What Can the New £20 Note Teach us About Sales?

2020-02-28 15:02
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by Tim Hughes | @Timothy_Hughes | LinkedIn

I’ve just come from a meeting at the Bank of England in London about the launch of the new £20.

At this point, I need to declare an interest, we (my partner and I) are members of the J. M. W. Turner house society. We live near what was J. M. W. Turner’s summer house in Twickenham, West London.

To quote Wikipedia “Joseph Mallord William Turner RA (23 April 1775 – 19 December 1851), known contemporarily as William Turner,[a] was an English Romantic painter, printmaker and watercolourist. He is known for his expressive colourisations, imaginative landscapes and turbulent, often violent marine paintings.”

So why all this talk about Turner? The new £20 bank note has an etching of a 24 year old Turner as well as an etching of a famous painting of Turner’s called “The Fighting Temeraire” on it.

The painting shows The Fighting Temeraire tugged to her last berth to be broken up, 1839, oil on canvas, in the National Gallery in London. 

The Tameraire was in the Battle of Trafalgar and was in fact second in command behind Nelson’s HMS Victory.

So how did it go from strategically important battle ship that captured both a French and Spanish ship in the battle of Trafalgar to being sold for £600 for scrap? 

Well, things change. What was once was the way you did things, they become the past. 

It’s a bit like the world of sales and marketing.

When modern marketing started back in the 1980s you only had a few “tools” available to us. Advertising, using the phone, so cold calling and the emergence of email.

The way these tools worked was simple. You interrupt me and you pitch to me your products and services. Sometimes this is called broadcast. Now, of course, if you have a hammer, then everything is a nail.

The more and more companies used interrupt marketing (cold calling, email marketing and advertising) the more people who were targeted by these interrupts got more and more pissed off.

There is a whole industry that had grown up around stopping these interruptions. There is legislation such as GDPR, and CCPA. There is tech been created to stop these interruptions such as ad-blockers, even Apple and Android have cold calling blockers on their operating systems. 

So how is sales and marketing going to market if they cannot shove their message in front of you? Easy, enter Martech.

The job of Martech is to interrupt you, in other words piss you off, faster and faster. Marketing automation after all is an emailing platform. 

While there is a massive global industry of vested interest to keep these old ideas in play. You can understand it, teaching people how to increase your open rate or send more and more interruptions puts food on people’s tables. But when you talk to people at a micro level, we all know it’s over. It’s over for this old style of marketing. This painting, and therefore the new £20 note is a great metaphor for sales and marketing, with interrupt sales and marketing being The Fighting Temeraire tugged to her last berth to be broken up, 

So what can you do? 

It’s time to switch your budget from interruption to permission. 

Look at this data — The latest data on internet use, social media use, mobile use, and … https://datareportal.com/reports/digital-2020-global-digital-overview 

To quote the report

“More than 4.5 billion people are using the internet at the start of 2020, while social media users have passed the 3.8 billion mark. Nearly 60 percent of the world’s population is already online, and the latest trends suggest that more than half of the world’s total population will use social media by the middle of this year.”

The thought that your customers are not on social media or your deal influencers are not on social media is utter ridiculous. Our buyers are on social media.

Now social media is not about using interruption techniques, so the techniques of the 1980s on social. In fact interruption techniques on social has a name for it. It’s called spam.

This means what got us here won’t get us there. But, deep down, we really, really knew this. So time for a new start based on permission.

Social media is not a glitch or a fad in business it is now strategic to the way business works. 

What companies are looking at social?

It seems to be early adopters and the early majority. We are seeing change makers in companies coming to us and saying “marketing is working anymore”. It takes a brave person to say that. But many, many marketers can see that the old ways of interruption and broadcast (advertising, cold call and email) no longer work. Or you have to spend more and more money to get the same or less results. Where we see clients getting 30% increases in revenue with social. No other marketing method can give you that sort of transformational ROI today.

These agents of change know that pulling the same old, same old levers won’t get the results that management teams want. Sales and Marketing are in a rut! And you need to get out of it. 

Get a piece of paper out and write down your company name and your competitors. Then write down your and your competitors marketing budget. You may need to estimate this. The write down the number of sales people who and your competitors have. These are your levers. To win more business you need to spend more on Marketing than your competitors. Significantly more. 

To grow faster than your competitors, you need more sales people than the completion. There is also a finite market, in other words only so many people making a decision in any one year. That means you need to win EVERY deal. To gain market share will require you to drop your price, which might drop you in the middle of a price way. This will hit margins and certainly not something you want if are increasing your spend on marketing and sales.

These are the levers you have. 

But.

  • You could disrupt! 
  • Our change maker clients know they have to do things radically different to win. 
  • Maybe it’s time to be an agent of change yourself and get ready to disrupt your market with social selling? 
  • If you are that agent of change, get in touch!

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AVANTAGEHeadquarters
Organically grow the holistic world view of disruptive innovation via empowerment.
OUR LOCATIONSWhere to find us
https://dlaignite.com/wp-content/uploads/2019/04/img-footer-map.png
GET IN TOUCHAvantage Social links
Taking seamless key performance indicators offline to maximise the long tail.

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Copyright by BoldThemes. All rights reserved.