Not only did we lose a quality human being on Friday, we lost what was undoubtedly a one-man brand.
I cannot name any other media person who single-handedly created a brand for themselves by the way they went about a multitude of tasks and responsibilities. Mr. Russert’s brand promise to all of us was: “I will always be tough, fair and describe a landscape with a common man’s view.” It takes great intellect to deliver on that promise, but he did it in a way that resonated with a wide audience.
It’s always been a solid strategy to take a process or service and give it a name or identity … brand it. It implies value to the customer. In US Air’s announcement yesterday that they were introducing new “fee” initiatives to help off-set dramatically rising fuel costs, they managed to do the reverse.
If you understand that customers need different things at different times for different reasons, you have a good chance of realizing greater value from that customer. But that’s only half the battle. The other challenge is to recognize and acknowledge where they are within a lifetime cycle and then communicate with them appropriately.
McDonalds, other national fast food/casual dining chains, and supermarkets acted swiftly on the news that roma and red round tomatoes tainted with salmonella had entered the food chain. This kind of response strengthens the loyalty between brands and their customers.
I’m a proponent of direct marketing. In fact, I think everyone should be a direct marketer. And in this current economic cycle what better time than now to be vigilant about measuring the effectiveness of every marketing dollar?
I had occasion recently to recommend an appliance store to a friend in need of a new refrigerator. She told me she had been shopping at all the traditional “big box” stores and lamenting that she felt like her questions were never answered adequately or that the salesperson even knew enough to provide an informed answer. She was also “miffed” by their take it or leave attitudes and pressure to buy the “extended” warranty.
Most companies are sitting on a gold mine. It’s their operational/transactional data. And yet most have not taken the steps necessary to leverage it to their benefit.
We recently completed a project for a customer that uncovered $110 Million in annual incremental revenue opportunity because we were able to convert their operational data into a 360 view of their customer base. By appending other data to their transactional data we developed a complete customer profile and predictive models of others who would be most likely to respond to their product offerings.
I am amazed when I find companies that do not have a formal lead reengagement process in place. Without one, money is left on the table … always. Does this sound too familiar? Don’t worry. Putting a process into action is easier than you think.
Don’t make the mistake many marketers make. Don’t allow your efforts to be undermined by SOS. Shiny Object Syndrome. You know, total focus on today’s leads and lose track of yesterday’s.
Nothing can drive up CPC like un-nurtured leads. Sure, we all want conversion and we want it now. But, not having a lead nurturing process in place is equivalent to spending all your time with the new baby and forgetting the rest of the children. You want them all to grow up, don’t you?
