Killing Marketing: Dead on Arrival

I'm a fan of Joe Pulizzi, coauthor with Robert Rose of the new 260-page book Killing Marketing. 

So I wish I could recommend it.

I can't.

The big idea behind the book―that businesses can convert marketing from overhead into profit―is preposterous; not because it's so wrongheaded, but because it's so thoroughly unrealistic.

Were the idea not preposterous, you'd find more real-world examples than the handful the authors can cite (although I'm flattered they include mention of the magazine I launched for the Society of Fire Protection Engineers, Fire Protection Engineering.)

The "killing" in the title, by the way, is word-play. The authors want you to kill your marketing operation and replace it with a killer media company. (That, or the authors are targeting Bill O'Reilly's audience.)

Killing Marketing argues you can profitably sell the content that drives your marketing, like any media company does.

Sell your content? At a profit? Hell, most organizations can't give it away.

The book further argues you can transform your in-house marketers into crackerjack journalists and media moguls who can "monetize" your audiences.

Fat chance.

When it comes to marketing their products, most businesses indeed "throw good money after bad," as the authors say: they deploy tactics without an underlying strategy; invest in tactics that do not work; and drop successful tactics without forethought.

But to ask every business to "create and distribute non-product-related content" is like asking your auto mechanic to produce Cars, your barber to stage Hair, or your lawnmower to publish Better Homes & Gardens.

Ain't gonna happen.

Yes, LEGO profits from LEGO Club Magazine; Red Bull, from Red Bulletin; and the Society of Fire Protection Engineers, from Fire Protection Engineering. 

But could a single additional organization in those markets replicate that success? Probably not.

A logician would say the authors have written an entire book based on the fallacy known as the "argument from small numbers." Arguments from small numbers go like this:

After treatment with our new drug, one-third of the mice were cured, one-third died, and the third mouse escaped. So if we treat 1,000 mice, 333 will be cured.

The gist of Killing Marketing goes something like this:

Marketing-campaigns-turned-into-media-ventures by six organizations became profitable. So if you mimic them, yours can be profitable too.

With apologies to Hugh Fullerton: Saying it don't make it so, Joe.

2017: Year of Bunco

Never attempt to win by force what can be won by deception.

― Niccolò Machiavelli

2017―a year which will live in infamy―will be remembered as the year of bunco. 

The year in highlights:

• In December, the GOP-led Congress sells the public secretly-written tax reform based on its ability to lift the economy, when in fact the legislation will have no effect but to enrich already-rich donors. It promises as well to increase the federal deficit by at least $1.5 trillion within 10 years.
  
  
• In December, citing privacy concerns, the FCC revokes net neutrality, dooming the practice of free speech, social and political activism, and small-business success via the Internet. The action follows Congressional repeal in March of Obama-era Internet privacy protections.
  


• In November, despite extensive evidence, President Trump insists Russian meddling in the 2016 presidential election is a "hoax" perpetrated by his opponent's minions. Meanwhile, an increasingly revanchist Russia readies to invade NATO countries, without comment from the president.
  
  
• In October, four days after the mass shooting in Las Vegas, the NRA states, "Banning guns from law-abiding Americans based on the criminal act of a madman will do nothing to prevent future attacks." Although more than one mass shooting occurs daily, gun makers―via the NRA and its lickspittles in public office―maintain any effort to regulate guns would be fruitless.
  
  
• In August, 10 days after riots in Charlottesville, Trump blames his critics―including the vast majority of journalists―for rousing white supremacist hate groups, while claiming at the same time his critics "are trying to take away our history and heritage."
  
  
• In June, EPA head Scott Pruitt defends Trump's exit from the Paris Accord on grounds that it will create jobs. Asked whether Trump and he believe man-made climate change is real, Pruitt responds, "The president has indicated the climate is changing; it’s always changing. I’ve indicated the same.” The US now stands as the earth's only nation to reject the treaty.
  

The Gift of Spam

One never-ending thread throughout the posts on Goodly is the link between persuasion and clarity. So it's ironic when spammers leave comments that are less than persuasive.

Some are so odd they're worth collecting. Here are just six from the past six months:

Vivian wrote, "An ever increasing number of individuals are transforming their PCs and entomb association into an apparatus not only for simple entertainment and past time but rather as a money machine."

Puspendu wrote, "After reading this post only words came out from my mind that is 'wow.' This post has helps me to acquire some new knowledge. So thanks for sharing such a awesome post. Microwave black friday best power inverter."

Traci wrote, "The last implies that you may need to purchase another telephone and record the whole information once more. Additionally, there stay high odds of your own information being abused. Individual recordings and pictures if spilled can cause a great deal of damage."

William wrote, "A good number of home fire happen within the winter several months than all other year, when that cozy warmth to a fireplace was at its a good number of inviting. Not alone are fire a peril, space heaters can be used to heat rooms that require an special boost script proofreading."

Nancy wrote, "Having a wedding album revealed suggests that you'll decision yourself a published author; you'll not comply to it currently; however it conjointly suggests that you'll accretion the titles publicity commissioner and sales supervisor to the title of published author online paraphrase."

Baqi wrote, "Made from pork and cut to pieces and then marinated from mixtures of soy sauce, vinegar, citrus, bay leaf and some spices."

Now that sounds like Spam!

And with that, Happy Hanukkah. And have a Holly, Jolly Christmas.

Why are Events Attracting Publishers?

While events are no easy money, publishers are onto them like white on rice.

Digiday reports that Forbes, in a move "symptomatic of an industry in change," is shifting from magazine to event production, firing print people and hiring event ones.

"Forbes’ struggles aren’t unique, given the carnage that befell both traditional and digital media outlets in 2017," Digiday says.

What's behind the carnage?

A new study by Reuters suggests readers are done with digital content—there's too much of it, both good and bad—and that content shock is slaying the golden goose digital publishing represented 20 years ago.

Today's readers spend only eight minutes a day on publisher's content—and most (92%) are  unwilling to pay for it. That's made it nearly impossible for publishers, reliant on advertising income, to sustain profits—no matter their investments in cool platforms and reputable content.

"The content bubble will eventually burst unless more robust business models are found," says Rasmus Kleis Nielsen, coauthor of the study.

One "more robust business model" may in fact be events, where margins hover around 30%.

Events No Easy Money

Disneyland is a work of love. We didn't go into Disneyland
 just with the idea of making money. 

— Walt Disney

Publishers find events alluring.

According to Hubspot, 26% of B2C publishers and 42% of B2B publishers say they're today's fast-growth revenue stream.

And why not? The publishing business model and the events business model seem quite similar on the surface.

But any resemblance is deceiving.

“Events are not the golden goose publishers think they are,” one publisher recently told Lucinda Southern, reporter for Digiday. "Events work when it fits into the publisher’s key interest areas, passion points and depth of knowledge.”

"Publishers are not just competing with other events companies, but any content provider or brand that claims to have a route to consumers," Southern writes. "Making money from events often requires a dedicated team and a different set of skills when selling event sponsorship packages."

Among the pitfalls:

• Events have sizable sunk costs (venue rental, speaker fees, marketing expenditures, etc.) absent in publishing.
  
• Sponsorship sales are tougher than ad sales. Salespeople need to understand event operations and must close sponsorship sales faster, often with non-advertisers. There's also more difficulty proving prospects' ROI.
  
• Events aren't a "bright and shiny" channel. They look old-school next to the latest digital "solution."

“They say events are like a sausage, wonderful to eat, but you don’t want to get involved in what goes into them,” another publisher told Southern. 

“You have to love the complexities, the highs and lows, embrace that passion. Publishing companies that dabble will not succeed.”