4 Steps to Marketing Transformation: How Phillips 66® Embraced Engagement Marketing
Anyone who has driven through the great plains of Texas has seen the hundreds of acres filled with humming oil drills, extracting the black gold buried deep in the ground. Spending my college years in the great state of Texas, I watched as my classmates entered the booming energy industry upon graduation to focus on engineering innovation, exploration, streamlining operations and expanding renewables.
As digital media technologies transform global business, energy – by and large – lags behind, stuck in a “trade shows and hand-shakes” ethos that has ruled the industry for decades. But the marketing leaders at Phillips 66® Lubricants realized early on that buyer behavior was changing, and acknowledged the need for a strong digital marketing and communication strategy. They invested in a digital media strategy but realized that driving leads to their website was not enough if those leads didn’t make their way to sales.
“It quickly became clear that we needed to nurture prospects and guide them to a broader spectrum of information,” says Bill Brown, Director of Marketing for the Industrial Segment. “What could new lubricant technologies do for them? What were some best practices for putting them into use in their businesses? Why should they transition from one product to another? And so forth. We needed to engage in dialog with these prospects.”
So Phillips 66®’s marketing leaders embarked on the journey to adopt an engagement marketing philosophy and platform. To help their organization embrace change and modernize their marketing, Phillips 66® followed the four pillars of change management outlined below. As a modern marketer, these pillars can also apply to your own organization.
Pillar 1: Marketing Strategy
Is your marketing ready for change? This is a key question when looking to implement a new technology solution or embrace a new philosophy. Evaluate your marketing organization’s marketing maturity and practices, which will help you build a strategic and tactical roadmap for change.
Pillar 2: Cross-Functional Alignment
Are your sales and marketing teams using the same terms to define their processes? Are they even speaking to one another? Align your sales and marketing so that both teams work towards a unified goal. When your teams agree and are aligned on terms and lifecycle stages, you’ll have a foundation for a comprehensive set of revenue metrics. Cross-functional alignment is critical for marketing transformation.
Pillar 3: Measuring and Reporting
What are the key reporting metrics that will help you measure your future success? Identify those metrics to build your business case. Present your competitive and investment analyses to your leadership team. Once you have measurement goals in place you can benchmark where you are before the change and compare that to where you are after.
Pillar 4: Systems and Technology
What effect does your technology stack have on your marketing automation strategy? Look for a solution that matches your short and long term goals and will help turn your marketing into a revenue-generating sales partner. You need the right systems and technology in place to succeed.
As for Phillips 66®, Bill Bill Brown says, “We learn something new every day, but it’s clear to me that this is what the future looks like for marketing lubricants in the digital frontier.”
Technology-driven marketing organizations can successfully harness the power of digital strategies to drive more leads, stronger relationships, and even greater revenue gains, even if they need to lead a change management process to get there.
Want to learn more? Download The Energy Industry: Sales and Marketing in a Time of Digital Transformation. And remember, Don’t mess with Texas 🙂