What is Digital Marketing and its fundamentals 2020-2021

Three, two, one good morning guys.It’s Luke Marshall here.And today I want to talkto you about whale hunting.

I’ve been talking to the market, quite alot since the start of the year, and it’sbecome very evident that the whole marketdoes not know how to talk to whales.

I’ve been talking to whales my wholecareer – my first client was Citibank.

My second client was HP.40, 50, 60 clients later, I’ve workedwith the likes of kiGoogle, Facebook, L’Oreal BMW, Microsoft, Sony pictures,20th century Fox, MINI, the list goes on.

You could, and they are all whales.They are the biggest end of town.They have multimillion dollar.

Marketing budgets.And if you sell digital marketingor marketing services, or you’rean agency, they’re the whales.this principle appliesto other markets as well.

If you provide specialist servicesthat are, 50, hundreds of thousandsof dollars, you know, that whalescan make or break a business.

So since the start of the yeartalking to the market, there’s peoplethat don’t know get it, that thedon’t understand, what I can do.

They don’t understand what isinvolved in sort of talking toto a whale and they, they justthey’re missing some key details.

And so today I’m just goingto talk to business ownerswho want to land more whales.So I’m going to share five things.

I know.from 13 years of hunting them andservicing them and spending millionsand millions of dollars for them.And if you find it valuable,let’s set up a call.Okay, let’s go.

So- in case you’re wondering, and ifyou are probably not the right video,the business world is made up of alopsided power dynamics at every level.there’s a principle called Paretoor the 80-20 rule and which, 80%of, investment or spend or power.However you want to frame it…is controlled by 20%, of a segment.

yeah.Think of the Amazons, Googles Facebooksof the world and that level of digitalmarketing inventory, they controlrelative to the rest of the market.

It’s a very lopsided power dynamic.And, this applies toother industries as well.

Take automotive.I think there’s about 35 to 40,manufacturers that are activein the Australian market.

I don’t even have to look thenumbers, the top five control80% of the market roughly.It’s just how it works.

These lopsiders are known as whales.

If you’re a business owner thatis selling to businesses, you wantwhales, no questions asked butthere’s some things you need to know.

The first is, I’ve already mentionedit, but they make businesses.This is businesses at all levels, allbusinesses pay attention to whaleswhat they do and what they need.

A story a quick one.During my time at Google many, manyyears ago, there was an exercise thatthe exec team went through at theglobal level, that was basically,Hey, if one of the biggest advertisersin the world let’s call them.

Unilever – wanted to spenda billion dollars with us.

What would that look like?Do you know how the team responded?

They went and looked at every microprocess and mapped it across a sequenceand, scrutinized every element oftheir business and determine whetherGoogle at the time could say a Unileverapproached them and said, we wantto spend a billion dollars with you.They could handle that.

It’s a really worthwhile exercisefor any business because.if a whale decides to work withyou, you are gonna have to workand the returns, the returns.

Absolutely there.They can make and break a business.but you need to make sure you’re set upto, to absorb them and work with them.

Which sort of goes into my nextpoint, which is they are high touch.the amount of work it takes to even geta conversation with a whale is just huge.

They are used to being soldto, they are very busy people.They are managing mountains of moneyand operations and all sorts of things.

And, if they are asking you for something,you find a way to get it to them.I’m not saying, yeah, whales they can be10 times, the value of another client.they’re not 10 times the amount ofwork, but there is an expectationthat you are going to deliver a hightouch and there are entire businesses,particularly in the agency worldthat, has people engineered to servicethose, needs in a high touch fashion.yeah, they’re usuallycalled the account managers.

Client service people, it’s a whole thing.Cool.Hey, if you’re a business that has awhale do not rely on just one whale,you want to, de-risk your business.

you don’t have control overevery element of their business.obviously you love workingwith them, but all good thingsdo come to an end eventually.So do not rely on justone, I’m watching Mr.Robot at the moment.

It’s a great show.only two episodes in, and it looks likethe cyber security firm that, Yeah, theprotagonists works with, they’re relyingon one client for 80% of revenue, thatjust wouldn’t happen in the real world.

Well, it does, but thosebusinesses don’t survive.Cool.I mentioned it with the high touch,but, even if you are a high touch andgoing above and beyond to service thesepeople, or whales, that’s table stakes.

That’s the price of entry.There is so much more you haveto do and justify and valueneeded to deliver and experience.

You need runs on theboard, testimonials you.You have to earn your right to be ableto, to work with them and going aboveand beyond, or just that excellentservice that you are known for deliveringthat that’s just the price of entry.

There’s more you need to do.Cool.the last point I sort of want tomention is that a very small percentageof the market has the ability to goout and land whales consistently.

I’ve been speaking probably to, toomuch of the market, if I’m honest hereand, various business owners at thevarious, stages of their business.

A lot of them emerging.And, I get fairly basic questions like.Oh, how do you know that if you’recharging, you know, 30K for threemonths of work, that, you know, you’re,you’re, you’re, you’re worth it.

Like I know I’m worth it.I know that I can parachute intoa business and start dispensingvalue as soon as I hit the ground.but I didn’t start like that.You know, I started my career, youknow, putting together performancemarketing reports for a bank.13 years later, I’m still learningthings that I don’t know about.the sort of high stakes world ofclient engagement and, and workingwith whales, I definitely know a lot.There’s always more to know.

I consider myself a student,but I’ve also earned the rightto have those conversations.

I’m talking to a CEO.a CMO, you know, a head of marketing.I know what they’re after.I know how to tell them whatthey need to succinctly.

And I know, the pitter patterthat goes with sort of highstakes client engagement.So, they’re the things that I know aboutwhales that I wanted to share today.but if you have listened tothis video, To this point.

I actually want to leave you with abonus, which is an unfair advantage forthose in the digital marketing realmin particular, which is the market veryconsistently over a long period of timeunderestimates how much digital can help.

With landing whales, whales do notunderstand concepts like, you know,digital sales sequences, segmentation,and, you’re, squeeze pages that areoptimized to go towards the top 5% oftheir customers, Things that you cando in the digital realm that, go aboveand beyond, in terms of delivering morevalue for the high net worth customers.

And there is a playbook for, forengaging these, customers in away that is high touch, but alsooptimized for digital so that youdon’t have to do everything yourself.I’m.

Constantly surprised by businessesthat go, Oh, it’s just Instagram ads.No, no, no.

There is so much more thatyou can do with digital.And if that’s piqued yourinterests, let’s have a chat.thanks for watching.

You can follow me on LinkedIn bysending a personalized request.I do not show how to do that on desktop.

You have to click connect and thenusually there’s a prompt that givesyou a personalized request on mobile.You’ve got to click yeah.

The button to get thepersonalized request either way.Don’t just send me a request.I get a lot of them.Right.And I’m kind of annoyed with the.Yeah, pitter-patter thatcomes with those anonymous.

Okay.So I don’t get it.LinkedIn’s weird that if you areinterested in getting some helpand, you are a B2B business, andyou want to the find more high valuecustomers and you’re engineered toservice them and, you know, have donethis in the past, I will help you.

I’m about to give my marketing a bit of aoverhaul, it’s been a bit spread, as I’veadapted my consultancy and, yeah, I wantto work with people that get it so, if youare an established business, let’s chat.

Thank you.

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