What is Bullseye Marketing, and Can it Help Your Business?

bull_center-325Laurie: Today I’m speaking with Louis Gudema, President of revenue + associates, about the Bullseye Marketing Framework. Louis, can you start by giving us some background on yourself?

Louis: I broke into marketing by consulting and it’s been quite a ride since then. I owned my own marketing and website design agency for a dozen years and sold that several years ago, giving me experience working with working with dozens of SMBs, and also the experience of running a small business. I’ve also worked with dozens of non-profits, and some of the largest companies in the world — from MIT startups to The Boston Globe to IBM. These days I am primarily focused on helping SMBs successfully deal with their revenue challenges.

Laurie: You’ve developed what you call the Bullseye Marketing Framework. What is “bullseye marketing,” and why is it important?

First, when I say “marketing” I’m talking about programs designed to increase the leads, opportunities and sales of a company, not vague, awareness activities. So when I say “marketing”, think “revenue”.

Marketing used to be so simple. There were only a few channels: TV, radio, print, direct mail, billboards, and a few more. But today there are at least two dozen major marketing channels including websites, email, social media, mobile, text messages, and so forth. I actually saw a blog post a few days ago that claimed 120 channels! So it’s gotten really complex, even for people who have worked in marketing for years.

Meanwhile, over 5,000 companies are selling some kind of marketing software, what’s often called marketing technology, in dozens of categories. Many of these vendors make copycat claims about the results their software can produce.

So with dozens of channels and thousands of vendors it’s understandable that people running an SMB who aren’t familiar with the landscape just give up. Who can you believe? Where do you start? How can you really produce results that impact the top and bottom lines? That’s where the Bullseye Marketing Framework comes in.

The framework breaks marketing into three phases and suggests that if you want to increase revenue and profits you start in the center and build out to the edge:

  • Phase 1: Take full advantage of your current assets. When I work with companies I typically see that they have lots of valuable marketing assets that they’re not taking full advantage of. These include their current customers, their website, email lists, and how well sales and marketing work together. Since these are all already in-house, companies can often start to see results in just one or two months with a really modest spend by doing a better job with those.
  • Phase 2: Get in front of people who want to buy what you’re selling right now. As a company starts to build out from those current customers the most productive thing is to get in front of people who are looking to buy right now – not in six months, or a year, or sometime in the future, but now. And those people are often searching on Google and Bing. So search marketing, in the form of search ads and search engine optimization, are step two.
  • Phase 3: Build long-term awareness in your industry. Many people who are potential customers are interested in what you’re doing, but they just don’t have the need or budget to buy right now. You want to get in front of those people so that when they are ready to buy you’re top of mind. So that’s where content marketing, display ads, social media programs, sponsoring events, and so forth come into play. And in the long run those can be terrifically valuable, but they tend to take a year or two to really start to produce results.

Now if you think about that for a moment, that’s the opposite of what many companies do. People often think of marketing as advertising and promotion—which are Phase 3 activities here—and start with those. After six months they’re not getting any results and, understandably, they stop, saying “We knew that marketing wouldn’t work for us.”

But it can work. It can produce terrific results, and really give a company a leg up on the competition, when done right.

Laurie: Does this framework help companies figure out what marketing and sales technology solutions can best help them?

Louis: Yes! When considering dozens of types of marketing software it can be hard to know where to start. But by focusing on Phase 1, center circle opportunities first, it narrows the software selection to just five or six types such as a CRM, email marketing, website content management, and conversion optimization. Actually, most of the Phase 1 software can be found combined in some marketing automation programs. Then there are two major types of software that you can use for the Phase 2, middle circle for search marketing, which are the search advertising software – most SMBs can just start with what is provided by Google and Bing – and a package to help with search engine optimization. It’s a lot easier to successfully implement six or eight types of software than 40!

Laurie: How do you help companies use this framework?

Louis: I provide three primary services related to this. First, I offer the Marketing Strategy Sprint, where I help a company, or a product group, review past efforts and what the competition is doing to better focus their marketing goals and approaches. Then we work together to develop a 12-month action plan to optimize their current sales and marketing programs, roll out new programs, and understand what new people or software they might need to execute those plans. This typically only takes three or four weeks – and why I call a sprint. It culminates with a one-day workshop with the senior team of the company to focus and make decisions.

Second, for some companies I act as a fractional VP of Marketing, providing one-quarter or one-third time services to develop and implement these marketing and business development programs. These relationships are a minimum of six months and can last a year or two sometimes.

Finally, I work with other companies to provide help with customized marketing requirements.

The Bullseye Marketing Framework is always top of mind for me, and pretty quickly for my clients, in this work. Frankly I’ve been gratified by how enthusiastic people at SMBs have been about the framework. One person said, “This is great! Why hasn’t anyone else come up with this before?”

Laurie: What kinds of results do you see customers gaining with this approach?

The results for Phase 1 can be swift, significant and not very expensive. For example, for one company in their Phase 1 customer interviews I learned that they were in danger of losing their largest customer; the customer said that if things didn’t improve within six months they’d be gone. The company had no idea! But you can be sure they jumped on that. The CEO was on the phone with them the next day to start to address their issues.

I’ve also helped companies increase leads from their website by 50-100 percent in just a few weeks, and helped others improve how their marketing and sales teams work together to improve lead follow-up and sales conversion. All of these were done quickly and produced quick revenue bumps that paid for the service many times over.

Laurie: How you help companies implement, customize and learn to use these solutions? If so, how?

Louis: Typically this would be done more through the fractional VP of marketing role. After the Marketing Strategy Sprint people have a choice: to implement the plan with their internal resources, hire me to help implement it, or use another agency or consultant. Or any combination of the three.

Laurie: What do companies need to be thinking about as they reassess marketing and sales strategies? What are your top tips and “gotchas”?

Louis: Perhaps the most common source of failure is neglecting the strategy. The company develops a strategy and roadmap, but either doesn’t devote the time, people and money to implement it, or they start to but after a few months they get distracted by something else. It’s really easy to get distracted these days.

Another challenge is from agencies and consultants who try to sell a “one size fits all” approach: they’ll say that every company needs to be doing social media, or inbound marketing, or search ads, or whatever. And since that’s all that they do that’s what they sell, regardless of what the company actually needs now. When all you have is a hammer, the whole world looks like a nail.

Laurie: Thanks, Louis, for your insights. How can people learn more and contact you if they want to?

Louis: They can email me at louis@revenueassociates.biz. My business site is www.revenueassociates.biz and I also blog about the Bullseye Marketing Framework at www.louisgudema.com . I’m on Twitter @louisgudema. I’d love to hear from them!

 

Looking at the Big Picture for SMB Sales and Marketing: revenue + associates

Laurie: Hi, this is Laurie McCabe from the SMB Group. Today I’m talking to Louis Gudema, president of revenue + associates, which helps companies generate more revenue through measureable sales and marketing improvements. So Louis, I’ve known you for a while and I’ve know that revenue + associates is a new company for you, what’s prompted you to start it? Louis-casual-200-pix-wide

Louis: I had a company before for a dozen years, a digital agency that I sold in 2009 that became one of the national leaders in our niche. Then I did business development for two other agencies for several years. What I saw was a need that wasn’t being addressed head on, which is corporate revenue generation. A lot of agencies and people splinter it and say we’re going to help you with your website, we’re going to help with search, or we’re going help with advertising or with sales training, or whatever it may be, social media, but they’re not looking at the whole picture. Those point solutions may not be what a company really needs, and there may be other places where the best revenue opportunities lie for them.

Laurie: Yes, I think that’s a problem all of us can relate to. We know there’s many solutions out there but we have to frame up the problem and make sure we’re getting the right solution in place for it. How do you go about solving for that because it’s pretty complex?

Louis: I look across what I call a sales and marketing audit. There’s currently over a thousand companies, for example, providing sales and marketing software and dozens of channels from things like social and search advertising to traditional things like print. So in a sales and marketing audit, I look across a company’s whole sales and marketing process, it’s a 100 plus point audit that looks at what technologies are they using, what is the strategy, internal operations, governance, budgets, how are they onboarding people and training people, do they have the staff, are there skills gaps? From that I identify the best short, mid, and long-term opportunities for the company and start working with them to drill down.

Laurie: Who are your services mainly designed for? Small, medium or larger companies, what’s the right size company for this approach?

Louis: It’s a company that really wants to grow revenue. I’ve seen surveys that three out of four small business owners don’t want to get any bigger. So I want to talk to the fourth one. I’m especially focused on mid-market companies with say 10 to 100 or 200 million in revenue. I’ve worked with companies like IBM and Philips Healthcare and Avid Technology and other very, very large companies and done millions of dollars of business with them but in terms of starting this new company and the particular approach, I’m especially focused on that mid-market.

Laurie: I know you recently published a report called Revenue Opportunities, what is that about and what did you find in there? revenue-opportunities-report-cover-190

Louis: What I did was I took a look at 196 mid-market companies in New England that were operating on a national level. Looking from the outside what could I see about how much they were adapting modern sales and marketing programs. This looks at things like did they have analytics on their website, were they doing search advertising, were they doing search engine optimization, did they have a mobile ready site? Nine different things that could be seen from the outside, and it wasn’t only because those nine things can be very valuable and generate a lot of revenue when used well.

I felt they were also an indicator of the maturity and depth of a company’s revenue generation program. What I found was that of these 200 companies that operate nationally, so they all should be really eager to do as much as they can to generate revenue because they’re in competitive national or global markets. In fact, the average among those companies was that they were using less than three of those nine important programs and the median was two. It was a very, very low adoption rate.

Laurie: Why do you think the adoption rate for these things that are so directly tied to revenue so low?

Louis: I think it’s a couple things. The real outlier at the top end were SaaS and venture-backed companies. These are new companies, they’re very data driven and they’re very comfortable with technology, and they’re part of a world, especially that venture-backed world that knows this whole modern and very effective way to really ramp up revenue quickly.

I also get into other industries, like manufacturing or medical devices or engineering or architecture. I looked across a lot of industries. Then adoption rates plummet a lot so I think you have a situation where a company that’s doing okay, and has traditional ways of generating business. They know how those work for them and there’s this massive number of new things flying at them and they don’t know what’s real, what’s not real, what’s important. They don’t know where to start. They may have even tried one or two things but sometimes if you dip your toe in the water you can’t learn to swim, sometimes you have to really go in and embrace something to get the results. For a number of reasons the adoption of these technologies has been very slow, nationally even, from studies I’ve seen.

Laurie: These results you’re getting from these companies that are all in New England, do you think they represent the larger mid-market in the U.S.?

Louis: Actually, if anything, New England may be a little ahead of the national average because half of New England market is Massachusetts and Boston is a big part of that. There’s a lot of newer SaaS and venture-backed companies in Boston and Massachusetts. SiriusDecisions did a report that came out the same week as my report. They only looked at one of the nine factors, which was marketing automation and said just 16% of B2B companies nationally are using it. In my sample it was 28%. So it’s really low.

It’s not that I’m saying that these nine programs are the end all be all. As I said I’m really taking them at kind of a litmus test or thermometer to see how deep, how well built out are the revenue generation programs. There’s lots of other things like events and email newsletters and predictive analytics and lots of other things that companies can be using traditional and digital that may be the most effective for them, but these are the ones I could see.

Laurie: In the report it discusses the upside for the companies who do get more sophisticated in terms of how they generate revenue and what programs they put into place. If you aren’t doing some of this stuff right now where should you go to get started?

Louis: Well, there are several things. First, you need to adopt the mindset and recognize that this is an important area for revenue growth and something you need to invest in. You need to adopt a data-driven mindset and realize that your gut may not always be right and sometimes the data will take you someplace new. You also need to be willing to experiment and even fail because these things will not work 100% of the time and they take implementation and analyzing and optimization to get it right.

You have to invest in people and make sure they have the skills and that you’re adopting the right tools and that you know how to use them, and you have to find someone who can probably guide you through it. That thousand plus programs, those are in dozens of categories. Some of those categories are important to some companies and not others.

Once you’ve adopted a commitment to it and to budgeting and training and so on and so forth you’re going to have to take some time to figure out what are the right things for you and how to get them to all work together. That’s where the big payoff is, it’s not adopting one or two programs, but if you adopt a marketing automation program integrate it with your CRM and integrate it with your email marketing and other things so that everything starts working together.

Laurie: Louis, where can they go to learn more about the services that revenue + associates provides? Louis: Our website is revenue + associates,. I also have a blog.

Laurie: Can they get a copy of the report there?

Louis: Yes, you can get a copy of the report there, you can download it there. There’s actually a blog post which is specifically about an SMB action plan, some of the things for a company that is new to these more modern programs, where are some of the places that you can start.  

Laurie: Sounds great. Thanks again, Louis, for your time today, for joining me on SMB Spotlight. This really looks like something a lot of SMBs will want to look into because I think even if you don’t want to grow your business in terms of people, most businesses want to become more profitable and I think that all comes into play as well. So thank you again.

Louis:Thanks, Laurie.