Episode Summary: The Marketing Millennials - Episode 316: 4 Pillars of a Known & Trusted Brand with Marcus Sheridan
Introduction
In Episode 316 of The Marketing Millennials podcast, host Daniel Murray engages in an enlightening conversation with Marcus Sheridan, co-founder of PriceGuide AI and author of the upcoming book Endless Customers. Marcus Sheridan is renowned for revolutionizing how businesses build trust and attract customers, notably through his influential work They Ask, You Answer. This episode delves into the evolving landscape of customer acquisition, the diminishing effectiveness of traditional SEO, and the four essential pillars for building a known and trusted brand in today’s AI-driven market.
Key Changes in Customer Discovery and Trust
Marcus Sheridan begins by addressing the significant shifts in how customers discover and trust brands. He cites a recent experience in Miami, where personal injury attorneys reported declining results from Google searches. Sheridan attributes this downturn to the disruptive impact of Artificial Intelligence (AI) on both traditional SEO and Google Ads. He emphasizes a growing distrust among consumers towards brands, necessitating a more robust effort to earn trust.
Notable Quote:
“We’re seeing a huge trend where more and more businesses are leaving their marketing agency. By 2023, that number was 55%.” [02:12]
The Role of AI and Its Impact on SEO
Sheridan explains that while SEO is not dead, its traditional models are becoming less effective. The dominance of sponsored ads, AI-generated answers, and related questions on Google’s results page has fragmented the visibility landscape. He warns against building entire business strategies solely around Google search, advocating instead for establishing a brand that is inherently trusted and recognized.
Notable Quote:
“Is Google Search dead today? No. Is it a dying model for success? Absolutely.” [05:06]
Four Pillars of Building a Known & Trusted Brand
Sheridan outlines four foundational pillars essential for cultivating a known and trusted brand, as detailed in his book Endless Customers. These pillars are designed to navigate the complexities of modern marketing and ensure sustainable customer acquisition.
1. Say What Others Aren’t Willing to Say
Overview:
Brands must be transparent and address topics that competitors avoid. This involves openly discussing pricing, potential drawbacks, and other critical information that customers seek.
Key Points:
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Transparency in Pricing: Sheridan highlights the importance of providing clear pricing information upfront. He shares an example where a SaaS company refused to disclose pricing, resulting in frustration and lost trust among potential customers.
Notable Quote:
“When people get on the buyer's journey... how much is it going to cost.” [12:49]
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Addressing the Big Five: Sheridan identifies five fundamental questions consumers have—cost, problems/negatives, comparisons, reviews, and best options—that businesses often neglect to address openly.
Notable Quote:
“Cost, problems, comparisons, reviews, best. That's the big five.” [12:56]
2. Show What Others Aren’t Willing to Show with Video
Overview:
Utilizing video to showcase aspects of the business that competitors typically keep hidden fosters deeper trust and engagement.
Key Points:
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Media Company Mindset: Businesses should adopt a media-centric approach, producing quality video content that highlights their processes, team, and genuine operations.
Notable Quote:
“Most organizations should have at least one full-time videographer.” [20:18]
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Product Review Videos: Creating honest review videos that discuss not only the strengths but also the limitations of products or services helps in building credibility.
Notable Quote:
“When you discuss who that service or product is not a good fit for, it makes it so much clearer.” [13:45]
3. Sell in a Way That Others Aren’t Willing to Sell
Overview:
Innovating the sales process to provide more control and self-service options to customers enhances trust and conversion rates.
Key Points:
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Self-Service Tools: Implementing tools like pricing estimators allows customers to obtain information without direct interaction with salespeople, aligning with the preference for seller-free experiences.
Notable Quote:
“When somebody adds a pricing estimator to their homepage... they get a 300% increase in leads.” [19:36]
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Choosing Salesperson: Allowing customers to select their preferred salesperson can significantly improve closing rates by giving them a sense of control and personalization.
Notable Quote:
“Whenever they can choose what salesperson they work with, they double the closing rates.” [19:36]
4. Be More Human Than Others in Your Space Are Willing to Be
Overview:
Humanizing the brand by showcasing the people behind it and fostering personal connections helps in building lasting trust.
Key Points:
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Personal Branding: Encouraging team members, especially leadership, to build their personal brands through active social media engagement and transparent communication.
Notable Quote:
“Each one of us... your team is very involved on social media, that they're putting themselves out there building their personal brands.” [22:17]
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Authentic Engagement: Displaying genuine interactions and the human side of the business distinguishes it from competitors who maintain a more detached persona.
Notable Quote:
“Show a face behind the brand... help control that conversation.” [22:17]
Measurement and Tracking Success in the New Landscape
Sheridan acknowledges the challenges in measuring the effectiveness of building a known and trusted brand in an AI-driven environment. Traditional metrics like clicks and conversions are becoming less indicative of success. He advocates for a broader approach to measurement, emphasizing brand building’s intangible benefits while still valuing measurable aspects like ROI from Google Ads.
Notable Quote:
“We have to get to a place where we are a little bit more comfortable saying, I know that this is building my brand, but I don't know exactly how much money this is making me.” [28:34]
Rapid Fire Section
The episode includes a rapid-fire segment where Sheridan shares concise insights on various marketing topics:
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Most Overrated Marketing Strategy:
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Answer: Traditional SEO.
Notable Quote:
“This one is a little Bit of a struggle for me, but I would probably say traditional SEO.” [35:41]
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Brand Crushing Trust Building:
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Answer: Liquid Death.
Notable Quote:
“Liquid Death continues to impress the living daylights out of me because they're mastered storytellers.” [36:05]
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Biggest Trust Killer in Marketing:
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Answer: When customers can’t find what they’re looking for online, especially pricing information.
Notable Quote:
“Number one trust killer is when they can't find what they're looking for online. The number one thing they're looking for online is information about pricing.” [37:25]
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Underrated Platform for Building Trust:
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Answer: LinkedIn for B2B.
Notable Quote:
“For B2B, I think LinkedIn is actually very underrated still...” [37:44]
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One Bold Move for Brands:
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Answer: Obsess over self-service tools like self-configurators and pricing estimators to give customers control.
Notable Quote:
“Create some type of self configurator tool where the person can build it themselves.” [38:14]
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Most Powerful Marketing Lesson:
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Answer: It’s dumb not to dumb it down; communicate in a way that resonates and is easily understood by the audience.
Notable Quote:
“Your goal as a marketer is not to sound smart. Your goal is communion with your audience.” [38:50]
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Marketing Hill:
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Answer: Standing firm that the core business is about trust, regardless of perceived differences.
Notable Quote:
“We're all in the same business, which is the business of trust.” [39:20]
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Conclusion
In this episode, Marcus Sheridan provides a comprehensive framework for modern marketers aiming to build trusted and recognizable brands amidst the challenges posed by AI and shifting consumer behaviors. By adhering to the four pillars—transparency, authentic video content, innovative selling methods, and human-centric engagement—businesses can navigate the evolving landscape and foster enduring customer relationships. Sheridan’s insights underscore the necessity of adaptability and creativity in marketing strategies to stay ahead in a competitive, trust-driven market.
Final Thoughts and Resources
Sheridan encourages listeners to visit EndlessCustomers.com for his book pre-orders and additional resources. He also invites connections on LinkedIn and provides his contact email for further engagement.
Notable Quote:
“Endlesscustomers.com you can pre order the book. It's out the second week of April...” [40:07]
For those seeking actionable strategies to transform their marketing approach and build a brand that stands the test of time, this episode offers invaluable guidance and practical examples from one of the industry's leading thinkers.
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