Saturday, March 24, 2012

Martins Ride 2014


Martin's Ride To Cure Cancer 2014
After a little scare on Friday I've decided the backsliding and taking for granted stops now :). Time to get back on a bicycle, time to create a new BHAG (Big, Hairy, Audacious, Goal). I rode the first 7 of the roughly 10,000 training miles I will need today at the gym. Diet starts Monday (have to lose 50 pounds since climbing mountains is unforgiving) :).

Martin's Ride Across America (summer of 2010)

Learned a lot riding across America in the summer of 2010. Want Martin's Ride 2014 to be more inclusive and use some of my preaching about platforms, curation and infinite inventory. Not sure how to do any of this yet (as usual), so looking for guidance and ideas. Here are some ideas I'm kicking around now:
  • Logistics - hate riding with stuff on my bicycle and the RV was a pain, so wondering if we can use logistics to move everything we need to where we are going to be next. Cool or crazy?
  • Community - what is the best way to create a community of other cancer survivors, friends or family who want to help, ride or do contribute
  • Where - Logistics like mapping was a pain in America, probably going to be more so somewhere else so how do we conquer the issue of mapping and tour support 
  • Cash Flow - After Martins Ride I cash is a tad on the short side (I paid for all ride expenses so 100% of donations could go to cancer research), I'm an ecommerce guy so there is bound to be a way to inspire help for the $40K to $50K the two month event will take (please share any ideas since it would SUCK if cash not cancer is what prevented Martins Ride II)
  • Cure Cancer Store - I'm thinking our Cancer Samurai brand and the Cure Cancer Store should, somehow, all be part of Martins Ride II
  • Sponsorships - Martin's Ride I had a handful of sponsors, but we will need to do better for II, so been thinking of turning the equation on its head by asking sponsors to compete for 10 "free" sponsorships with a community vote on who gets in based on how they will support Martin's Ride and Curing Cancer
  • Where? Take the poll and weigh in on where I should ride next. I like to span things and am looking for a 2,000 to 3,000 mile ride with great people, amazing beauty and challenge
First guidance is where should we go? Please take our poll and weigh in on where I should ride in 2014. If you have other suggestions please Tweet using #MartinsRide. If you have helpful experience please leave a comment or email me (mobriff(at)gmail).

Thanks and please remember that together we cure cancer in our lifetime.

Martin



Thursday, March 22, 2012

Twitter Marketing Genius You Can Steal From Bronto


Bronto's Conference Social Genius
I have a thing Bronto. I love their revision of the Sinclair dinosaur and yes I just aged myself past 50. I've had some trouble actually talking to a real BRONTO-iarian, but another story for another blog post. This post is about a Twitter marketing idea you should instantly steal from Bronto.

Signed up for the Bronto Summit today which looks like 3 days of cool Internet marketing right here on home shores (Bronto is located in Durham and summit is in Chapel Hill at something called the Rizzo Conference Center on April 10 - 12). I clicked through the usual form stuff, paid the money and get greeted by social marketing genius -

SOCIAL LINKS ON CONFIRMATION. 

DUH, what an intelligent move. Bronto's inclusion of social links on their confirmation page says:

* We care about what you think
* We need your help to get the word out
* We are interested in conversations

Bronto understands one of our most important present marketing challenge - how do we inject social, mobile and conversation into everything. Conversation is a two sided thing. Conferences are usually one sided. You go, they teach, you eat rubber chicken, meet some cool people and go back to the same wobble you were in before. Who can afford THAT anymore? Get more value from my Twitter buds.

Bronto is using social media marketing to can open their Summit. Here is how:
  • POWER TO THE MARKETER! = cool, appealing tag
  • Great, simple landing page that doesn't oversell
  • Social everywhere including #BSUM12
Bronto, now my fellow Internet marketers and I need to steal you blind (and I'm betting you don't mind even the least little bit). Internet marketers reading this post need to ask where they too can inject social, where we can wave a big WE ARE HERE LISTENING and WE NEED AND WANT YOUR HELP banners.

Kudos fellow Raleigh, Durham, Chapel Hill Internet marketers BRONTO for rocking the house by including social into their reconstruction of a time honored tradition - the conference - desperately in need of an overhaul. Grab a ride on Dino and join @ScentTrial and the usual Triangle Internet marketing suspects in April at #BSum12.

Martin

Monday, March 19, 2012

Semantic Web Big Time Important Trend

Spidey senses have been tingling about semantic web for several months now. Today Google weighed in their confirmation semantic web is about to be huge. Google is already half way there. Ever use the Google keyword tool in Adwords to do a broad search? Google is forming modeled, mathematical conclusions about those millions of searches. They are casting the net broadly (so to speak).

The problem, as the computer Dr. Fill demonstrated this weekend, is humor, sarcasm and humanity. We are so fickle with out context and meanings semantic web would seem a dream. Dr. Fill, a computer, lost miserably to 139 other cross word puzzle solvers over the weekend:

In Crosswords Its Man Over Machine for Now (NY Times)

Sentiment is what undid Dr. Fill and sentiment is what is keeping semantic web more dream than reality even if we can see Google et al. nipping at the heels of a gigantic conversion. I sccoped several very important pieces on the Google move this morning into Curation and Business Intelligence Revolution.

Curation Revolution on Scoop.it

Business Intelligence Revolution on Scoop.it

Reading both of those posts makes me think my spidey senses are tingling for a reason.

BTW, working on an Internet marketing as tapestry post for Atlantic BT Blog. Also finishing Brand Vampires this week for ScentTrail. Have a good week everyone and thanks for the Link Love on Martins Ride To Cure Cancer (nasty kidnappers foiled again, teach them to steal our Google juice).

Martin

Friday, March 16, 2012

Martins Ride To Cure Cancer Needs Link Love

Why Martin's Ride To Cure Cancer Went Dark
Coming out of UNC after a round of brain scrambling chemotherapy a Chevy van pulled up next to the curb as I was texting the office. The side door opened and hooded men roughly tossed me into the cold steel floor of the van. I was quickly gagged and taken to a place where I was tied to a chair and interrogated for weeks. "Is it safe," a smelly man kept asking between bouts of making me watch nonstop infomercials. They used my credit cards to buy Shamwows and stuff to fill cracks and dings on their cars. Cars seemed very important to the smelly one. "Don't ever laugh at my car man," he said before squirting Gatorade in my face. "I wouldn't do that," I said. When I shared that I own a Nissan Versa the man sprayed me again with more sticky Gatorade.

After two weeks, without explanation, I was dumped in the parking lot of Southpoint Mall. Walking home I realized my domain renewal for Martins Ride was up and I was kidnapped. Frantically calling my friends at World Trade Solutions I said, "Eric and Cynthia I was kidnapped and couldn't renew Martin's Ride To Cure Cancer." No worries my friends told me as I heard the clicking of keys and the day was saved. The day and URL but not the Google juice. My kidnappers got my Google juice and at last I understood what they were truly after.

Please drive a link or mention Matin's Ride on your social nets to help recover my lost Google Juice (TY).

My story and sticking to it.

Marty

***
Find the real story of why Martin's Ride To Cure Cancer went dark on Curation Revolution my Scoop.it feed, and please drive link love into Martin's Ride to help me recover my lost Google Juice. Thanks and have a great weekend.

Saturday, March 10, 2012

How To Price Your Product Or Service II

The Myth Of Suggested Retail Price
One of ScentTrail Marketing's most popular posts is How To Price Your Product Or Service. At the bottom of that post was a commitment to write more on pricing. Then life happened and now is my first chance to think again about pricing. Here is what I know beyond any doubt - pricing is under attack.

Anyone trying to brand and sell anything knows pricing is under attack. Any brand with following, exactly what you want if you are a brand, becomes fodder for an unstable, voracious, hungry machine. This machine has many engines such as Amazon, Walmart and shopping comparison engines like Shop.com. Speaking with any service provider confirms B2B prices are under attack too usually by global competitors. If a hip can be replaced by doctors in India or Panama then any and every service provider's pricing is or will be under attack.

How Is Pricing Being Attacked?
Pricing is always attacked in the same way - with lower prices. In almost every case market price manipulation is a form 3 Card Monty. Dealers like Amazon and Walmat use price as the only card you, their competition, will never be able to select. Amazon and Walmart are willing to sell close to their costs, at times even below their costs, because margins are protected by other factors including:
  • Volume and Scale
  • Profit of other items - making it up in volume
  • Lifetime Value (LTV) of the customer
  • Advocacy Value of the customer
Volume And Scale Pricing Advantages
Walmart proves the value of a point or two advantage in distribution costs. A point or two across a large enough base equals retailing dominance creating a perfect example of The Law of Large Numbers. Reading the Wikipedia explanation of the mathematical law is confusing so here is my translation for what the law of large numbers means for pricing a product or service:
Martin's Law of Large Numbers For Pricing
The law of large numbers in an Internet enabled, global world means scale of a large enough size creates sufficient benefit via proprietary linking and other "hub" benefits that the future can be predicted, save black swan events, in ever increasingly accurate ways.
Benefits of scale are so great it makes sense to lose short term profits in service to the future. If this sounds like the greatest kind of "bet it all" gamble then you understand. Those smart enough to harness the math necessary to empower their companies to take full advantage of our new arbitrage everything world win. Companies who are not open to the world's instant real time feedback, who believe they are in control beyond some mathematical percentage, rapidly become a market of one. You've already sold all you are ever going to sell to yourself so your company's profitable future depends on your ability to sell ideas, products and memes to others. Turns out there is some truth to the old adage, "We are losing our shirt, but we are making it up in volume."

Profit Of Other Items
Walmart is not, despite their claims, always the lowest price on everything in a 100,000 Stock Keeping Unit (SKU) store. It isn't their intent to be the lowest cost at all times on everything. Pricing is organic. Pricing floats and moves in real time and in many, many ways. Walmart just needs to be the lowest price on products with velocity (popular stuff) and products commonly used as lost leaders by competitors trying to out Walmart Walmart (not an easy thing to do). Walmart is making a bet. The Walmart bet is the average of your shopping cart is profitable over time. 

If the last sentence sounds like Vegas you understand pricing's new behind the curtain battle. Behind Walmart's curtain is a wizard looking at an algorithm so sophisticated it knows to ship Pop-Tarts to Florida in advance of bad weather. If you missed the 60 Minutes interview of the Walmart IT pro who explains how intuitive their algorithms are find it (and let me know where it is). The 60 Minutes Walmart interview is insightful in many ways. When Sixty Minutes asks why Walmart ships Pop-Tarts to disaster areas the Walmart person looks at Leslie Stahl and says, "I have no idea." The rest of the sentence, not said but implied, is, "And I don't care, I do what Hal tells me to do."

Walmart and Amazon are playing a different game. Problem is their game must become ours, their ability to arbitrage the world, or they roll up the world. Our ability to adopt and overcome doesn't mean we must become them. We define our goals and values clearly, monitor acceptance quickly, pivot and then try new ideas. Patagonia uses many of the same mathematical advantages as Walmart. Patagonia's use of similar tools is in service of Patagonia's positioning, brand and values doesn't mean they are Walmart. Patagonia doesn't care about being the lowest price, but they care passionately about pricing (as all businesses must).

Patagonia's bets the quality of their brand against the creativity of their product development team and retail partners guided by Let My People Go Surfing Yvonne Chouinard's values, leadership and vision. Some people reading this post, those Patagonia tribe members, may recoil at the idea Patagonia and Walmart have anything in common. Both companies bet everything on their ability to spread a point or two gain across time and a large enough consuming base. Success in this bold new pricing world is always about the creativity and genius necessary to create a new value proposition be it low price leadership or fast sophisticated global manufacturing. Both companies are values based and use the same arbitrage retailing cybermetrics. Patagonia, Walmart and many others are, in fact, making it up in volume.

LTV - Lifetime Value
What is more valuable in a fickle world seemingly driven mad by low prices than Lifetime Value? A: Nothing. The customer has always been KING or QUEEN (keep in mind that something like 90% of any households buying is controlled by HER not HIM). LTV is the time bet really being made by Patagonia, Walmart, Ernst and Young and Michael Jordan Nissan. Each of these companies survives because today's transaction leads to tomorrows loyalty and word-of-mouth (or social media) referral.

LTV is more than a number it is THE number, yet most companies don't know or manage to LTV. Knowing what a long term, engaged customer is truly worth is beyond valuable. The problem is such math is complicated by the way life and the world is, and life and the world is only becoming more so (lol). Let me explain the confusing life and world idea. To fully and truly load a LTV equation a company must weigh and value a wide range of things such as a customer's past purchases, where customers fit in the Gladwell segmentation (Maven, Salespeople, Connectors) and understand the customer's extended influence, their Klout score (in essence).

No company's LTV calculation is that sophisticated....yet. Start simple by defining and determining LTV. Simple and LTV don't really go together since calculation across time and segments isn't easy but allow that simple deceit. Make LTV something line personnel know in some form. If your sales team is calling on a customer they should know the customer's LTV. If your call center is taking a call your CRM should share LTV by value or badge (VIP for one example). LTV is THE NUMBER. LTV fuels the new math, the Walmart and Patagonia "how to scale and live to tell the story" math. Know your LTV. Practice your LTV. Preach your LTV.

Advocacy WOM Value
Faith Popcorn says we don't BUY brand we JOIN them. Some people who've joined your brand are more influential than others. Do you know your company's 10 most influential brand advocates? Neither do I but I'm going to try to determine this incredibly important group soon. Influence isn't the only dimension of POWER in the word-of-mouth game. Seth Godin has the power of a large mob of fans, but lesser known or followed people such as Notre Dame network researcher Albert-Laszlo Barabasi have the power of meme creation - their ideas travel far and wide usually promoted by the Seth Godin's of the world (Maven Barabasi creating an idea salesperson Godin sells). 

Even if you think you know your brand's or company's most powerful advocates you don't. I wrote a post and lead a monthly Meetup about surviving in our new highly relative world with the upshot of you can't fully KNOW you may only model and bet, model and hedge.

Death of SRP
If all of this post on pricing sounds like Suggested Retail Price (SRP) is dead then you've got it. Suggested Retail Price floats on a Sargasso sea of instant change never making land and never stopping, always moving, always changing. Price and pricing are truly relative. They are relative to time, circumstance and market. In a bazaar, and what is the world economy now if not one instant, huge bazaar, the vendor who yells the loudest may win the moment, but the vendor whose abacus works best wins the day. Welcome to the new world of pricing where models and bets along with models and hedges form the new Vegas and the biggest bet of you, your company's, product's and brand's life.

Good luck and know you are not alone on this journey.

Martin
@ScentTrail
@Atlanticbt






Monday, March 5, 2012

Bridge The New Idea Gap

There it is again. The silence you hear early on a Sunday in downtown Raleigh to attend Entrinsik's Informer conference, I hear the special silence. This silence signals the death of another new idea. Every minute a new idea dies. This post is about how to rescue new ideas before they die an ignoble death.

New ideas are important. New ideas are the best test of your company's readiness for Internet marketing. Internet marketing requires a constant stream of new ideas. You have to have more new ideas before lunch than many companies have all year to survive in the frothy red ocean waters of most Internet marketing. The web shares everything instantly.

As a Director of Ecommere I knew we had a winning idea if competitors copied it before 24 hours. If they held their powder and didn't copy we were on our own, in uncharted waters. Uncharted waters was good too, but our strike rate out there, out in uncharted waters, was less. Return from uncharted waters was greater since we had the idea to ourselves for longer.

If you don't work in Internet marketing you may think I am making this up, the quick copy, the betterment of your ideas almost instantly. A quick story might help you trust me :). Once my team misspelled the name of a popular product. The name was recognizable but not exact. "Should we delete," they asked. I checked our ratings and we were #1 for the incorrect spelling. No, I decided let it ride and redirect our internal search so when someone types it right on the site they end up on the page they want. We also added a little copy about our inability to spell.

A few weeks later we saw our first competitor. This is akin to seeing a shark's fin sticking up out of the ocean and circling slowly. The competitor created a new product page with our incorrectly spelled name. Within a year we had lost the #1 listing on a product we created. "Now you can change it back," I told my team. If competitors will copy your site's bad spelling they will copy anything.

Why New Ideas Die

Indifference and fear are sure new idea killers. Even innovative companies are replete with indifference and fear, fear and indifference. At some age, probably in high school, we decide "new" isn't cool. We want to fit in, to join, to belong. Conformity seems a sure way to fit in, to be part of the "right" group.

One of my favorite theories is high school never really ends. We get older but the primal dance of high school continues to wobble throughout our lives. One left over response is to greet The New with a desire to pack up in opposition. Want to create strange bedfellows in a meeting, alliances between normally warring factions, suggest a new idea and watch pack mentality take over often tearing the new to shreds before it can take a first breath.

Sometimes such a reaction can be helpful since anything that unites warring groups can be helpful, but, on the whole, such immediate, forceful and negative reactions indicate an organizational learning problem, a dyslexia of the spirit. Everything is backwards in this collective dyslexia. Rejection is immediate and fatal acceptance reserved for the pack's rejection and so self reinforcing.

The skill your company learns is how to reject, dismantle and eliminate. The problem is the market for rejection is full, has been full and will always be full. The market favors the few organizations who learn to build, implement, execute and accept. Easy to find examples such as Ideo, Facebook, Google and even Twitter is headed toward turning a profit. The ice cutting bow of these ships are built to create. They dismantle, destroy and blow up stuff too, but they destroy their own previously new and good ideas with newer and better ideas.

Tearing apart your own castles keeps a company mobile, agile and in fighting trim. The key muscle memory is NOT building or tearing down but a combination of both. Internet marketing requires a kind of brutal beauty, a wrecking ball to the cherished NOW in favor of some undetermined FUTURE.

How To Rescue New Ideas: Initial Reaction

The most vulnerable time of a new idea's life is its first moments. Reacting to new ideas with anything other than over-the-top enthusiasm and glee assigns them to the dustbin reinforcing the "kill the invader" mentality. Many companies say create a process, submit the idea into the process and then we will welcome "The New".

I'm not a fan of such an organized approach since "submit your idea here" approaches are just formal statements of what most companies do already - work hard to kill new ideas. The new doesn't happen on schedule or with any predictable routine. The new is often spontaneous, strange and connected by the smallest thread.

The problem is most new ideas SHOULD DIE. How they die is the issue. New ideas need to pass away after consideration, reflection and thought. People who bring new ideas up need to feel rewarded, heard and supported even if their idea doesn't make it all the way to execution. The process must be prized even if most of its work product ends up on the dustbin.

How To Rescue New Ideas: Execute Bad Ideas

In a time of Internet marketing relativity who knows what a good idea or a bad idea really is anymore? Some things we think are goofystupid become beloved and other ideas we are sure will hit lay flat from lack of care. Sometimes go ahead and act on an idea you think is not the best just because you can.

This "execute bad ideas" tip speaks to the most important thing we create - an engine capable of developing new ideas all the way to execution. The idea of the moment is less important than the engine's ability to create The New. If your new idea engine doesn't have consistent rhythm you may need to execute a bad idea. Keeping your new idea engine capable and tuned is more important than any damage from implementing a bad idea. If, after a few days of web metrics, the idea was as bad as you thought it is easy to roll away from it (never remove anything from Google but orphaning something you don't want by removing the juice of links and/or admitting you made a mistake but are doing something different now are all ways to "decay" out under performing content.

We Internet marketers are in the sand castle not Sistine Chapel  business. The web's natural ebb and tide means new is better than old, consistent better than inconsistent and there is no way to have too much content. These network content marketing truths mean putting up the occasional bad idea is cost of poke, the table stakes of playing in the Internet marketing card game.

How To Rescue New Ideas: Peer Review

I work on being nonjudgmental, but who are we kidding, those muscle die hard. We judge things, according to Malcolm Gladwell, in a blink. I'm also in management so any judgement by me or my peers is twice as damaging to new ideas. The best way to protect the incubation stage of new ideas is to convene regular (monthly or weekly or quarterly) peer review groups. Charge the group with promoting one idea per some time period (week, month or quarter depending on your new idea flow). Appoint a champion to speak for the idea that did was not in on the invention.

Charge the peer group with thinking about all the details of the ideas execution including startup costs, hard and soft returns (money and benefits to branding) and ask for a written one page summary. The champion should be willing to lead the project to implementation.

The peer review process has two goals - bubble up great ideas and help everyone in the company think about profit and loss, branding and the macro implications of business ideas taken all the way through to execution. The review with the peer champion is NOT to accept or reject the idea, but to tighten up the process of idea discovery. Once ideas have been so tuned they should be executed in some fashion. If the ideas are broad they can be narrowed to MVP (minimal viable product) and see if how the market reacts. If they are narrow and self sufficient launch them and give kudos to the team and idea creators.

Try to keep your praise to teaching ratio higher on the praise side by at least 10% and charge the peer group with following the idea and making tuning or tweaking recommendations. Peer review is a cheap way to get an entire company to understand markets, marketing and P&Ls.

Follow and Join ScentTrail Marketing

If you liked this article please
  • Share your comments 
  • Throw some link love our way 
  • JOIN ScentTrail Marketing by clicking on the button on the left
  • Follow @ScentTrail on Twitter 
  • Follow Martin Marty Smith on Scoop.it.