On episode 90, we talked about how complexity is the enemy of revenue and how to shave the marketing dog down. Now let's talk about what we do once we shaved the dog down. We talk about the powerful marketing execution concept called the multiplier effect. The concept means taking our precious marketing dollars and getting maximum impact for them.
“Imagine you're going to make a $10,000 investment in some kind of marketing initiative. The question is how do you make it feel like a hundred or a hundred thousand dollar investment? How do you make it feel like a million or a million? How do you make it feel like 10?” - Christopher Lochhead
Disconnect in Departments
Once you “shaved the marketing dog down,” you’ll be down to a fewer number of marketing executions. However, there is also a downside to this cut-down. Companies often find a disconnect between the different departments. Christopher addresses this disconnect in this episode.
“Legendary marketing makes people feel like the company or the brand is a person. Everything from that person is authentic to them. That is to say, it's, it's rooted in a true North and all of their actions are deeply coordinated and effective.” - Christopher Lochhead
Have A Few, Clear Target/s
Christopher advises marketers to have a few, clear targets to have a more effective marketing campaign. After this, he encourages marketers to have the multiplier effect mindset.
“So here's how the mindset works. Every execution must multiply the value of every other execution. After you shaved the dog, it's critical to pick an anchor execution for your campaign or your lightning strike.” - Christopher Lochhead
CMOs Should Tie Everything Together
The CMOs job is to tie it all together. Christopher advises CMOs their duties and what are the interesting questions to ask when looking at a particular marketing execution.
“How does this tie? That is to say, how does this execution multiply the value of the anchor execution? How does this tie and remember, just to underscore it, there can only be one anchor.” - Christopher Lochhead
To know more about the marketing multiplier effect, download and listen to this episode.
Bio:
Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.
He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.
Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.
In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.
He also co-founded the marketing consulting firm LOCHHEAD; was the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.
We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram, and subscribe on Apple Podcast! You may also subscribe to his newsletter, The Difference, for some amazing content.
