The Data Confirms What We Already Knew: Long Hours & Depression

At last, a study that quantifies and corroborates what every PR exec has known/suspected F-O-R-E-V-E-R.  Digital only made it worse, and globalization finally made it necessary to add a night shift to PR teams.

"Study:  Working late increases your risk of depression" by Kevin Allen http://www.prdaily.com/Main/Articles/10699.aspx

How telling is it that this article appeared above the fold in today's "PR Daily News Feed?"

One commenter on this article actually referenced the "B" word.  Please do NOT get me stated on "Balance."

bal-ance  n. [[ < LL bilanx, having two scales ]]   1 the ubiquitous myth propagated in the latter part of the 20th century for the purpose of cultivating a more lucrative anti-depressant market among working mothers, selling more self-help books written by single/divorced men, and giving rise to the "Time Management" consulting industry --vt -anced, -ancing

Can't help wonder what, if any, effect this will have on the public relations industry ... okay, just slap me, that was silly.

Think Customer Back: Part 1, Got a Buyer Persona?

... demographics, schmemographics.  It's your Buyer Persona that will make or break your results.

PROLOGUE:  Know what I think about when I feel like I'm banging my head against a wall in Marketing?  I fantasize about running a beer and bait shop out on Molokai.  I tell you this because there were moments -- okay, make that days -- during the fact-finding for this posting that I spent a lot of time daydreaming about Molokai.  Yeah, it was demoralizing.


I thought I was going to be able to tell you about some best practices out there.  But --glass half-full -- it was also eye-opening.  Instead of best practices,  I became aware of a need -- an Information Gap, shall we say.  So, this posting will not be an anthology of best practices.  Rather, it is a "How-to."  And, in the end, maybe it will inspire a few folks to take action as a means to gain a leg-up in highly competitive market sectors.  Seize the opportunity!  And keep me posted on your progress.

Once upon a time, available B2C market data only included things like prospect age, gender, address, occupation and maybe credit ratings.  Today, market data can tell marketers the number and ages of your children, income level, reading preferences, health problems, college GPA, political party, and what you eat for breakfast. No, really -- what you actually eat for breakfast.

An ever-increasing number of B2C marketers rely on this detailed information to help them effectively target prospects, develop relevant messages and imagery, select optimal communications channels, and fine tune their timing.  And, they don't stop there.  Sophisticated practitioners take it a step or two further by then researching, extrapolating and analyzing behavioral profiles and characteristics of their prospects and customers.  The profile they end up with is called a "Buyer Persona."

So, what about B2B Buyer Personas?  Good question.  

Nine out of ten B2B marketing programs still develop their buyer "profiles" based on the limited company data from sources like D&B and Hoovers -- if they're developed at all.  This didn't make a lot of sense to me.  I mean, competition for every dollar is pretty fierce out there.  Why wouldn't B2B marketers seek out every advantage they can get?  So, I started asking around.  

I spoke with sales and marketing decision makers (i.e., VP-level and above), across several b2b market sectors (enterprise software, envirotech, IT consulting, and management consulting).  Each of these folks could accurately be described as well-educated, seasoned, successful, articulate and conscientious professionals.

Early-on, I began to see an distinct pattern in our conversations. In fact, every sales and/or marketing executive I spoke with said:

1.  What's a Buyer Persona?

2.  I don't see the added value -- we have focused our efforts and know our market very well.

3.  Of course, our lead gen results could always be better ...

4.  Everybody's conversion rates are way down -- we're not special in that regard.  (Okay, is that irony or coincidence?  I can never keep them straight).

Molokai was looking really good.  This was when I decided to talk about "How-to" vs. "Best Practices."

Why bother developing Buyer Personas?

1.  Relevance.  We all know about relevance.  The more relevant your messaging and content, the more your likely you will be identified with the solution to the problems/desires of your target market.  That said, if all you know is how large your target customer is, you can't address what keeps their decision makers up at night, let alone use tone and style that will create affinity.  In fact, you may not even being communicating with them through a means or media that they monitor.

EXAMPLE:  (I swear to you, this really happened).  Company X decided it needed to hold a sales event in the Bay area to beef up their west coast presence.  They got a big name keynote speaker, booked the ballroom of a prominent venue, flew in sales and marketing staff from all over the country, created and mailed both hard copy and e-invites, and rented lists from every tech publication that said it was read by IT executives.  In the end, Company X successfully attracted 300 attendees to its event.  In order to get their 300, they sent out over 60,000 invitations.  Why?  They never looked beyond the classification "IT Executive" -- were they corporate IT execs or developers from competitive providers?  Were they decision makers?  Were IT execs even really the customer?

2.  Budget.  We also all know about budget. If you're not targeting specifically enough, your paying for a lot of impressions that you'll never benefit from.

EXAMPLE 1:  If you send 60,000 invitations for an event that only resulted in 300 attendees, you paid for 59,700 names, invitations, and postage; as well as the man-hours required to invite and follow-up.  The cost of the event above was over $100,000 -- most of it spent on list rental.

3. Conversion Rates.  Leads generated by programs that are poorly targeted are unlikely to be qualified, let alone "hot."  Sales will burn more time and budget trying to sell to cool/lukewarm prospects with only marginal probability of success.  The whole process more closely resembles the Lottery than targeted sales and marketing.

EXAMPLE:  Company X sent 60,000 invitations, attracted 300 attendees, of which a grand total of 4 were new viable leads. Exactly 0 of the new leads were converted.

True story.  I mean, seriously, who could make this stuff up?!

So, what about your Buyer Persona?  Start by taking a look at your actual customers and start listing their characteristics individually.  From here, you can begin looking for patterns; i.e., commonalities between them.  This is your baseline.  From here it gets interesting.

Your target market is probably composed of several different Personas.  They may share common demographics, but once you start to really work on accurately identifying your Buyer Personas, you'll find some differences.  

Here are a few behavioral variables for you to consider, that comprise Buyer Personas:

• Familiarity with products/services in your space
• Level of business case needed to justify purchase
• Interests
• Motivation
• Expectations
• Decision making role
• Urgency
• Objectives
• Pain points

Makes sense, don't you think?  That said, I urge you to do more than sketch out your Buyer Persona single handedly, based on your own perceptions.  It takes some legwork, but the additional insight is worth it.

Next post:  Think Customer Back: Part 2, Doing the Legwork

Outsourcing Social Media: "Go forth not blindly ..."

Business is serious about social media. So, we've naturally seen an uptick in mishandled social media situations.  How can you avoid being another poster child for Facebook faux pas or Twitter slips?  

Put the work in on the front end.  No excuses.  Learn about the media, create a strategy that integrates with your other programs (PR, direct, events, etc.), develop an operational plan, and work to help develop strong but reasonable policies and procedures for the organization at large.  Then and only the, you should consider outsourcing to a seasoned marketer who also happens to be knee deep in social media -- all social media.

If you don't know enough about the media to use it yourself, you shouldn't be messing with it for your business or client.  You also shouldn't expect that you'll be able to manage someone else who's messing with it.

Outsourcing in the name of focus on core competencies is Lean Business 101, Social Media in the name of reaching your actual market with relevant content, offers, and messages is both Green Marketing 101 and Marketing Communications 101.  But, when the two are combined and handed off to a third party with more expertise in Facebook than in business, well . . . all you get is this cartoon.  And, of course, a waste of budget and resources.

This gets to the question:  Which came first, the Strategy or the Tweet?  Social media presence with no integrated marketing strategy is just silly.

(BTW --I wish I was as clever as Tom Fishburne ... "Marketoons?" ... Brilliant!)

Enjoy Tom's talent, and have a great weekend!

Funding in Context

I just attended an event at one of the most well-conceived (and successful) incubators in the Cambridge/Boston area. And that's saying something, considering the wealth of genius that has historically launched, taken up residence, and flourished here over many decades.

As many of you may have guessed, I'm writing about the Cambridge Innovation Center (CIC) and its Venture Cafe. Venture Cafe is one of many "value adds" this facility offers to provide its tenants with as many varied opportunities to become successful as it can. The facility itself is the brainchild of Tim Rowe. "He gets it," is an understatement.

A selling point for many entrepreneurs is the onsite presence of a small number of venture capital firms. The drive for funding among many in the Thursday evening crowd is palpable.  It's like The Grail.

And here's where I see a lot of confusion begin.  Let's face it, the road to viability is strewn with the remains of utterly brilliant ideas whose developers simply ran out of money.  It's scary and it makes founders do scary things to avoid it.  Like compromise their vision.

What should an entrepreneur be willing to give up for investors?  A title? Some equity?  Your vision?

When entrepreneurs start confusing their funding with the mission of their enterprise, they become overly vulnerable.  Vulnerable to the influence of spreadsheets over creativity. Vulnerable to the dilution of brand, culture and commitment that comes with having "too many chiefs and not enough indians" (another of my grandmother's aphorisms).

But here's the thing, in the end nobody will care how much you raised in what round, or who you raised it from.  What will make you or break you are your customers/clients and your reputation.  The True Grail.

So, here's a mantra for everyone out there seeking investment:  Funding is a means to an end -- not the end zone.

Seth Godin also posted brief blog entry on this topic a while back -- more glibly than I.  For more read Seth's Blog: Getting funded is not the same as succeeding