how to get the most out of your marketing budget - siinda dublin 2015 [reading version]

@BridgetRandolph

HOW TO GET THE MOST OUT OFYOUR MARKETING BUDGET

Bridget Randolphbridget.randolph@distilled.net

@BridgetRandolph

This is me.

@BridgetRandolph

@BridgetRandolph

And I have a confession - I’m kind of addicted to

personal development books.

@BridgetRandolph

@BridgetRandolph

I’m always trying to figure out how to optimise my resources

- time, money, knowledge - to get the best return

and achieve the

BIG WINS.

@BridgetRandolph

But for a long time, despite my best intentions,

I didn’t manage to achieve those things.

@BridgetRandolph

And then one day, I read a story about Warren Buffett, a man whom Google tells me is the ‘most successful investor of

the 20th century’.

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@BridgetRandolph

Warren Buffett is a businessman, not a productivity guru or a life coach.

@BridgetRandolph

But his advice stuck with me because it was so surprising but so helpful.

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Warren Buffett is a busy man, and he uses an executive jet service.

And he happened to strike up a friendship with one of the pilots, a man called Mike.

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@BridgetRandolph

Warren wanted to help Mike achieve his goals, so one day he sat him down and said,

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“Mike, I’m going to help you achieve your goals. The first step is that you need to write down your 25 biggest goals for your career.”

So Mike did.

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And Warren Buffett said,

“Ok, Mike, now I want you to circle the 5 most important things on that list.”

So Mike did.

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And Warren Buffett said,

“Ok, Mike, now let’s make a plan for how you’re going to achieve those top 5 goals.”

So they did.

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And then Warren Buffett said,

“Ok, Mike, now you’ve got a plan for the top 5. When are you going to work on the rest?”

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And Mike replied,

“Well, they’re all pretty important, I guess I’ll fit them in in my free time.”

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And Warren Buffett said,

“No, you won’t. Those 20 things that didn’t make the top 5: now they’re your ‘Avoid-At-All-Costs’ list.”

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“Because if they’re not in your top 5, they’re actually just a distraction.”

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And this is why, if I’m honest, the title of my talk is slightly misleading.

Because today I’m not going to talk about budgets and money, or throw a bunch of

stats at you about how quickly mobile media spend is growing or how the next big

trend is apps for smart watches.

@BridgetRandolph

The reason for this is that often, stats and trends and even budgets themselves

can become a distraction from the Real Questions™:

what are my goals?how should I prioritise?

how do I maximise my limited resources?

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So instead, what I want to do today is show you how you can apply the principles which

Warren Buffett gave to his pilot Mike --

@BridgetRandolph

to help clarify your thinking when it comes to creating a marketing strategy and planning your activities for the next 3

months, 6 months, year.

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So really this talk should be called something like

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A TOOLKIT FOR CREATING YOUR MARKETING ROAD MAP

Bridget Randolphbridget.randolph@distilled.net

@BridgetRandolph

Let’s get started.

@BridgetRandolph

STEP 1Set the right goals

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The first step in this process is all about figuring out what you want to do.

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Just like Warren Buffett asked Mike to do, in this stage you need to be able to list all

the goals you are hoping to achieve.

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What we’re trying to get to in this stage is a comprehensive list of:

- all the possible goals that could result in more revenue, and- all the activities that could contribute to achieving each goal.

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So you should start with the

WHAT

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WHATare you trying to achieve?

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EXAMPLEMy B2B SaaS client

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EXAMPLEWhat did my client want to achieve?

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The obvious answer is

MORE REVENUE.

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But at this stage we want to get a bit more granular.

What are the different ways that we could get more revenue?

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Some of the most common ways to grow revenue

● sell more to new people● sell more to current customers (upsell or

increase number of return visits)● upsell customers from one-off purchase to a

subscription/rolling model

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WHATare you trying to achieve?

For my client, the answer was: more new contracts.

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But we’re not done. We need to sense check our assumptions by asking the next question:

WHY

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How many people here have ever had a conversation with a 3 year old?

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Those who have will know that a toddler’s favourite question is

WHY?

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And when you give an answer, they ask

WHY

again.

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The Five Whys Testafter asking ‘why’ five times,

you should have a concrete, satisfactory answer.

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WhyWhyWhyWhy

Why

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If it passes the “5 Whys” test,

CONGRATULATIONS!

It can go on the list.

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1. What do you want?2. Why? (why, why, why, why)3. Satisfied that it’s the right thing?

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HOWcould you achieve that goal?

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HOWcould you achieve that goal?

Answer: more qualified leads (via the website).

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NOTEThat’s not actually an activity, it’s just a more specific goal.

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HOWcould you achieve that goal?

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HOWcould you achieve that sub-goal of more leads via the website?

Answer: leverage offline marketing activities for online (e.g. use exhibition events to get email signups, etc).

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WHYis that the answer?

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Brainstorm + Data

List of Goals (WHAT)

Sense Check (WHY)

List of Activities (HOW)

Brainstorm + Data

Sense Check (WHY)

Final List of Goals and Activities

@BridgetRandolph

WHAT increase the number of qualified leads coming via the website

WHY ● increase number of new contracts ● our avg contract value is $50k/year,

and● customers tend to stay with a provider

as long as it’s working for them

HOW leverage offline marketing activities for online (e.g. use exhibition events to get email signups, etc).

@hannah_bo_banna@BridgetRandolph

STEP 1 - SUMMARY

1. What → Why? 2. How → Why? 3. List of goals with corresponding activities

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STEP 2Prioritise

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So you have your initial list of all the goals you could go after.

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Now it gets a bit more tricky.

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We have limited resources, so just like Warren did with Mike, we need to narrow it down to our top 1-3 goals.

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And this can take a while, but it’s important to invest the time to get this stage right - because it's like steering a ship.

If you set a course that's only 1 or 2 degrees off from where you need to get to, eventually you'll find yourself heading in the completely wrong direction.

@BridgetRandolph

the

EFFORT /IMPACT framework

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SaaS business (B2B)Goal: obtain more qualified leads through

- run paid advertising on LinkedIn - - EFFORT: 1- IMPACT: 2

- build a social media community for brand awareness- EFFORT: 3- IMPACT: 1

- use existing offline efforts for online leverage- EFFORT: 2- IMPACT: 3

the website

@BridgetRandolph

1

2

3

1 2 3

IMPACT

EFFORT

@BridgetRandolph

SaaS business (B2B)Goal: obtain more qualified leads through

- run paid advertising on LinkedIn - - EFFORT: 2- IMPACT: 2

- build a social media community for brand awareness- EFFORT: 3- IMPACT: 1

- use existing offline efforts for online leverage- EFFORT: 2- IMPACT: 3

the website

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CAVEATthis is not the answer to everything.

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Q. What if you’re not sure of the IMPACT (or the EFFORT)?

A. That’s when you need an expert.

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OTHER FACTORS● risk ● cost ● expertise

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IDENTIFY BIG WINSto narrow down your top 1-3 goals, and then

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CREATE A TIMELINEbased on the EFFORT/IMPACT scores

@hannah_bo_banna@BridgetRandolph

STEP 2 - SUMMARY

1. What? (Mike’s “25 goals”)2. EFFORT/IMPACT framework3. Not sure? Ask an expert4. Don’t forget other factors

Output: 1-3 top goals with activities and a concrete timeline

@BridgetRandolph

STEP 3Focus

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So now you have your list of top goals, a ranking of priorities for achieving them, and an action plan/timeline.

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The next step is to focus on sticking to the plan.

...that’s harder than it sounds.

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We know this from every horror film ever. The main character only has to do one thing - stay on the path.

or: don’t go in the attic/basement/woods, don’t open the book/cupboard/box, etc.In short - they have to avoid distractions.

And they fail every time.

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THE MORALDon’t go off the path…or you will die.

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Step 3 of this process is both the easiest and the hardest.

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Because even though you have a plan, there will always be shiny new things clamoring for your attention. The CEO will ask why we don’t have an app for smart watches. The devs will want to prioritise something else.

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so this is my

CHALLENGE to you:

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1) Set the right goals

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2) Identify your biggest opportunities

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3) FOCUS on the finish line

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It won’t be easy, but

it will be worth it.

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That’s what Mike learned from Warren Buffett.

That’s what I’ve learned from applying these principles to my work.

@BridgetRandolph

@BridgetRandolph

Now let’s go win this race!

@BridgetRandolph

@BridgetRandolph

Links for image attribution

Productivity books - http://dropping40.com/do-i-have-to-moving-from-plans-to-commitments/

Warren Buffett - http://www.businessinsider.com.au/warren-buffett-best-quotes-shareholder-letters-2014-3#buying-a-stock-is-about-more-than-just-the-price-1

Mike - http://i.ytimg.com/vi/TagJxlxAnhU/maxresdefault.jpg

“Don’t go into the woods” -http://popculturezoo.com/wp-content/uploads/2011/11/DontGointheWoodsSign1.jpg

Finishing line - http://i.telegraph.co.uk/multimedia/archive/02304/clarke_2304484b.jpg