Sharing innovation and strategy at Bentley University

I recently had the privilege of guest lecturing at Bentley University’s eMarketing class, hosted by CC Chapman. The most important point of the evening was that strategy is where we must always start as marketers.

  • If we don’t know why we’re doing something, we don’t have a winning strategy.
  • If we don’t have SMART goals, we don’t have a winning strategy.
  • If we don’t respect the limits time imposes on us, or our resources and competitors’ strategies, we don’t have a winning strategy.

In Leading Innovation and Marketing Blue Belt, I share this formula for strategy:

definition_of_strategy.jpg

Strategy is goals times methods, limited by time and the environment.

  • If we’ve got the right goals but the wrong methods, our strategy will fail.
  • The reverse is also true.
  • No goals or no methods? Multiply anything times a zero and we get zero.

If you’re starting marketing and you’re not talking goals and methods, or constraints on those goals and methods, you’re not talking strategy — and strategy is where you must start.


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Why share of voice no longer matters

Share of voice is nearly useless as a measurement because the media landscape is larger and more fragmented than ever, but share of voice metrics fail to take the landscape into account.

I’ve seen no fewer than a dozen dashboards and Powerpoint slides recently which reference share of voice as a marketing KPI. Other than making things up, I can’t think of a worse KPI for marketing.

First, share of voice is a function of media, not marketing. It belongs in the realm of advertising and PR.

Second, share of voice is a nearly useless measurement in today’s media landscape. The average share of voice conversation goes something like this:

“Out of 3128 social media conversations mentioning us and our competitor, our brand had 15% share of voice. We are (awesome/terrible)!”

Why is this nearly useless? Share of voice suffers from what we measurement folks call denominator blindness. Denominator blindness is a lack of perspective on our part. For example, we might read a headline in the news which says “150 vaccinations last year had serious side effects!”. What’s left out of the story is the denominator: 150 out of 10 million annually. When you apply a denominator, suddenly the story becomes far less compelling.

How does denominator blindness impact share of voice?

Consider the above example. Suppose we were a local coffee shop and we were measuring our share of voice against a major chain coffee shop. We netted 15% share of voice out of the mentions of us vs. our competitor, or 469 mentions. That’s great, isn’t it?

Except… on the topic of coffee alone, hundreds of thousands of people talk about coffee daily:

MAP_-_coffee.jpg

Our competitor AND our shop combined amount to less than 1.5% of the conversations about the topic. That’s one of the denominators we’re blind to – and it’s not the biggest one.

Let’s expand the denominator further. By recent estimates, we are sending more than half a million Tweets a minute. We watch almost 3 million videos on YouTube a minute. We update Facebook 300,000 times per minute. We load more than 100,000 photos to Instagram a minute.

469 mentions of our coffee shop are insignificant compared to the vast, ever expanding media universe.

Share of voice made a great deal of sense when there were 3 television networks, a handful of local radio stations, and a few hundred newspapers. We could accurately measure our portion of the entire media universe at the time. Today, with apps like WhatsApp and Facebook Messenger sending millions of unobservable messages, combined with public social and digital feeds, we can no longer know what the total landscape is, much less measure our portion of it.

What should we measure? Continuous improvement – kaizen, in Japanese. If we netted 469 mentions today, try for 470 tomorrow. Focus on what we can do to grow our tiny patch of land, our tiny empire, a little more every day, every week, every month.

We compete for the attention of our audiences against our competitors, against apps and games and mass media and the rest of the world clamoring for the same slice of attention. Rather than worry about whether our competitor has a bigger slice, worry about holding onto and growing the slice we have.


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Don’t make a meal if no one eats the snack

Avoid investing in high-effort content creation if the idea gets no traction in low-effort content forms.

Consider our content creation options. Some of our options take relatively little effort and production time:

  • Social media update (text)
  • Blog post
  • Photo
  • Illustration

Other forms of content require a lot of production time and effort:

  • Audio
  • Video
  • Interactive experiences
  • Software

All these forms of content begin with an idea, with a story we want to tell. When we’re deciding what our content strategy should be, what formats should we use?

The answer is the now-maligned snackable content. Let’s bring our ideas to life in the formats requiring less production time and effort. If no one appreciates or engages with our ideas in a quick photo on Instagram or retweets our idea, we should reconsider investing more time, effort, and resources in it. Conversely, if we can use our analytics and data to identify our best stuff, we can invest our time, effort, and resources in relatively ‘sure bets’.

Here’s an example from my Twitter analytics, sorted by total post engagement.

snackable_meals.jpg

I should consider turning the top performing short content – text and photos, mostly – into longer form content because it’s proven popular already.

We can even kick it up a notch by examining our competitors, identifying what’s most popular in their content, and then doing a topically-related but unique spin if we can.

top_competitor_analysis.jpg

Don’t make a meal if no one eats the snack. Instead, find the top performing content snacks and turn those into meals.


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