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The Chief Outsider
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Outsider Insights | You Can't Measure AI ROI If You Can't Measure Marketing ROI
Outsider Insights
Across Chief Outsiders, we talk to hundreds of CEOs every month. In this series, we explore the trends and challenges we’re hearing from these discussions – and what you can do if you’re facing the same issues in your business.
AI, With a Dash of Humanity: Three Ways That High Tech and People Partner for Smart Business Strategy
Tue, Aug 6, 2019 — We live at the dawn of some very technologically compelling times. Businesses around the globe have supplanted humans with artificial equivalents, in a bid to meet customer demand for greater efficiencies. Indeed, some of this Artificial Intelligence (AI) has been integrated into business processes so smoothly, that we barely notice anymore. As an example, someone was recently texting me, and in their query asked me where I was. My iPhone picked up on the context queues in the message and prompted me with my current location – I just tapped and sent. In fact, AI, and automated machines in general, are very, very good at particular types of work. Monitoring, for example. People are horrible at monitoring – it’s boring and repetitive, and by our nature, we can easily become distracted. In some cases, in fact, extended monitoring is essential to life itself – in places like the intensive care unit at your hospital, or aloft at 41,000 feet, keeping an airplane with 300 passengers stable and safe. By 2022, one survey says that companies will dump a whopping $79 billion into such cognitive and AI systems designed to save money, build efficiency, and foster profitability.
Moving to a Blue Ocean With Growth Gears: Five Steps to Chart a Course for Success
Thu, Jun 20, 2019 — Whether you are a seafaring sort or not, it’s fairly intuitive to expect that a peaceful, sparkling, blue ocean is much more navigable than one roiled by rolling tides, scary sea vermin and dangerous storms. This relatable parable constitutes the foundation of “Blue Ocean Shift: Beyond Competing - Proven Steps to Inspire Confidence and Seize New Growth,” a book by W. Chan Kim & Renée Mauborgne which provides a series of waypoints by which to guide businesses into calmer seas. I recently successfully led a client through the Blue Ocean Shift process prescribed by Kim and Mauborgne, and realized how well the lessons align with similar ones espoused in “The Growth Gears,” a book authored by my Chief Outsiders colleagues Art Saxby and Pete Hayes. “The Growth Gears” does a terrific job of building a process around how to go from random acts of marketing, to a purpose-based method of marketing an organization, by following three pillars—Insights, Strategy and Execution.
How to Generate Winning Results with PAC
Wed, Jun 19, 2019 — Most of us have heard of the Five P’s of Marketing (Product, Price, Promotion, Place and People) and how getting those right is essential for success. Certainly, all of these have a role and are important, but for small to mid-sized companies, experience shows that PAC is the biggest driver of success. These are: Product Audience Communications Executing well on PAC provides your business with focus and a market-informed approach. The PAC mindset creates a differentiated product and an activating message that reaches those most likely to buy. Consistent revenue and profit growth naturally follow.
Does Your Customer Delight Take Flight?
Mon, Jun 17, 2019 — Let’s assume, like most businesses, that you have a keen focus on pleasing your customers. You have plans, people and policies that ensure you are offering a great experience, and you are doing everything you can to make it easy to do business with you. That’s all well and good -- congratulations! However, it’s important to note that there are brands committed to going beyond “pleasing” their customers -- they are moving up to “delighting” their customers.
Be More Chill: Teaching Us All How to Market with Intention
Wed, Jun 5, 2019 — A wise person once told me that sometimes “no” simply means “not yet.” Easier said than done, particularly in the CPG world, when huge stakes are riding the new products that constitute our company’s lifeblood. Coming from a consumer marketing and product background—working with industry leaders including Disney, Mattel, Hasbro, Lowe’s and Rubbermaid—I encountered many such inflection points when we felt the market was saying “no” to a new product launch. In fact, our modus operandi seemed to be as follows: Build it, push with promises, and pull with traditional media—and then abandon it if it did not immediately hit. But one thing I can say with certainty, particularly in today’s marketplace—the “cut and run” approach is not nearly as universal. Sometimes success requires us to commit to a longer-term relationship with our consumer. And, as we’ll see, the platform of social media can be the soapbox that can turn the spark into a flame.
4 Tips to Achieve Quantum Growth with Expansion into Retail
Wed, May 29, 2019 — Whether your brand/product is sold purely on-line, through healthcare professionals or other professional channels, retail offers an opportunity to achieve quantum growth. Indeed, the rewards of selling through retailers can be enormous. Depending on the outlets you pursue, a successful retail launch can generate opening orders of 200,000 units or more. I recently launched a medical product primarily into the big three drug chains and Walmart that achieved that delightful opening order size. And, appearing in front of millions of consumers on retail shelves couldn’t hurt brand awareness. Some experts estimate that retail shelf presence alone can increase brand awareness by 20% or more.
Don’t Reinvent the Wheel: Seven Simple Steps to Delighting Your Customers
Tue, May 28, 2019 — People pleasing—for as long as there have been sellers and buyers, there have been efforts by sellers to get those buyers coming back for more. If we think all the way back to the dark ages of retailing, we can imagine that there was heavy competition for those stone-chiseled wheels—and certainly the stonemason with the best service (and ratings on Yelp) had the most robust business. Of course, most businesses will SAY that THEY have a keen focus on delighting their customers—that THEY are the best at building retention and ongoing loyalty. “Of course we do,” they say. “It’s a company virtue! We’ve been doing it for years!” Yet, when you examine the actual processes and procedures used in the interaction with their customers, you will often find the opposite. This is not necessarily willful—it likely is a function of a reliance on tried and true business processes in a selling environment when the business situation may have changed. (Pity the stonemason who was beat out by Goodyear to put rubber treads on those wheels!)
Avoiding the “Popcorn-Tin” Syndrome: Three Steps to Strategic Marketing Success
Thu, May 23, 2019 — This post was written in collaboration with Tom Niesen, Sales Made Easy. “Tactics without strategy is the noise before defeat.” – Sun Tzu I had an epiphany about marketing strategy recently – and I’d like to credit it to this quote from the great Sun Tzu, but instead, it happened thanks to a large tin of popcorn. Let me explain: I was working with a client that, shall we say, was not focused on strategy, and the head of marketing, shall we also say, was, instead, keenly focused on doing stuff to show their worth. In this “Marketing of Things” mindset, this marketing leader (who shall remain nameless) felt the best marketing ploy du jour was a large tin of popcorn. Across the country, clients received multiple varieties of popcorn, along with a note asking for more business. I’m sure plenty of people enjoyed sharing the kernels of this marketing leader’s labors – but few, if any, made the connection to the company’s services – and even fewer picked up the phone.
When the Economy Turns Down, Will Your Company Be Ready? A 10-Step Practical Guide to Preparing Your Go-to-Market Program
Thu, May 9, 2019 — John C. Maxwell, the American author, speaker, and pastor who has written many books on leadership has a wonderful quote about growth that says: “Change is inevitable, growth is optional.” There may be another version of this we should be paying attention to, and I think that version is: “Change is inevitable, so is an economic slowdown.” With the long economic growth we have been experiencing sometimes it’s challenging to remember that we will not always have the economic tailwinds that have been boosting us along. The most recent ITR Trends Report (April, 2019) continues to forecast a cyclical market slowdown. Their latest report states that “The U.S. economy has moved a little deeper on the backside of the business cycle….and the shift in momentum and outcome will feel more pronounced the further we go in 2019. Our analysis continues to point to a probable first-half-2020 bottom for this business cycle.”