Lochhead on Marketing
041 Marketing Lightning Strikes| Marketing PodStorm #3
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Welcome to Lochhead on Marketing, where we are trying the first world’s Marketing PodStorm — 30 days of strategies and ideas to help you create the future that you want because we believe that nothing legendary is going to happen, at any kind of scale, without legendary marketing.
In this episode, let’s discuss if you are either part of the noise or how you can rise above the noise with the power of a marketing lightning strike!
Reach and Frequency
It turns out that most marketing executions are predicated on an ancient idea on reach and frequency. The theory is, the more people who see your marketing efforts, the more successful your company will be.
“The reality is we get somewhere between 40,000 to 60,000 marketing messages a day. Reach and frequency really doesn’t work anymore.” – Christopher Lochhead
Christopher shares the idea of a lightning strike. It is taking a disproportionate amount of your marketing resources and execute in a very short period of time, against a small number of targets to get the maximum leverage.
Play Bigger: What is a Lightning Strike?
Now, let’s talk about how to stand out;
An excerpt from Play Bigger reads:
“A great lightning strike is a category-defining event. It evangelizes a new problem or an old problem that can be solved in a new way. It tells the world that this company knows how to define the problem and knows how to solve it. It makes potential customers believe that the company has the solution, and makes would-be competitors panic and call emergency board meetings. A strike is an event or coordinated series of events in a small window of time. It can take many forms. It can be tied to a product unveiling or a new round of funding. It could be a manufactured industry summit for the sole purpose of the strike.”
Do It Tight
The idea for a lightning strike comes from the movie industry. They stir up events to get maximum attention the two weeks before a movie launches.
What do you need? Christopher shares the following
- Pick a timing.
- Get super clear on your target audience.
- Make your target list as small as possible. You’re looking for leverage. You want to move your market category to action, by activating the most powerful, influential people in your category. If you get their attention and imagination and you get them talking. The idea is, “if you’re one of our Super Consumers, there is not a chance you’ll miss our lightning strike. You looking to create fast, word of mouth, leverage.
- Think of ALL of the components of the marketing mix that you use: Ads, PR, Social, Direct mail, email, podcasts, blogs, etc. Do a few legendary marketing executions that combined, will have maximum impact
To hear more about specific real-life lightning strikes event, download and listen to this 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.
040 Making Your Market Category A Must Have | Marketing PodStorm Episode 2
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Welcome to Lochhead on Marketing, where we are trying the first world’s Marketing PodStorm — 30 days of strategies and ideas to help you create the future that you want because we believe that nothing legendary is going to happen, at any kind of scale, without legendary marketing.
In this episode, let’s talk about, arguably, the most important issue facing your marketing as you go forward powerfully: is your category a must-have, a nice to have or a don’t really need to have?
Customers Prioritize Categories When…
Christopher shares an important insight from a lot of CEOs and CMOs saying “our problem is that we are too much of a vitamin and not enough of an aspirin.” As it turns out, the more strategic, valuable, and urgent the market perceives a category, the greater the chances these customers will prioritize and buy from that business.
“I think there’s something very important to understand about what’s going on right now in the economy. We are all in a game of wallet share, much more than a game of market share. Customers’ wallets, as a result of the recession, are much smaller. They are going on a prioritization, deciding what is more important and what they can live without.” – Christopher Lochhead
Becoming a Must-have Is Job Number 1
Christopher mentions his observation about the mistake most companies are making as the economy starts to open up. They are evangelizing their brand, not their category.
“A brand is about us, is about our company it is about our product. The category is about customers, their problems, their opportunities. Categories are about customers, brands are about us. Right now, savvy marketers are focused on their customers and making their space, their category, critical.” – Christopher Lochhead
A Couple of Examples
The Washington Post has a very powerful tagline “democracy dies in darkness.” They are not hard-selling their brand, services, and company. The Washington Post is laying down a point of view about democracy and evangelizing this point of view results to elevating the value of Free Press.
“By evangelizing the category and keeping your brand more on the background, you also elevate your brand above everybody else in the category because, in the mind of the consumer, the company or the person evangelizing the category must be the category queen or king.” – Christopher Lochhead
To know more about how to make your market category a must-have, download and listen to this 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.
039 This Recession Will Not Stand, Man | Marketing PodStorm Episode 1
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Welcome to Lochhead on Marketing, where we are trying the first world’s Marketing PodStorm — 30 days of strategies and ideas to help you create the future that you want because we believe that nothing legendary is going to happen, at any kind of scale, without legendary marketing.
In this episode, let’s talk about what is possible: it is possible to emerge from this downturn as a stronger business because this recession is not going to stand, man!
The HydraFacial Story
The legendary Peter Drucker once said: “the entrepreneur always searches for change, response to it and exploits it as an opportunity.” As hard as it is, particularly in this unprecedented time, legendary leaders are looking for opportunity and in many cases, they are finding it.
Christopher Lochhead conversed recently Clint Carnell, CEO of HydraFacial at Follow Your Different Episode 160, and Clint shares how they are dealing with the current C19 crisis, through radical business transformation.
How To Deal With “Ambush”
Last year was HydraFacial’s best year ever. When C19 hit, their entire category got stopped. Clint describes this as “being ambushed.” What do you do if this happens to your business?
“First of all, you summon your entrepreneurial spirit and you get, what my buddy Eddie Yoon call, thoughtfully aggressive and radically generous.” – Christopher Lochhead
HydraFacial partnered with a small company and they created the world’s first reusable cotton mask, infused with copper, which has natural anti-bacterial properties. Second, they entered the ventilator manufacturing business. Lastly, their call centers were converted to “helplines” to support the community during this crisis.
Roaring Out This Recession
Walter Frick in an article he wrote for Harvard Business Review cited amazing facts and figures that prove it is possible to turn your business around this recession.
“Recessions of 1980, 1990, and 2000, 17% of the 4,700 public companies they studied fared particularly badly: They went bankrupt, went private, or were acquired. But just as striking, 9% of the companies didn’t simply recover in the three years after a recession—they flourished, outperforming competitors by at least 10% in sales and profits growth. A more recent analysis by Bain using data from the Great Recession reinforced that finding. The top 10% of companies in Bain’s analysis saw their earnings climb steadily throughout the period and continue to rise afterward. A third study, by McKinsey, found similar results.” – Ranjay Gulati, Nitin Nohria, and Franz Wohlgezogen, Roaring Out of Recession
Christopher believes that you can come out of this downturn stronger when you commit and believe you can be a part of that 10%.
To know more about Christopher and why this recession will not stand, download, and listen to this 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:
How to Survive a Recession and Thrive Afterward, Walter Frick, Harvard Business Review
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.
038 The Future Needs You
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Today, let’s talk about why the future needs you and frankly, why the future needs some legendary marketing. Entrepreneurs, pay attention to this episode because the future needs you and your innovations to move the human race forward.
Going Back To How It Was
We hear a lot of discussion about how the business people plan to reopen businesses and how the entire workforce will get back to work. Christopher candidly gives his viewpoint for this: there is no going back to how it was before.
“I think frankly, there is nothing to go back to. It’s not about going back to work, it is about creating the future and I think that is where legendary marketing comes in.” – Christopher Lochhead
What Greatest Marketers Do
Christopher says the greatest marketers over time are the ones who move the world from the way it is now, to the way they want it to be. Further, he shares that legendary marketing is about making an exponential difference as opposed to creating an incremental change.
“I think we are witnessing the very beginning of the creation of a new future. Much is going to be different as we move forward. Work, the way we knew it, is different, Society, the way we knew it is different. I think people’s priorities are going to shift. I think what they value is going to shift. I think, therefore, what they are interested in buying is going to shift.” – Christopher Lochhead
The Power of Entrepreneurship
As a strong believer in the power of entrepreneurship and innovation to move the human race forward Christopher shares that most legendary marketers in the world have done exceptional work in doing exactly that.
“I think as we come out of this crisis there is a chance that we will begin to see the emergence of a whole new set of technologies, services, products and categories that design a more human future, frankly, a world that works for more of us, in a way that it never did before.” – Christopher Lochhead
To hear more about Why The Future Needs You and more information about Christopher, download and listen to this 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.
037 How To Be Thoughtfully Aggressive & Radically Generous w/ Eddie Yoon
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We have is a very special free form conversation with Eddie Yoon, author of Superconsumers. He is also the category design guru to the Fortune 500. Recently, we collaborated on an article for Harvard Business Review “5 Ways to Stimulate Cash Flow in a Downturn.”
In this episode, we bring that article to life as we talk about two big ideas: how to be thoughtfully aggressive and radically generous.
Innovations Through Adversities
Christopher and Eddie share some stories about what is currently happening in the US. Christopher acknowledges the fact that the figures during daily briefings are not just numbers, they are people who have friends, families, and relationships.
“I just feel deep sadness and concern right now for all small businesses and large businesses. I think a lot of innovations will come through it, as it always does in adversities but this is one of those I cant wait to be on the other side of it.” – Eddie Yoon
Thoughtfully Aggressive, Radically Generous
Christopher shares how they have been thinking and researching the book they are working on and how these two ideas started to resonate with people in this time of crisis.
“We have a unique opportunity now to be radically generous, best we can and that can be financially and thoughtfully aggressive. Some of our businesses are threatened. Most businesses are down in meaningful ways. As business leaders, we got to navigate through this the best we can.” – Christopher Lochhead
Eddie shares that in a time of uncertainty, we don’t know what is going to work. However, if we lean into being radically generous, and thoughtfully aggressive, we’ll be fine throughout this.
“When you’re in a crisis, you got to keep it simple and I think these principles are not that simple, but they are emotional. That’s the key part, cause sometimes in fight or flight, your brain doesn’t always work. Emotions are what you can hold on to and that’s something people can use to discern. Is it a radically generous thing or not? Am I being a chicken or should I be more thoughtfully aggressive about it?” – Eddie Yoon
No Best Time To Launch Than Now
For companies and brands who got caught up in the planning stage of launching a new product, Christopher and Eddie give advice that there’s no best time to launch than now.
“I think, that self-awareness is the thing that makes me feel comfortable. Category creation and design is the ultimate growth strategy. You should be doing it anyway.” – Eddie Yoon
To learn more about how to be thoughtfully aggressive and radically generous. and more information about Eddie Yoon, download and listen to this 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 and been quoted in The Wall Street Journal, The Economist and Forbes and has been a keynote speaker in the U.S., Canada, Kenya, Australia, New Zealand, Denmark, the UK and Japan.
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:
This episode is based on a Harvard Business Review article written by Eddie Yoon, & Christopher Lochhead.
036 Small Pond PR Strategy w/ Jeremy Ryan Slate
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In this episode, we have a thoughtful conversation about how to create and execute what Marketing guru and entrepreneurial podcaster Jeremy Ryan Slate calls “A Small Pond PR Strategy.” We dig into why you should go small before you go big.
Small Pond PR Strategy
Jeremy is the host of Create Your Own Life Podcast and owner of firm Command Your Brand Media. He is on a mission to help entrepreneurs get their message out though podcast guesting. Likewise, he also helps podcasters become more profitable.
He is also spreading the word about Small Pond PR Strategy
“You have to figure out what’s your small area. Honestly, one of the best ways that I found to do that is: start writing press releases to promote to the area because they’re hungry for news and you got to tell them about it.” – Jeremy Ryan Slate
Start Small Before Going Big
Jeremy shares that oftentimes, people disconnect with their local community and focus on targeting big-time media outlets such as Forbes or INC. It is the belief that a featured article from these big media will move the needle.
“If you shoot right for that stuff, you have to realize that there are stairs to get in the media and you have to know how to actually get up those stairs and actually get your local areas for you. So, by saying that its a small pond, what I mean is, everybody has a small community group or whatever it may be that they are a part of.” – Jeremy Ryan Slate
To cite an example, Jeremy shares he did an exchange with Rotary International, where he spoke in front of 30 different groups in Peru. He was promoted via the newsletter. This is a great avenue to become an opinion leader in a certain field.
Maximize Press Releases
Jeremy also shared about writing press releases and tapping community newspapers. Christopher also said local bloggers who have an enthusiastic following is also a good medium.
In writing press releases, Jeremy advised to ask these questions:
“What’s newsworthy about our business? If you don’t have a reason your different, or reason that the media should care—an interesting statistic, an interesting achievement, something that you’re doing to help the community.” – Jeremy Ryan Slate
To learn more about Small Pond PR Strategy and more information about Jeremy Ryan Slate, download and listen to this episode
Bio:
Jeremy Ryan Slate is the founder of the Create Your Own Life Podcast, which studies the highest performers in the world.
He studied literature at Oxford University and is a former champion powerlifter turned new media entrepreneur.
Specializes in using podcasting and new media to create celebrity and was ranked #1 in iTunes New and Noteworthy and #1 in the business category, as well as ranked # 78 in the iTunes Top 100.
Jeremy was named one of the top 26 podcasts for entrepreneurs to listen to in 2017 + 18 by CIO Magazine, a top podcast to listen to by INC Magazine in 2019 and Millennial Influencer to follow in 2018 by Buzzfeed.
The Create Your Own Life Podcast has been downloaded over a million times.
He’s also a featured writer for Influencive and Business.com, as well as a contributing editor of New Theory Magazine and Grit Daily.
After his success in podcasting, Jeremy Slate and his wife, Brielle Slate, founded Command Your Brand Media to help entrepreneurs get their message out by appearing as guests on podcasts and to help podcasters be more profitable.
Links:
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.
035 Your Brand Will Be Defined By What You Do During Coronavirus
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Extraordinary times call for legendary leadership. In this episode, we talk about why your brand will be defined by what you do during coronavirus. This is a moment of truth. What leaders do in moments of truth define who they become and what happens to our brand.
“I think people are going to remember what you did or didn’t do during this crisis. How companies treat humanity during this crisis will have a long term impact.” – Christopher Lochhead
Focus on People
Christopher had been speaking with entrepreneurs about the discussions they should focus on to make a difference during this coronavirus crisis. First is: focus on people.
He shares about an Australian CEO who discussed with his people how they can make the most out of their cash on hand and accounts receivable. Half the people would rather get half of their salary than getting laid off.
“I think legendary leaders are open about these things and talk to the people about them. Try to do it in a way that is humane as possible and that extends your cash runway as possible.” – Christopher Lochhead
Focus on Customers
Now is the time to make a difference with customers. Christopher cites an entrepreneur who runs a gym. Rather than making a decision amongst him and his executive team, he asked their customers, if they want to cancel their subscription, do they want to pay half. A good 80 percent of their customers came back and said “we want to keep on paying you at the full rate.”
In addition, they’re doing a lot like what other legendary people in the health and wellness and fitness industry are doing, they are putting a lot of content on the internet.
“By being open real with people, they have endeared themselves to their customers in a very, very powerful way.“ – Christopher Lochhead
Focus on Humanity
What are we doing for humanity? Now is a great time to be radically generous. In fact, the company Dyson produced a new type of respirator in 10 days and have been supplying 15,000 for this pandemic fight.
“We have to ask ourselves what do we have to contribute? It might be money, it might be other things. it might be expertise. In our case, we have a podcast to contribute, so we’re doing that.” – – Christopher Lochhead
To hear more about Christopher’s thoughts on how a company’s action during this crisis will affect their brands, download and listen to this 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:
James Dyson designed a new ventilator in 10 days. He’s making 15,000 for the pandemic fight
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.
034 Digital Leadership & Why Leaders Over-Communicate
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Extraordinary times call for legendary leadership. Because of the Coronavirus, shit is getting very weird. As Hunter Thompson said, “When the going gets weird, the weird turns pro” which is why it’s time to become a Digital Leader and over-communicate.
Primary Mode of Communication
In times of crisis, people need to both see and hear from their leaders. Former navy seal and former Chief of Staff for 4-star General Stanley McCrystal, Chris Fussell was on FYD episode 38 and he made a comment on digital leadership in an article he wrote on NY Times.
He made a comment on “digital leadership and said “first, don’t hunker down. Second, demonstrate candor.” Christopher thinks this is good advice especially in times like this, the only way people are experiencing their leaders is digital.
“Going forward once we get through this crisis, it is very clear, digital communication will become, if it is not already, the primary way that your employees hear from you and see you.” – Christopher Lochhead
Leaders Are Not Overcommunicating
Christopher observed that CEOs, CMOs or any business leaders at the moment are not communicating much. This to him is a big mistake. He shares that Fussel and McCrystal are right on, from a tactical point of view. He also encourages leaders, not only to improve public speaking skills but to get comfortable with technology such as Zoom.
“I don’t think you can be a leader anymore unless you’re a digital leader.” – Christopher Lochhead
To cite an example, Chris Fussel talked about McChrystal doing daily briefings. He couldn’t take a top-down approach on communications that he needed to be front and center with all of his people and so he started daily briefings using video and audio.
Becoming a Digital Leader
As a CEO, CMO, of business leader the first a-ha here is that you can’t be a leader unless you’re a digital leader. Since its the only way for people to experience you, you must get comfortable with technology. Make the necessary upgrades on your hardware such as microphone, camera, among others.
Consider having daily CEO briefings. Learn how to motivate your employees and ask the tough questions. Be radically candid and keep in mind, LISTEN, LISTEN, LISTEN.
To hear more about Christopher’s thoughts digital leadership and overcommunicating. download and listen to this 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:
What 9/11 Taught Us About Leadership in a Crisis, NY Times
Using the Next Recession to Change the Game
How to Survive a Recession and Thrive Afterward, HBR
Seize Advantage in a Downturn, HBR
Advantage In Adversity: Winning The Next Downturn
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.
033 Marketing Is The Leadership Department
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Coronavirus has created and is still creating both horrible human and economic costs, around the world. However, it is during these times, where real leaders stand up and become legendary. Extra-ordinary times, call for legendary leadership.
The difference in marketing can make in these tough times, is incalculable. In this episode, let’s talk about why Marketing is the Leadership Department. The goal is to share ideas but most importantly, to spark dialogue and thinking amongst you and your colleagues,
Let’s Face It
Let’s state the obvious. We are likely heading into a downturn: revenues are likely coming down, as well as budgets and spending. Both private and public enterprises are definitely affected.
“From a human perspective, the coronavirus is going to cause more loss and suffering that’s just where we are at.” – Christopher Lochhead
Marketing as Leaders
As this is the perfect time for marketing leaders to stand up, here are some of Christopher’s thoughts on how to make it legendary.
1) Real leaders stand up
If you’re a CEO, please think about leading your company and your category through marketing. If you’re a CMO, please think about yourself as the personal press secretary for your CEO. In challenging times, the CEO and CMO want to be stapled to each other because marketing sets the tone for the company
“Marketing unifies all communications and spokespeople.” – Christopher Lochhead
On the offensive side, legendary marketing in bad times can drive the agenda for the category and position the company to gain a meaningful category share.
2) Now is a good time to do some good
If you or your company is in a position to help, see if you can. Let’s all try and be kind to each other. This is the right time to ask ourselves if we’re doing all that we can for our people. This epidemic is going to affect us in one way or another.
“I know of several high-profile Silicon Valley tech companies that are donating technology, money and/or resources, of one sort or another to try and help with this situation.” – Christopher Lochhead
3) Look to make smart budget cuts / re-allocations
Use this situation as an excuse to stop doing any activities that don’t give returns to the company. Most marketing plans have at least 20% of stupid in them. Cut more than you think you have to. Measure twice, cut once.
4) Practice radical transparency
Now is the time for clear, plain decisive language with your people, customers, partners, and investors. It is attractive, endearing and it makes people want to help this troubled company because the most legendary leaders are radically transparent.
5) Get thoughtfully aggressive
Research from Firms like McKinsey and Bain, published in places like the HBR suggest that the pathway to success is “Act fast, make changes or cuts if needed, then be thoughtfully aggressive, ahead of the recovery. The research says: Between 9%-14% of companies (depending on the study) actually outperformed competitors by at least 10% in sales and profit growth
Aim to be one of them!
6) Evangelize the category
Evangelize the problem. Most of your competitors will cut big M, marketing and over-focus on “demand generation.” That will open the door for you to grab category, POV leadership, We are all focusing on demand generation right now. That will probably open the door,
“CEOs often say to me, ‘Our problem is we are too much of a vitamin, not enough of an aspirin’ In downtimes, you want to make sure that people think that your category is a must-have, not a nice to have” – Christopher Lochhead
7) Drive short-term revenue
Get your 5 smartest marketers and your 5 smartest salespeople in a room for a day. Brain storm short term campaign ideas. Pick the simplest, quickest to execute ideas and get busy driving the pipeline and the cash register
To hear more about Christopher’s thoughts on why marketing is the leadership department, download and listen this 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:
Using the Next Recession to Change the Game
How to Survive a Recession and Thrive Afterward
ADVANTAGE IN ADVERSITY: WINNING THE NEXT DOWNTURN
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.
