I was asked by a client to show their executive team a simple view of marketing and business development strategies. As an active and market-leading firm, they had the basics – website, proposal-pursuit, partner marketing – but we provided a 360-degree view to better plan a multi-level strategy emanating from their core messaging statement. The diagram reflects a bit of Heckmann Communications’ bias, or rather the experience with clients over 25 years. The question the client then asked was, What gives the highest impact results, for the effort? In the H.C. diagram, the more successful strategies were ranked from top-down. It led to great discussions, comparing costs in each area for the results they bring in. For services firms, investment-financial firms and other business-to-business organizations, the common leader is personal relationships and referrals. Companies in sectors driven by Requests-for-Proposals might place RFPs next; consumer-product firms might lead with social media.
But the top rated strategy for business execs is media-marketing to raise visibility. People look to the news for critical information affecting their business and their personal lives – and articles in respected media clearly influence decision-makers because they position a firm as active, knowledgeable, and good at what they do.
A respected longitudinal study of senior US executives who make contract and purchase decisions, the Erdos & Morgan “Purchase & Influence in American Business”, found that the media these decision-makers rely on is nearly identical across all product/service categories, and well-respected sources remain the leaders. Of the 47 reported, the most popular brands are The Wall Street Journal, Time and USA Today, joined by perennially highly-ranked New York Times, the Economist, Washington Post, CNN, Bloomberg, Huffington Post and others.
Social media, thought-leadership, video tools, specialty campaigns and the like have great benefit in their own way, with social media and visual engagement growing in influence. Are you and your clients in the conversation? CEOs of many large firms are not per a study of the Fortune 500 CEOs and may not be a fit for everyone. But today’s executives, especially for growth firms, need to be part of the conversation in their industry, and matching the right vehicle with their personal style and their target audiences is the focus of good marketing.
The big test is looking at the diagram through the lens of clients and client-targets: What are they seeing, reading or subscribing to? Ask them…and that direct conversation is a great excuse to catch up on work or personal things, and maybe their next service-needs, at the same time.