Marketing Masters Are Change Masters

John Bernardi • November 6, 2018

Their Masterpiece is Marketing Excellence

Many companies are motivated by financial metrics while others hone their operations. Most who claim to be marketing driven only focus on marketing assisted selling tactics. Marketing masters consistently implement their plan while expertly navigating a sea of uncontrollable markets, customers, partners, competitors, cultures, economies, technologies and regulations. Their radar is constantly searching for cues to fine tune the tactical plan while scanning the horizon for opportunities and threats that compel a strategic change. Rather than perceiving their essence to be membership in a product category that competes on price, they are skilled at inspiring change in persona behavior based on their unique value proposition. They also leverage change to unify their company internally. Senior management participation is reinforced by the business benefits that are produced.

If your company subscribes to the basic keys to success that apply to any marketing competency and have achieved novice , apprentice and practitioner competencies, you may aspire to join the guild whose masterpiece is marketing excellence.

Marketing Masters Optimize Customer Experience

Marketing masters oversee their company’s genuine conversations with customers and prospects through their preferred media. They identify each customer based on their traits and history, which allows them to tailor relationship tactics. During prospecting they learn what, how often and how much they buy, their buying triggers, their preferred channel and what post sale support they expect. They educate and mentor new customers and develop the right ones into clients through collaboration, coaching and tailored roles for nurturing growth. They act on real time information that indicates when a customer or prospect is ready for the next step. Adding measurable value develops loyalty, helps to predict and reduce churn, increases customer GP and earns referrals.

Marketing Masters Always Innovate Products, Services and Processes

Marketing masters encourage smart risks, but insist on learning from mistakes. They wisely design strategic campaigns that have a high potential for becoming part of the marketing fabric. They study analytics before making decisions. Tailored processes make it easy for customers to do business with their company and they consistently deliver the brand promise at each touch point. They manage capabilities portfolios like an asset. By understanding how customers use their products and services they innovate by modifying and adding to the portfolio and building complementary partnerships to fulfill total solution needs. Custom solutions synergize the customer experience and client profitability.

Marketing Masters Manage Customer Portfolios Like an Asset

Marketing masters reward portfolio managers for increasing the value of this asset. They find new ways to serve existing markets and implement account-based marketing programs that differentiate key accounts from second tier customers [STCs] with the goal of either developing STCs into key accounts or efficiently retaining them. They measure customer lifetime value [LTV]. LTV inflows include one time and recurring GP, GP from referrals, association with their brand prestige and collaboration in designing new products and processes. LTV outflows include acquisition cost and other customer specific costs incurred during the relationship.

Strategic Philanthropy is a Door Opener for Marketing Masters

Marketing masters leverage their competency as a vehicle to meet decision makers who want an excellent marketing process of their own and would otherwise be blocked from introduction.

Marketing Masters Outperform Others

Marketing masters build competitive advantages, deliver measurable value and achieve KPIs, goals and objectives. They integrate marketing automation tools with back office systems to drive efficiency and consistency.

The primary KPI for a marketing master is to achieve a grade of excellence in sales ready lead generation that positively impacts GP and marketing ROI.

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Most companies focus on filling their marketing and sales funnels with opportunities. Sustainable growth, however, often comes from a handful of transformational wins that open new markets, create new capabilities, and generate years of follow-on business. I call these Golden Spike opportunities . The inspiration comes from history. In 1869, the ceremonial Golden Spike joined the Central Pacific and Union Pacific Railroads at Promontory Summit, Utah, completing America's first transcontinental railroad. That single event connected markets, accelerated commerce, and created opportunities that had never before existed. Eastern manufacturers gained access to western markets, western resources flowed east, and competition fueled innovation. Great companies create their own Golden Spikes . A Golden Spike sale is not simply a large order. It is a strategic opportunity that helps a company expand into a new market, launch a new service, establish a new partnership, or significantly deepen its position within an existing market. Often, it involves applying existing capabilities in slightly different ways to solve bigger customer problems. In my experience, Golden Spike opportunities are typically three to five times a company's average deal size while also meeting or exceeding gross profit objectives. They may come from direct or indirect selling channels and do not necessarily originate with large companies. Finding and winning these opportunities requires a different mindset than managing day-to-day sales activity. Successful Golden Spike hunters possess: Patience and a long-term perspective. A disciplined research process. Strong relationships with connectors, mavens, and key influencers. The ability to identify an internal coach who wants them to succeed. The skill to navigate the business, technical, and political dimensions of complex sales. Excellent time management and peripheral vision. Golden Spike hunters keep an ear to the ground. They build relationships long before a buying cycle begins and look for opportunities that competitors never see. So, how does this differ from Target Account Development ? Target accounts are organizations that closely match your ideal customer profile and can provide recurring business over time, including the occasional Golden Spike opportunity. Developing target accounts requires a focused direct-selling strategy designed to build relationships and generate a steady flow of business. Golden Spike Hunting is different. Target Account Development answers the question: "Who should we pursue?" Golden Spike Hunting answers the question: "What transformational opportunities should we create and win?" The two strategies complement one another, but they are not the same. One identifies the right organizations to pursue. The other seeks the opportunities that can materially change the trajectory of the business. As you think about your own growth strategy, consider these questions: What type of Golden Spike interests you—an existing product in an existing market, an existing product in a new market, or an entirely new product or service? How long does it typically take to uncover a Golden Spike opportunity? How much time is required to nurture and close one? How many opportunities must be found to win one? How many Golden Spike does your company need over the next three to five years? How much time and organizational commitment are you willing to devote to finding them? Most companies have a target account strategy. Far fewer have a Golden Spike strategy. If your long-term success depends on winning a handful of game-changing opportunities, perhaps it's time to bump your targeting efforts up a notch. Happy Hunting.
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