Embed Size (px)
Citation preview
Ken Kring, [email protected]
The CEO’s Guide toDigital Marketing (done right)
Ken Kring
Principal
Profit Optimization Through Integrated Thinking
Ken Kring, [email protected]
Why this guideDigital Marketing is here to stay. And it continues to get bigger and bigger. However, there is still
a lot of confusion, concern and sometimes even fear in the marketplace.
How does Digital Marketing work? How does it fit within my marketing plan? What do “best
practices” look like?
In conversations with CEOs, CMOs and other senior marketing executives, they talk about
wanting to move forward more quickly and confidently with their Digital Marketing plans. They
yearn for a quick guide to Digital Marketing. A guide that will help inform their decisions. The
decisions they need to make today.
This guide is designed to help. To help CEOs make their Digital Marketing decisions, more
quickly and confidently.
2
Ken Kring, [email protected]
Digital MarketingFor CEOs new to Digital Marketing, you can relax.
Digital Marketing is just like regular marketing. It’s just that it is Digital.
There are some new terms to learn. There are some new processes to be familiar with.
But at the end of the day, it is still all about: overcoming barriers, to shifting
perceptions, to driving profitable behaviors.
(The profitable behaviors of: customers, employees, agencies, etc.)
That’s it!
3
Ken Kring, [email protected]
Guide To The GuideThe guide provides an overview with enough detail to allow executives to “make it their own”. For
those that want even more details, links have been included along the way. Links that let you drill
down to a deeper understanding of a topic. There are some that want to know everything there is
to know, but don’t want any details . . . this guide is not for those people. For the rest, enjoy! And
please let me know if you have any questions at [email protected]. This is fun stuff! It is
important stuff! Eventually this type of integrated thinking is going to be taught in high-schools.
The guide is broken into five parts:
1. Starting with a Solid Foundation (things crumble and fall without a Solid Foundation)
2. Knowing your Puzzle-Box-Lid (more on this later)
3. Building your Digital Marketing Puzzle-Box-Lid (a case study)
4. Leveraging your Digital Marketing Puzzle-Box-Lid (making it yours)
5. Digital Marketing Next Steps
4
Ken Kring, [email protected]
The Necessity Of A Solid Foundation
Digital Marketing, and traditional marketing
succeed best, with a solid foundation.
A weak or non-existent foundation, will wither or
even destroy a company.
6
Ken Kring, [email protected]
The benefits of a solid foundation1. More Productive - impactful requirements. Leading to impactful design. Leading
to solid measurement. And leading finally to clear evaluation.
2. Faster - Clients articulate needs easier. Strategists develop stronger strategies
quicker. Clarity to Creative Teams means more time, to provide better options.
Data Teams quicker to measure. Finance Teams quicker to evaluate profitability,
etc.
3. Motivation - teams are energized by shared efforts. In a shared direction. All
resulting in superior results.
7
Ken Kring, [email protected]
The risks of a weak or non-existent foundation
1. Wasted Effort - Fuzzy requirements. Leading to fuzzy design. Leading to fuzzy
measurement. And leading finally to fuzzy evaluation.
2. Wasted Time - Clients struggling with articulation. Strategists struggling with
development. Creative Teams struggling with design. Data Teams struggling with
measurement. Finance Teams struggling with profitability, etc.
3. Demotivation - wasted effort and time leads to demotivation. And when repeated
time-after-time, can cripple an organization.
8
Ken Kring, [email protected]
The solid foundation is* . . . ● Understanding that whether you are the CEO or the janitor, your job, either directly or
indirectly, is to Drive Profitable Behaviors
● Driving Profitable Behaviors of Customers -
by overcoming barriers, to shifting perceptions, that then go on to drive profitable behaviors
● Driving Profitable Behaviors of Employees (agencies, etc.) -
by providing foundations that are: solid, transparent and defensible
(so that everyone knows what needs to be done and why)
● All best supported by your Puzzle-Box-Lid
9
Ken Kring, [email protected]
Behold the power of the Puzzle-Box-Lid!For decades business people have all been struggling with the same issues. Over and over again.
Business schools teach in silos. Business authors write in silos. Business is then done in silos.
And everyone then seems mystified as to why silos are a huge problem.
When in the real-world, business cuts across silos to get actual work done. There is an alternative . . .
Take three groups of employees, and have each group assemble the exact same jigsaw puzzle.
● The first group with the puzzle pieces face down
● The second group with the puzzle pieces face up
● The third group with the puzzle pieces face up, and with a copy of the Puzzle-Box-Lid.
Which group is going to be happiest, fastest, the MOST PRODUCTIVE?*
11
Ken Kring, [email protected]
Behold the power of Integrated Thinking!*Business, Data, Life, etc. . . . can all be thought of as
a series of dots. A bunch of separate pieces that are
part of a larger whole.
Business, Data, Life, etc. can also be thought of as
being similar to a Seurat oil painting*. Nothing but
a series of dots.
But, if you know how all the dots fit together, and
stand back, you can see: a river, a sailboat, a
woman with a parasol, and for some reason that
monkey she brings with her everywhere!
Do you know what your dots are?
Do you know how they fit together?
Do you know what the picture looks like?
The picture on your Puzzle-Box-Lid.
12
Ken Kring, [email protected]
The Puzzle-Box-Lid, In Words (Kring Strategy Map)
Years ago a CEO asked . . .
“How do I best invest in my
company?”
Long story short, the answer is in a
word format (versus graphic) to the
right.
The answer, was to show to how the
company flows from potential to
profitability and the points in-
between.
A more graphic version of the
answer is included on the next slide.
13
Ken Kring, [email protected]
The Puzzle-Box-Lid, Graphic* (Kring Strategy Map)
Again, to answer the question . . .
“How do I best invest in my company?”
it was necessary to show how the
company flowed from potential to
profitability. And the points in
between.
Profitability for the company.
Profitability for the customers.
And the critical balancing point.
The point on the horizon that all can
aim at.
This graphic version of the framework
will be used in subsequent slides. To
provided a graphic foundation for
Digital Marketing, and how to do it
right.
14
Ken Kring, [email protected] 15
The Puzzle-Box-Lid*(Kring Strategy Map - Visually)
1 2 3 54 6 7
8
9
10
11
14
15
16
18
17
12
22
21
23
24
13
19
20
Ken Kring, [email protected] 17
Digital Marketing Puzzle-Box-Lid: Business Case, Retail Financial Services
● Financial Services Company
● Introduce a new product
● Want to leverage integrated thinking
● Customers financially struggling or
financially stable
● Struggling population growing
● Company - retail financial services
● Competitors - retail financial services
● Drive traffic, sales, loyalty, profitability
● More customers get what they need
● Lock in low prices, small payments
● Potential > $1 billion in sales
● Pick up products when paid off
● Pricing kept lowest in industry
● Initiate online, mobile, in-store
● Text, Mobile , Email payment
reminders (w/internal & external partners)
1
1
1
2
2
2
2
3
3
4
5
6
6
6
6
14
Ken Kring, [email protected] 18
Digital Marketing Puzzle-Box-Lid: Business Case, Retail Financial Services
● Digital Marketing Strategy driven by
Target and Messages to be delivered
● Determine Digital work in-house
versus agencies: Creative, Media,
Measurement, etc
● Digital Targeting: Demographic,
Behavioral, Audience, Contextual,
Geographic, Psychographic (IAO)
● Digital Re-Targeting
● Digital Platform Considerations:
Computer, Mobile, Tablet, SmartTV
● Digital Ad Formats: Image, Flash,
Rich Media, Video Ads, Overlay
● SEO, SEM, Social Media, Blogs,
Website, Email, Digital Circular
● Programmatic: Trading Desks
(agencies), Demand-Side-Platforms
(DSPs - combing thru Ad
Exchanges), Data Management
Platforms (DMPs - provides value of
impression)
7
7
7
7
7
7
8
8
3
13
Ken Kring, [email protected] 19
Digital Marketing Puzzle-Box-Lid: Business Case, Retail Financial Services
● Promotional messaging, all channels
● Digital A/B Testing
● Digital optimization (buy more of
what working, less of what not)
● Evaluate optimal digital cost
structure: Cost-per-click (CPC),
Cost-per-Thousand (CPM), Click-
thru-Rate (CTR), Cost-per-View
(CPV),
Effective CPM (eCPM)
● Customers: trial purchase,
repurchase
● Customers refer friends
● Quantity best in industry
● Costs kept low thru Digital, labor,
etc. efficiencies
● Digital Product, Digital Marketing,
key to delivering value to both
Customer & Company
24
9
10
18
10
10
15
20
13
10 13
10 19
Ken Kring, [email protected] 21
Leveraging Your Digital MarketingPuzzle-Box-LidDigital Marketing can positively
impact almost every aspect of your
business (versus traditional
marketing). This is best done by
understanding how your business
and Digital Marketing relate to each
other. Using integrated thinking.
Partial list of positive impacts of
Digital Marketing:
(2) Greater information: customers,
prospects, competition
(3) Better able to segment and target
(4) Better know what customers value
(5, 17, 21, 23) Broader / deeper profit pools
(6) Better integrated with product offering
(6, 8) Greater customization, relevance
(6, 9, 14) Easier price testing
(7) More room to tell brand story
(7-24) Easier measurement
(7-24) More instantaneous: execution,
impact, measurement
(8) More efficient reach, frequency
(8) Greater control on timing of message
(9) Easier promotion execution
(9-12) Greater leverage of advocates:
viral sharing, recommendations, etc.
(10) More convenient purchase
(10) Greater conversion (generally)
(11) Greater engagement
(11) Greater service opportunities
(12) Greater loyalty
(13) Easier A/B testing
(13) Improved strategy refinement
(20) More cost effective (generally)
(All) Works 24/7 and longer shelf-life
(All) Research tool
And many other positive impacts.
TIP: Social media links go both ways.For Facebook, provide links both to your page, and a way to quickly share you on their page.
Ken Kring, [email protected]
Start todayNew to Digital Marketing - You will want to start with the basics. The basics that make
sense for your company in your industry. You will also want to have at least one
person internally that can take the Digital Marketing lead. To ensure that what you’re
doing is productive, whether you are doing it all yourself, or working with an agency.
Already Doing Digital Marketing - You will want to look at optimization efforts.
Optimizing what you are currently doing. And optimizing the expansion of your
Digital Marketing efforts, to the levels that make sense for your company.
Digital Marketing Expert - You will want to look at ways to further integrate your
company strategy with your Digital Marketing Strategy. The first step will be know
more about strategy and integrated thinking.*
23
Ken Kring, [email protected]
Additional ResourcesSuperior Digital Marketing can have a huge impact. Superior business strategy can have a huge impact.
The integration of a superior Digital Marketing plan, with a superior business strategy, can be unstoppable.
Digital Marketing -
The discipline is evolving quickly enough that a lot of the best information can be found online.
Business Strategy -
The discipline has been written about, a countless number of times. And yet in some ways, we know less about
business strategy than we do Digital Marketing. For example, we can split atoms. And we can teach people how
to split atoms. We can transplant hearts. And teach people how to transplant hearts.
And yet historically many businesses have done a poor job of getting past business silos, to integrate: marketing,
finance, operations, data, research, design, etc. And historically business schools have done a poor job of
teaching people how to integrate: marketing, finance, operations, data, research, design, etc.
If you want leverage Digital Marketing with integrated strategic thinking, additional useful, practical
information can be found at http://goo.gl/fpukcn. If you have any questions you can reach me at kkring@gmail.
com.
24
