GrowthANSWERS » Innovation

Are you a good marketer? 17 questions to ask yourself every day.

Filed under: social media, customer experience, Innovation, customer service, branding/differentiation, internet marketing, marketing strategy —

BY TODD SCHNICK

We at Intrepid want you to be an intrepid marketer. And whether you are the CEO, the Marketing Director, or the janitor - we believe we are ALL in the company marketing department, and have a critical role to play.

So, we present this series of questions you should ask yourself - EVERY DAY - to see if you are doing the things necessary to be intrepid:

1. What have I done to destroy the status quo?

2. What actions have I taken to make a customer say “wow!”?

3. Have I reviewed and held myself accountable towards my written long-term plans?

4. Have I spent time trying to innovate and make my product or service - or customer experience - better?

5. Have I made the effort to meet someone new, and expand my network?

6. Have I done even a little something to Give Back?

7. Have I considered my customer when making any and all business decisions?

8. Have I helped anyone connect with someone of value?

9. Have I spent even a few minutes learning something new and continuing my education?

10. Have I identified the thing I least want to do - but most need to do - and just done it?

11. Have I refined and improved my ability to convey the value of my product or service?

12. Have I focused our sales process on solving problems or fulfilling needs - instead of pushing products and services our prospect might not need?

13. Have I brushed up on my ability as a storyteller - using this skill to make our prospects feel more emotionally attached to our company and brand?

14. Have I reminded EVERYONE in the organization they have a role in our marketing? And have I encouraged them to see themselves that way?

15. Have I realized that we are not really in the business of producing a product or service - we are in the business of marketing that product or service?

16. Have I refined my ability to differentiate my company in the marketplace?

17. Again, have I thought about ways I can destroy the status quo?

What are some other questions one should ask - each day - to become a better marketer?

BE INTREPID.

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14 Ways To Improve The Customer Experience

Filed under: social media, customer experience, Innovation, customer service, internet marketing, sales team development, branding/differentiation —

BY TODD SCHNICK

Over the past several months, I have done a lot of thinking about how to better assist my clients with their business. One thing we are doing is focusing on the customer experience.

Here are a few things you can do to improve your customer’s experience:

1. Get your customer’s FEEDBACK. While you may not want to hear negative complaints from customers, trust me - you do. This is the only way you can solve problems - and actually it is the best way to build loyal customers. They will appreciate when you bend over backwards to handle their concerns, thereby building a stronger relationship. Here are ten questions you can ask your customer.

2. OBSERVE your customer. What they say, and what they actually do, are sometimes different. Point is, you should always monitor the behavior of your customers, and see how they go through your company experience. It won’t be a smooth as you might expect…

3. Be sure they understand the VALUE you bring. Tell them that story. Often. Be sure they understand what value you bring to their business - how you are making them better. This enables them to better spread your story to their network.

4. EMPOWER your employees. It is critical that you give your employees the freedom to handle customer complaints and needs - on a moment’s notice. If you do not empower your employees to make decisions on their own - then you are seriously limiting your ability to satisfy and serve your customer.

5. Make yourself ACCESSIBLE. Make it easy for your customers to find you when they need you. In this day and age of easy communication - there is no excuse not to be easily found.

6. BE your brand. You must always live your brand. If you position yourself as a green company, you better always live that brand. If at any time you deviate from your brand, you will injure that reputation, and business will suffer. People will pay a premium to live the brand with you.

7. Never stop INNOVATING. Looking for ways to improve your service, product offerings, and customer experience - never stops. The minute you stop seeking improvements is the minute your business begins to fade away. As soon as you bring a new innovation to market isn’t the time to start looking for the next one - you should already be on that path.

8. Make your website EASY. Sometimes you, the business owner, may like the look and feel of your company website, but what does your customers and prospects think? Your site won’t always make the same sense to a new user as it does to you.

9. Make the experience UNIQUE. A person makes lots of transactions and decisions each day. They buy goods from the grocery, pay a utility bill, buy songs from iTunes, etc. What you should strive for is a unique business experience - one that stands out and is memorable. And what happens when your customer experiences this? They come back. And they tell others!

10. COMMUNICATE. Reach out to your customers. Often. Use social media tools. Blog. Send newsletters. E-newsletters. Progress reports. Keep them in the loop about what is going on.

11. TRAIN. If you want your employees to behave a certain way, and learn habits that will serve customers well, you need to establish good training programs. But also know that training never stops. The best athletes never stop practicing.

12. Install SYSTEMS. Establishing set processes and systems that are meticulously followed by you and your employees can create a standard that customers will come to trust and expect. Don’t get trapped into never changing (always be looking for improvements), but a system allows your company to perform consistently, and systems bring comfort to customers.

13. Have FUN. If you aren’t enjoying yourself and having fun running your business, you are not providing an environment suitable for you and your employees to give a good customer experience. Make working your business fun - and the customer will certainly benefit.

14. Think Customer FIRST. It is a mistake we all make. When we make decisions, we sometimes don’t think about how those decisions will impact the overall customer experience. You should not do ONE thing (however remote) in your business where you don’t question how it will impact the customer.

What are other ways to improve the customer experience?

Be Intrepid.

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It’s The Experience, Stupid (Part 1 of 5)

Filed under: customer experience, Innovation, sales process optimization, branding/differentiation, marketing strategy —

BY STEVEN WINOKUR

I had the pleasure of speaking at the GrowthANSWERS Meet the Expert meeting this month on the topic of customer satisfaction. More specifically, the discussion focused on the concept of the customer experience. We talked about the benefits of focusing on the customer experience as well as why it’s so important. Once everyone understood how it impacts their business, we demonstrated 4 tactics to create a better experience.

We’ll be addressing those 4 thoughts over the next week or so, but for now, let’s take a look at why the experience a customer has with your organization is so important.

Before proceeding, let’s all get on the same page. Defining exactly what the customer experience means can be a challenge in and of itself. I’d like to define it this way:

“The perception of the sum of ALL interactions a customer has with a given provider.”

It’s crucial to notice the use of two words: perception and all. Perception is used because the experience is in the eye of the beholder. The perception has to deal with the actual experience and the expectations that lead up to that experience. All is used because that’s exactly what makes up the customer experience. Every interaction – not just the ones with customer support or during the use of the actual product or service. Every touch influences the perception, either positively or negatively.

Now that we have the definition sorted out, let’s move on.

Creating a better experience for your customers isn’t some altruistic belief that people should be treated nicely. It’s about hard and fast business results. Having a superior experience can lead to increased revenue, greater protection of premium pricing and increased brand loyalty. In fact, studies have shown that the single most important attribute of driving customer loyalty is the customer experience. Not price or some fancy loyalty program. It’s the experience.

With the economy the way it is, customer retention is priority #1 for many firms. And retention is not about slogans or trinkets or loyalty programs. And it’s certainly not about locking customers in contracts or using other tactics to force them to stay. Maybe it’s time to borrow an old campaign slogan here – “It’s the experience stupid.” That’s how to get them to stay.

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Marketing Innovation: The Missing Component Critical to Manufacturing Profit

Filed under: Innovation, marketing strategy —

BY DON RIGBY

The profitability gap between manufacturing companies that compete on the basis of innovative products or processes and firms that compete with a low-price advantage has more than doubled over the past three years. Innovation is the critical component allowing manufacturers to compete more rigorously, profit more substantially and sustain growth in the operations. This fact has been confirmed by 2 independent research studies conducted at the same time within manufacturing industries in the State of Georgia.

In a qualitative research study conducted by GrowthANSWERS and Plexus Marketing Group, interviews with manufacturing executives probed current marketing practices, productive marketing tactics and opinions on the most compelling Growth Gaps they must overcome. A white paper published last month: Beyond Survive, How to Thrive details key findings.

Simultaneously, Georgia Tech completed the 6th installment (every 3 years since 1994) of The Georgia Manufacturing Survey and also revealed results in Q4 of 2008. This quantitative study effectively identifies industry trends by measuring advancements in Sustainability, Strategies, Profitability, Outsourcing, R&D, Energy, Productivity and Training. This study makes the proof positive statement between profitability of manufacturers who complete on innovation versus those who complete on price.

So How do Manufacturers Define Innovation?
Both studies confirm marketing and sales are top concern of manufacturers, yet their strategies and definition of innovation do not include marketing. Most manufactures focus on Quality and Price as indicated in priority order:
1. High quality
2. Low price
3. Adapting product to customer needs (customization)
4. Quick delivery
5. Value-added services
6. Innovation, new technology (operations)
Source: Georgia Manufacturing Survey 2008

Innovation is a 4-Legged Stool.
In production environments, perpetual improvement is common practice and innovation is a driving force behind these incremental gains.

1. Product Innovation–New products or significantly improved products
2. Process Innovation–new or improved practices, technologies or delivery
3. Organizational Innovation–changes in structure, management methods or information exchange systems
4. Marketing Innovation–changes to packaging, demand management, sales methods or distribution channels.

What happens to the stability of a stool when 1 leg is shorter than the others?
With one exception of working with customers to innovate new products, marketing comes up short. Purchasing new equipment and working with suppliers are primary innovative strategies among manufacturers.

The research indicates barriers to innovation are highest for marketing. The factors creating most of the resistance are Qualified Personnel, Funds or Costs, Established Firms’ Dominance.

Marketing Innovation–the Stabilizing Factor
Here’s what the research from Georgia Tech and GrowthANSWERS reveals:
Fact: innovation is closely linked to profitability.
Fact: marketing innovation is clearly the shortest leg of the stool.
Fact: manufacturers believe they can compete on quality, price and service.

The stability of any manufacturing enterprise and ability to compete for new and more profitable customers will be exponentially improved with an Innovation Mandate of marketing and sales strategies.

Marketing innovation drives profitable ROI when business strategy, tactical marketing and sales execution are aligned. This is the core value of GrowthANSWERS. Built to innovate with systems to execute, GrowthANSWERS is a membership organization of cross-functional, best-of-breed service providers united to transform emerging manufacturing companies into sustainable enterprises.

Live Learning Event–January 21st at the Georgian Club.
Hosted by GrowthANSWERS with keynote speaker John Zegers, Director, Center of Innovation for Manufacturing from Georgia Department of Economic Development, Marketing Innovation for Manufacturers is a positive step toward leveraging greater profits. This is not your typical presentation that ends with a sales pitch. This is roundtable session enables you to learn collaboratively with your contemporaries, other executives of emerging manufacturing companies. From the business development experts of GrowthANSWERS, you’ll view your business more objectively and from a different perspective.

This is not a profit center, but a give-forward initiative of GrowthANSWERS. Participation is limited to 24. Cost is $65 and includes lunch. Deadline to register is Friday, January 16th. Here’s the link for more information and to confirm your participation, Marketing Innovation for Manufacturers.

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Innovation: Track It Or Trash It

Filed under: Innovation, eMERGE!, marketing strategy —

These first two weeks of 2009 have been a period of renewal for the Payton family. We’ve cleaned out both the garage and the basement, finally let those orphaned socks go, and even reorganized the pantry in anticipation of preparing healthier meals.

We’ve fielded calls from a ½ dozen agencies in search of clothing we no longer need or want, and proudly met their requests with enough to outfit several families. I’ve made several trips to Goodwill, and pushed Waste Management’s tolerance to the absolute edge on just how much trash they’re willing to pick up from one customer on any given Wednesday. Everyone here is “toeing the line” as my wife repeatedly instructs . . .

“Find A Place For This (Right Now), Or TRASH it.”

I mention it because: As I learn more and more from the world’s most innovative organizations, I’m seeing one particular discipline surface over and over. Without exception, these truly innovative organizations (and the people who lead them) diligently monitor their innovation efforts for ROI. This pattern is so pervasive and taken so seriously by every executive and expert I’ve spoken with in the last several weeks, that I’m quite comfortable in publishing yet another one of those “Stone Declarations” . . .

Innovation: Track It Or Trash It !

ROI on Innovation consistently outperforms ROI from virtually any other strategy. In fact, much ROI typically attributed to efforts like quality initiatives, cost-cutting, change projects, mergers & acquisitions, and all those “re’s” (re-branding, re-tooling, restructuring, reengineering, org. redesign, etc.) only shows up in the first place when these efforts are coupled with genuine Innovation.

Conversely, when these efforts fail to produce intended business results (most research indicates this happens well over 70% of the time), it’s usually because they were planned and executed without the benefit of any appreciable Innovation.

WHY then, do so many CEOs and their senior teams seem to resonate with (and be prepared to invest in) these strategies more than — or in the absence of — an enterprise-wide Innovation Mandate and the infrastructure required to execute it?

If this is happening in your organization, then I’d bet my best pair of boots that one or both of the following is also true:

1. Innovation (if present at all) is not directly tied to your business strategy.

2. Innovation is not being valuated, TRACKED, and reported.

Recognize Reality: Innovation efforts cost money and other resources — so do coffee filters, staplers, desk chairs, computers, and all of the initiatives described above.

Equally True: Each can and should create value for the organization — above and beyond the original investment. But the only way you can know this is happening (and prove it) is if you TRACK it in the first place.

Bottom Line: Don’t be afraid to assign costs to your innovation efforts — capture this, and make sure your leadership knows what they have invested in Innovation.

Track the value your innovation efforts are producing . . . and let your leadership know about it. Yeah I know, sounds simple . . . Most good ideas are — and this simple discipline (Valuate, Track, Report) works — every time.

Top performers in every arena do it. It’s the best way - perhaps the only practical way to: manage money, lose weight, advance your career, manage change, improve your tennis game . . . accomplish any worthwhile goal.

And I guarantee you it’s the best way to start getting your leadership genuinely engaged and properly contributing to Innovation for your organization.

BY STONE PAYTON