Companies must evolve with technology, develop new services: MeritDirect Co-op
B-to-b marketers should expect realistic growth, evolve with new technologies, and use data to drive business decisions, said Terry Jukes, president of B2B Direct Marketing Intelligence, a marketing services consultancy, on July 14.
Companies should expect 3% to 5% annual growth over the next five years as the economy recovers, Jukes said at the MeritDirect Business Mailers' Co-op and Interactive Marketing Conference in White Plains, NY. Strong companies, he said, will thrive, while weak companies grow weaker during the recovery.
B-to-b marketers must evolve with the explosion of technology that is driving one-to-one customer relationships, said Jukes, during the event's keynote address.
â€śThe Web allows small players to be hyper-targeted and focused. The market is moving to near-perfect information. We've got to have excruciating focus on doing the right things and doing them perfectly,â€ť he said. â€śNon-mission critical tasks need to be outsourced. If I want something in your catalog, I don't need your catalog and I don't need you to find it. I can go to Google.â€ť
Jukes said marketers should focus on six things â€śbefore we have another recession or shock to the system.â€ť These strategies are product and service innovation; leveraging knowledge and content; providing consultative selling; leveraging integrated marketing tactics; using data to drive business decisions; and taking advantage of online marketing.
Within those tactics, he also advised that companies should spend 30% of their marketing energy on developing new products and services. New products should generate 15% to 30% of annual sales, said Jukes.
â€śWe are merchants first,â€ť he said. â€śBuild new, unique and hard to find products.â€ť
Jukes also said that a key component of serving clients is integrating tactics driven by interaction data.
â€śCollect data unique to your business,â€ť he said. â€śLook at data to validate a hypothesis, but it will also tell you things you don't know that will lead to a new hypothesis.â€ť
However, he added that companies that leverage data to drive online traffic and content â€śshould be wary of spending more than 20% to 30% of your time on online activity. That's too much.â€ť
â€śWe got drunk on technology in the early 2000s,â€ť he said.