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The Present

Even though the snow is melting, with over a foot still on the ground I suspect it will be quite some time before I’m back on the golf course.  That won’t stop me from thinking about it, however.  If you’ve read the screed with any regularity you know that I often find business lessons in the game and today I want to point out another one which came to mind.

English: Hampstead Golf Course A lone golfer c...

(Photo credit: Wikipedia)

On the golf course I have a nasty habit of beating myself up mentally.  I might hit a few good shots in a row but the subsequent bad shot (I’m not very good so there are quite a few of those) tends to stay with me.  Rather than considering the offline shot an anomaly I take it to be an indicator that I truly stink at the game and will never be any good and I should not be out here and…well, you get the idea.  The worst part of it is that those thoughts continue as I stand over the only shot that matters on a golf course – the next one.  A sports psychologist would tell you that I’m not staying in the present – my mind is focused on something that’s done and over which I no longer have any control.  This is bad on a physical level since anger creates tension and tension is not your friend while trying to swing a golf club. Obviously it’s not great for your blood pressure either.  But it’s also bad on a mental level because I’m focused on the wrong thing – the last shot, not the next one.

We do this in business too.  We all make mistakes – it’s part of learning and growing.  The key to being really successful is to learn from those mistakes and to forgive yourself.  We can’t change the shots we’ve already hit so we need to move on mentally and emotionally.  We can’t hit “undo” on many of our business choices but we can continue to write them anew each day.  This applies to dealing with others – subordinates, partners, etc. – as well as to ourselves.  Forgive and remember, maybe?

My golf game is a constant work in progress.  So is my business life. I’ve vowed not to get angry on the course for more than a few seconds after a bad hit and then to let it go.  I’ll forgive myself for my mistake. I’ll try to figure out what happened and fix it but attempt to do so without anger or fear.  Golf is hard.  So is business. Every shot is a new chance.  So is every day in business.

You ready to try that with me?

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We’re Getting There

I’m remiss on mentioning a report that came out a couple of weeks back from the Teradata folks.  They surveyed 1,506 marketers in enterprises around the world and across all industries about how they’re using data in business decision-making. It’s an update of a survey they did in mid-2013 and my immediate response to it is that as marketers we seem to be getting there.  Where?

Let’s look at some of the results and I’ll explain my response.

  • Marketers have more than doubled their use of data-driven marketing in the past 18 months. 78 percent of marketers now use data systematically, versus 36 percent in 2013.
  • Marketers however still struggle with individualizing offers and communication. Only 50 percent routinely apply data to engage consumers. 44 percent admit a lack of consistency in omni-channel marketing. And 80 percent say that silos within Marketing prevent them from knowing how campaigns are performing across different channels.
  • 43 percent of marketers say they now control their company’s customer data (up from 34 percent in 2013). And a vast majority (83 percent) say they take an omni-channel approach to reaching customers.
  • 84 percent agree that making marketing and IT into strategic partners is vital.
  • 92 percent agree that integrating data across teams can improve customer service.

The report focuses quite a bit on marketing personalization.  Those are things such as the emails you might get from Amazon after you’ve browsed and item but not bought or the “suggested for you” content you often see as you surf.  Frankly, I often find that to be more annoying than helpful (and often bordering on creepy).  But that isn’t the point today.

One thing I’ve often found difficult in working with clients is getting them to put aside their beliefs and to focus on the facts contained with the data.  Don’t take that to mean that I think decisions should always be taken on the basis of what the numbers show us.  I don’t.  I do, however, believe that we must use the data as a guide along with our experience.  That’s why I say that “we’re getting there.”  Doubling the use of data is encouraging and the higher levels of data integration found in decision-making is a bright spot.

Your thoughts?

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Kidding Yourself With Content

When I was a kid we watched 7 channels of TV. There were 3 networks (no Fox yet), 3 independent stations (more than in most markets), and PBS. By the time I had my kids we had many more channels available – Nielsen would tell you that by 1995 the average home had 45. Today the number is closer to 189 in the typical home and with all the movie and sports channels the number in my house is well over 300. That’s a lot of content and I consume only a fraction of what is available.

I bring this up today because I read an excellent study called The Content Marketing Paradox. You can read through the deck here. It was written by the folks at Track Maven and it was eye-opening. As the Research Brief folks summarized it:

The study found the output of content per brand increased 78% from the start of 2013 to the end of 2014, but content engagement decreased 60%. Brands are generating a higher volume of content per channel, but individual pieces of content are receiving fewer interactions

On social networks, brand-generated content is seeing the lowest engagement rates now than anytime in 2013 and 2014, and 43% of professionally marketed blog posts receive fewer than 10 interactions. Marketers are distributing more content on more channels, while simultaneously complaining about how hard it is to cut through the noise.

This was the most meaningful statement in the piece for me:

As channels have proliferated, technologies have emerged to help marketers more efficiently produce and broadcast content, which has in turn increased the total volume being generated. But as the data above show, marketers’ “more is better” approach is not an effective response to channel explosion. Stated differently, marketers are getting better at distributing content, but are not getting better at creating content worth distributing.

So ask yourself this:  why are producing the content we are?  Who is reading and interacting?  What results have we measured?  Most importantly, how is our relationship with our customers and with consumers as a whole being enhanced by our efforts?  The silence may be deafening if the above data are to be believed.  Maybe we’re just kidding ourselves?

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