Quick PSA - If you find value in this conversation with Terri, then you might want to join us for our LinkedIn Live conversation on May 7th when we dig further into some of these topics. Register here.
No Excuses and No Jargon - Digital Marketing for Manufacturers Made Simple
Terri went to college as an engineering student and basketball player. By the time she finished, she was team captain, playing for one of the winningest coaches in NCAA history....and she was a marketer.
That launched her career, which includes >30 years experience as a marketing consultant, in-house marketing leader, and marketing agency founder and owner.
And those aspects of her background inform many of her foundational philosophies today. Accountability is a bedrock of her work, and her early engineering training guides her focus on data, metrics, and outcomes.
She understands that many manufacturing company owners are skeptical of marketing. They've been oversold SEO and paid ad programs in many cases. They may have launched blogs and email newsletters as tactical approaches without carefully engineered strategies behind them.
One of the most common mistakes is forcing the company's own process onto buyers, instead of supporting the buyers' journey.
As for budget? Of course, Terri has a biased perspective as a marketer, but her suggestion may startle you. Don't freak out yet, though, because as we discuss, if we map to the buyers' journey, then some sales resources can likely be redirected to the marketing tasks that engage buyers through the first 70% of their journey before they're ready to talk to buyers.
Join us for this informative discussion of marketing that's probably more frank than many you hear.
Connect with Terri for help getting your company found by buyers online.
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Terri Plants an Important Stake...8% is a reasonable target budget for manufacturing marketing - Terri Hoffman on Industrial Growth Insitute Episode 8
Episode Recap
Summary
In Episode 7 of the Industrial Growth Institute Podcast, Terri Hoffman, founder and CEO of Marketing Refresh, joins Ed Marsh to discuss industrial marketing for manufacturers. Terri simplifies industrial marketing by focusing on making it easy for clients' target buyers to find and engage with them online.
She brings 30 years of marketing experience, including working in-house, as a consultant, and now on the agency side. Terri's background as a former NCAA athlete and her engineering mindset contribute to her unique perspective on marketing. She emphasizes the importance of accountability and doing what you say you're going to do in business.
Terry's agency, Marketing Refresh, specializes in helping B2B industrial brands generate leads and navigate the digital landscape. The conversation explores:
- the importance of accessibility and convenience in customer experience
- challenges of bridging the gap in vocabulary between marketers and clients
- evolving roles of marketing and sales in the industrial space
- impact of #AI on marketing
- significance of branding in the industrial manufacturing sector
- budget allocation for marketing
Terri & Ed dive deep into the importance of digital marketing for industrial manufacturers including:
- changing buyer's journey
- role of marketing in driving growth - need for strategy over tactics
- importance of data and reporting and Terri's partnership with Databox
- the need for companies to embrace digital marketing and close the knowledge gap between what is possible and what is understood
- the importance of boards of directors having a deep understanding of contemporary sales and marketing
Takeaways
- Industrial Marketing For Manufacturers is about making it easy for target buyers to find and engage with a company online.
- Accountability and doing what you say you're going to do are crucial in marketing and business.
- How being an NCAA Womens Basketball captain and engineering student contribute to her unique perspective on marketing.
- Digital Marketing has changed the expectations of B2B buyers, who now expect the same convenience and accessibility as in B2C experiences.
- Qualitative research and understanding the exact words and experiences of buyers can provide valuable insights for marketing strategies.
- Focus on the fundamentals and provide a great customer experience.
- The roles of marketing and sales are evolving, with more overlap and the need for digital skills in both areas.
- AI can enhance decision-making and efficiency in marketing, but it cannot replace human creativity and understanding.
- Branding is important in the industrial manufacturing sector, both visually and in terms of messaging and value proposition.
- Budget allocation for marketing in the middle market industrial manufacturing sector can range from 3% to 8% of revenue, depending on factors like company stage and goals.
- Shifting resources from sales to marketing can be a strategic move to optimize revenue growth and improve marketing capabilities.
- Strategy is more important than tactics when it comes to marketing.
- Data and reporting are essential for measuring the effectiveness of marketing efforts and making informed decisions.
Outline
00:00 Simplifying Industrial Marketing
04:18 The Power of Accountability
05:30 The Unique Perspective of an NCAA Athlete and Engineer
09:07 The Changing Expectations of B2B Buyers
13:16 The Value of Qualitative Research
30:44 Enhancing Customer Experience through Accessibility and Convenience
32:03 The Evolving Roles of Marketing and Sales in the Industrial Space
35:38 The Significance of Branding in the Industrial Manufacturing Sector
46:35 Budget Allocation for Marketing in the Middle Market Industrial Manufacturing Sector
53:45 Shifting Resources from Sales to Marketing for Revenue Optimization
58:02 Shifting the Resource Pool between Sales and Marketing
59:09 The Possibilities of E-commerce Platforms
01:01:16 Differentiating Marketing Strategy & Tactics
01:02:05 Prioritizing the Right Marketing Initiatives
01:03:06 The Importance of Strategy in Marketing
01:04:21 Executing Marketing Initiatives without Disruption
01:06:58 The Need for Accountability in Using Marketing Tools
01:09:43 The Importance of Sales in Lead Generation
01:14:42 Focusing on Business Outcomes Rather Than Product Specs
01:19:02 Automating Sales Processes for Efficiency
01:24:29 Closing the Knowledge Gap and Embracing Digital Marketing
Wondering how video could fit into an integrated revenue growth framework for your company?
Check out the Overall Revenue Effectiveness™ Approach for more.
