TripAction's Meagen Eisenberg on team alignment & prioritization
Feb 9 2021
Las Vegas is what your amygdala would create if it had dictatorial control over the world.
It’s literally designed to give you a thrill while losing money. Casinos pump in oxygen and keep the place cool while funneling you free drinks to impair your judgment. They don’t have windows or clocks so you don’t even realize how much time you’ve spent playing the slots. And there are endless types of games, entertainment, and pretty lights to keep the excitement going because they want you to think that this bet—this next bet right here—this may just be the one to put you over the top.
What’s funny though—if you know what you’re doing, you can make money in Vegas. You can pick the right games that rely on skill or give you better odds. You can avoid the wrong ones too, of course. You can practice poker and then find the tables of tourists that are fresh off the plane who are easy targets. And if you place the right bets and avoid the wrong ones, you ultimately win.
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Marketing in B2B SaaS isn’t all that different. You’re constantly making bets on each email send, blog post, marketing campaign, demand gen strategy, and the like. When you find something that works you double down with everything you got. If something isn’t working, you need to cut your losses as soon as possible. Over time you develop an instinct and when you combine that with data, you become unstoppable. One of these unstoppable marketers is Meagen Eisenberg.
Throughout her illustrious career, Meagen has continually learned what it takes to place the right marketing bets and how to avoid the wrong ones. She’s run marketing at companies like DocuSign, MongoDB, and is now the CMO of TripActions. So, take a seat and let’s learn from one of the best.
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Here we summarize the main takeaways for you to implement or hand off to your team for implementation.
What is SWOT Analysis?
SWOT (strengths, weaknesses, opportunities, threats) analysis is a framework or technique that utilizes real data to evaluate the comprehensive performance, risks, competition, and future of your company or division of your company, to then help you develop a strategy or guide to improve and scale.
Why is it important?
SWOT analysis is valuable because its structure helps to not only assess what’s working and what’s not, but also to capture opportunities and solutions, as well as problems, you otherwise may have been unaware of, or simply missed—all based on concrete data. Additionally, it gives your team the opportunity to provide valuable feedback and input based on their experience.
Furthermore, this technique exposes the necessary information to stay ahead of the game and continue evolving your business through better decisions and the continual improvement of strategies.
Schedule a time to discuss your current company or department assessment strategies, as well as the SWOT analysis technique with your exec team.
Determine which department you think would benefit from trying and implementing the SWOT analysis technique.
What to do next quarter:
During your next quarterly meeting, implement the SWOT analysis technique as the central way to conduct your quarterly review of campaigns, products, initiatives, etc. Below are the four components to assess and some quick tips on how to get started.
Strengths Depending on what it is that you’re evaluating or reviewing, determine what you do really well, and the best way to capitalize on that. Discuss what sets you apart from your competition—do you have a strong product, a loyal customer base, great content engagement, etc. Determine how to best utilize those results.
Weaknesses Figure out the things that are performing low or hindering other areas from performing well. These could also be holes or tools you’re not utilizing or implementing as part of a certain strategy. It could be poor copy, design, lack of resources, etc.
Opportunities Determine what new opportunities have emerged, or if certain outcomes created new opportunities. For example, maybe a marketing initiative brought in a niche group of customers—that’s an opportunity to expand around that niche, a niche you may have otherwise not even considered.
Threats Depending on your organization these will vary, but they're typically things that can harm your organization and initiatives. They could be anything from new technology, a new competitor or disruptor, increasing costs, or even (as we experienced) a pandemic shifting the way customers buy and use your product or service.
What to do within the next year:
Utilize the output from your SWOT analysis to prioritize your initiatives and improve and create strategies that are aligned and actively helping you reach your objectives. Begin implementing this type of analysis within the rest of your departments. Depending on your company structure this could serve as your primary initiative assessment framework, whether it's monthly or quarterly.
Who should own this?
Executives and leaders would highly benefit from implementing the SWOT analysis technique to effectively measure the success or failure of your company and department initiatives, helping you prioritize adequately and with the proper strategies to continue scaling.
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Coming up next week
Next week, we've got Mark Roberge schooling us on the science of scaling.
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By Patrick Campbell
Founder & CEO of ProfitWell, the software for helping subscription companies with their monetization and retention strategies, as well as providing free turnkey subscription financial metrics for over 20,000 companies. Prior to ProfitWell Patrick led Strategic Initiatives for Boston-based Gemvara and was an Economist at Google and the US Intelligence community.