Tag Archives: Traditional

Can Social Marketing Leverage Your Competitive Position? Six Points

Situation: A company seeks to leverage the difference between information from traditional media and the richer information available through social media. Their objective, using publicly available information, is to identify individuals’ specific plans or preferences to better target their clients’ marketing dollars. Can social marketing leverage your competitive position?

Advice from the CEOs:

  • The principal value proposition is the ability to mine publicly available information from consumers through social media and make it useful to advertisers who want to reach those customers.
  • If the company’s technology allows access to shared data which can be used by many companies this is less expensive than clients’ trying to go it alone.
  • The most important differentiation will be the timeliness of data. Many firms collect data after the fact – for example after a key purchase is made. What advertisers desire is the ability to anticipate purchases. An example is a consumer’s plan to buy a house. This information is valuable to many companies. If data is mineable, it is valuable.
  • The essential question is how the client will make more money from data being near-real time. If the client can use the company’s data to enhance their marketing database, this adds value.
  • Consider partnering with the agencies that B2B and B2C companies hire to advertise their products. Even the largest consumer B2B and B2C companies work with outside ad agencies because these companies have better access to targeted customer lists than the companies.
  • Consider a subscription model, offering access to unique, current data to many customers. The differentiating value is the currency and timeliness of the data. A subscription model generates an ongoing revenue stream.

How Do You Make The Best Use of Your Board? Eight Thoughts

Situation: A private company has a Board of Directors that functions more as an Advisory Board than a traditional Board. For example, they do not have the power to fire or replace the CEO. The CEO wants feedback on how to interact with the Board, and how to work with them between meetings. How do you make the best use of your Board?

Advice from the CEOs:

  • Decide what you want from the Board, and clearly communicate this to the Members.
  • Treat the Board as a single entity – not as individuals. Avoid politicking individual members between meetings. Use the Board to drive decisions.
  • At your next Board meeting have a discussion with the Board:
    • Let the members know that you are concerned about whether you are using them effectively as a resource.
    • Lay out strategic elements to be dealt with over next period, and ask for their advice.
    • For example, if you are moving into a new market you need advice on how to succeed. Are they the right group to provide this advice? If not, what other expertise should be added to the Board?
    • Consider having this conversation in a special session of the Board.
  • Bring in expertise – if your industry has shifted, adjust the make-up of the Board to reflect the new realities. If you need to raise capital, look for expertise in this area.
  • Eliminate less productive members from the Board.
  • If you are looking at a new market, build an Advisory Board that is knowledgeable about this space, but who are not necessarily customers. Consider retired executives from companies in this market.
  • Additional needs that you might want to address either through your Board or an Advisory Board:
    • Financial expertise in new markets.
    • Where should you partner to make a complete offering or to supplement your offering?
  • Another CEO has a similar Board situation. In this case, the CEO makes it clear that Board members are expected to:
    • Make connections.
    • Assist in bringing in business.
    • Members are expected either to produce or they are off the Board.
    • Meetings are driven to a specific agenda with expectations of deliverables.