The power of social networks - we want our voice heard

Many of you know I'm a big fan of social networking (specifically Twitter, Facebook, Ning, LinkedIn and some favorite vertical communities). While social networking has changed the face of marketing and communications as we know it, it has also changed how some societies are defying governments. Today's NY Times article Social Networks Spread Iranian Defiance Online shows the power of an open communications system.

While marketers are working on social networks, people all over the world are using social media to have their voice heard and gain their freedom.  

The Celebrity CEO: Don't Put all your eggs in one basket

We all know them. We all love or hate them. But, the question is whether or not the celebrity CEO is good or bad for companies. With CEOs-turned-industry-leaders- like Warren Buffett, Steve Jobs, Bill Gates and Steve Balmer (former and current CEO of Microsoft), Martha Stewart, and Larry Ellison - you have larger than life leadership tied to the well being of the company (at least that’s what most people think). Comments from these gentlemen can move markets, similar to the power Alan Greenspan once held. But, there is a lesson to be learned from creating Celebrity CEOs. Companies built around one man (or woman) – no matter the dynamic personality or genius – can put the entire organization at risk, and there are many examples to choose from.

·         You need look no further than one of my all-time favorite Celebrity CEOs – Steve Jobs. From his first illness some years ago to today’s “mystery illness,” Apple’s stock price seems to rise and fall based on the health of this gentleman.

·         American International Group, a major global insurance company, was headed up by former Celebrity CEO Maurice (Hank) Greenberg for more than four decades. When he “retired” from his post, the public was uncertain about the company’s new leadership and the stock took a momentary dip. His celebrity-dom rubbed off on his sons – Jeffrey W. Greenberg, former celebrity chairman & CEO of Marsh & McLennan Companies, who was publicly ousted from the position; and Evan G. Greenberg, president & CEO of ACE Limited, the lesser known Greenberg.

·         Martha Stewart’s drawn out investigation, her time as a jailbird and finally her release made headlines around the world.

·         While last month’s downgrade of General Electric from its AAA-rating received lots of attention, Berkshire Hathaway’s similar downgrade was largely ignored. Unlike the ratings downgrade of GE and many other high profile companies (including ExxonMobil, J&J, ADP, and Pfizer), criticism about Warren Buffett’s reign over the company’s investments and acquisitions were looked upon as long-standing concerns tied to the health of the company. Of course, in the case of the Oracle of Omaha’s financial wizardry, the criticism bounced off him like raindrops hitting the curve of a car’s windshield. However, what happens when Buffett decides to retire or hand over the reins to someone else (you never know at his age).

While you want your CEO to be a visionary and stand as the leadership within a company, it’s not always a good idea to put all your eggs in one basket and create only a solitary celebrity spotlight. There are three major issues associated with creating a celebrity leader:

-          Larger-than-life expectations can lead to dangerously exaggerated disappointments. Investor confidence is a vital element for public or equity-backed companies, and celebrity CEOs typically cause a roller coaster effect of highs that are too high, and lows that are too low. 

-          A single misstep by the Celebrity CEO – including personal misfortunesm as per Steve Jobs – can have a disastrous effect on the stock price or even the profits. We won’t even mention the criminal or civil suits some of today’s celebrity CEOs may face in the not-so-distant future.

-          Overemphasis on the leader to solve all the company’s problems.

-          The importance of well planned, duly announced succession.

Forbes ... Ch-ch-ch-changes. La, la, la....

Forbes is finally rolling out a plan for its reorganization. It's probably better to call is a consolidation versus a reorganization (the latter smacks of corporate double-speak that's supposed to help soften the 40+ layoffs.

The print and online magazine components will merge into one and online sales & marketing will be integrated....shocker! I will don't understand media companies are only now figuring out that sales and marketing should be under one corporate umbrella with specialists helping to sell certain properties.  Forbesautos.com has been discontinued (I must not have been "with it" enough to know about this particular outlet). Forbestraveler.com will scale back, but maintain its web presence (my bet is that it will be "absorbed" into Forbes Media as a column.

Stay tuned. Publishing giants and media companies are in for a rocky ride. We'll likely see just as many image makeovers than David Bowie had with a lower success rate.

2008 Financial Follies - Elvis, Johnny Cash & Uncle Sam

I'm a big fan of political humor, but I didn't realize financial reporters had such good voices. In particular, I'm talking about my favorite IPO Reporter from MarketWatch, Steve Gelsi. 13 more days until the new presidency, it's a great time to share this video and finally put a disastrous 2008 behind us (hopefully).

2009 Predictions in Tech Marketing and Tech PR

  Happy 2009! It's a Bear market all around the world, but I don't think it will completely collapse the tech PR and marketing industry . . .  at least not for small and mid-sized firms. Here are my predictions for 2009:

1- Tech PR firms will have a resurgence this year. Specifically, the small and mid-sized firms will really do well. My rationale...companies are starting to get smarter about marketing during a recession. And, while some may hire a PR manager internally, I think the likelihood is that the head or marketing will hire an external resource as there is resistence within the organization.

2- There will be a huge number of Tech PR practitioners starting their own individual consulting business or their own firm (either by themselves or with a partner). And, many will NOT be virtual.

3- There will be massive turnover in the tech marketing space in Q3 and 4. If we hold to the "economy will start to come back by mid-year" theory, you'll have a lot of in-house marketers seeking new horizons.

4- With Obama coming in, increased regulations across all markets - financial, health, etc.- this is the year of the CFO and CIO. Companies will be pushing the CFO and CIO to superstar status and begin marketing them outside the company to assure/re-assure the public, Wall Street, and shareholders that the company has excellent people in place to ensure compliance.

5- Lastly, IT managers and CIOs have gotten smarter over the last couple of years about their public image. They realized that a healthy public profile, whether in IT magazines or on social networks, will boost their image value internally and externally. We'll see a lot more CIOs and their direct reports on social media and microblogging sites.

6- Tech magazines have been getting thinner and thinner. This year, many of the IT trades will be pulled off shelves and turn subscription-only for the print publication.

7- Trade shows are already fading, but this year, we'll see conference show management companies begin to explore virtual trade shows and events, which will have similar sponsorships, booths, etc. but will be entirely online.

8- Ironically, social media marketing hasn't been a big hit with tech marketers. I believe this struggle to understand social media will continue in '09.

9- There has been an explosion in blogging, but I believe that by the end of 2009 the majority of corporate tech blogs will be abandoned due to lack of time and mismanagement. The interest will still be there, but I've watched marketers struggle with how to work a blog.

10- Large PR will lose business to boutique tech PR firms due to client budget cuts. Or, maybe that's wishful thinking on my part.

Let's see how many of these predictions for Tech PR and Marketing is correct come this December.

How to Write a Tech PR Release

There have been a lot of pundits crying out that the "press release" is dead because no one pays attention (especially bloggers and reporters).  If that's the case, why do we see hundreds of releases on wire services every day?  Even better, why are reporters and bloggers reporting on press release content? Example, ManageSoft recently launched an Oracle compliance package and it's been widely covered by media outlets and bloggers.  Please don't mistaken this as having a press release and sending it out.  The press release is only the beginning.  There has to be a well thought out, targeted media and blogger list as well as follow-up with media.

The press release isn't dead.  It's just overused and abused.  Here's my take on how to write a better tech press release:

1- Leave the tech jargon at home.  Yes, you need some tech specs in the release, but  it's better to have a clear, concise message of the benefits your product or service brings to customers.  Remember that you're not only talking about prospective clients, but you may have additional audiences: reporters, bloggers, influencers, additional decisionmakers, investors or stakeholders, vendors, partners and the sales channels.  Besides, reporters HATE jargon.

2- Leave marketing-speak at home.  The key term in marketing today is "be genuine." Most marketers haven't gotten to this point yet.  You need to stop trying to put a spin on the release and state the facts.  Ask any reporter.  That's not to say your release needs to be dry and lifeless, but it can't read like an ad (most marketers will do this...why?  You got me).  I have this conversation with marketing executives all the time.

3- What's the %$#^#$^ news angle! I'm repeating myself, but I can't stress this enough. You have to ask yourself three questions: What problem does my product/service solve?  Is it unique?  What's the benefit (e.g. 30% savings, 55% efficiency, etc.).  And, puh-leeze, don't sit there and compare yourself with your competition.  :-)  And, yes, most of the time the announcement will not be a world-changing event, but you still need to ask those questions.  You may even be writing a client application story or case study release.

4- Less is more.  Releases should be no more than a page (maybe a page and a half with boilerplate and contact block).

5- But, honey, where do I put the tech specs?  Last paragraph.

6- Quotes.  Keep them short, sweet and try to actually have your executives say something.  Being "pleased" or "excited" might go over well in an intimate setting, but it's a wasted quote.  Of course, all you agency folks who have fought the battle and lost, don't feel bad.  At least you tried to give the right counsel.

7- Social media release.  If you have video, audio, images, blog, blog carnival or any other type of multimedia or social media that would enhance your announcement, use it.

Of course, I'm a believer that there are different reasons for using a release.  Not all press releases are equal, therefore, the strategy and tactics will be different on a case-by-case basis. The old rule of thumb is to have 2 or 3 releases in queue every month.  If your company has that much real news, I say WOW. But, the liklihood is that you may have something of substance to announce every month and that includes new client acquisitions. 

Palin Thought Africa was a Country, Not a Continent

Sarah Palin was obviously not prepared for many of her media interviews.  There are 2 PR lessons to be learned from the FOX news post-mortem of the internal rumblings in the Palin-McCain campaign:

1- Be prepared during public appearances, especially media interviews.  Don't stray from your area of expertise.  And, study what you need to know insteadn of winging it.

2- Remember that your internal audience - employees, vendors, etc. - are also part of your "public".  This post-mortem coverage of the Palin-McCain camp was contained during the campaign (barely), but the unflattering stories on Palin's lack of knowledge about the world outside Alaska will damage her reputation even further.  I'm thinking there is more to come.

Another point is how quickly news like this can spread on YouTube, Twitter, Facebook, MySpace, blogs and other social networks. People just love to send around humiliating video or audio (remember Alex Baldwin's voicemail to his daughter?). Nothing spreads faster.

B2B Marketers Need to Change with the Times

Marketing as we know it is changing.  Forrester Analyst Laura Ramos identifies four factors driving the change.

1. Commoditization (I translate this as hyper-competition.)
2. Consumerism and the social groundswell (Forrester’s terminology for the fact that social media now empowers customers to spit back at marketers and share experiences with one another.)
3. Ad avoidance translates to sales call avoidance (Great point…sales calls are part of the larger genre of commercial messaging clutter, a phenomenon often and mistakenly limited to advertising.)
4. Globalization (This was a referral the sometimes more favorable economics of fulfilling many marketing services offshore, in other countries.)

AttentionMax, Oct 2008

So, what does this mean?  Get your groove on and start seeking out emerging marketing practices.  Don't just look at the tactics, but internalize it and understand that that topdown marketing is not the only factor anymore.  And, keep in mind, people are sick of hearing marketing-speak.  Keep it simple and keep your audience in mind.  Be authentic.

B2B Marketing Lead Generation

So many companies struggle with lead generation, but with the right sales team and marketing support, it should make lead generation a lot easier.  Marketing should be creating lead generating programs (as well as brand building), while sales should be taking those leads and turning them into customers. 

You don’t have to reinvent the wheel.  There are some tried and true lead generating marketing tactics that will give you qualified leads as long as the strategy, content and implementation are done correctly.

1-      Webinars: This is a cost effective method of generating leads without ever leaving your desk.  But, you need to have content people want to hear and you need to be genuine in your delivery (in other words, don’t do a hard sell). This only involves getting

2-      Executive breakfast events: For whatever reason, senior level executives who are  decision makers will always come out for a free breakfast.  Once again, make sure you have something they want to come out for – maybe even hire a speaker of note.

     3-     Trade shows and conferences: I’m reluctant to put this one in as I’m not a big fan of exhibiting at a lot of trade shows as they are very costly and the ROI is often in the negative numbers.

4-      Channel or marketing partnerships: All the major software and hardware companies have strong reseller programs, where other companies do much of the work selling.

5-      Referrals program: Nothing will ever be better than having your clients refer you.  Create a client referral program that incentives your clients, partners and vendors to refer business to you.

      6-      Online social networking: Get to know your prospects without a lot of selling pressure and be there when they are ready to commit.  Granted this tactic probably takes the most patience and time, but when you’re able to monitor what the frustrations of your prospects (and even your clients are), you’ll get a better handle on what their needs. 

7-      Online marketing: The most effective and least expensive tactics are online (though online sponsorships and advertising costs continue to rise).  Consider having a good search engine marketing/optimization program – including pay per click ads, sponsorships, link programs as well as organic search.  In addition, consider online sponsorships to drive people to your site or to take action (e.g. download a white paper); generate brand awareness; or create a tie-in to an existing campaign (whether offline or online).

8-      White paper: By creating a content on a subject that your prospects want to read about, you can easily capture leads

9-      Blog, blog, blog: Blogs are a no pressure sales tactic. 

10-   Public relations: This is less of a hard sell and more about building communications and a well-rounded message, but this is one of the only tactics that will help build credibility.  Tactics such as:

·         Media coverage and commentary

·         Articles bylined by a company executive

·         Industry analyst relations program

·         Speaking on panels or at conferences: The very best leads often come from conversations after the speaking opportunity when people approach you to pick your brain.

·         Viral marketing campaigns such as online videos and podcasts

Even the best lead generating campaigns cannot work if there is poor team work and collaboration.  Your sales and marketing teams need to work together in order for marketing to work. Everyone from the CEO to the receptionist should know who your customers are and what they need.  Customer service should be at the top of the list of important lead generating activities. And, you need to understand how to optimize your lead management process. 

If you’re head is spinning and you’re wondering how you’ll get to some of these tactics, hire help (either internal or external).  I’ve seen a lot of companies try to “do it all” and fail – either the program is half finished, the tactic doesn’t get the attention it needs or the content is lame (as no one has time to think it through).  If you can’t hire, then take one tactic at a time.

Lead generation isn’t difficult.  It’s that the prospect isn’t usually ready to sign on right away – lead time can be anywhere from 6 months to 2 years.  The difficulty is getting your sales team to push the prospect along through the pipeline and nurture them over a long period of time (meaning that your sales team needs to have staying power and your attrition rate needs to be extremely low).

Lead Generation Marketing

So many companies struggle with lead generation, but with the right sales team and marketing support, it should make lead generation a lot easier.  Marketing should be creating lead generating programs (as well as brand building), while sales should be taking those leads and turning them into customers. 

You don’t have to reinvent the wheel.  There are some tried and true lead generating marketing tactics that will give you qualified leads as long as the strategy, content and implementation are done correctly.

1-      Webinars: This is a cost effective method of generating leads without ever leaving your desk.  But, you need to have content people want to hear and you need to be genuine in your delivery (in other words, don’t do a hard sell). This only involves getting

2-      Executive breakfast events: For whatever reason, senior level executives who are decision makers will always come out for a free breakfast.  Once again, make sure you have something they want to come out for – maybe even hire a speaker of note.

3-      Trade shows and conferences: I’m reluctant to put this one in as I’m not a big fan of exhibiting at a lot of trade shows as they are very costly and the ROI is often in the negative numbers.

4-      Channel or marketing partnerships: All the major software and hardware companies have strong reseller programs, where other companies do much of the work selling.

5-      Referrals program: Nothing will ever be better than having your clients refer you.  Create a client referral program that incentives your clients, partners and vendors to refer business to you.

      6-      Online social networking: Get to know your prospects without a lot of selling pressure and be there when they are ready to commit.  Granted this tactic probably takes the most patience and time, but when you’re able to monitor what the frustrations of your prospects (and even your clients are), you’ll get a better handle on what their needs. 

7-      Online marketing: The most effective and least expensive tactics are online (though online sponsorships and advertising costs continue to rise).  Consider having a good search engine marketing/optimization program – including pay per click ads, sponsorships, link programs as well as organic search.  In addition, consider online sponsorships to drive people to your site or to take action (e.g. download a white paper); generate brand awareness; or create a tie-in to an existing campaign (whether offline or online).

8-      White paper: By creating a content on a subject that your prospects want to read about, you can easily capture leads

9-      Blog, blog, blog: Blogs are a no pressure sales tactic. 

10- Public relations: This is less of a hard sell and more about building communications and a well-rounded message, but this is one of the only tactics that will help build credibility.  Tactics such as:

·         Media coverage and commentary

·         Articles bylined by a company executive

·         Industry analyst relations program

·         Speaking on panels or at conferences: The very best leads often come from conversations after the speaking opportunity when people approach you to pick your brain.

·         Viral marketing campaigns such as online videos and podcasts

Even the best lead generating campaigns cannot work if there is poor team work and collaboration.  Your sales and marketing teams need to work together in order for marketing to work. Everyone from the CEO to the receptionist should know who your customers are and what they need.  Customer service should be at the top of the list of important lead generating activities. And, you need to understand how to optimize your lead management process. 

If you’re head is spinning and you’re wondering how you’ll get to some of these tactics, hire help (either internal or external).  I’ve seen a lot of companies try to “do it all” and fail – either the program is half finished, the tactic doesn’t get the attention it needs or the content is lame (as no one has time to think it through).  If you can’t hire, then take one tactic at a time.

Lead generation isn’t difficult.  It’s that the prospect isn’t usually ready to sign on right away – lead time can be anywhere from 6 months to 2 years.  The difficulty is getting your sales team to push the prospect along through the pipeline and nurture them over a long period of time (meaning that your sales team needs to have staying power and your attrition rate needs to be extremely low).