marketing, cmo, tips, pivot, buyer, understand, advertising, business owners, share, pivots, advertisers, surveys, company, equipment manufacturers, great, silo, fundamentals, tradesmen, fractional, new revenue stream
John Lund, Joe Frost
John Lund 00:02
Hello everyone, and welcome to MYB2BCOACH five tips session number two. Today I'm lucky enough to have Joe Frost with me from YorCMO, a great company that we use here at MYB2BCOACH. And he's going to share five tips about marketing. So hello, Joe and why don't you share your five tips.
Joe Frost 00:19
Thanks, John. Thanks for having me. Like I said, or like you said, I'm with YorCMO. We help businesses that are wanting assurance that their marketing is working for them to drive sales and working to meet strategic objectives. And we do that through providing them with a fractional coach, fractional CMO that helps build their strategy and execute the strategy over an 18 to 24 month period.
The five tips that I want to share with you are very core to what we do with everything for our clients. And it's based around these six fundamentals of marketing. So, the first tip I want people to understand is that fundamentally, marketing doesn't change. Understand that there are six components of marketing that are industry agnostic. Whether it's b2b, b2c, retail, these fundamentals apply. We use them with all of our clients. So that's kind of the first tip itself. The second tip I like to share is in that second fundamental there, understand your buyer box. We have gleaned so much value from doing what's called buyer interviews. [These are] 30-minute conversations with existing buyers or prospects, trying to understand their journey. So it's more about the first time they think about your product or service and the steps they take to find you, than it is about their demographics and geographics and psychographics so understanding your buyer journey is my Tip number two.
Tip number three, positioning your offer. I want you to think about an X&Y axis and figure out the two things that are most important about what you do to your target audience. So, for our example, we believe we have a proven process, and we have proven people, we put that on our X&Y axis. And we want to be at that top right hand corner and we want to own that in the customer and prospect mind. Competitors are different areas of that grid. So think about the two things you want to own and own the edges. That's a Seth Godin term.
The fourth thing to share is now more than ever, but always marketing's purpose is to drive sales. You do not want to have marketing that is creative for creative sake. Branding for branding sake. Marketing needs to drive sales. So you need to make sure that you're aligning your sales and marketing team internally. And from a strategic level, they have to be blended together from the very top.
And finally, my fifth tip is, it's our secret to success when it comes to execution. And it's having a cadence for planning, and accountability that's centered around a weekly 30 minute marketing check-in where you're looking at scorecards and priorities every week, for 30 minutes as a team. It's short. It's highly productive. And it is fundamentally the way we make sure we get things executed at YorCMO for our clients. So those are the five.
John Lund 03:48
Those are great tips Joe. One question, I know in today's economic world, there's some stuff going on obviously, that people are dealing with. Can you tell me about how you might have had a successful pivot or helped the client understand where they could pivot to with marketing?
Joe Frost 04:04
Yes, absolutely. We actually just did a webinar on this yesterday, we shared five successful pivots. And we built a framework for how companies can walk through the process to develop their own successful pivots. And our team is happy to walk people through that at cost. But the one pivot that stood out to me yesterday was we had a publishing company who's typically been advertising driven. They have 10,000 subscribers of tradesmen, both Hispanic and non-Hispanic tradesmen, and they would sell their publishing advertising to these trades group through like Home Depot and Lowe's and equipment manufacturers.
Well, when the COVID hit, all ad sales pretty much went away immediately. And so when they looked at what they could do with what they had, what their core competency was as a company, the pivot that came to mind is we have these 10,000 subscribers. Yeah, they're not going to pay for advertising. But what if we researched what was going on in their world that might be relevant to give feedback to the advertisers, so they understand their market better. So they partnered with a research company and started surveying the 10,000 contractors. And what we found, and it's one of my CMOs that's doing this work is that the value that was coming in from these surveys were super educational and informative to the advertisers. So the advertisers created two new web revenue streams. One they start advertising again, with the new information they were learning. That went up a little bit. But two they started paying for additional questions to put in the surveys. So now they've created a whole new revenue stream and company never had before, which will probably be everlasting now. So is a really good pivot really smart I thought.
John Lund 06:03
Yeah, that is a great story. Good success story. And then for the business owners, the key people, key executives listening right now there was just one thing you wish or think every business should do when it comes to marketing. What is that one thing that they should for sure do?
Joe Frost 06:20
Whoa, you know, I don't want this to sound self serving, but don't do marketing in a vacuum. There are way too many business owners I know, that are very smart. They're actually really great marketers. But when they get in a silo and thinking about the problems of their customers, they get into this single feedback loop. I got a problem. Here's a solution. I'm going to go implement it. If it works, great. If it doesn’t, I'm going to go find another one, implement it. That feedback loop is not healthy. The double loop feedback that you want by bringing in an outsider; It could just be another business owner, it could be internal team members and start breaking storming instead of that we have the same problem. Instead of having one solution, brainstorm 10 solutions, and it's usually the sixth, seventh or eighth, that becomes the good one to test, then implement and test it. And then test 10 more so that you're not in a silo. Really, you need that outside perspective, it gets you out of your own way.
John Lund 07:18
That's great. Well, I appreciate you sharing your five tips today. It was great and great information. Thank you.
Joe Frost 07:27
Thanks for having me, John.