Last night I spoke at a great event put on by Lean Enterprise T.O., a Toronto-based meet-up focused on applying “lean enterprise” approaches to business (or as the related website describes it, “bringing a start-up mindset to larger organizations”). My talk was focused on how to create a “start-up” content marketing practice within a larger organization using a “lean” approach, i.e. without significant budget, resources, buy-in, etc.
Below are my speaking notes outlining my experience in, and advice on, starting up a thought leadership capability within a large financial services enterprise – enjoy!
“So I’ve got 10 minutes to tell you everything I know about being a content marketing “start-up” within one of Canada’s largest asset management organizations – so we should have five or six minutes left over once I’m done so hopefully there will be some questions. [Note: this was intended to be a joke, i.e. every single thing I know about his topic can be summed up in only 4 minutes - it went over like a lead balloon!]
And as it happens, though, I’m well suited to this topic because since 2010 I’ve been using content marketing to help organizations of all sizes grow, first at a 15 person boutique brand strategy firm, then as a brand and content marketing consultant myself to other organizations, as now as the first VP of Thought Leadership at one of Canada’s largest asset managers, with a total team count of one – me
Before I jump into my experience, I quickly want to review the structure of today’s marketplace that makes content marketing so effective, and it can be boiled down into three characteristics:
- Buyers are so overwhelmed by “interruption marketing” (aka advertising and corporate messaging) that they don’t pay attention to it as much as they used to – i.e. it’s not as effective as it used to be
- Buyers want a solution to their higher order problem, they don’t want your product or service – that just happens to be a by product; the ole quote from Theodore Levitt ‘people don’t buy a quarter inch drill, they buy a quarter inch hole’ definitely applies
- Buyers themselves, especially B2B buyers, are doing between 57-90% of their investigation into solutions they need online via Google, before they ever contact an organization
So that’s the way the market is shaping up these days and indicates why content marketing can be so effective.
In terms of my experience at one of Canada’s largest asset managers, and any advice I have for others trying to start-up a content marketing practice in a larger organization to meet the needs of that new market structure, there are three key steps I’m going to highlight.
The three steps are: developing the strategy, developing the content itself, and developing and implementing a distribution and promotion plan for the content.
Within the context of being a start-up, my approach to developing the strategy is pretty straight forward because it has to be – as a team of one, I’ve got very limited resources so I have to nail the fundamentals first
For me, the strategic fundamentals required for success start with defining the organizational goals, and then move on to finding the sweet spot where the answers to three questions intersect:
- What is the competitive advantage of your organization?
- What are the key, higher order, problems or needs of your market?
- What are the topics that address those problems and reinforce your competitive advantage?
As a start-up, you’ll probably be working without much of a budget, which means the initial data gathering that’s needed for any good strategy will be driven by lots of conversations with internal stakeholders – for me, I spoke with over 55 internal people
I also think it’s important to speak with your clients to validate the internal perspective and get directional guidance. This last part is critical because many internal stakeholders don’t really know what their clients are thinking because they’ve never asked. Unfortunately, many internal stakeholders are also worried about sending someone in to ask their clients questions because they think it may send the wrong message. I couldn’t disagree more but happy to talk more about that later.
Before you can even think about setting up interviews with your clients though, you first need to define who your clients are (which may be a new process for some organizations) and choose one client segment – or one set of needs – to focus on. As I’ve often said to my colleagues, I don’t have a quiver full of arrows to use, I have a quiver full of arrow, and it needs to be aimed squarely at one set of needs
Identifying your competitive advantage and target market will then lead you to a variety of themes and topics that could be developed into thought leadership, and the selection of a topic is where you want to involve your editorial board. For me, my editorial board is made up of the key decision makers within my organization who see the big picture and have insight into our clients so they can guide my efforts to ensure I’m pointed in the right direction.
The final part of the strategy process is to identify the metrics that define success. For us, our primary goal is to grow brand awareness outside of Canada so our metrics of success will be compared with benchmarks regarding media mentions via PR, web traffic, email open rates, time on page, downloads, and other digital metrics. Deciding on the right digital metrics is a much more nuanced process than I had realized and requires an expertise all its own since any given metric may seem to measure what’s important, but in reality doesn’t.
With your strategy completed, the next step is to develop the actual content, and again, as a start-up, you probably won’t have the budget to bring on freelance writers so you’d better be able to write competently yourself
As well, you may not be an expert in the theme and topics that are eventually chosen, so you’ll depend on subject matter experts within your company to provide the clay which you can shape into a variety of types of content, including white papers, videos, inforgraphics, slideshares, whatever – my approach is to create content in whatever format the market wants, not in the format we want
What I’ve found is that certain subject matter experts are already pretty busy [Note: being facetious here - they're swamped!], and they may see your efforts as a make-work project, not the beginnings of an organization-wide transformation that you and I know it is [Note: another failed attempt at humour]. In these cases, it’s vital that you develop strong and personal relationships with them to enhance your “soft power” while at the same time having buy-in from their bosses who can, if needed, “encourage” them make the time
An important part of the content development process is creating a workback plan to ensure deadlines are met. In an ideal world where you’re rockin’ on multiple content initiatives at the same time , an editorial calendar should also be developed to track everything and ensure all the content is aligned. But again, as a start-up, your mandate may be more like dipping your toe in the water with a few executions vs. jumping right in with a full-blown program, so that calendar may not be needed at the start.
Shortly after the strategy is set, and in parallel with developing content, you have to address the third step which is developing and implementing a distribution and promotion plan.
Luckily, since you work within a large organization, you probably have access to fully outfitted creative, PR, and digital departments who you can work closely with to distribute and promote your content. Since you’ll have very little, if any, budget, your challenge in working with these established departments is to encourage them to make time, and apply their budget and resources, to your endeavours. You’ll probably have support in this from your sponsor, who has encouraged you to become this start-up in the first place, but in addition, once again, it’s vital to develop those relationships that will help this process along.
And that, in a 10 minute nutshell, is how you can develop a start-up content marketing program in a lean enterprise environment.