Archive for Marketing-Hourglass
Using FIFO in the Value Stream Mapping process for Marketing
Posted by: | CommentsI was doing a Value Stream Mapping project for a customer and as we were creating their marketing segments to create the map, we were having difficulty creating the typical Marketing Hourglass, (Marketing Funnel, Sales Pipeline) for this particular segment. We also wanted to remove some prospects in the middle of a segment. Some of the reasons were: Large Volume Customer, Customization may be required, Needed quick answers, Willing to pay on value.
I remembered a section of in the Systems2win Value Stream Mapping training section about a FIFO lane. It seemed like the designation that I needed: First In, First Out was not far from how the prospects’ needs were described. In the Value Stream Mapping process a FIFO lane is used for the unusual stuff that often involves unique processing instructions. The problem with using it in marketing is that everyone could be a FIFO.
This is how we went about determining how to set up our FIFO prospects. We created certain signals in our other Value Streams to determine that this may be a FIFO customer. As information was gathered on demographics, psycho-graphics and other criteria it would create signals for us. The signals were acted upon manually, much like a Kanban system would be. The information was transmitted for further investigation and qualification to be put into the FIFO Lane. One of the typical problems with a FIFO lane is that it acts like a chute and can only hold, a specific amount of prospects. You have only a certain amount of resources. We determined if the FIFO chute is full, you must prioritize and remove a prospect and put them back into another marketing segment.
Depending on how your FIFO lane is constructed, here are some examples of how to use your FIFO Lane:
1. This could be your “A” list or the one that marketing and/or sales people create personal contact with and nurture.
2. Special offers could be created that would result in longer or shorter trial efforts, payment terms and delivery. Since these people have been separated and are being handled by more seasoned professionals it does not create such a burden on the rest of the organization.
3. Sequencing into another marketing segment for certain steps so that the others that are managing the process can return the prospect to FIFO when completed.
4. Use it for resource leveling so that customers are never waiting on you. If other steps in the marketing process are backed up (a constraint) use the FIFO Team to manually relieve the bottleneck. (You may even discover new marketing opportunities this way.)
I think the FIFO lane can create novel solutions for your prospect/customers and maximize the use of your personnel. A seldom used Lean tool that could be a critical component in your marketing management process.
The Pillars of the Lean Marketing House
Posted by: | CommentsThis video series will explain the process I use in building the Lean Marketing House. This particular segment is an overview of the Pillars of the Lean Marketing House. It discusses the use of the Duct Tape Marketing Hourglass, The Ultimate Marketing System and Segmentation of your Marketing Channels.
The entire series will be posted during this week.
Related Information:
Lean Marketing House Overview – Video
The Pillar Worksheet – Lean Marketing House
Posted by: | CommentsThis video series will explain the process I use in building the Lean Marketing house. This particular segment is an overview of the Pillar Worksheet that is an integral part of Lean Marketing House.
The entire series will be posted during this week.
Related Information:
Lean Marketing House Overview – Video
Speed may be the biggest Determent to your Marketing Success
Posted by: | CommentsThe company that gets to the customer first, the company that releases the product first, the company that slides in and closes the sale while you are still waiting to get the final specifications, all demonstrate how important speed is to your marketing success.
Speed is much, much more than the ability to run your customer through your marketing cycle. it is an integral part of building a marketing system that responds to customers needs. Having built in trigger points to help you identify your customers readiness to proceed to the next stage in your Marketing Hourglass is imperative. I discussed handing the baton off in an earlier post and how many times that gets dropped from one stage to the next. It is similar to an athlete starting the season off and building his “speed” back up. Or a student taking the same test after summer break and scoring lower. These things happen because of the lack of activity during the non -value added time that you have identified in your Value Stream Mapping Process. The lack of speed in your marketing process equates to the lack of engagement that you have with your customer. This can be one of the most effective uses of social media and a good content marketing strategy. The engagement of your customer is driven by the needs they identify with your product. Here are some examples of items that may help in decreasing that non-value added time.
1. Attempting to late or to early to move a customer to the next stage.
2. Not building upon the previous stage by starting with different content. You effectively lose the momentum that was built by the earlier stage.
3. Reinforce the previous stage. Creating the linkages between stages is extremely important. It is a great time for a warm-up.
4. Make sure the customer is on the right airplane. You have been there, even if it is embarrassing when the stewardess says this plane is headed to Detroit, and you are not going there: you are getting off. If a customer is not ready for this stage give him a graceful exit and provide them an opportunity to get off, or you may lose him forever.
5. Make a better offer. Each stage should create a better offer than the previous. You have a more qualified customer at this stage so treat them that way.
6. Create interactive platforms or trials that the customer can use or interact with to solve some of their problems. This happens quite frequently in the construction business when someone leases a bulldozer to a contractor or online with free down-loadable software.
7. A superior call to action, an offer that cannot be refused to go the next stage.
Even with these improvements, without a marketing system in place to monitor results and improve upon them, you will fall behind. Speed is not automation. Automation can be a component of developing speed but don’t mistake the use of automation. People even in the online society we have created still want conversation and personal connection surrounding the product. Especially, in a regards to a service they may purchase. They want a live body behind the curtain or in our case the Marketing Hourglass.
P.S. People mistake Lean for being just about waste. It is more about speed.
Related Information:
Improve your Marketing Cycle, Increase your Revenue
Have you listed all your delivery processes? What did you learn?
Is your Value Stream Mapping backwards?
Start Fixing Marketing Mistakes with a Process
