Sunday, March 16, 2014

Manny’s - What Modern & Future Marketing ROI Looks Like - For Founders Under 40™ Group Members

So many marketing mediums. So many things to do. So many things competing for our consumers attention. You spend so much time creating campaigns however the constant pressure of marketing ROI, in dollars, always lingers. 

As a marketer, i’m sure your role and responsibility has become overwhelming-demanding. So i put together some insight to provide you a better definition of what modern marketing ROI really looks like and what to expect in the future. 

Next Generation Consumers ROI 

If you haven’t spotted the patterns in the past few years, then I’ll make them clear. In every century or generation, the youth & future adults are the ones shaping everyone else future behaviors. From how we consume information to if we plan to have a driverless car. 

Gen-X had some balance of the analog world and the digital world.The youths born from 1982 - present, Gen-Y, what I call the “Snooki” generation have being immersed in more digital things than any generation. And many have formed their social and economic behaviors from many diverse mediums like the internet. They currently have low social trust, very brand aware, not brand loyal, very tech savvy, expect more brand engagement, are powerful & influential on social media. 

So to sell a generation like this and current consumers, for a monetary or non monetary ROI, there’s very high pressure to be, what I call “pleasure pleasers”. A “pleasure pleasers” every time at every transaction at every interaction. Why? We are all becoming emotionally starved. You just cannot let anyone down. 

Social Media & Content Marketing ROI 

Marketing is no longer about making one investment, but increasingly many diverse investments to consumers. And as you know every investment provides different ROI. According to a poll that was ran on FU40 Group LinkedIn page, majority of members admitted to receiving average ROI from social media. I’m not sure if it’s the difficulty of converting “likes” and engagement to money value? I believe we live in more “selfie” world that seeks pleasing oneself before being of service to others. Take now, give eventually. So my conclusion is align yourself to “pleasing” to increase possible ROI. 

Content is just the same however if your content is of extreme value, monetary ROI is possible think “Good to Great” however if yours is no different from others then ROI is less likely. Consumers absorb content and social media of many influencers to aid in decision making. There are just so many voices and choices and the right trustworthy influencers can help narrow their choices. Chipotle for example took a different approach to content by raising awareness of issues that relate to the brand, rather than developing content specifically for the brand. 

Modern Realities of ROI 

The reality to be the “pleasure pleaser” of the “selfie”, multiple tools are needed to get the job done 24/7. So it’s important to balance and understand our monetary and non-monetary ROI. For example: 

  • Community investment and nurturing gets you respect and influence 
  • Brand investment gets you awareness 
  • Story investment gives you a soul and a heart 
  • Leadership investment gives you trust and a personality 
  • Innovation, change and product investment keeps consumers interested and supportive 
  • Equipment, talent, resources investment enables efficiency, effectiveness, and sustainable growth
  • Public relations investment grows traffic and community awareness 
Sure most people crave monetary ROI however you must understand that any ROI is a combination of the tangible as well as the intangible. 

Delayed ROI

 All effort will be made by you and your team to get immediate ROI. It is the right thinking however current consumers will engage and interact but have the power to delay monetary or non-monetary action unless you have a very compelling offer that has more value than its cost. It’s like if you want to have sex today but your girlfriend just wants to cuddle for the next 6 months. You have to make the case for sex today. What works is a foot rub 

Atomization Overuse & Technology ROI 

Technology is not your ROI savior. Good old fashion business fundamentals is your answer. Everyone is in this APP instanity that many forget human are likely to use at least 10 apps on a daily and regular basis. And a automation end user cannot control is a big turnoff. 

Marketers want to believe we are personalizing however we forget there's a person with a soul at the other end. Take sometime to share some TLC into your brand experiences. Figure out when to automate and when to inject a person. 

Finding the Right Partners ROI 

 All efforts should be made to cultivate allies and support within and outside your organization or department. And provide the best incentive for loyalty. The pressure for marketers to produce results both monetary and non-monetary is very high so get all the help you can get. Let your partners know that your time is very valuable so efficient use of time is important. Modern marketing is 24/7 real time. 

Data, Big Data Craze ROI 

 Clearly “Big Data” is a challenging problem that isn’t easy to solve, it requires a close relationship with the IT team, money, talent you need to truly get significant ROI from data, depending on your size. Like anything digital, modest is healty, too much is just suicide. You can know everything about someone or predict their behavior but you cannot make them love you. You dont want your brand to be associated with the word “creepy”. 

Effectiveness & Efficiency is Real Time ROI 

In todays marketing, every person you will need to pivot your message or strategy on the fly should be in the same room. Without that type of daily personal engagement, an organization can’t pivot quick enough to keep up or excel. 

The Best Approach to Better ROI 

 (The following list below were presented and written by a different author) 

“Businesses that are winning in today’s market embrace marketing in a more agile, scrappy, and connected way. To them, marketing is more than planning and communications. “ 

  1. Spread customer insights further and wider: One of the best sources of growth comes from customer insights. However, far too often they’re kept within a few departments or business units. Effective marketers are collecting and disseminating this knowledge as widely as possible, making sure it is codified, distributed, and used by the right people, at the right time. They routinely gather intelligence from the sales department—the people who hear most often about customers’ daily struggles—and share it with the organization to learn and adapt faster. The most innovative companies also routinely mine insights from their customers’ customers and bring these insights to their other customers to disrupt traditional buying behaviors. 
  2. Start true design partnerships with customers: A global chemical company we work with was doing well in its sales to the automotive market across many business units. But it wanted to find a more effective way to cross-sell and find higher value, comprehensive solutions. To do so, it reimagined itself as a design partner, tuning into its customers changing concerns about sustainability and emissions. Using those new insights, the company created needs-based “platforms” that clearly defined the company’s areas of expertise and focus. This became the marketing narrative that told the company’s story in a more relevant, impactful way. 
  3. Give teams the space and permission to collaborate: The companies that are winning more often and finding new sources of growth are intentional about giving their businesses and their people space and support to work together on shared growth opportunities. It’s not easy, though. Even newer B2B companies, like (company name) need to explicitly foster this type of collaboration. 
  4. Create a larger marketing vision by selling solutions: When we began working with (company name), it had nearly 40 different P&L centers and some of the most elaborate, independent silos we had ever seen. Many of these business units, although selling diverse technology and equipment, targeted the same end users. Marketing recognized the need to better understand and target their key customers and drive a more comprehensive value proposition. Through careful segmentation, the company clarified its three best markets, which covered some 60 percent of its business. That freed (company name) to create more unified messaging, center its research innovation on bigger bets, and spark new conversations with new customers.

****We welcome your own insight on ROI on
 how to get it, measure it,

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