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Improving Marketing Effectiveness a Case Study Improving Marketing Effectiveness A case study Josh Gordon President Lynn Roher Gordon Director of Content Development Josh Gordon Group phone: 718 802 0488 mobile: 917 974 0361 email: [email protected] Twitter: @joshgordon www.JoshGordon.com Table of Contents 4 Introduction 5 FINDING #1 Customers find new product information and direct product com- parisons to be the most persuasive marketing content 8 FINDING #2 Chief engineers are motivated by similar promotional content to staff engineers, but less so by online video demonstrations and testimonials 10 FINDING #3 Customers are most motivated by white papers, online technical training, webinars, and educational videos 12 FINDING #4 Chief engineers prefer white papers, webinars, and research reports, while staff technicians prefer live technical events and educational videos 14 FINDING #5 Customers find educational content as influential as promotional content in motivating them to buy 16 FINDING #6 The influence of “user stories” varies by customer and supplier 18 FINDING #7 The persuasiveness of “educational videos” versus “product dem- onstration videos” varies significantly among the customers of different suppliers 20 FINDING #8 While trade magazines are still the most frequently used medium, digital magazines and apps show significant gains 22 FINDING #9 Chief engineers have more engagement with media than staff engineers Improving Marketing Effectiveness 2 Table of Contents 24 FINDING #10 The recession is not affecting all suppliers to the same degree 26 FINDING #11 There is significant competitive brand overlap in facility product owner- ship, with the average facility owning 9 of the 34 brands studied 28 FINDING #12 The percentage of respondents who are motivated by each company’s marketing shows the marketing advantage of larger companies 30 FINDING #13 Ownership of a company’s product heavily biases its current custom- ers’ perception of the company’s marketing effectiveness 32 FINDING #14 The percentage of a company’s current customers who say that the company’s marketing motivates them shows a truer picture of the ef- fectiveness of the marketing message 34 FINDING #15 Most company marketing is ineffective at motivating non-customers to buy 36 FINDING #16 A small number of suppliers develop a majority of the content that respondents describe as “especially helpful” 38 FINDING #17 Despite the odds, exceptional marketing messages break through 39 In conclusion: 5 key questions to ask your marketing team 41 Survey sample 42 A special offer to the companies included in this study 43 About the Strategic Content Group Improving Marketing Effectiveness 3 Introduction “That which gets measured, improves.” Peter F. Drucker, the father of modern management How effective is your marketing and how can it be improved? The findings in this report can help answer both of these questions. In the past, measuring the marketing function has presented several chal- lenges. First, the evaluation of marketing can be highly subjective. How do we score effectiveness when even several marketing executives often find it hard to agree on the copy of just one ad? To get past this hurdle, we skipped the “middleman” and went straight to the source: the customer. After all, who bet- ter to evaluate marketing effectiveness than the very people the marketing is being aimed at? In short, we surveyed potential customers and asked them to score the effectiveness of the marketing that targets them. Second, a major criterion of a company’s marketing effectiveness is how well it can compete against the marketing of its competitors. To measure this, we felt it would be most effective to focus on just one industry so we could measure the actual competitive forces working within it. We chose to study the top 34 suppliers of the professional television technology industry, a market whose trends are representative of those found in most technology markets today. Third, to be effective, marketing must be persuasive. Instead of measuring the impact of various marketing or advertising campaigns, we measured the persuasiveness of different forms of content used to build them. We measured the persuasive impact of 14 different forms of promotional content and 8 dif- ferent forms of educational content to see which ones most motivated custom- ers. Using the same approach described above, we asked potential customers to score the persuasiveness of the different forms of content targeting them. Marketing, when it works best, improves communications between suppliers and customers. Our goal is to help suppliers better understand their custom- ers. We hope that this report will be a “rising tide that lifts all boats,” benefit- ting all. Improving Marketing Effectiveness 4 FINDING #1 Customers find new product information and direct product comparisons to be the most persuasive marketing content To find out what kind of information choices were comparative as well: most motivates customers to buy, “comparative information” (43.9%), we first analyzed ads in recent busi- and “value comparisons to competi- ness magazines and then categorized tors” (41.6%), respectively. the results into 14 kinds of content As Gordon Castle, Director of Enter- that suppliers were using to motivate tainment Media & Communications customers to buy from them. That list at PricewaterhouseCoopers, summed was formatted into this survey ques- it up, “If you want to try to change tion. customer behavior, the two most Of the 14 different categories of compelling things you can do are to content, the highest rated was “new show something new, and show how products,” with two thirds (66.0%) it’s different from all of the other of respondents saying it motivated products out there.” them to be “more likely to buy” from Castle, who has overseen many a company. This came as no surprise. technology purchases, describes his There have been many readership approach: “The first thing I always try surveys done for business magazines to do is access what is the core thing that showed “new product” editorial a new product does. I don’t want to “If you want to as highly preferred by readers. What hear how it can do everything; I just change customer was surprising, however, was the want to know the core thing. Then, I sharp rise in the importance of direct behavior, the two want to know what products the sup- product comparisons, which pushed most compelling plier thinks their product competes them ahead of several traditional with. Who a supplier thinks its prod- things you can do favorites such as application and user uct competes with is almost as telling are to show stories. There were four of these as what they think the product does. “comparative information” categories something new, The question after that is always, how (shown in light blue) on the chart. Af- and show how it’s is your product different from your ter “new products,” the second most competition?” different from all frequently chosen option was “tech the other products comparisons to competitors” (55.5%), In marketing, addressing the competi- out there.” and a close third was “unique product tion runs contrary to the traditional features” (52.3%). (“Unique product view that it is unwise to mention a features” is comparative because if competitor to customers who may not one product has a unique feature, by have heard of it. But this is an outdat- implication, no other product has it.) ed view, according to Tom Canavan, In addition, the fifth and seventh top Senior VP, Strategic Development at Improving Marketing Effectiveness 5 Signiant: “The world has shrunk be- products available today. Side by side cause of the web. Before, if you didn’t comparisons help to determine the see a product at a trade show or in a best features and what the real differ- magazine you might not know it ex- ences are.” John Luff, Media Technol- isted. But now if you need a solution, ogy Consultant with HD Consulting, you’re going to do a web search and believes comparative information every product is going to come up.” is important for the seller as well as Canavan adds, “The key to using com- the buyer: “You cannot properly sell parative information is to make the your own product if you don’t know comparisons factually based. People the competitors’ products. Without are very jaded in this industry and are this knowledge, how do you know turned off by comparisons that bash why the customer should pick your competitors.” product over others? Besides, com- According to Terry Belanger, Senior panies should be touting the things Sales Consultant at Advance Pro, that make their products genuinely comparative information benefits the unique. How do you know what is buyer: “There are so many similar unique if you don’t know what others are offering?” Improving Marketing Effectiveness 6 Customers find new product information and direct product comparisons to be the most persuasive marketing content Why is this important? Many marketers underestimate the comparative mindset of today’s buy- ers. Products are now being evaluated in the context of other available products, not as one-of-a-kind technologies. Says John Luff, “‘Wave the flag’ advertising that says ‘we have the only product you need to consider’ is pretty silly. In this day and age it takes 10 seconds to do a Google search to compare Sony solid state memory with Panasonic solid state memory, and you’ll probably come up with 500 hits that can help you understand the differences between them.” When customers can turn to the web for immediate side-by-side product comparisons, marketers who want their product’s unique benefits considered in the evaluation process should offer content that constructively helps the comparison process along, thus assuring that their own product’s story is heard. Improving Marketing Effectiveness 7 FINDING #2 Chief engineers are motivated by similar promotional content to staff engineers, but less so by online video demonstrations and testimonials Of prime concern to marketers is that from Finding #1 between chief engi- the content they create influences the neers and staff engineers, we found decision makers -- specifically chief similar responses.
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