Is your commercial engine firing on all cylinders for 2024? 5 questions to ask internally...

We are fortunate to work with a range of organisations, across sectors and across the globe, helping them bring their digital media into balance.  We are working with PLC’s, SME’s and startups and the interesting thing is, we generally find the same commercial hopes, fears and desires.

👉How do we remain relevant as our commercial worlds shift to digital..?

👉How do we adapt our commercial thinking and processes to digital..?

👉How do we create influence..?

Some businesses are looking to create influence for a variety of reasons, recruitment, investment, market share etc.  Others are laser focused on pipeline and growth, revenue and ebitda.

In every scenario where the goal is financial we run the same model.

It asks 5 questions:

➡️Do you have access to your markets?

➡️Do you have credibility in those markets?

➡️Do you have meaningful connection within your prospect base?

➡️Are you the leading Technical and Commercial Digital influencers in your sector?

➡️Can you convert all of the above to commercial interaction?

These questions really bring it home and generally flush out if the commercial engine is running well or note...

The first 3 areas are what your marketing should be helping you but in many cases we find that marketing has lost its way.  What used to be one of the most important roles in the business in generally now confined to brochureware, burning cash for the sake of 'visibility' and being 'really busy' performing activities that cannot be measured against pipeline attribution.

I used to work for an organisation where I found out the marketing team were known as "the 'colouring in' department...", really talented people, many with degrees and years of experiences confined to updating websites, putting bland corporate posts on the company page and asking people to share them, printing business cards and booking events.

We need this creative talent, experience and business energy working properly again.

Its time we put marketing back on top - everything focused on access to markets, credibility in those markets and creating meaningful connection with prospects.

It's time to give marketing the confidence and knowledge that their efforts are directly contributing to the success of the business and get away from 'doing things' and hoping for the best...

If you are serious about growth, you must dig deep on these questions. Once you get inside these you will realise that its impossible to avoid the Social Media and Digital transformation…and then its all about getting everything digital in balance.

Lets take a deeper look…

Question 1: Access to markets

"We have established we have useful products and services and now need to take them to market.  Where can we take them and who are the businesses we should target?".

This is the market analysis piece and working out how we get into those markets.  In 2024 Market analysis isn't done with maps, it's done digitally.

Using Social Media well allows you to dissect markets and pinpoint 'who is who' and where they are - It's a free source of market information. We now have a list of tier 1, 2 and 3 targets and we can begin creating early stage capture plans.

Now we can see the people we are interested in and begin the process of bringing them into our digital networks.

Question 2: Credibility in those markets

Beyond "visibility.."

Once we have established where and who, how do we show them that we are a credible player?

How to we demonstrate this in ways that get them interested in us..?

This where we need to start to build influence. Put the stiff corporate content and brochures away for a moment...we must start to build influence.

The aim is to create 'Qualified relevance' where your prospects know you and understand that you are the leading technical and commercial influencers in your sector...

So much time is wasted by people doing things for the sake of visibility, its a waste of time. Anyone can have visibility....its temporary, its not actionable and it doesn't change a thing...

Qualified Relevance is the next step forward from mere visibility and brings you the credibility you need to create meaningful connection with real business prospects.

Question 3: Meaningful connection with prospects

We now have the right people's attention and they understand who we are , what we are and that we are specialists. We have Qualified Relevance....what now?

We must establish trust and build relationships within those new accounts?

Focus on thought leadership...

The Edelman-Linkedin B2B thought leadership impact studies see both organisations collaborate to examine how thought leadership influences perception and buying behaviours among B2B decision-makers (link below).

"64% of buyers say that an organisations thought leadership content is a more trustworthy basis for assessing its capabilities and competency than its marketing materials and products sheets".

It goes further…

“63% of buyers also say that thought leadership is important in providing proof that an organisation genuinely understands or can solve your business challenges".

This is where we need to be aiming, it doesn’t come easily. There is no afternoon ‘LinkedIn Training’ course that can teach this and you cant get it by sharing the company page post that marketing put out.…this takes expertise and understanding.

This is about improving the financial performance of the business for the long term…not tinkering around with content to see what ‘works.

Question 4: Are you the leading Technical and Commercial Digital influencers in your sector?

Are you and your team leading in the digital twin of your sector, or is it your competition?  Do you own the conversation, do you understand the meaning of real connection…are you seen as the guiding lights and taking all of the digital air and benefit..?

Question 5: Create Commercial Interaction

It all hinges on this. If we do well in the first 3 elements it should position us perfectly to take advantage of this crucial next step.

This is where we need the sales team doing what they do best, creating conversations and moving all of this to the point of sale.

In 2024 we need this machine working well, a slick, modern digital process which gets the very best for our businesses.

In 2024 we must work on the principle that if we are not connected digitally to the people within our prospect organisations, we are increasing the probability of never working with them..

As we try to answer these questions for for the New Year, it’s impossible to avoid Digital and Social, regardless of our sector.

No matter how complex we make it sound, not matter how many techniques and methods are employed at each stage…these are the basic elements we all need to be good at and, as 2024 ramps up, it’s impossible to have this level of analysis and conversation without turning to digital…these days its front and centre.

So, it makes sense that all of the people in your team that are responsible for generating demand, generating leads and closing business should be expert at working Digital and Social…but are they? Have we created an environment where out team have all the knowledge, skills and methods to win, or are you simply expecting more with the same...?

Give your team the digital skills they need to access markets, establish credibility in those markets, create lasting influence and meaningful connections within prospects....and most important of all... drive commercial growth.

Eric Doyle (F.ISP) - The OGV Studio

Eric Doyle is the Managing Director of The OGV STUDIO, a company that provides strategic Digital Media consultancy, training and delivery services.  Eric is a fellow of the Institute of Sales Professionals.