- With everybody competing for your customers' attention,
getting customers to not only notice,
but actually care about your brand
is harder today than ever before.
- We think we need to be helpful,
we need to provide a solution.
We need to educate,
we need to go above and beyond brand storytelling
to really do something more.
- Smart marketers know this
and are finding new and creative ways
to better connect with their market.
Customers aren't afraid to spend,
but they've become pickier
and expect personalized experiences,
socially-conscious companies
and the ability to interact and engage with brands
when and where they want,
making omnichannel marketing mandatory.
But all these things take time and cost money
and raise the level of marketing complexity.
I'm Adam Erhart
and today I want to unpack
a recent episode of "Connections,"
the show for marketers on Salesforce+.
In this episode, Bloomberg Media CMO Anne Kawalerski
talks about some key insights
into what she and Bloomberg are doing
in order to be ready for whatever's ahead.
I'm going to take some of the bigger picture ideas
she shares and translate them
into proven and profitable marketing strategies,
tactics and frameworks that you can use right now
in order to stay ahead of the curve,
create better and more effective marketing campaigns
and get more from less.
Before we start, if you want to check out the full episode,
you can right after this on Salesforce+.
It's completely 100% free to watch
and there are a ton of other great episodes
on there as well.
So I'll make sure to put a link down in the descriptions
for you to check out right after this video.
For now, let's start unpacking
one of the most important
psychological marketing principles to understand,
why customers buy.
To remain competitive today,
it's not enough to know who your customers are
and what they care about,
you also need to know why.
- You are big on learning from your audience.
You recently conducted a huge audience survey.
Tell me about it.
- We know that they're successful
in and out of the office,
but we didn't know what they cared about, why,
and some interesting findings came out of that.
So first and foremost,
not only do they wanna succeed,
they actually wanna change the world.
That's a huge ambition.
And so, how do we,
as sort of a content news insight provider,
feed them and empower them to do that?
- The way consumers see themselves
determines their behavior.
If a consumer believes themselves
to be socially responsible, value-conscious,
but still trendy and cool,
they'll make buying decisions that confirm that beliefs.
On the other hand, if a consumer sees themselves as smart,
sophisticated and having exquisite taste,
they'll operate from an entirely different frame of mind
and their purchase decisions
are likely to look very different.
If you can align your business, brand and marketing
with how customers see themselves
or more powerfully, how they want to see themselves,
then you can align yourself
with their most deep-rooted values and beliefs.
Customers don't buy when they understand,
they buy when they feel understood.
This is why one of the most powerful things
you can do in marketing
is really try to understand your customer,
not just on a superficial demographic level
like age, gender, income, occupation,
but really dive deep
into what I call their miseries and miracles.
Your customers' miseries are all of their pains,
problems, fears and frustrations,
all of the things they're presently dealing with
and would love to find a solution for.
Their miracles on the other hand are all of their wants,
and needs and goals and desires,
all the things they're trying to get to.
Your job is to show them how your business
can help them bridge the gap
from where they are right now, their miseries,
to where they want to go, their miracles.
And the only way to do that well
is by first understanding exactly what it is
that matters most to them,
which is where data-driven marketing comes into play.
Doing marketing without any clear goal or direction
or understanding of what you're doing and why
is a recipe for disaster.
After all, if you launch a new marketing campaign
and it fails,
well, you don't know what to fix
in order to make it better next time.
And if you launch a market campaign and it works,
well, you don't know why
or what was responsible for its success,
which means you can't replicate
this strategy again in the future
with any sense of predictability.
But first, theirs another "Connections" clip
that I wanna share with you
to help all this make more sense.
- I see innovation almost being a hub within marketing.
- And the creativity. - Absolutely.
- Because thinking outside the box, like new ideas,
it's a job as a marketer to do that.
And so, being able to do that
as it applies to revenue is so important.
- So important and I think to the point on data too,
not losing sight of that side of your brain
and that side of the job too,
of the really the mix of the rigor and the data
with the creativity
and sort of the inspiring part of what we do.
- Tracking the performance of your marketing
is one of the fastest ways to scale up your business
and not tracking the performance of your marketing
is one of the fastest ways to sink your entire empire.
The key though is finding the balance
between data, creativity and revenue.
I have a system that I use for this
that I'm gonna break down for you in just a minute,
but the big question then
is how do you balance data, creativity and revenue
in a way that gets results,
makes everyone happy and doesn't compromise the brand?
Well, my friend, the answer can be found
in a four-part framework
that I call data, design, deploy, defend.
Part one is data
because every good marketing strategy
starts by taking a look at your audience insights,
market research and any other information you have
to help make sure you're doing the right things
in the right place for the right people.
Once you have that,
you move on to part two, design,
where you can start putting together the big idea,
the copy and creative and the messaging.
Then it's time to deploy.
So press publish, get that stuff out there
because the best idea in the world won't do a thing
if it's just sitting there on your computer.
Remember, nobody can buy from you
if they don't know you exist.
Then when all that's said and done,
it's time for my favorite part of this whole process,
step four, defend.
It's here that you make sure
that your marketing is accountable.
So measure your results,
see if your hypothesis was correct
and determine whether the campaign
was a success or not
and what needs to be tweaked or modified
to make it even better the next time.
One of my favorite parts from the interview
is when Ann says-
- The days of here are my soft metrics on marketing
and sort of we are increasingly gonna have to show
tangible hard metrics
that correlate marketing spend with revenue growth.
- This is what I call accountable marketing,
marketing that's not done for more likes
or more comments or more shares,
but marketing that generates real business growth
in the form of new leads,
new customers and new sales.
So to help you do that,
no matter where your business is at,
I wanna share with you a few tips
on how to maximize your marketing budget
so you can get more from less.
- You do literally have to do more with less.
So what are you not gonna do?
- This next part is gonna sound simple,
but stick with me.
The best way to maximize your marketing budget
is to do more of what works
and less of what doesn't.
Yeah, that was pretty deep, I know.
But this is where you get to tie together
the importance of knowing who your customers really are
alongside building data-driven marketing campaigns.
Because when you do,
things get a whole lot more effective
and profitable and fun.
For example, when you're clear
on who your target audience is,
where they're present and active online
and what kind of media and content they enjoy,
you can focus all of your energy on that
and avoid wasting time and money and energy
on platforms and channels
where you're unlikely to find them.
When you know your customer lifetime value, your CLV,
you can then work out an acceptable amount to spend
in order to acquire a new customer.
And when you know your customer acquisition cost, your CAC,
you can start measuring different campaigns
and platforms against each other
in order to find the ones that give you
the biggest bang for your marketing buck.
But we've only just scratched the surface
and there are a ton more great takeaways
and lessons that you can learn
from not only this episode of "Connections,"
but the entire series where we're talking
with CMOs from every industry
and you can stream it now completely free on Salesforce+
just by clicking the link
down in the descriptions below this video.
And for more actionable takeaways
to help you grow your business,
make sure to check out the video
I've got linked up right here.
So check that out now
and I'll talk to you again soon.