The job of marketing is to reach customers and prospects with the right message. Yes. And no. It's a subset of the overall task of priming the whole ecosystem with the message. I talked more about this in another issue of my newsletter, and readers wrote in to say "Whoah, looks expensive to reach out to all those people"!
You're right, ecosystem marketing is expensive. The good news is that you can get immediate results by prioritizing certain elements of the eco-system. In this edition, I'm going to discuss how you can market to the ecosystem at a lower cost.
Here's an illustration of what an ecosystem looks like. As a first step, you can map out each element and see if it is relevant to your business or not. In my book I have a template for each of these items. But basically you need to know the key players and how they can help or hinder you.
Source: Marketing Without Money by Jessie Paul, Bloomsbury.
Innovative Strategies: Maximizing Resources for Optimal Results
Doesn't it feel like our marketing toolkit is always expanding? From influencers to trade associations, the spectrum of resources available to us is vast and varied.
Managing these resources can be a bandwidth hog, not to mention the costs associated with accessing them. Whether it's compensating influencers or paying for trade association memberships, every element comes with a price tag.
Frugality: The Key to an Efficient Marketing Ecosystem
So, how can we navigate this ecosystem more frugally? The key is to maximize efficiency and minimize costs, all while keeping our marketing objectives in sight.
"Efficiency is doing better what is already being done." - Peter Drucker
Key to this is to understand that all elements do not have the same impact. This allows you to optimize your outreach basket.
Generally speaking an element that has both reach AND influence will be way more expensive than one which has only one. For example, if you can get, Priyanka Chopra or BTS’s Jimin to say that your product is awesome you will get a lot of people to know about it and think it is credible. If you get your best friend to say it, only her immediate circle will know about it and think it is credible.
Using this principle I mapped a sample eco-system for the IT industry. Based on where you are in your product or service journey you can prioritize reach and influence.
Source: Marketing Without Money by Jessie Paul, Bloomsbury
You can create a similar model for your industry. Costs will rise as a medium has more reach and more influence.
More Bang for Your Buck: Cost-Effective Strategies
Here are some ways to get more bang for your marketing buck:
Target influencers strategically: Instead of casting a wide net, focus on influencers who align closely with your brand. This not only reduces costs but also enhances the authenticity of your messaging.
Make the most of memberships: When you join trade associations, make sure you're making the most of your membership. Attend activities, network, and get involved—it's an investment in your business.
Power of partnerships: They're sort of like the secret ingredient in a successful marketing recipe. With the right partners, you can extend your reach, multiply your resources, and enhance your offerings without breaking the bank. Don't be shy to approach potential partners - the worst that can happen is that they'll say no!
Give before you receive: The best way to be noticed is to give something for free. Reach out to people in your ecosystem with a no-strings offer that adds value to them. Maybe it's a spot on your podcast or newsletter. Maybe an award. A LinkedIn shout-out.
Quantify your offer: Whether it is a referral bonus or affiliate marketing or a testimonial be clear about what you are willing to offer. Make it easy and attractive for them to sign up instead of a vague “contact us to know more”.
Optimizing Your Resources
It's always a trade-off between time and money.
If you can invest the time and do a good job, do it yourself. If your time can be better deployed elsewhere, then spend the money and outsource it.
Key Takeaways
Develop an ecosystem chart
Create a 2x2 matrix to prioritize the ecosystem elements
Create a marketing plan to address the prioritized elements
Personal Marketing Ecosystem marketing applies to you, as a professional brand, too. So just as you'd run a program for your business, don't forget to run one for yourself too. I'm forever grateful to my first boss, Arup Kavan, for showing up when I got my first "corner office" and saying you now have to consciously build your brand. He wrote up a plan and actually monitored me for two years :)
nice read.... and practical. as a template you can apply the process to a lot of things. Is it possible to feed this in a nice way to a Business plan creation as well?
Yes, 2x2 matrix would be a great way to prioritise actions for a business plan...investment vs estimated return could be one. Effort vs Impact would be another one. You should first map your eco-system using this template and then overlay it with your business plan.