I recently caught up with David Meerman Scott, who is one of my mentors and someone I have a lot of respect for. David is about to release the third edition of his mega bestseller The New Rules of Marketing and PR, which is in numerous languages and has sold a quarter million copies to date. David is a well known speaker and author of other books, including Real-Time Marketing & PR, World Wide Rave, and Marketing Lessons from the Grateful Dead, which he co-authored with Brian Halligan of Hubspot. You might learn a thing or two by reading David's blog or following him on Twitter.
David congratulations on a 3rd edition of your book. What inspired you to update it again?
Thank you Dan. The New Rules of Marketing and PR originally came out in 2007. At the time I was writing (in 2006) Twitter did not exist and Facebook was only for students. So when the original edition came out, I knew right away that there were things “missing.” I’ve updated the book twice since then and am humbled that the book has become an important resource for entrepreneurs, marketers, nonprofit executives, and even politicians, job seekers and rock bands. Previous editions spent six months on the BusinessWeek bestseller list and there are more than a quarter million copies in print in over 25 languages from Arabic to Vietnamese. But each time I update it, something new comes around so I’m now on an every two years cycle.
Something that has surprised me is hundreds of universities around the world that use the book as a required text in marketing, PR, communications, and MBA classes. University professors need fresh material, so that’s why this version, the third edition, is coming out in early September – just in time for the start of the USA academic year.
The new third edition has a new chapter on Real-Time Marketing & PR (a passion of mine) and also a new chapter on mobile marketing. When the second edition came out a little less than two years ago, Foursquare and other GPS-enabled mobile sharing apps were just coming on line and I did not talk about them. Now they are mainstream so I am including a lot in the mobile chapter about how to market with these tools.
Incidentally, Google Plus (G+) came out in July, after the third edition was already at the printer. So I already have the first revision for a Fourth Edition ready!
In your latest blog post, you mention that companies should hire "bond traders." Can you explain that?
I think the most important trend for marketers today is the idea of real-time. Real-time means news breaks over minutes, not days. It means ideas percolate, then suddenly and unpredictably go viral to a global audience. It's when companies develop (or refine) products or services instantly, based on feedback from customers or events in the marketplace. And it's when businesses see an opportunity and are the first to act on it. However, too many companies leave themselves fatally exposed by flying blind through this new media environment.
Now, as I talk about these ideas to executives, they ask: "How do I get started with real-time marketing?" CMOs like the idea of real-time engagement, reacting instantly to what's happening in the market, following up on opportunities in seconds, and inserting their company into stories being reported by mainstream media but they are confused about what to do because they recognize that the people who work for them are skilled at long-term campaign creation but lack skills of instant engagement.
That’s why I tell them to hire a bond trader in the marketing department. My radical idea is that marketing departments need someone who lives and breathes real-time. What better person than a bond trader?
Here are some of the qualifications for bond trading: Strong analytical and quantitative skills; assertive and entrepreneurial nature; ability to learn, think, and react quickly; keen attention to detail; strong familiarity with business computer applications; high stamina levels and a hunger for learning; confident, poised, energetic, and willing to make personal sacrifices.
These are not typically the skills hired for in marketing departments! For example, I never see "strong analytical and quantitative skills" or "ability to learn, think, and react quickly" in marketing job descriptions.
Most companies know that social media is important now. Based on your lectures and research, what new challenges are they having?
The biggest barrier these days is fear.
Many company executives and public relations people trace their worries about the new rules of marketing & PR to their belief that "people will say bad things about our company" via social media.
This fear leads them to ignore blogs and online forums and to prohibit employees from participating in social media. In every discussion that I've had with employees who freely participate in social media, I've confirmed that this fear is significantly overblown. Let me repeat - everyone who has experience tells me this fear is overblown.
Sure, an occasional person might vent frustrations online, and now and then a dissatisfied customer might complain (unless you're in the airline industry and then it might be more than a few).
But the benefit of this kind of communication is that you can monitor in real-time what's being said and then respond appropriately. Employees, customers, and other stakeholders are talking about your organization offline anyway, so unless you are participating online, you’ll never know what’s being said at all.
The beauty of the Web is that you benefit from instant access to conversations you could never participate in before. And frequently you can turn around impressions by commenting on a "negative" post.
You have a brand new chapter on mobile marketing. Why is it important and what three pieces of advice do you have on it?
You can engage desktop-computer users when they're at their desks. Sometimes you can engage notebook users at Starbucks. But only when users go mobile can you engage all of the people in real time all of the time. That's why mobile devices are the fastest-growing and most fascinating field in real-time market engagement.
The Pew Research Center’s Internet & American Life Project found that mobiles are important tools of real-time data for Americans. Half of all adult cell owners (51%) had used their phone at least once in the past month to get information they needed right away. One quarter (27%) said that they experienced a situation in the previous month in which they had trouble doing something because they did not have their phone at hand.
Marketers need to understand the ramifications of people being constantly plugged in and looking for information on the go.
Where do you see the publishing word going in the future, especially after the demise of Borders?
I like to look at the parallels with the music industry. For decades we had physical media (records, tapes, CDs). But then electronic music became the norm and people turned to services like iTunes to buy downloads and services like Spotify to lease music. The fastest growing segments of the music business are electronic. At the same time, vinyl record sales are growing because some people like the beauty of the physical record in their collection.
I see the same patterns with book-length text content. Ebooks are the fastest growing sector. Each time I get a royalty report from my publisher, the percentage of electronic sales is larger than the previous period. So having books appear on the Kindle, Nook, Apple ebook and other platforms is essential. That being said, print books are not going away. Many people prefer print and don’t forget the large pass-along value of a physical book.
Dan Schawbel, recognized as a “personal branding guru” by The New York Times, is the Managing Partner of Millennial Branding, LLC, a full-service personal branding agency. Dan is the author of Me 2.0: 4 Steps to Building Your Future, the founder of the Personal Branding Blog, and publisher of Personal Branding Magazine. He has worked with companies such as Google, Time Warner, Symantec, IBM, EMC, and CitiGroup.
