Posts

What is Communication?

com·mu·ni·ca·tion [kuh-myoo-ni-key-shuh n] noun

  1. the act or process of communicating
  2. the imparting or interchange of thoughts, opinions, or information by speech, writing, or signs
  3. a connecting route, passage, or link; a joining or connecting

Communication is one of the single most vital aspects of running a successful business. Great communication draws people in, informs them, and helps them engage in what you’re trying to accomplish. Poor communication drives rifts (often times irreparable) between companies and customers.

Communication is “the act or process of communicating.”

It is an “act” or a “process” – it requires deliberate action. Communication doesn’t just happen on its own. It requires careful planning and preparation, such as developing key messaging and a story that can be told, or putting together an elevator speech for that perfect once-in-a-lifetime moment you have to pitch your big idea. It includes crafting honest and genuine responses to questions, complaints, and criticisms that may come your way, and planning ways to say “thank you” to those loyal fans and followers who support you no matter what. Communication is deliberate.

Communication is “the imparting or interchange of thoughts, opinions, or information…”

Communication is freely giving information to others. It requires anticipating those questions or concerns that you may receive, and providing answers before the question is even asked. It is sharing the details that go into why a decision is made or how you developed your idea. It is letting people in and trusting them with the details. And it is being brave enough to accept the flow of thoughts and opinions back to you, and then addressing that information.

Communication happens “…by speech, writing, or signs.”

I’d like to add that it also happens with behavior patterns, facial expressions, and what is not said. Companies communicate with press releases and press conferences, with magazine articles and televised interviews, with corporate filings and radio shows. They also communicate with blog posts, public forum responses, and Twitter and Facebook updates. Company spokespeople communicate with their body language, similes or sighs, and savvy avoidance of certain questions, too. They even communicate certain things by their style of dress, or the company culture that is portrayed on a website or in photos.

Finally, communication is “a connecting route, passage, or link; a joining or connecting.”

Communication is the way in which we reach our audience. It is how we relate to them, connect with them, and draw them in. It’s how we gain a team of loyal customers and followers who turn into spokespeople and brand ambassadors. Communication connects the business world to our personal lives, and makes others feel a part of the solution to the problem, or part of the team accomplishing the mission.

The way in which company leadership communicates with their Board of Directors, their executive team and managers, their employees, their shareholders, their customers, and their prospective customers sets the tone. Is there clear, open, two-way communication between leadership and workers at the company? Is there clear, open, two-way communication between the company and its customers?

If the answer to those two questions is not a resounding YES, then a communications check-up may be in order. Some people are fantastic at leading, motivating, rallying, and steering a company in the right direction. Others are fantastic at planning, structuring, engineering, and developing the products to sell. And other people are truly fantastic at planning and implementing that “connecting route” of communication that allows a company to gather loyal employees and loyal customers. Make sure you have those communicators on your team! They can help you set the tone that is appropriate for your company and then convey that tone to the world.

The Interim CMO: A Smart Approach to Successful Start-up High Tech Marketing

Recently Attain Marketing joined forces with AgileValue, a Silicon Valley- based consulting firm focused on helping technology companies launch new companies and products, to provide a full range of start-up marketing services. In this blog post, Susan Knorr, AgileValue Principal with over 20 years of experience in executive sales and marketing management, talks about the value of the interim CMO, an innovative approach to start up marketing that helps young companies, or companies in transition, leverage executive level marketing talent on a consultant basis.  As discussed in a previous blog post with financial services pro Charlie O’Rourke, outsourcing marketing is a good way to deal with budget restraints while staying competitive in a sluggish economy.   Smart companies know they should not forgo their marketing activities – especially if they plan on establishing healthy longevity in their business, so they see outsourced marketing, like an Interim CMO, as a great way to leverage talent and stay proactive.

Susan KnorrMany high-technology companies start the marketing process too late. They build new products/services based upon a cool idea and technology innovation hoping the buyers will come.

However, all companies need to analyze the market opportunity for new products. Is there a genuine need? How should the new product/service be positioned competitively to win in each potential target market segment?  Bottomline, companies must answer three key questions:  Will they buy? Will they buy from me? Will they buy from me now?

And they need this assistance before the product/service is developed.  In fact, for companies to succeed, a marketing plan is needed while product development plans are still on the drawing board.  Sure, it could be the next Facebook, but in reality chances are less than 5% that a new company will succeed.  Further, these statistics also apply to new product offerings in existing companies.  Many companies typically rely on one bread-and-butter product to generate revenue, but a second “hit” is elusive.

If it makes sense that marketing should occur before (if not in parallel with) product development, why do so many companies wait until the end of the development process to get started?  One reason may simply be a belief in the old adage that says “if we build it, people will come”.  Really?  Still, another common reason is lack of funding to hire the marketing staff required before and during the development process.  Funds are spent on engineering resources without a strategy as to how the product will be marketed or sold. Often, the product languishes before becoming profitable.

More than ever, companies striving for success must consider just how costly it is to build a new company, product or service that won’t succeed.

So what can companies do to maximize their success rate when introducing a new product/service?  One solution is to outsource the marketing function by employing an interim CMO, a strategy that greatly reduces overhead costs while improving the overall potential for success.

5 Must-Have Start-Up High Tech Marketing Activities

Given limited resources, what are the top activities that should take place and where can companies derive the biggest bang for their buck?  Here are 5 essential marketing activities for securing VC funds, launching new companies and introducing new products.

  • Market Opportunity Assessment.  A basic assessment should include needs analysis, market sizing and detailed profiling of key competitors.  This analysis serves as a validation of the product/service offering given the competitive landscape.
  • Investor Package Development.  Investors are most interested in: What is the market opportunity? What are the funding requirements? How will funds be used? What is the exit strategy?  The investor package includes an executive summary, presentation, revenue model, revenue projections, costs, staffing, exit strategy and time frame.
  • Sales Distribution Planning.  Ideally, a good sales distribution plan brings together sales and marketing.  It identifies the target market segments, how to reach those target markets and how to sell to them.  Sales distribution can include direct, indirect, channel partner, retail, third-party and online sales.  Effective sales distribution plans also identify the relative importance of inbound vs. outbound lead generation.
  • Go-to-Market Strategy.   Companies need to come out of the gate quickly with new offerings without breaking the bank.  This includes creating buzz and generating leads.  The strategy may include product launch, PR, events, advertising, search engine optimization, social networking and marketing campaigns.  Once again, it is important to determine how leads and revenue will be generated from inbound and/or outbound marketing.
  • Market Messaging.  This can include product naming, tagline, elevator pitch, product/service descriptors and pitches.   It is important to have specific market messaging for each target market.  In addition, the messaging must be clear, succinct and compelling.  It must communicate what exactly is unique about the product/service and why it is better than competitive offerings.  It cannot be bland or indicate a “me too” solution to potential customers.

In conclusion, it’s never too early to start the marketing function for any new company, product or service.  An interim CMO can help the process by providing the assistance needed, when it is needed, and at an affordable cost.