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031 8 Stages of Digital Marketing w/ Ryan Deiss

8 Stages of Digital Marketing w/ Ryan Deiss

In this episode, we have a thoughtful conversation about how to turbocharge your pipeline and drive revenue with Ryan Deiss, founder of DigitalMarketer.com. He has some provocative and engaging thoughts around what marketers can and should do to drive revenue today.

We talk about the 8 stages of digital marketing and common mistakes marketers do within these stages.

How To Get Attention

Ryan shares that other than creating substantial and valuable content, companies should advertise. Facebook and Google ads are his recommendations because it represents 86% of the total digital ad spent annually.

He also points out the importance of having the right offer, at the right time. 

“You have to do great content marketing and then you have to pay to get this great content, noticed.” – Ryan Deiss

8 Stages of Digital Marketing

One of the biggest problems companies do today is: they take a prospect too quickly from “interest” to “HEY BUY NOW.” Ryan teases out, exactly, what marketers need to do to own the whole process from interest to purchase and beyond.

The 8 stages of digital marketing are as follows:

Stage 1 – Awareness

Stage 2- Engagement

Stage 3 – Subscription

Stage 4 – Conversion

Stage 5 – Excitement

Stage 6 – Ascencion

Stage 7 – Advocacy

Stage 8 – Promotion

He discusses each on this episode with easy to digest, real-life examples.

Playing The Blame Game

Ryan also discusses the importance of owning these stages, as this is similar to the customer value journey. Most of the time, Marketing passes leads to Sales, which expects them to close the deal. Sales, on the other hand, know the importance of diligently following the stages and reverts back to Marketing.

He proposes that every company identifies what stage a certain lead is at and work their way around, encompassing other departments such as Product and Customer Care. 

“That is what it takes to win today. The companies that do it, they’re just gonna be the ones who will win and the ones who complain this is hard, they will lose.” – Ryan Deiss

To hear more about the 8 stages of digital marketing, download and listen to the episode.

Bio:

Ryan Deiss is a best selling author, founder of multiple companies collectively employing hundreds around the globe, and one of the most dynamic speakers on marketing in the United States today.

He is the founder and CEO of DigitalMarketer.com and Founder and Managing Partner of RivalBrands.com and plattr.com. Ryan is the creator of the “Customer Value Optimization” methodology and have introduced and popularized many of the digital selling strategies that modern companies now take for granted.

Additionally, he is also the founder and host of the Traffic & Conversion Summit, the largest digital marketing conversion conference in North America.

Links:

Linkedin: Ryan Deiss

Twitter: @ryandeiss

Digital Marketer

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on FacebookTwitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

030 How To Make Marketing Decisions

030 How To Make Marketing Decisions

In this episode, let’s talk about the strategic lens required to make marketing decisions.

Marketing Decisions

Marketers, over and over again, continue to make this big mistake: they come up with marketing decisions without having a discussion around its context. Context, in terms of the “lens” they will use to come up with the decision. 

“If you’re a regular listener and if you know me, you know one of my favorite expressions is, thinking about thinking is the most important kind of thinking.” – Christopher Lochhead

Overly Simplistic Lens

When people go and make a decision, they have an implied assumption that everyone on their team are on the same page. This holds true in different types of teams, whether its a department or a board room discussion. 

In marketing, in particular, people use different kinds of lenses. Christopher points out that most people, even seniors executives, board members or giant public companies, use an overly simplistic lens in making a decision.

“Do I like it or do I not like it? Essentially the same lens that they use for naming a cat.” – Christopher Lochhead

Strategic Thinking

Christopher emphasizes that asking the questions whether you like something or not like something is just the same approach to naming a pet cat. This shouldn’t be done, especially when we’re talking about picking a category or designing a creative campaign or anything in between.

Hence, he is proposing the following lens when coming up with a marketing decision:

1) When you’re looking at any kind of marketing strategy or execution, ask, is this legendary?

2) Does this, execution, strategy or campaign enable us to design and dominate our category?

3) Does this decision drive near both term and long term revenue and customer loyalty?

To hear more about how to make marketing decisions, download and listen to the episode.

Bio:

Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.

He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.

Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.

In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.

He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content. 

029 Disagree and Commit

029 Disagree and Commit

Every big decision involves a group of people.and so, in business, if you’re going to do something legendary, whether its a strategy or a campaign, it will be a group decision.

In this episode, Christopher Lochhead shares why it is a legendary business trait to be able to get people to disagree and commit.

Everybody has a Marketing Opinion

Recently, Christopher had a discussion on with legendary tech executive Elisa Steele on Follow Your Different Episode 129. She talks about the power of being able to disagree and commit. She also talks about the importance of being a consensus builder.

“Getting people to disagree and commit is one of the most important skills an executive can have. Why? Because everyone has a Marketing Opinion.” – Christopher Lochhead

CMO’s get a lot of “HELP” from internal stakeholders. Debate, discussion, and disagreement are GOOD, when you are working on strategies, creative ideas, campaign ideas or category design. However, consensus is BAD.

“If everyone agrees, by definition it sucks. If someone isn’t scared, upset or at least concerned, it’s probably not legendary.” – Christopher Lochhead

How Do You Get In Front of This

Christopher advises that from the 1st meeting, tell the people involved the following:

1) we want to do something legendary

2) we want to generate legendary ideas/creative “ideation stage”

3) and when we decide, we are going to execute like “a pack of speedy, crazed wolverines:”

It is essential to lay upfront during the first meeting that the objective is not to please everybody but to create a strategic desition that will reap legendary results. It is also important to address who is the final decision maker.

Strategic Decision Over Consensus

Addressing these concerns from the very beginning will definitely receive negative responses from a lot of people, including some board members or senior executives. Christopher says that “this is okay.” We are aiming for strategic decisions, not consensus.

It would be nice to acknowledge that businesses need “feedback.” However, it would also be better to get everyone’s commitment that they will support and execute the final strategic decision. Be firm on expecting everybody to commit, even if they hate the decision or the direction taken. This trait would separate legendary leaders from the ordinary ones. 

To hear more about why it is a legendary trait to learn how to disagree and commit, download and listen to the episode.

Bio:

Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.

He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.

Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.

In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.

He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content. 

028 Is Your Marketing Plan Radical Enough?

028 Is Your Marketing Plan Radical Enough?

In this episode, Christopher Lochhead asks the question, “is your marketing plan radical enough?” Most marketing plans are predictable, uncreative and safe. He will share today how to do away with your usual marketing plan and craft a radical one.

3x CMO

Being an advisor to a lot of companies, Christopher shares how he has been part of creating, reviewing and critiquing a lot of these companies’ marketing plans. He further says that there are three things about these marketing plans: they are predictable, uncreative and safe. 

Safe as in, most CMOs are more concerned with making their “internal customers”  happy. The reason behind this is that most CMOs are trying to keep their jobs. Ultimately, this ends up in mundane marketing plans. 

“The longer I do this, the more I think that, if it’s legendary, its probably radical, at least in some way.” – Christopher Lochhead

3 Ideas For Radical Thinking

Our job, ultimately in business is to be a leader, who enables our company to design and dominate a giant category that matters. The goal is to earn 2/3rds of the economics in a space that we created.

“That in my opinion that, is the real job of the CMO, CEO and the entire C-suite. So I urge you when building or evaluating a marketing plan, ask yourself: Will this plan enable us to design and dominate a giant category that matters?” – Christopher Lochhead

The second idea is that, do we have a radical way to evangelize our category POV?

Legends market the category, not the brand but this is one of the common mistakes marketing leaders make.

“You want them to buy into the thinking and to the language. and as they do that, they’ll see things the way you do and your new way or different way of doing things will become the defacto standard. What you’re really creating is this fear of missing out” – Christopher Lochhead

Lastly, ask yourself: what’s a radical way to generate leads and drive revenue? Legendary CMOs design the category for the mid-long term and drive revenue in the “ASAP, right now” term.

3 Questions

Again, to recap, here are the three radical ideas to consider before creating a marketing plan. 

1) Will this plan, enable us to design and dominate a giant category that matters?

2) Do we have a radical way to evangelize our category POV?

3) What’s a radical way to generate leads and drive revenue?

To hear more about creating a radical marketing plan, download and listen to the episode.

Bio:

Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.

He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.

Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.

In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.

He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

027 How To Create a New Category & Brand w/ Carrie Palin, CMO of $20B Splunk

027 How To Create a New Category & Brand w/ Carrie Palin, CMO of $20B Splunk

This special episode of Lochhead on Marketing is the actual conversation of Christopher Lochhead and Carrie Palin, CMO of software company Splunk, during their appearance at Hypergrowth San Francisco.

Carrie shares how she spearheaded the category creation of Data to Everything and brand re-launch of Splunk.

Splunk at Hypergrowth

Christopher Lochhead and Splunk CMO Carrie Palin were invited to speak at Hypergrowth San Francisco to talk about creating a new category and brand. Drift organized this awesome business and marketing conference. This conversation is a rare opportunity to go behind the scenes of a very successful, super high-growth company like Splunk.

“At Splunk, we’re very proud of our culture. We’re very proud of our history. There’s something we call Splunkiness.” – Carrie Palin

Splunk is a publicly-traded software company worth $20B and they have recently launched a new category called Data to Everything. They have also relaunched their brand, changing their logo from green and black to orange and pink. 

Rough Start

Carrie shared that her forte is in demand generation and she found category creation and branding to be quite challenging. She notes that aside from having a great branding team, she had great bosses who believed in her vision.

It was a rough start for Carrie, as three days into her new role, she received a piece of unfortunate news about her ailing father. It was one of the challenging events of her life but she acknowledged that Splunk CEO and President had been supportive of her grief.

“Splunk stuck with me. They treated me like I’ve been there 20 years versus 3 days. Four months after that, it was crazier than I ever anticipated. Now that was through that, I know that it was absolutely the right place for me to be.” – Carrie Palin

On-boarding the BOD

Carrie shared amazing stories on how she on-boarded the Board of Directors with her ideas. She gave a lot of weight on conviction and commitment to the Board. 

“Listen to your data. Turn your data into doing, which is exactly what our clients are doing. They’re doing really incredible things.” – Carrie Palin

To hear more about How To Create a New Category & Brand w/ Carrie Palin, CMO of $20B Splunk, download and listen to the episode.

Bio:

Carrie Palin has been Splunk’s Senior Vice President, Chief Marketing Officer since 2019.

Prior, Ms. Palin served as the Chief Marketing Officer at SendGrid, a digital communications platform company acquired by Twilio, from 2018 to 2019.

From 2016 to 2018, Ms. Palin served as the first Chief Marketing Officer and Senior Vice President at Box, a cloud content management company.

Ms. Palin served as the Vice President of Marketing for IBM’s Cloud Data Services and Analytics Software Division from 2015 to 2016.

She also previously spent over 15 years at Dell leading various marketing organizations. Ms. Palin holds a B.S. Communications degree from Texas Christian University.

Links:

Twitter: @carriepsandstad

Linkedin: Carrie Palin

Splunk

Drift Hypergrowth

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on FacebookTwitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

026 Ryan Reynolds Legendary Peloton Trendjack For Gin Brand

026 Ryan Reynolds Legendary Peloton Trendjack For Gin Brand

On episode #023 with Paul Maher, we popped the hood on the secret marketing / PR black art of Trendjacking. Recently, actor Ryan Reynolds (aka Marvel’s Deadpool) who also owns the brand, Aviation American Gin, just pulled off the trendjack of the year. Let’s break down the 8 reasons why this was a legendary trend jack.

The Peloton Ad

The Peloton Ad shows a rich couple, with the husband, giving his thin wife an exercise bike. There was a public uproar as reaction to the ad. In fact, Business Insider reported: “Peloton’s nightmare before Christmas: $1.5 billion vanished from its market value in 3 days amid holiday ad backlash.”

Additionally, Busines Insider reported “backlash over a holiday ad that has been widely panned as sexist, tone-deaf, and dystopian.”  This forced Peloton to cut the cost of a monthly subscription to its workout apps.

Trendjack of the Year

Actor, celebrity, and owner of Aviation American Gin, Ryan Reynolds, pulled off, what Christopher claims, as the trendjack of the year. What he and his team did was, they inserted themselves into the controversy around the recent Peloton Bike Ad.

For less than $100K, they hired the actor who played the wife and shot a response ad.

“The ad is funny. It captures what it’s like to break up with somebody. It’s a real jab on Peloton and they never even mentioned the name Peloton.” – Christopher Lochhead

8 Reasons Why It’s Legendary

  1. They found a way to trendjack the biggest Ad flop of the year
  2. Radically FAST: They acted in a matter of days.
  3. Aviation’s response is pitch-perfect. People loved their response as opposed to the original,  which was way off-pitch. 
  4. Radically creative. In the ad, she has clearly left her husband who bought her the Peloton.
  5. The ad was built to be viral. It was posted on social media, starting on Ryan Reynolds’s Twitter.
  6. This was a move that is virtually impossible for their major competitors, such as Beefeater or Tanqueray, to pull off.
  7. They did it in “less that $100K.” (NY Times)
  8. This ad made them the good guys. Yahoo reports: “Ryan Reynolds says he hired actress from viral Peloton ad because backlash can be ‘alienating’”

“This example begs the question: how can we be radically smart, radically creative and radically fast to trendjack the news to build our brand and category?” – Christopher Lochhead

To hear more about Ryan Reynolds Legendary Peloton Trendjack For Gin Brand, download and listen to the episode.

Bio:

Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.

He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.

Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.

In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.

He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.

Links:

Aviation American Gin

New York Times: Peloton’s Cringe-y Ad Got Everyone Talking. Its C.E.O. Is Silent. But the “Deadpool” star Ryan Reynolds describes how he found a way into the conversation.

AdWeek: “Greatest Sequel Ever”

Business Insider: Peloton’s nightmare before Christmas: $1.5 billion vanished from its market value in 3 days amid holiday ad backlash

Yahoo: Ryan Reynolds says he hired actress from viral Peloton ad because backlash can be ‘alienating’

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

025 Category Creation & Category Design: A New Lens On Business

In this episode, Christopher Lochhead takes listeners on an exercise in developing their eye for category creation and category design. Category Design is a new level of thinking in business. It is a whole different approach to marketing and Christopher stresses its importance in building a legendary business.

See Things Differently

Kevin Mainey wrote in the book Play Bigger, that “category design is a new lens on business. Once you have that lens, you see things in a very unique way.” However, listeners often ask Christopher how can they specifically apply these to their businesses.

In this episode, Christopher uses a recent story in the WSJ as an example of how category design is powerful force, that most people don’t know is there. He breaks down a recent story about Google buying FitBit, with the hopes of assisting listeners on how to develop their eyes and ears on category design lens.

Google Buys Fitbit: A Category Design Example

Headline:
Google to Buy Fitbit, Amping Up Wearables Race
By Rob Copeland and Patrick Thomas
Updated Nov. 1, 2019

Sub-head:
Deal to acquire maker of wearable fitness products for $2.1 billion extends Google’s reach in consumer electronics

Wearables is a niche in the consumer electronics mega category.

Google reached a deal to buy wearable fitness products company Fitbit Inc. FIT 15.53% for roughly $2.1 billion, a move that intensifies the battle among technology giants to capture consumers through devices other than smartphones. 

Category name before company name, its an example of the fact that people need to know what it is, before knowing who it is. The second sentence is framing the category battle.

For Google, the deal marks a further push into health. as it faces regulatory threats to its massive internet-search and advertising business.

Underscoring Google moving into mega category of health tech, then stating Google’s category king positing in search.

It also puts Google in renewed and direct competition with Silicon Valley neighbor Apple Inc., which in the past week said rising sales of wearables and related services were becoming a bigger driver of its business.

Framing the competition in new wearables category and wearables category growth.

Google’s parent Alphabet Inc. will spend just a sliver of its $121 billion cash hoard to branch out with Fitbit’s products. Alphabet’s $2.1 billion bid was for $7.35 a share in cash, a 19% premium to Fitbit’s closing price Thursday and more than 70% above where the stock was trading last week before deal talks were first reported by Reuters.

Speaks to the premium price category queens get in M&A.

Fitbit shares rose more than 15% to $7.14 on Friday, while Alphabet’s shares ticked up slightly.

The deal lands at a moment when Google and other tech giants are under scrutiny on a number of fronts over their competitive practices and dominance of certain businesses,

“certain businesses” means categories. This points to the domination category queens achieve.

including through acquisitions. But the Mountain View, Calif., company continues to expand aggressively.

Translation: moves into new categories through internal efforts and M&A.

Founded in 2007, Fitbit makes so-called wearables, or watches and bracelets that primarily track health information like heart rate. Such products have fascinated Silicon Valley

Speaks to early adopters embracing the category.

where technology executives of all ages proudly wear rings and other devices to track sleep and “hack” their own personal performance.

Wearables (category name) have proved far less popular with the broader public. Google several years ago launched a brand of smart glasses that attracted as much ridicule as buyers, and Snap Inc. likewise got a lukewarm response to its hyped Spectacles line.

Speaks to the trouble the “wearables” category have had breaking past early adopters to hit a main-stream tipping point. This is normal in the early days of a category. Also note, categories will NOT tip until a category queen emerges. Mainstream buyers want a safe option. AND they do NOT want to compare. They want to buy.

Fitbit traded for $45 soon after it went public in 2015, but the stock has cratered in the past few years as the company ceded market share to Apple and its smartwatch.

Speaks to the category battle with Apple

With its fitness offerings, Fitbit collects myriad and personal data on users that it in turn uses to suggest exercises and other lifestyle changes. And its sale is bound to raise issues around consumer privacy. In announcing the acquisition, Google said it wouldn’t use Fitbit data to help power its massive online advertising business.

Speaks to data as a seminal driver of category flywheels

“Similar to our other products, with wearables, we will be transparent about the data we collect and why,” Rick Osterloh, the head of Google’s hardware division, said in a statement. ”We will never sell personal information to anyone. Fitbit health and wellness data will not be used for Google ads. And we will give Fitbit users the choice to review, move, or delete their data.”

Apple in many ways is a model for what Google hopes to accomplish.

While the Apple Watch was initially a disappointment, sales have picked up lately; and the company’s AirPods were an immediate hit. The iPhone maker said on Wednesday that sales in its wearable business (category name) soared 54% in the latest quarter.

Facebook is also in the wearables mix. This fall the social-media giant reached a deal to buy CTRL-Labs Inc., a startup that develops devices that can interface with the brain.

“We’re talking about data that used to be impossible to collect on a mass scale,” Craig Hallum analyst Alex Fuhrman said. “Only since the beginning of the Fitbit era (new category pioneered by FitBit) have consumers been walking around with wearables that monitor their heart nearly 24 hours a day.”

Google’s hardware line (category) for now consists mostly of slow-selling products like the Chromebook laptop and Pixel smartphone.

Google has spent billions on targets like HTC Corp. , a smartphone maker, and Nest, a home hardware company, with little to show for it in sales, analysts say. Google doesn’t break out financial performance for its hardware division.

It hired Mr. Osterloh, a former Motorola president, in 2016 to steer the nascent unit. In an interview with The Wall Street Journal last month, Mr. Osterloh often referred to the hardware division as a “startup” within the conglomerate.

“I think eventually this will be a very large, important business,” he said.

Some observers remain skeptical. “The acquisition is another example of Google tilting at windmills” in hardware, analysts at Wedbush Securities wrote in a report Friday. “Google is uniformly bad at consumer products in our view, and appears to us to be intent on spending whatever it takes to prove our view wrong.”

Fitbit says it has sold more than 100 million devices world-wide since its founding, and currently has more than 28 million active users.

“Google is an ideal partner to advance our mission” said James Park, a Harvard University dropout who co-founded Fitbit.

Category creators tend to self-identify as mission driven

“With Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone,” he said in a statement.

The deal is expected to close next year, the companies said.

Fitbit’s results have been pressured in recent months. In July, it lowered its full-year revenue outlook after weaker-than-expected sales of its new smartwatch model, Versa Lite.

The smartwatches (sub-category name of wearbles category) are aimed at competing with popular offerings from Apple and Samsung Electronics Co.

Still, the company reported narrower losses in the second quarter as sales of its fitness trackers jumped 51% and the health division showed some strength. Fitbit is scheduled to release its third-quarter earnings report Nov. 6.

—Sarah E. Needleman contributed to this article.

***

So whats the point?

Here’s an article, that most people in business would read as, one company buying another company. In a marketing perspective, it underscores the fact that Google is buying the leading position in a hot new growth category.

“They’re not just buying FitBit or its products or its customers or its technology. They’re buying a position in a category, just like what they did, for example, when they bought Youtube.” – Christopher Lochhead

Christopher hopes that this exercise helped you understand category lens a little bit better.

“I would urge you in your next business discussion and the next arti8cle you read in the Wall Street Journal, or whatever else you read, start to think about these things from a category perspective. How they’re talking about, often is really a description of a larger set of dynamics happening over all in the marketplace.” – Christopher Lochhead

Bio:

Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.
He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.
Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.
In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.
He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.

Links:

Google to Buy Fitbit, Amping Up Wearables Race

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on FacebookTwitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

024 The Difference Between a First Mover and a Category Creator w/ Eddie Yoon

024 The Difference Between a First Mover and a Category Creator w/ Eddie Yoon

In this episode, Christopher tackles an article that appeared in Harvard Business Review which he co-wrote with Nicolas Cole and special guest for today, Eddie Yoon. Eddie is the author of Super Consumers and is considered a Category Design Guru of Fortune 500.

Today, we will discuss the thinking behind the article, specifically about the power of data flywheel and how high-growth companies used this to stay on top.

Frustration with Misinformation

Eddie discusses the reason behind writing this article with Christopher and Nicolas. Basically, it was sharing the same frustration about companies commensurate misinformation or misunderstanding on becoming the first-mover versus category creators.

“I just think, not only are they being misled, companies are in the relentless pursuit of being first. Let’s think about how to actually build a sustainable advantage at a category queen.” – Eddie Yoon

Furthermore, Eddie shares how he has observed this everywhere and that he is hopeful that people would take that energy that’s been misdirected to “being first”, towards building a flywheel.

Missionary vs. Mercenary

Eddie shares they did tons of analysis which basically asks “what’s your motivation for creating a category, are you a missionary or a mercenary?”

He says that mercenaries see the economics and they try to shortcut what is the fastest way to get to 76% to get the valuation. On the other hand, Missionaries are those who care about the product and the category being screwed up and would work towards improvement.

Eddie further discusses where radical differentiation would come in along with the transformational outcomes. He also says radical generosity is behind this.

Data Flywheel

Eddie shares the study they conducted for the article. Basically, he looked at 10 years worth of Fortune 100`fastest growing company list. He determined if he can identify fast-growing companies between those that were truly category creators. The markers he used were great product, service, company and data flywheel.

“If you are growing in a very specific way, if you have this flywheel, your valuation is meaningfully higher. You have 5x market cap for every dollar in revenue.” – Eddie Yoon

To hear more about The Difference Between a First Mover and a Category Creator and more relevant information from Eddie Yoon, download and listen to the episode.

Bio:

Eddie Yoon is the founder of EddieWouldGrow, LLC, a think tank and advisory firm on growth strategy.

Previously he was one of the senior partners at The Cambridge Group, a strategy consulting firm.

His work over the past two decades has driven over $8 billion dollars of annual incremental revenue.

In particular, 8 of his clients have doubled or tripled in revenue in less than 8 years.

Eddie is one of the world’s leading experts on finding and monetizing superconsumers to grow and create new categories.

He is the author of the book, Superconsumers: A Simple, Speedy and Sustainable Path to Superior Growth (Harvard Business School Press, 2016).

His book was named as one of the Best Business Books of 2017 by Strategy & Business.

He is also the author of over 100 articles, including “Make Your Best Customers Even Better” (Harvard Business Review magazine, March 2014) and “Why It Pays to Be a Category Creator” (Harvard Business Review magazine, March 2013).

Additionally, he has appeared on CNBC and MSNBC. 

The Wall Street Journal, The Economist and Forbes has quotes several of his pieces.

Eddie has been a keynote speaker in the U.S., Canada, Kenya, Australia, New Zealand, Denmark, the UK and Japan.

Moreover, Eddie holds an AB in Political Science and Economics from the University of Chicago.

Having been born and raised in Hawaii, he went to the Punahou School in Honolulu.

Eddie lives in Chicago with his wife and three children.

Links:

Harvard Business Review: The Difference Between a First Mover and a Category Creator

Eddie Yoon

Nicolas Cage

We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.

023 Trendjacking Marketing and Public Relations w/ Paul Maher

023 Trendjacking Marketing and Public Relations w/ Paul Maher
Today is another special episode of Lochhead on Marketing as Paul Maher, Founder of Positive Marketing (UK) joins us to talk about Trendjacking Marketing and Public Relations. His firm, Positive, won the SABRE Award for Best-earned Media Agency in Europe, Middle East, and Africa.

Trendjacking

Paul Maher discusses the secret black art of marketing, PR, communications, and media called the trendjacking. This PR strategy is widely used nowadays as marketers aim to position themselves to become consistently relevant to their market.
“Trendjacking is all about how do we take what’s happening in the news and attach ourselves to that, use that as an advantage to become an expert, to become known, to position ourselves effectively.” – Paul Maher
Christopher and Paul have worked in several projects in the past and have actually the promulgators of trendjacking when they diverted a mergers and acquisition news of a competitor in the past.

Seven Secrets of Trendjacking

1. BE POSITIVE  The news happens anyway, why not be in it? Category leaders make rather than observe the news. 2. BE PROVOCATIVE To do this you need to recognize the very definition of news is what you DIDN’T know, or as William Randolph Hearst, the biggest news baron of the pre-Facebook world famously said, ‘WHAT SOMEONE ELSE DOES NOT WANT YOU TO KNOW’. Get creative and find out who does not want to know what you want to say. 3. PREDICT (IT’S CALLED A NEWS CYCLE FOR A REASON) As well as great content, you need great timing. To know when is the optimal time to drop your bomb, you need to read patterns and become a news junkie, not an expert on everything from Celebrity Diets to Robot Brain Surgery, but at least stay across what’s going on in your sector. Preferably twice or more a day. Alternatively hire help, in the form of an agency or consultant who will. 4. PREPARE, PREPARE, PREPARE Set the trap and give yourself options. So perhaps have a set of pitches for each eventuality. England’s new Prime Minister Boris Johnston, also until recently one of the UK’s highest-paid newspaper columnists wrote two versions of an opinion piece, one for and one against Brexit. This way he hedged his bets and prevented a last-minute rewrite, we do this often for clients who want to trendjack major Government data announcements, such as Non-Farm jobs, GDP, etc. This brings us to. 5. BE PROMPT – ONLY EARLY BIRDS CATCH WORMS As a former journalist, dealing with hundreds of inbound calls each day, I would react to the ‘News no one else wants you to hear’ positively the first time. I also understand the second time a fresh angle is pitched, it is just plain old. Many of those who work on flagship news programs start their day earlier than the rest of the world. As the news rolls 24×7 it makes sense to make that early morning call or speak to Planning Departments the night before you drop. 6. BE PRAGMATIC – ORIGINAL BUT READY TO FLEX YOUR ANGLES Ambitious and original trendjackers are luckier trendjackers. Flip your angle, be more counter-intuitive, find the perfect image to accompany your trendjack. Smartest of all, chalk up your failures, wait for the news cycle to roll around and point to a ‘Told you so’ prediction when it does. We regularly issue ‘Open Letters’ to regulators, government bodies or even the entire tech industry when we scratch on a trendjack, just SO WE CAN GO BACK. Predictions are hard, especially in the future. So better to make them early and forget those which don’t come off. 7. BE PERSISTENT Recognize these perennial stories? They are not going away.
  • Users disappointed by tech outage
  • Record good/bad holiday retail sales
  • Sales of hot new thing break records
  • CEO under pressure from board members
  • Employment figure up/down last quarter
Notice how predictable these stories are? Not succeeding the first time is to be expected, but more is more. Remember there are a lot of newspaper pages to it and an infinite amount of blogs and social media which need killer, provocative content. The news happens anyway, you may as well have your say.

Links:

Linkedin UK: Paul Maher Positive Marketing We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on FacebookTwitter, Instagram and subscribe on iTunes! You may also subscribe to his newsletter, The Difference, for some amazing content.