Marketing Entity Content Effectively

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1 Marketing 101 Marketing Entity Content Effectively Thursday, November 13, :00 PM Eastern Sponsored by the ABA Board of Governors The Standing Committee on CLE and The Standing Committee on Publishing Oversight

2 Marketing 101 Content Convergence Corinne Cooper Principal, Professional Presence

3 Why Content Convergence? Lawyers find and use content very differently than we used to: We expect up-to-the-minute information. It must be easy to find. We want it in the format we prefer. All the information your entity creates is content, regardless of the format. Stop thinking first of format: books or CLE Instead, create and deliver the content that your market needs in the format that it wants.

4 Quiz: Do you regularly delete marketing s from the ABA without reading them? Do you regularly delete marketing s from other legal information companies without reading them? How do you tell the difference between valuable information and spam? If you can t, you re losing valuable information that could help your practice right along with the spam

5 What is Content Convergence? The ABA is moving to a model of content that doesn t focus as much on the format: Book Webinar Article This program is the first of a year-long initiative called Content Convergence Objective: To offer all content-producing entities a more businesslike and effective model for managing and marketing content

6 Content Convergence Requires You To: Learn what information your audience needs Decide strategically the right format(s) to deliver that content Create quality products that meet those needs Market the products to the audience segment that wants and needs them Right-size and right price the products you create Manage both content and marketing over the lifecycle of the content

7 How is content convergence different? 1. Begin product development by focusing on your market s needs, and find strategies to reach it. 2. Remember that the same content can be delivered in a variety of formats and sizes. 3. Manage and market content strategically: Within entities Across entities Working with other entities to develop better and more useful content Working with other entities to cross-market content.

8 Goals of Content Convergence Our 8 Goals for Content Convergence: 1.Learn and meet our audience s needs 2.Incubate content creation 3.Innovate content production 4.Manage content strategically along the lifecycle 5.Grow entity revenues 6.Reduce expenses 7.Market strategically to an interested audience 8.Strengthen the ABA brand.

9 Marketing 101 Strategic Marketing Sonali Oberg Director, ABA Product Marketing

10 Strategic Pricing The customer s perception of a product s value is central to the success of its pricing The customer perception of value can vary widely, depending on the market segment being targeted. To loyal customers, price is no longer the dominant factor in making a purchase. Products need to solve a customer problem, solutions to a problem allow for pricing NOT to drive customer purchase decisions.

11 Competitive Pricing In any given market, the action of competitors influences the behavior of customers Many companies take a cost-based approach to pricing: Top 3 reasons: 1. Cost-plus prices are easy to compute 2. Cost-plus pricing can minimize competitive effects 3. Customers perceive cost-plus pricing to be fair

12 Competitive Analysis

13 What is the Goal of Strategic Pricing? Maximizing Revenue Determine the costs to create the product and assign a mark-up rate for that group of products Member Benefit Determine the costs to create the product and assign a loss rate for that group of products Building Customer Base (ABA Publishing model) Determine the costs to create a product and assign a reasonable profit to it. The customer s perception of fairness is important and pricing needs to be transparent. This is a framework for having a strategic understanding of the WHY of pricing.

14 Sample Business Case

15 Business Case Analysis Business Cases in some format will be required for ALL products created in Business Services Business Cases will analyze: Cost: production, marketing, conversion Market Segment: how many units will be sold in 3 year period Break-even analysis

16 Behavior of Customers Customers are subject to both real-world constraints and to biases and other psychological factors when they make buying decisions: Motivation: the customer is able to evaluate choices and make purchase decisions quickly Knowledge: customers who have expertise about the product before they purchase Reference: customers generally have a reference price in their mind that they use as a basis for comparison Consumers (customers) remember the lowest price/highest price they have paid for something and this becomes the reference point.

17 Sample Pricing Examples

18 Sample Pricing Examples

19 Sample Pricing Examples

20 Market Segmentation Know your audience! Who is purchasing your product? Where is your product being sold? Survey your audience Microsegmentation is the best way to determine your target audience Lawyer Solo practitioner Boutique practice Large Law firm Law Student 1 st year Pre-law Consumer Market condition Lifestyle situation

21 Market Segmentation Practice Area Experts (YOU) Subject matter expertise is within the entities Marketing Collaboration Partner with the ABA marketing staff Marketing Questionnaire Author Proposal Form

22 ABA Data Over 1.2 MM member & nonmember records in our database Less than 40% of that universe has a marketable address available List rentals and/or acquisition can be centralized and coordinated through Rick Vangundy, Director, Database Rental & Operations (Membership & Marketing Division)

23 Sales Channel Segmentation Marketing plan will include outreach beyond ABA affiliates NBN (Distributor): the second largest book distributor in the country; West Legal Education, ALM: ABA CLE content distributors. Discounts to state bars and other educational providers: offers discounts to other organizations that are interested in purchasing bulk quantities of books for use in CLE or other educational programs. Law Library Collection: a subscription program where subscribers choose one of 3 discount levels on ABA Books and CLE products. Subscribers include law schools, law firms, and municipal libraries. ABA Value Pass: yearly access to ABA CLE programs for one low price.

24 Marketing 101 Keeping and Building Your Market Ruth Hill Bro Chair, ABA Standing Committee on Technology and Information Systems Chair, SciTech s Membership and Diversity Committee

25 The Problem We live in a digital and information-driven world Instantaneous and low-cost communication is a double-edged sword With great power comes great responsibility. Common marketing philosophy: somewhere over the rainbow (if we send enough ) bluebirds will fly, and the dreams we dare to dream really will come true Instead, we get lions, tigers, and bears.

26 Webstore Is Personify the Solution? Enhanced design/search Consolidated shopping cart One-click ordering Preferred pricing on content subscription New reporting features Back office features: everything s a product Reporting features Some new data fields (member engagement score)

27 Personify Is Not a Panacea Personify won t solve the (spam) problem Personify won t change who we are or how we communicate Personify won t solve all membership and NDR issues Personify won t cure cancer or give us world peace Personify doesn t have a mind of its own: what it does is driven by business decisions of its users Personify is not the great and powerful Oz.

28 How to Handle the Tornado of ABA Like Dorothy in the Wizard of Oz, we already have the power to solve the problem Unlike Dorothy, we don t need to discover it on our own: More strategic communications and choices by the sender Better expression of preferences by the recipient (ABA Preference Center).

29 Ruby Slippers = Preference Center Access myaba (top right) at and log in. Select Communications in the top left menu and then select Communications Preferences. Scroll down to My Preferences, and click 3 times: 1 Customize my ABA communications 2 Receive from my Sections, Divisions & Forums 3 Reduce frequency of Hit the gold Save button (your yellow brick road), say there s no place like my home Section, and you re on your way to get the you want.

30 Strategic Marketing: The Yellow Brick Road Must move away from The ABA is always trying to sell me something (Wicked Witch of the West) Must move to The ABA always has my back (Glinda, the Good Witch of the North) Talking to a friend: careful, personalized, and thoughtful marketing Strategic coverage Bundling products across entities, product lines Coupon w/purchase for similar products Marketing in non-marketing entity messages

31 Strategic Marketing: The Yellow Brick Road Strategic follow-up after the product is sold: what else might your friend need? Lessons learned from the Wizard of Oz: Do not be a victim of disorganized thinking. Have the brain, the heart, and the nerve to do strategic marketing. You re capable of more than you know. Whenever you market, ask this question: are you a good witch or a bad witch? (and remember what happens to bad witches in the story )

32 Marketing 101 Social Media Cynthia Sharp

33 Overview - Social Media as a Marketing Tool Instrument of communication Virtual communities Strategic & persistent Enhances traditional media

34 Effective Content Marketing Content is fire. Social Media is gasoline. - Jay Baer Develop the right content Push to the right people Get them to respond Incentivize with special offers Engage/Go Viral!

35 Engage the Team Identify Social Media Marketing Team EVERYONE plays a role ABA Staff Members Content Producers (Authors, Speakers)

36 Policy Focus Attorney Ethical Considerations Draw the Line: Posting on behalf of self or ABA? Know the Rules/Teach the Rules Policies Governing All Communications ABA Social Media Policy ABA Business Conduct Standards Appropriate use of ABA & entity logos ABA ownership & administration of every profile

37 Recommended Resources ABA Interactive Guide to Social Media: es/scocle/social-media.html ABA Books - One Hour for Lawyers series: Blogging, Linked In, Facebook and Twitter Michael Hyatt: Platform

38 Marketing 101 Thank You

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