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Want to do more with Instagram? Wondering if there are any tools to make it easier?

In this article, you’ll discover 18 tools that will help you optimize your efforts on Instagram, from creating content to running engaging contests.

Instagram Content Creation Tools

Instagram’s filters and editing tools can help you produce great-looking content but using native tools exclusively often means your content looks just like everyone else’s. These third-party content creation and design tools can help your Instagram stories, reels, and posts stand out.

Animoto

Producing eye-catching video content for Instagram can be incredibly time-consuming, even for experienced designers. Animoto’s video storyboards can save you time, whether you want to create feed videos, reels, or stories.

This desktop app has templates for everything from tutorials to testimonials to product promotions so you can efficiently create Instagram content that aligns with your marketing goals. You can even cut production costs with Animoto’s stock images and videos while adding your brand’s unique stamp with animations and overlays.

Are you running out of royalty-free music clips to use with your video content? Animoto has thousands of songs in a long list of genres so you can create the perfect audio environment.

Cost: Free and paid plans

Canva

When you want an app that goes beyond video and can also design Instagram posts and stories, Canva is a good all-in-one pick. This desktop and mobile app has dozens of templates for every type of Instagram content, along with stock images and graphics to incorporate into your designs. You can also create custom layouts from scratch.

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Sourced from Social Media Examiner

By Alex Goryachev 

Now is the time when many leaders are looking into the future, deciding where to invest their valuable time and resources. Digital transformation, innovation and workplace model change is undoubtedly high on the agenda. Sadly, in my experience, most of these much-needed initiatives will fail.

I believe that the single most critical element that separates innovation success from failure is communication. After all, sustainable and successful transformation requires us to communicate, communicate, communicate. And then? Communicate some more. When communication is at its best, so is innovation, and here is why:

1. Unlike invention, innovation can’t exist without communication.

The lonely innovator is a myth. Solo innovation does not exist. Unlike invention, it’s a team sport. Working in solitude may lead to invention, but not innovation because it requires communication with others.

Innovation only happens thanks to groups of people working together to achieve specific goals. It is at its best when it’s a result of communicating across inclusive, diverse, cross-functional teams that are empowered to make decisions and enact change. As a leader, it’s your job to create an environment where teams like these can emerge and succeed.

2. Digital transformation requires focused communication.

The internet transports hundreds of millions of emails, not to mention countless media posts and news articles, every hour of the day. As a result of digitization, we are bombarded with information that we often can’t even comprehend.

As you execute on digital transformation initiatives, you will inevitably make it much easier to communicate, leading to a higher volume of content. It’s essential that you plan for that and communicate precisely and consistently, thus helping separate the important content from the noise.

3. Ecosystem co-innovation puts communication into the spotlight.

Customer experience gets a lot of credit, and rightfully so, but when it comes to innovation, you’re looking at the entire ecosystem, not just pockets of the population. To bring change, you must communicate effectively with multiple audiences, understanding what they care about and how best to connect with them.

Internally, the focus is not just on your employees, but also on your fellow leaders, managers, executives and stakeholders. Externally, you’re speaking to your customers and partners of course, but you also want to make your voice heard by the rest of your industry, competitors, collaborators and the public, as many of them are potential consumers or employees.

Innovation is also about constant active listening and is impossible without an inclusive dialogue. If you don’t listen, you’ll never understand what problems your customers, employees and partners have that you can solve with innovation.

Communicate or get left behind. 

Despite all the above, open avenues of communication and transparency are lacking in most companies, causing employees to lose focus and disengage, executives to discard innovation as a trend and the public to lose interest in your efforts. Clear, consistent communication is rare, and normally focuses on messaging, not listening.

Ironically, investment in communications is generally the last priority in many innovation teams or programs. Leaders pour money into hardware, software and engineering capabilities, basically anything but communications. The irony is undeniable: Given the pace of technology, many technical skills will be obsolete within a few years, but leaders are happy to fund their development. Communication skills and shared institutional knowledge, however, will stay with employees throughout the rest of their careers, benefitting all.

As a leader, you must understand the importance of communication and fund it properly. Your vision, strategy, plan and metrics must then be communicated both internally and externally. Your goal is to demonstrate the value you are generating and how your organization is capturing that value to help employees, customers, partners and the public.

As you consider how your organization will shape the future, don’t forget to communicate, communicate, communicate.

Feature Image Credit: getty

By Alex Goryachev 

Follow me on Twitter or LinkedIn. Check out my website.

Alex Goryachev is a Chief Innovation Officer specializing in Strategy, Digital Transformation & Global Ecosystem Development. Read Alex Goryachev’s full executive profile here.

Sourced from Forbes

By Alex Goryachev 

Now is the time when many leaders are looking into the future, deciding where to invest their valuable time and resources. Digital transformation, innovation and workplace model change is undoubtedly high on the agenda. Sadly, in my experience, most of these much-needed initiatives will fail.

I believe that the single most critical element that separates innovation success from failure is communication. After all, sustainable and successful transformation requires us to communicate, communicate, communicate. And then? Communicate some more. When communication is at its best, so is innovation, and here is why:

1. Unlike invention, innovation can’t exist without communication.

The lonely innovator is a myth. Solo innovation does not exist. Unlike invention, it’s a team sport. Working in solitude may lead to invention, but not innovation because it requires communication with others.

Innovation only happens thanks to groups of people working together to achieve specific goals. It is at its best when it’s a result of communicating across inclusive, diverse, cross-functional teams that are empowered to make decisions and enact change. As a leader, it’s your job to create an environment where teams like these can emerge and succeed.

2. Digital transformation requires focused communication.

The internet transports hundreds of millions of emails, not to mention countless media posts and news articles, every hour of the day. As a result of digitization, we are bombarded with information that we often can’t even comprehend.

As you execute on digital transformation initiatives, you will inevitably make it much easier to communicate, leading to a higher volume of content. It’s essential that you plan for that and communicate precisely and consistently, thus helping separate the important content from the noise.

3. Ecosystem co-innovation puts communication into the spotlight.

Customer experience gets a lot of credit, and rightfully so, but when it comes to innovation, you’re looking at the entire ecosystem, not just pockets of the population. To bring change, you must communicate effectively with multiple audiences, understanding what they care about and how best to connect with them.

Internally, the focus is not just on your employees, but also on your fellow leaders, managers, executives and stakeholders. Externally, you’re speaking to your customers and partners of course, but you also want to make your voice heard by the rest of your industry, competitors, collaborators and the public, as many of them are potential consumers or employees.

Innovation is also about constant active listening and is impossible without an inclusive dialogue. If you don’t listen, you’ll never understand what problems your customers, employees and partners have that you can solve with innovation.

Communicate or get left behind. 

Despite all the above, open avenues of communication and transparency are lacking in most companies, causing employees to lose focus and disengage, executives to discard innovation as a trend and the public to lose interest in your efforts. Clear, consistent communication is rare, and normally focuses on messaging, not listening.

Ironically, investment in communications is generally the last priority in many innovation teams or programs. Leaders pour money into hardware, software and engineering capabilities, basically anything but communications. The irony is undeniable: Given the pace of technology, many technical skills will be obsolete within a few years, but leaders are happy to fund their development. Communication skills and shared institutional knowledge, however, will stay with employees throughout the rest of their careers, benefitting all.

As a leader, you must understand the importance of communication and fund it properly. Your vision, strategy, plan and metrics must then be communicated both internally and externally. Your goal is to demonstrate the value you are generating and how your organization is capturing that value to help employees, customers, partners and the public.

As you consider how your organization will shape the future, don’t forget to communicate, communicate, communicate.

Feature Image Credit: getty

By Alex Goryachev 

Alex Goryachev is a Chief Innovation Officer specializing in Strategy, Digital Transformation & Global Ecosystem Development. Read Alex Goryachev’s full executive profile here.

Sourced from Forbes

By Peter Roesler

Local advertising is an effective way to extend your business’s reach, but it can be tricky if you don’t know where to start.

Engaging your local community is essential if you want to get it off the ground and work toward success. Thanks to my years of marketing experience building and nurturing local relationships, I have a good idea of what does and doesn’t work. Any local marketing effort aims to nurture lasting relationships that will help increase brand awareness and revenue. To do this, you must form genuine connections with people in your community, develop an effective strategy and remain patient.

Here, consider some of my top tips to build your local marketing strategy.

Participate in Community Involvement

Giving back, when and if you can, is highly recommended. You can volunteer to assist at local events, help clean up or do garden work at nearby parks, or sponsor a local school’s charity event. Community involvement allows you to meet amazing people in your neighborhood who may become clients or refer you to others who become clients. Volunteering is a win-win situation. You have the chance to help those in need, all while expanding your network and increasing business visibility.

Work with Other Local Businesses

Another way to effectively market your business is to reach out to other local businesses. It may be surprising to find out how many are willing to partner with you in some way.

For example, another business may have a lot of foot traffic but a limited email list. In this case, you could offer to mention their business in your online newsletter for some type of physical advertising on their premises. You can create the partnership that works best for you.

Offer Local Discounts

Giving out coupon codes and free shipping to your local area will help encourage more people to order from you. Word of mouth is powerful, and this is a great way to leverage this marketing technique. It will also help increase loyalty within the local area.

Use Personalized Messaging

Take time to personalize your branding to your local community. For example, if you sell physical products, give more attention to the local area by designing them with local sports teams’ colors, mascots, and more. Consumers want to feel close to the purchases they make, and there’s no better way to create this feeling than by providing something unique. You can also offer a “special edition” of your product that’s available to your community, creating the mindset there’s even more value behind this product.

When engaging with and marketing to the local community, be sure to keep the tips and information here in mind, which will help ensure you reach people locally and provide them with information, resources, and products they want and need. With the right local advertising strategy, it will be easier to help get your business off the ground or establish a new customer base, both of which are essential to your long-term success.

By Peter Roesler

Sourced from Inc.

By David Wagoner

I’ve always done at least some of my holiday shopping in person. I love a wintery store window, and once I’m inside, I’ll instantly remember everyone on my list who doesn’t have a pizza stone (you’ve got one, right?). This year, though, I didn’t bust a single door. Online deals were better, and with Covid-19, I didn’t feel like hanging out at the mall.

I wasn’t alone. According to data from Sensormatic Solutions, Thanksgiving retail foot traffic was down 90% and Black Friday shopping was down 28% from 2019. Meanwhile, overall holiday sales in the U.S. increased by nearly 11% since 2019, with a 61% increase in e-commerce sales, according to data from Mastercard.

While e-commerce captured lost brick-and-mortar sales over Black Friday and Cyber Monday (BFCM), not all merchants benefitted. Deal strength, inventory and site performance have emerged as key performance differentiators for online brands.

What will move the needle for shoppers this year? With an indebted nod to Shopify’s president Harley Finkelstein, who created this annual prospectus for 2018, here are five trends that I believe are poised to transform shopping for the better in 2022.

1. Mobile Shopping (Actually, Really) Takes Over

I know, I know. Every year, a business guru with giant forearms tells you why mobile is the future of e-commerce. But we’ve been living in that future for a while, with mobile shopping accounting for just over half of online sales on the Shopify platform since 2014. In 2021, mobile shopping from merchants on the Shopify platform hit a watershed, capturing 71% of online sales over BFCM.

(Full disclosure: P3 Media is a Shopify partner.) 

Mobile commerce has been buoyed by the rise of branded shopping apps, 5G wireless, faster e-commerce platforms and seamless social shopping. With technology at a tipping point, I predict that customers are likely to buy from their phones more than ever this year.

Expect more branded shopping apps, more personalized text message (SMS) marketing campaigns and a flood of branded TikTok and Instagram content, all of which were often outperforming revenue drivers in 2021.

2. The End Of The Slow Web

As we just discussed, one reason mobile sales now outpace desktop sales is that technology has caught up with our desire for convenience. But just as adding a lane to a highway can increase traffic rather than improve it, introducing better tech doesn’t fulfil our expectations so much as enlarge them. Mobile shoppers tend to expect a better experience than ever now. And in a world where convenience is king, “better” often means faster.

How much does site speed impact sales? One analysis found that, for load times of zero and five seconds, “Website conversion rates drop by an average of 4.42% with each additional second of load time.”

There are lots of ways to improve your site speed no matter which e-commerce platform you use. But one great method is to move to a mobile-first software-as-a-service (SaaS) platform. At P3 Media, an e-commerce marketing agency, we’ve seen this type of platform boost mobile conversion rates for our clients as much as 66% overnight.

3. Increasing Focus On Sustainability

Trends pass, but our growing concern over the impact of e-commerce on the planet is a sea change. In the U.S., 71% of millennials say climate change is our most pressing social issue. And we’re voting with our dollars, too. In 2020, IBM found that over two-thirds of purpose-driven consumers will pay a premium of 35% for a more sustainable purchase.

In response, companies are offering products conceived to be gentler on the planet. These brands often use low-impact dyes and upcycled materials, and many also offset shipping emissions by integrating sustainably focused checkout software.

A great example of sustainable fashion is ThredUp, which has systematized brand buy-back and resale programs, reducing fabric waste. Meanwhile, ready-made corporate social responsibility programs, like 1% for the Planet and Fashion Makes Change, are helping established brands weave sustainability into their DNA.

With so much at stake and so many resources for merchants interested in sustainability, I believe 2022 will be the year when online brands begin wasting less to make more.

4. Supply Challenges Create New Engagement Opportunities

In October, I ordered a pair of Reeboks from Urban Outfitters. They arrived after Christmas, but I wasn’t upset. Every time my fulfilment date changed, I got an email explaining the delay, with an option to cancel my order. Those touches preserved my sale; although I had to wait, I was never in the dark.

With the global supply chain in flux, we’ve all grown accustomed to waiting longer for orders. But we haven’t grown accustomed to waiting weeks or months for an update. We simply won’t tolerate radio silence.

In 2022, I predict that more brands will turn delays into demand by adding “preorder” and “notify me when available” functionalities to their shopping experiences. Routing these notifications through email and SMS will be crucial to keep shoppers engaged, and timely communication around fulfilment will become a competitive differentiator.

5. Everyone Will Try “Buy Now, Pay Later”

Instalment plans are as old as shopping, but so-called “buy now, pay later” (BNPL) payment options are new to e-commerce. Spoiler: They’re already hugely popular. From 2020 to 2021, the use of a “buy now, pay later” service by American adults increased by 48%. Fifty-five percent of consumers have already tried BNPL at least once, and a study from Juniper Research projects BNPL sales to grow from $226 billion in 2021 to $995 billion by 2026.

BNPL’s heaviest users are shoppers with light credit histories who make purchases with debit cards. But I see that changing quickly as e-commerce giants like Amazon add BNPL options to their payment gateways.

BNPL still only makes up a small proportion of online sales, but shoppers are adopting the convenience of instalment payments at record rates. By the end of 2022, I predict it will be a ubiquitous checkout option, putting all kinds of goods within reach of more shoppers.

Feature Image Credit: getty

By David Wagoner

David Wagoner is the co-founder and CMO of P3 Media, an award-winning digital-marketing and ecommerce agency based in NYC. Read David Wagoner’s full executive profile here.

Sourced from Forbes

Partnerships can be an excellent way to expand reach, spread the load and create a more collaborative coordinated marketing approach. The Marketing Practice’s head of inside sales and data strategy Phil Jones interviews its client ServiceNow to find out how it views partnerships, and offers tips on how to cultivate a successful mutually-beneficial relationship.

When it comes to B2B routes to market in the technology sector, ‘two’s company, three’s a crowd’ couldn’t be further from the truth. Partnering up with other organizations makes sense for vendors, partner organizations and clients alike. Vendor organizations can increase revenue and market penetration and strengthen client relationships. Organizations that fall into the ‘partner’ category – which covers anything from distributors and resellers to systems integrators and consultancy firms – can offer clients a broader range of sophisticated propositions. And clients often receive a more bespoke, integrated response to the problem they’re looking to solve.

That’s not to say it’s easy. It can be challenging to coordinate teams and offerings within a global multinational – add a partner or three into the mix, and the complexity increases accordingly. So I asked Carl Shanahan, senior manager of the technology partner program at ServiceNow, to share his tips on creating and managing partnerships that add value to all parties.

How do you decide which partners you need?

The customer’s always right. So, if your customer is coming to you saying I want to use your product, and I also want to use your competitor’s product, you have to figure out with partners how you do that. The partner’s job is to fill the areas that either your technology doesn’t do, your salespeople don’t cover, your services don’t provide or a vertical market in which you don’t know how to walk and talk.

Equally, you might spot a market opportunity that means you actively seek certain partners; or there may be a strategic account that you can’t crack alone.

What should the starting point be for a successful partnership?

Successful partnership programs are focused on solving the customer’s biggest business challenges. They require strong cross-functional collaboration across technology, marketing and sales teams. Start building your partnership by identifying the value that you will each get out of it – which new routes to revenue does the partnership open, and what further opportunities might appear as the partnership develops?

Looking for ways to optimize the partner experience and add value should be an ‘always-on’ activity. So I look at all three steps in the partnership – technical, marketing and sales – to determine where they are getting stuck, make the program more accessible for them, and make it easier for them to raise their hand and get help.

How do you align objectives?

Focus on building your offering around customer challenges. A big part is really hooking into the conversation with the partner about how they grow and expand their revenue as a company. What markets or new business opportunities can we open for them? How can your partnership open up new routes to revenue and reduce time to value?

A long-term partner of ours had customers coming to them asking for software apps and integrations. At that time, they offered implementation and wraparound services only, but we worked with them to help them develop a technology offering too. In less than a year, we’ve been able to open up a new line of business for them: now they can sell customers a great application with a services model, set it up for them, customize it as required and provide ongoing support.

How do you take a joint offering to market?

Keep it simple. Limit your plan to a page with two or three goals that you decide on together. These goals can include entering a new market, targeting specific companies or growing your user base.

Focus on building your messaging and marketing where you’ve already had success, such as a particular industry or account. Sometimes partners can be resistant to a narrow focus on a few customers or markets. But that focus allows us to illustrate why customers need this proposition and, more importantly, the value the partner can offer, given its understanding of the market and the customer’s very specific business problem.

How can you anticipate and overcome challenges?

Different partners have different capabilities, offer different benefits and require different levels of support. Take the time to learn how each partner operates. Research how each partner makes money, what the sales process looks like and what training or support they might need.

The people element often gets overlooked. Yes, you want to make it easy for partners to self-serve, but if partners don’t have a support system to reach out to, they will quickly become frustrated with the process and move on. In addition, since partners are often selling dozens of other products (some of which may be your competitors), you need to be proactive in understanding how you can support each partner to add value to its customers and progress joint opportunities.

How do you get sales teams onboard?

Make sure sales understand the value of working with partners. Train your sales teams to identify opportunities to bring in partners to enhance each other’s portfolios, drive bigger, more strategic deals, and help them close more sales. Share stories of how the partners are helping customers realize the value of company solutions. For example, partners can provide valuable customer feedback helping to shape product roadmaps, increase speed to market and test new propositions contributing to the overall solution development.

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Sourced from The Drum

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There’s no silver bullet, but there are ways to strategically approach change.

Determining when and how to evolve is a question every founder confronts in the course of running their business. Stray from your core offering too much — like Colgate did in the ‘80s with its doomed frozen dinners — and you risk irreparable harm to your brand. Don’t change anything, and risk becoming obsolete (see: Blockbuster, Dell, Sun Microsystems).

There is no silver bullet for figuring out how to evolve your company. But there are ways to think strategically about what sort of growth makes sense, and the impact it will have across your organization.

Make data-driven decisions

It should go without saying that any major decisions made should have data to back them up. But it isn’t always as obvious as it should be.

The core offering of my company is online forms. Our data shows that our forms get approximately 160 million views each month, with about 28 million forms being submitted each month.

Given how many people use our forms, it would make sense that much of our operations would be dedicated to improving them. But until recently, we haven’t actually paid as much attention to our forms. Instead, we were concentrating on evolving our form builder and creating useful tools like our PDF editor and workflow builder. This is largely because our customers — the people who buy our product — benefit from these tools.

But according to our data, our form builder is accessed only a fraction as often as our forms themselves — 1.1 million times per month, to be exact. With this in mind, we’ve been focusing more on the experience of using the forms: updating the design, improving the form fields and thinking about tools that will make our end-users’ lives easier. By making upgrades that reach the largest number of people, even modest tweaks will have an outsized impact.

This was an important lesson to learn. And had we not compiled and analysed the data, we might never have noticed this blind spot. Instead, we would have spun our wheels working on something that wouldn’t have the same returns.

Have an innovation strategy

Organizations may be a single entity, but they are composed of several different parts, from marketing to finance to operations. A good innovation strategy involves aligning all of these moving parts under a clear objective, Harvard Business School’s Gary P. Pisano points out. But even though companies regularly define their strategies, they are much less likely to map out how to align their innovation efforts with their business strategies.

Without an innovation strategy, Pisano writes, “different parts of an organization can easily wind up pursuing conflicting priorities — even if there’s a clear business strategy.”

Pisano continues, “Diverse perspectives are critical to successful innovation. But without a strategy to integrate and align those perspectives around common priorities, the power of diversity is blunted or, worse, becomes self-defeating.”

Mapping a successful strategy requires a clear understanding of what specific objectives will help the company, and should answer these three questions:

1. How will innovation create value for potential customers?

Value can be created in many ways. But a crucial part of innovation strategy is deciding what type of value you’re creating and sticking with it. Apple, for instance, is known for making products that are easy to use and offer a seamless experience across its range of devices. Therefore, its focus is consistently on integrated hardware-software development, proprietary operating systems and design.

2. How will the company capture a share of the value its innovations generate?

Innovations are quick to spawn copycats. As such, companies need to think about what they can offer — be it complementary assets, capabilities, products or services — that will keep customers from turning to competitors. Continually investing in innovation is one way to do that.

3. What types of innovations will allow the company to create and capture value, and what resources should each type receive?

Technological innovation creates both economic value and competitive advantage. But Pisano notes that companies like Netflix, Uber and LinkedIn found success not through technology per se, but because they mastered the art of business model innovation. When considering innovation opportunities, companies need to decide how to balance the two.

Get input

While it’s important to follow your own vision, evolving your company will inevitably involve getting a range of perspectives. Starting with your customers, what do they want from your product?

It turns out that even though most large companies gather ample data on the people who buy and use their goods, most don’t actually understand their needs. One survey from Bain asked respondents to identify capabilities that would trigger a new wave of growth. At the top of the list? Capabilities to better understand core customers. These insights can be invaluable when it comes to figuring out how your offerings should evolve.

Customers, of course, aren’t the only stakeholders whose input you should seek. Ask your team about their ideas, and really listen. If you find no one is speaking up, make sure that everyone clearly understands the company’s overall objective. Employees who are on board with the organization’s goals are more dedicated to its success, and will have more suggestions for how to move forward.

Finally, keep an eye on your competitors, and stay on top of current trends and changes to your industry. This doesn’t mean you should be chasing the latest fad or totally reshaping your business on a passing whim. It does, however, mean being aware of the markets and what innovations are coming down the pike. We all know companies who got too comfortable with their success — Nokia, Blackberry and Yahoo, to name just a few — and became obsolete just a few years after hitting their peak.

Change is scary, because success is never guaranteed. Stagnation, though, is a surefire way to fail. By making decisions informed by data, having a clear innovation strategy and seeking input from key stakeholders, you’ll be well-positioned to successfully evolve.

By

Aytekin Tank is the founder and CEO of JotForm, the easiest online form builder. JotForm was ranked in the 2016 Entrepreneur 360™ List, an annual ranking of the most entrepreneurial private companies in the U.S.

Sourced from Entrepreneur Europe

By

Not every metric can be pinpointed exactly, but you can certainly come much closer than intuition or an educated guess.

Let’s place a bet.

Currently, 55 percent of small business owners are planning on investing more in their digital marketing strategies. It’s unclear what percentage of businesses owners are already investing in digital marketing, since this is a broad concept that’s difficult to precisely define. But let’s assume at least three-quarters of existing businesses are spending money on digital marketing in some form. Most of these businesses have been investing in digital marketing for months, years or even decades.

So, if you asked them individually, what percentage of these business owners would be able to tell you what their marketing return on investment (ROI) is?

Do you think it’s 90 percent? Or closer to 80 percent?

The exact numbers vary depending on what strategy you’re examining, but 44 percent of businesses have no way to measure their social media ROI. And those that can measure their social media ROI may not be doing it consistently or effectively.

Extend that concept to the rest of the digital marketing realm. Why do so few entrepreneurs know their marketing ROI when it’s such an important concept for long-term marketing success?

Apathy

Often the problem is entrepreneurial apathy. Some entrepreneurs simply don’t care what their ROI is. But why is this the case? There are several possibilities. For starters, entrepreneurs may underestimate just how valuable ROI is in a digital marketing context. If they don’t understand its significance or how to use it, they’re not going to care about measuring it.

Other entrepreneurs may be more interested in achieving some specific goal or milestone. If they’re extremely committed to reaching a follower count of 100,000, for example, it doesn’t matter how much it costs to get there.

Lack of tools

Some entrepreneurs claim that they can’t measure ROI or don’t measure ROI because they don’t have access to the tools that would allow them to do this. Obviously, you’ll need some way to track and measure your progress in digital marketing if you want to calculate your ROI.

But there’s really no excuse for this. Plenty of free tools exist to help business owners determine their marketing effectiveness and boost their campaigns — and most of them are ridiculously easy to use. Google Search Console, for example, allows entrepreneurs to get an in-depth look of how their website is performing and how it appears in search engines. If you choose to market with a social media platform like Facebook, you’ll have a chance to review large amounts of important performance metrics in the back end, no extra fee or subscription required.

The nebulous nature of ROI

A legitimate grievance that entrepreneurs have is that ROI can be hard to measure exactly. You may know how many conversions you’re getting or how much your organic traffic has grown, but can that really tell you what your return on your investment is?

Consider:

  • Ambiguous costs: How much are you spending on marketing, really? If you’re working with a marketing agency, you might have a straightforward monthly cost. But even then you’ll need to calculate all the hours you’re spending on administration and other details and calculate the costs to the business.
  • Misleading data points: Some data points you measure won’t be clear or provide you with an accurate assessment of your marketing effectiveness. For example, your conversion rate might be high, but if the people filling out your forms aren’t buying your products, your ROI might be lower than you think.
  • Unmeasurable impact: Digital marketing can affect your return in a variety of different ways, including some that are almost impossible to measure. For example, how can you prove that your brand visibility or reputation are improving?

ROI as a secondary metric

I touched on this concept earlier, but it has a potentially bigger impact. Some entrepreneurs see ROI not as a primary metric for evaluating marketing campaign success, but as a secondary metric. For example, think about SEO. SEO is a strategy designed to help businesses rank higher in search engines. So it’s reasonable to suggest that the number one goal here is to reach rank one for a target keyword. However, it’s possible to reach rank one and still end up with a negative ROI; if you’re spending more money than you’re making in a given strategy, you shouldn’t consider that strategy a success. Similarly, you may end up in a position much lower than rank one while maintaining a very high ROI.

The solution

In my opinion, ROI is the most important metric to know for digital marketing success. If you can’t say, definitively, whether or not your marketing efforts are working, your campaign could actually be hurting your brand. And, no matter what, you’ll be missing out on the full potential of your digital marketing strategies. All business owners partaking in digital marketing should monitor their ROI closely and consistently. Otherwise, all your investments and efforts could end up being a waste.

By

Entrepreneur Leadership Network Contributor

Timothy Carter is the CRO of the Seattle digital marketing agency SEO.co. He has spent more than 20 years in the world of SEO and digital marketing leading, building and scaling sales operations, helping companies increase revenue efficiency and driving growth from websites and sales teams.

Sourced from Entrepreneur Europe

By Leo Sun

The social media company still faces an uphill battle.

Key Points

  • Pinterest’s stock has been hit by downgrades and price target reductions over the past two months.
  • It’s struggling to retain its top executives, and its insiders continue to dump the stock as it hits fresh 52-week lows.
  • The stock looks reasonably valued relative to its growth, but the lack of new buyout rumors at these levels raises a bright red flag.

Pinterest‘s (NYSE:PINS) stock hit an all-time high of $89.90 last February during the Reddit-fuelled rally in meme and growth stocks. However, the stock subsequently plummeted about 70% as concerns about its decelerating user growth in a post-lockdown market spooked the bulls.

Investors might be tempted to buy Pinterest after that massive decline, but they should pay close attention to four red flags which recently appeared.

1. A series of downgrades

First and foremost, Pinterest has endured a series of price target reductions and downgrades over the past two months.

Last November, Morgan Stanley analyst Brian Nowak reduced his price target from $77 to $53 but maintained an “overweight” rating on the stock. In December, J.P. Morgan analyst Doug Anmuth cut his price target from $55 to $50 and maintained a “neutral” rating.

That same month, Loop Capital’s Rob Sanderson cut his price target from $66 to $50 but maintained a “buy” rating, while Citi analyst Jason Bazinet cut his price target from $48 to $42 and maintained a “neutral” rating. Earlier this month, Guggenheim’s Michael Morris downgraded Pinterest from buy to neutral and cut his price target from $46 to $39.

All of these analysts expressed similar concerns: that Pinterest’s monthly active user (MAU) growth would remain sluggish in a post-lockdown market, that it could lose its early mover’s advantage in the “social commerce” market to nimbler social media rivals, and that its online advertising business was vulnerable to competition and macroeconomic headwinds.

Those concerns are all valid, but investors should always take Wall Street analysts’ forecasts with a grain of salt — especially since they only lowered their price targets after Pinterest’s tumbling stock dropped through them:

PINS Chart

Source: YCharts

Furthermore, even the lowest price target now represents a significant premium to Pinterest’s current price — although that could quickly change if these Wall Street analysts hastily cut their price targets again.

2. More executive departures

Pinterest needs to test out fresh strategies to curb its post-lockdown decline in MAUs, which dropped from a peak of 478 million in the first quarter of 2021 to 444 million in the third quarter. Unfortunately, Pinterest seems to be struggling to retain its top leaders as its growth decelerates.

On Jan. 25, The Information claimed that Pinterest had lost at least seven senior executives in recent weeks. That list includes:

  • Corporate Development Chief – Gary Johnson
  • Core Product Chief – Omar Seyal
  • Creator Marketing Chief – Colleen Stauffer
  • Global Business Development Chief – Ravi Adusumilli
  • Content and Creators Leader – Silvia Oviedo Lopez
  • Consumer and Brand Marketing Head – Celestine Maddy
  • VP of Sales and Partnerships – Meredith Guerriero

All of those departures come just a few months after Pinterest’s chief accounting officer Lily Yang and Evan Sharp, its co-founder, board member, and chief creative and design officer, both abruptly left the company. That ongoing exodus, which coincides with Pinterest’s loss of momentum in a post-lockdown market, strongly suggests that the company could turn in an ugly fourth-quarter earnings report on Feb 3.

3. More sellers than buyers

If Pinterest’s stock was getting undervalued, its insiders should be buying up more shares. But over the past three months, Pinterest’s insiders still sold slightly more shares than they bought as its stock plunged 44%.

Insider sales don’t always indicate that a company is in trouble. But in Pinterest’s case, that lack of insider enthusiasm coincides with its executive exodus and raises a bright red flag for its future.

4. No more offers from PayPal and Microsoft

Last October, Pinterest’s stock briefly rallied after a Bloomberg report claimed PayPal (NASDAQ:PYPL) was interested in buying the company for about $70 per share in a $45 billion deal. Microsoft (NASDAQ:MSFT) had also previously approached Pinterest with a $51 billion bid in 2020. PayPal subsequently said it wasn’t interested in buying Pinterest “at this time,” while the talks between Microsoft and Pinterest fizzled out.

Pinterest has an enterprise value of just $18 billion today, yet PayPal and Microsoft haven’t made any new offers for the company. If they thought Pinterest’s downturn was temporary, they would likely have stepped up again with much lower offers. But that hasn’t happened yet, which suggests that either Pinterest’s growth has peaked, or its potential suitors are waiting for its stock to drop even further before making a new bid.

Should investors buy Pinterest’s stock today?

Analysts still expect Pinterest’s revenue and earnings to grow 25% and 22%, respectively, next year — and its stock looks reasonably valued at 20 times forward earnings. But with so many unanswered questions about its sluggish MAU growth and plans for the future, I’d rather wait to see Pinterest’s next earnings report before considering it to be a turnaround play.

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Most B2B sales and marketing teams typically function in a “serial,” or linear manner. Marketing engages prospective buyers early in their purchase journey, qualifying their readiness and fit for sales rep engagement through digital “content nurturing.” Once those leads have been designated “marketing qualified,” individual sellers take over, pursuing those leads through in-person or virtual interactions. In the middle is the “handoff,” where marketing passes the baton to sales, and online customer engagement gives way to in-person customer engagement.

Even in more advanced “account-based marketing approaches” those linear “physics” remain largely unchallenged. First the marketing, then the sales. Or, more accurately, first scaled digital engagement, followed by targeted seller interaction. And the decades-long pursuit of tighter “sales and marketing integration” has cantered on progressing deals along that journey as “seamlessly” as possible, eliminating “friction” and aligning metrics, data, and sometimes even incentives and reporting structures to ensure the handoff from digital to human selling is as efficient as possible.

The rise of digital B2B buying

For years, however, B2B buying has dramatically evolved to a far more digitally dominant buying behaviour, rendering much of that commercial model not only out of date, but nearly obsolete.

Consider the following data from Gartner research: In a pre-pandemic survey of 750 B2B customer stakeholders involved in complex “solutions” purchase within their organization, customers reported spending only 17% of their total buying time interacting directly with supplier sales teams. Instead, much of their purchase activity comprised independent learning online (27%), independent learning offline (18%), and building consensus across a wide range of internal and partner stakeholders (22% and 11% respectively).

As small as it is, however, that 17% of purchase activity allocated to supplier interaction (both virtual and in-person), represents all suppliers, not each supplier. So, if three suppliers are competing for the same opportunity, one can assume customers divide that time roughly equally across all three, leaving any given sales team with a vanishingly small window of opportunity to interact directly with that customer — perhaps 5% or 6% of total buying time if they are lucky.

For many sales leaders, that dramatically small window of direct interaction represents the single biggest challenge their sales teams face today, an overall lack of access — and therefore lack of opportunity — to materially impact purchase deliberations and bend customer preference toward their company’s unique offering.

As one head of sales put it, “We have very few ‘at bats’ to actually influence customer buying behaviour.” Put another way, today’s typical B2B buying journey leaves supplier sales teams very little “surface area” for actual selling.

Multi-channel buying

Instead, today’s B2B buyers rely heavily on digital information to support progress across their entire buying journey. In a survey of over 1,000 B2B buyers engaged in a complex purchase, respondents reported using digital channels — particularly the supplier’s own website — with nearly equal frequency as the supplier’s sales reps to gather the information necessary to complete a range of buying “jobs,” e.g., Problem Identification, Solution Exploration, Requirements Building, and Supplier Selection. Ultimately, customers have become largely agnostic regarding where they find the information necessary to advance purchase deliberations.

In this sense, for sales leaders seeking to “regain customer access,” it turns out customers never really wanted seller access in the first place. Instead, they sought out sales conversations not for the sake of the conversation itself, but as a practical means to acquire the information necessary to complete a specific set of buying jobs. Now that much of that information is available online, sales reps are no longer the channel to customers, but a channel to customers. And customers are “voting with their feet,“ leaving many sales reps struggling to provide sufficiently unique value to merit the additional time and effort of person-to-person sales interactions.

Despite individual sellers’ struggle to remain relevant, however, organizational leaders will find in customers’ channel agnostic buying behaviour a critically important lesson for future commercial success: Helping today’s B2B buyers buy isn’t a sales challenge, nearly so much as an information challenge (or, alternatively, an information opportunity). The companies that best provide customers the information they most urgently seek, specifically through the channels they most clearly prefer, are in a far better position to drive commercial success in today’s rapidly evolving digital commercial landscape.

Preference for a rep-free experience

When asked, many B2B buyers of complex solutions express a strong preference for a purchase experience free of sales rep interactions altogether. In a survey of nearly 1,000 B2B buyers, 43% of surveyed respondents agreed that they would prefer a rep-free buying experience. When cut by generation, 29% of Baby Boomers preferred to buy solutions without rep involvement, while remarkably over half of Millennials, 54%, expressed the same sentiment. Clearly, both practical experience and data driven evidence indicates a potentially dramatic generational shift in customer engagement preferences across the coming five to ten years.

In fact, taken to an extreme, one might conclude the “death of sales” is nigh. That interpretation of the data, however, appears unrealistic. On the one hand, commercial leaders argue that many complex solutions require a certain level of collaborative customization necessitating human interaction, effectively rendering sales reps “essential workers” in B2B buying. Simultaneously, most would equally agree that current B2B buying experiences are nowhere near robust, nuanced, or advanced enough to support customers preferring to buy completely on their own.

Still, just because today’s customers can’t buy complex solutions without sales rep involvement doesn’t mean that they wouldn’t prefer to do so if it were possible. In that sense, what’s most dramatic about this data is the degree to which suppliers and customers are increasingly out of sync regarding how they’d prefer to interact. Simply put, suppliers aren’t selling the way many customers prefer buying. And that “preference gap” leaves suppliers increasingly exposed to the risk of a competitor or disruptor finding a way to bridge that gap in new and creative ways — much as taxi drivers found their business nearly decimated when they were unable or unwilling to close a similarly large gap between rider preference and rider reality.

The “Unified” Commercial Engine

What do shifting buying behaviours have to do with organizational structure? Everything.

While once a relatively accurate proxy for the underlying buying behaviour it was meant to approximate, the serial commercial engine is hopelessly out of date — and dangerously out of sync — with how today’s B2B buyers buy. In today’s B2B buying journey, there is no single “handoff” from digital to in-person (or, for that matter, from marketing to sales). Today’s buyers are not only channel agnostic in terms of behaviour, they’re digitally dominant in terms of preference.

As a result, customers may seek sales rep input early in a deal to explore solutions but return to digital to build requirements. Later, as additional stakeholders become involved, they may revisit — possibly even rethink — their initial problem altogether, leading them to then re-evaluate, or even reconsider potential solutions, all both with and without sales rep involvement along the way.

In world like this, simply “aligning” sales to marketing to ensure a seamless “handoff” as a deal “progresses” along a linear buying “process” represents a woefully inadequate solution to a radically new buying reality (similar to a taxi driver hanging an air freshener in the back of their cab and hoping they’ve somehow “fixed” an otherwise deeply flawed rider experience).

What’s the alternative? In the words of Jenna Pipchuk, former head of sales at SMART Technologies, the answer is to “rebuild it from the ground up.”

The case of SMART Technologies

Based in Calgary, Canada, SMART Technologies is a provider of hardware and software solutions to educators around the world.

Eighteen months ago, as the world headed into a global pandemic, commercial leaders hunkered down to weather the storm. Led by Jenna Pipchuk, head of sales, and Jeff Lowe, head of marketing, the team at SMART, however, opted for a completely different tack. Having observed the same shifts in their own B2B buyers, Jeff and Jenna were acutely aware of the growing misalignment between how they were selling and how their customers were buying. The result was not only missed opportunities to drive engagement and growth with both existing and prospective customers, but also costly and inefficient duplicative efforts around messaging, analytics, and even technology housed in traditional silos that no longer made logical sense.

Recognizing the limitations of simply “better aligning” their commercial functions, however, the team completely dismantled traditional sales, marketing, success, and service altogether and reconfigured them into what SMART calls the “Unified Commercial Engine” (UCE). Unlike traditional silos, mapped to internal processes, the UCE is built back from a careful mapping of customers’ buying journeys across a range of predictable “jobs to be done” as part of a typical educational technology purchase.

Through that initiative the team identified five common buying jobs (Learn, Buy, Order/Install, Adopt, Support) and established an internal team specifically deployed to support each one, reassigning nearly every member of legacy marketing, sales, service, and success staff as a result. In all, over 250 team members received new job designations as part of the process.

In addition, SMART created three centres of excellence, where they consolidated otherwise duplicative efforts across traditional functional boundaries, one for data and analytics, and one for customer insights and positioning, and one for creative and digital experience.

Finally, the team then deployed their staff in geographically aligned “pods,” where each pod contains members supporting each of the respective five buying jobs. So, the pod for the southeast United States, for example, is made up of combination of individuals tasked with supporting the entire range of customer jobs from Learn to Support across all relevant digital and in-person channels (including third-party distribution).

Pods are managed by a brand new UCE dashboard, comprising a range of metrics spanning traditional marketing, sales, and service activity. Each pod leader is then tasked with helping the team ensure that SMART provides buyers in that geography with whatever support they might require, through whichever channel, at whatever time, on whatever job.

The results of the effort have been dramatic. In 18 months, lead volume is up 50%, lead acceptance has increased 35%, and most dramatically, year-over-year growth stands at an incredible 48%, all during a global pandemic. Jenna and Jeff, meanwhile introduce themselves today as “the former head of sales” and the “former head of marketing,” simply because, in their words, they no longer have sales and marketing. They have the Unified Commercial Engine.

It is a disruptive and challenging journey, to be sure, but SMART’s story is a fantastic example of the kind of sweeping change likely necessary in most organizations to effectively overcome functional myopia and re-align the old-world commercial engine to a completely new world of B2B buying.

The future of B2B sales and marketing? An end to B2B sales and marketing. Welcome to the world of supporting the new B2B buying.

Feature Image Credit: Henrik Sorensen/Getty Images

By Brent Adamson

Brent Adamson is a Distinguished Vice President at Gartner and a co-author of The Challenger Customer and the best-selling The Challenger Sale.

Sourced from Harvard Business Review