548: 3 Things You Need to Know Before Buying More Technology w/ Samantha Stone

ABOUT THIS EPISODE

In this episode we talk to Samantha Stone, Founder of Marketing Advisory Network & Author of Unleash Possible.

Wouldn't it be nice to have severalthought leaders in your industry know and Love Your brand? Start a podcast,invite your industries thought leaders to be guests on your show and start reaping thebenefits of having a network full of industry influencers? Learn more at sweetish MEDIACOM. You're listening to the B tob growth show, a podcast dedicated to helpingbe to be executives achieve explosive growth. What you're looking for techniques and strategiesor tools and resources? You've come to the right place. I'm Jonathan Greenand I'm James Carberry. Let's get it into the show. We are heretoday at the B Tob Marketing Forum in Boston and I'm talking to Samantha Stone. She's the founder of the marketing advisory networks. Man, that how you'redoing. Excellent. So glad we're connecting in person the first time. Isee you so much online and so it's fantastic to to get hang out withyou here today. So your talk is...

...on Friday and we were just talkinga little bit before before I hit record, about what your talk is going tobe, and it's really around how do we choose the marketing technology that'sreally going to have an impact on on revenue, and you've got some reallyinteresting ideas on this. But talk to us a little bit about why isthis something that we're not doing correctly currently? It's such an important point because increasinglywe have, you know, somewhere between ten and thirty percent of ourbudgets are spent on technology today and marketing. It didn't used to be that way, but we are investing a lot of money and a lot of peopleinto technology and we're doing it wrong. And I know we're doing it wrongbecause if you look at the data, it shows that we're only using aboutthree percent of the technology we've already bought. So not the technology we could havethe places we have already spent money. We are just using very, verylittle of what we've already licensed,...

...and so that tells me something isreally, really broken, and I see that from the data and I seeit anecdotally when I talk to clients as well, when we go in.I was teaching a social media workshop a couple months ago and in preparation forthat, I spoke to the people who would be our students and we pulledthem and we asked them a whole bunch of questions, one of which iswhat tools were use. Came back, was about to walk in the sessionand the person who had brought us in pulled me inside. As I wantyou to know, we have licenses to this social media tool and I said, but nobody knows that. You're not used because I know she says,we don't even know how to log in. Our company has bought it in.Our group has no idea how to log in, let alone actually useit right. It's crazy, but it's actually a very common challenge. Theyhave a person by something, they use it for their purpose, it nevergets permeated through the rest of the organization.

We also have waste, where webuy a product for a particular purpose and we use those one or twofeatures that were our urgent need and that tool has this rich capability and wejust simply don't use most of it. Yeah, okay, so you're obviouslylooking at data, you're talking to a lot of your clients. You knowwe're doing it wrong. So how do we fix it? Yeah, it'sshockingly easy to fix, and that is we've got to remember. There's threethings that we forget to do right. So we forget that whenever we makea system decision, there are a lot of dependencies about whether we unite.There's data that has to come in the system, there's IT security protocols wehave to follow, there are systems that we have to send information to,and we sometimes forget about the complexity of the environment this tool is going toand we do it more and more often now because there's all these cloud basedsystems. They set you up and in theory you're up and running in fifteenminutes, but in reality your data and your other systems aren't talking to eachother. So we have to stop forgetting...

...that. Okay, we also haveto stop chasing shining new objects. Right the tool de jures. I wantartificial intelligence. So every technology out there is now saying, well, wehave artificial intelligence, and to a certain extent that might be true, butit we don't need to chase artificial intelligence. What we need to chase is abusiness problem we're trying to solve, and the way to really get aroundall of these obstacles is for us to take a step back and think aboutwhat are we trying to do, not what's not chase the technology. Let'swrite down what is the business outcome we're trying to address, to the opportunitywe want to go after. Let's bring together a cross functional group of peopleand let's start there. Then, from that being defined with a pretty rigidprocess, we go out and we say, okay, technology folks, this iswhat we're trying to do, showmaking do it or not, and thenwe get to make an assessment about it and and not forget to first startwith what we already have. Oftentimes we...

...can actually do something we didn't knowabout simply by changing the way we operate with an existing marketing on action toolor crm system or something else. So is this? Is there an example? I mean, I love that. The the simplicity of start with theproblem. That's pretty simplime, doesn't it? But you said that you'd mentioned they'rebeing you know, a process for how do you identify the problem thatwe're going to try to tackle? Can you talk to us a little bitabout what? What should that process look like? Yeah, absolutely. I'lljust give you a little bit of context. So I was at a client andthey brought me in. They had spent eighteen months trying to solve abig marketing problem around data and they had been working with the IT team andthey were just completely frustrated. It was not building them the system they needed. They couldn't get off the ground. It was frustrated because they kept sayingmarketing won't tell us what they need. And so it actually came to me. They found me through some referrals and...

...talking to a bunch of people andthey said we need a translator between it and marketing. Please help we translateand literally within two meetings I was like, here's your problem. I'm not magical. I could take the step back and I listened to what the businessproblem we were trying to solve this now in two weeks. This is abig, complex organization. The project was not done, but we spent aboutsix weeks doing requirements gathering. We put together a cross functional group of peoplethat were made up of users, made up of people bole who would consumeoutput of the system who may never log into it, and people who neededto put connections or data into the system. And I observed the business environment wherepeople would be using that system and I sat side by side with thosepeople and understood what they do and we went through a pretty rigorous product requirementsprioritization process and we wrote down here's all the things we can possibly do,what's mandatory, what's optional, and it's...

...basic block and tackling very similar tohow our product management team's design products and services. They go through a verysimilar process. We have to do that in a very structured way when webuy technology and treat it like a project and treat it like something that wewant to have a defined outcome of defined time frame. I don't I loveit and that example I was you still my next question. I was goingto ask about an example of what walking through this process looks like. Butthat that makes perfect sense. If there's somebody listening to this, Samantha,they want to stay connected with you or they want to maybe dive deeper onthis, what's the best way for them to go about doing that? Absolutelybest way to reach me as Samantha Dot Stone at Marketing Advisory Networkcom. Theycan also go to unleashed possiblecom and there's links to content end and blogs whereI've talked about this. There's probably a linker two and they're around a versionof this presentation I've done before. So...

...lots of ways to learn more andI hope they do, because I think we are inefficient and how we dothis, yet we're making big investments. It's time for us to sort ofchange our orientation. And if you have not purchased Samantha's Book Unleash Possible,make sure to go to unleash possiblecom and get that also on Amazon. Andwhat it is? It's, Yep, on Amazon kindle print. You know, I still like old school books and turning pages. I can't help it. I love that. So it's available their option. Wonderful with thank youso much, Manna. Thank you. To ensure that you never miss anepisode of the B Tob Growth Show, subscribe to the show and Itunes oryour favorite podcast player. This guarantees that every episode will get delivered directly toyour device. If you or someone you know would be an incredible guest forthe B tob growth show, email me at Jonathan at sweet fish Mediacom.Let us know. We love connecting with be to be executives and we lovesharing their wisdom and perspective with our audience. Thank you so much for listening.Until next time,.

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