As marketers work to increase their overall ROI, they are faced with a huge challenge … staying fluent in the ever expanding number of ways they can connect with their audiences. I liken it to drinking out of a fire hose.
One of the ways marketers are improving their online ROI efforts is through behavioral targeting. Here’s a great video from The 60 Second Marketer that I use with clients to help them grasp more quickly what we are proposing to them. Enjoy.
If you had to guess the percentage of executives today who say they closely measure the ROI of their marketing efforts, what would your answer be? And would you expect that percentage to increase or decrease over the next three to five years?
I just finished reading a study of the top ten megatrends in B2B marketing from the Economist Intelligence Unit. Their findings report that 39% of executives today measure their efforts. That percentage is expected to grow to a staggering 89% in the next three to five years.
And it’s not just measuring the ROI of campaigns, but the ROI of the entire marketing function.
Everyone is under pressure to deliver. I find that some companies we talk with are feeling it, but are not fully committed to establishing the necessary metrics. They talk the talk, but don’t like the prospects of the walk itself.
The primary reason is that it drives accountability and leaves little room for avoiding the consequences of under delivery.
It’s time to embrace the idea that we should demand to know the marketing ROI of every effort. Thought leadership around this issue needs to evolve at many levels within organizations.
Those that get on board with the idea will be the ultimate winners. The rest will simply be left behind.
I get excited when I see what’s happening with the evolution of social media marketing. The biggest challenge remains how to monetize it and measure the marketing ROI. Procter & Gamble is taking a big step forward in that effort.
Brand Week reported that the Cincinnati-based giant is launching a campaign targeting You Tube fans asking them to submit videos giving their tag line ideas for the new Wintergreen Ice toothpaste.
It’s a brilliant example of the new age of advertising … where digital marketing and social media are allowing the consumer to drive the content as opposed to the advertisers.
And this will allow P&G to measure ROI on many levels. And that’s what excites me.
Think of ways you can apply this example to your business. What would you ask your customers to do?
Here’s a link to the Brand Week Article.
E-mail is the most widely used channel in all of direct marketing according to the Direct Marketing Association. Among its many benefits, e-mail is excellent for creating a personalized conversation with prospects and customers. And its proven that lift occurs when you can develop a one-on-one relationship.
However, there are influencing issues with e-mail that should be considered. Because of ISP spam and phising blocking efforts, a percentage of mail may not find it’s way to the intended reciepient, or some functionality like embedded video may not play.
I read a recent article on clickZ.com about the online ticket broker StubHub’s effort to minimize such incidences. They practice what we advise clients to do … maintain an on-going dialog with your customers. StubHub found that distribution of their monthly e-newsletter was being blocked by AOL about 25% of the time.
They decided to test an e-mail campaign (I love companies that understand the value of testing) a certified e-mail solution from Goodmail against their normal distribution technology. The results were dramatic.
Open rates lifted 26% and ticket order lift was 17%. According to the article, once it implemented certified e-mail more widely, StubHub also enjoyed a 36 percent increase in sales that could be directly attributed to its use of Certified e-mail.
Talk about boosting your marketing ROI!
Note: If you want to learn more about certified e-mail, here is a link that you may find helpful.
I have a peer group colleague who is the president of a dental insurance company. Over the last five years his company has experienced triple-digit growth. He attributes their success in large part to the high level of customer/member service they deliver to their participating dentists and insured individuals. He and his team developed a (more…)
Did you take note of Starbucks’ announcement to roll-out a nationwide discount program for morning patrons to get an afternoon iced drink at half-off? At the least you have to look at it as an interesting development for the marketer of a high value proposition.
“Discount” is a word used heavily by many. A quick Google search revealed you can find the word on 455 Million pages. Starbucks’ decision to use it as a traffic builder to boost lagging sales was described as, “hitting the nail on the head”, by Brad Stevens, the chain’s VP of customer relations. It remains to be seen if it has long-term impact on their customers’ value perception.
There’s an eternal discussion among marketers about the “slippery slope” of discounting. Arguments can be made often for introducing discounts as a temporary tactic to move the needle. The lasting effect of discounting can sometimes lead to erosion … not only in margin, but in the way a brand is perceived.
Starbucks made a significant investment in establishing themselves as destination, creating a certain set of “brand permissions” among their loyal consumers. My guess is you could ask a hundred people what they think of when you say Starbucks and not one of them would say discount.
What’s your opinion? Risky move, or smart reaction to a tough economy by a marketing superpower? Let me know what you think.
A recent study through the Pew Internet & American Life Project revealed that six out of 10 adults viewing video online prefer that those videos are produced professionally . If you are thinking about using online video to bolster your marketing efforts, this is something you’ll want to consider to ensure that you maximize your return on investment.
57% of online adults use the internet to watch or download video, according to the study. And of those, 19% report doing so daily. There is no doubt that marketers see this as a viable component of a multi-channel marketing platform.
eMarketer reports that 80% of all internet users will watch at least one video in 2008. If you’re counting, that’s 52% of all Americans, or 154 million people.
News-centered content is the most watched. Think about how you can leverage that preference to benefit your business-to-business efforts. Both customers and prospects are actively seeking reliable content sources. If you can become one of them, offering professionally produced online video that delivers timely information about your industry, products and services, your relevance to your targets is increased.
Are you ready for your close-up?
Are you as amazed as I am that so many companies make it difficult to do business with them. Cable and wireless companies … hello? And yet when you have an encounter with a company that makes the buying experience pleasant and productive, you have to wonder why everyone doesn’t see the light. I had such a experience yesterday. (more…)
