don’t fall for the corporate newsletter trap here – you can mention it in the newsletter, but take the time to highlight individual successes outside of the normal communications channels for the whole organization.

While this clearly is not the alpha and omega of brand based story creation and modication, it’s a good place to start. Do YOU have any ideas on how to improve the stories told in the village? Leave a comment and let us know.

April 2, 2008 by
(6)