OK, I’ve had it. In almost every conversation I have these days, someone has to do the “woe is us” speech. Instead of “woe”, I say, WHOA.
Let’s stop talking right now about what’s wrong and focus on what we can do that’s not only right, but likely profitable.
There has never been a better time for companies to commit to building market share through intelligence-driven marketing. Taking the time to understand customers and prospects will yield sustainable growth. But, it requires action.
Engage your customers and your prospects in a digital dialogue. Invite them to share their perspective and then tailor your message to their needs. Create a “drip” stream of communications that highlight your solutions, approach or products that will enhance their efforts.
Develop a bond based on shared knowledge and commitment to delivering exceptional value. Even if they aren’t buying now, they will again sometime. And, it might as well be from you.
If you don’t have a segmented database with full customer profiles you can still engage your marketplace. There are plenty of tools available to create a robust digital dialogue. Better yet, find a marketing group eager to help you build share through on-target, systematic communication.
For every minute I hear someone focused on what’s wrong, I’m going to spend five working as hard as I can to be a valued resource and boost marketing ROI for our business partners.
Here are three really quick reads that you may find interesting. Let me know what you takeaway from them.
Three Of Five Adults Shop Online
A new report from The Media Audit indicates that three in five adults shop online at least once a year, while one in five shop at least once a month.
Online Reviews Second Only To Word Of Mouth In Purchasing Decisions
New data from Rubicon Consulting demonstrates the importance of online product reviews and word of mouth when deciding on what to purchase.
Most Fortune 500 Companies Have Low Internet Visibility
A new report from “Conductor,” a New York based search agency indicates that most of America’s biggest corporations have limited Internet visibility, as indicated when doing a natural search, using the keyword phrases most commonly associated with their services or products.
What did you learn from those three quick reads? Here’s my takeaway:
1. Even if you’re not selling a product online, you can build a list of interested prospects by offering to give them something for free in exchange for their information. For example, you could offer a “free report” on some aspect of your industry.
2. Ask your customer to comment on your service or product. Testimonials work!
3. If you’re a smaller company, use your size to your advantage. Claim your Internet space and slay the giant.
The opportunity to boost ROI is all around us. We just need to pay attention and act. Let me hear from you.
I read an article on the “B to B” site today announcing top trends for 2009 that included customer engagement and segmentation. Social media was also in the top three.
While I applaud marketers for recognizing the importance of both, it’s not new to me. As a direct marketer, intelligence-driven decisions are part of my DNA.
Read the entire article … it’s worth the read. Here’s a quote from Eduardo Conrado, corporate VP-global marketing and communications at Motorola Corporation. ““We will be increasing interactive, coupled with strong analytics for database marketing and better segmentation.”
It’s a good reminder that if you’re not invested in a data-driven marketing strategy, now’s the time to do so.
Your marketing ROI is dependent upon completely understanding your target and then leveraging that knowledge through imagination to produce results.
In his new book, Tribes. We Need You to Lead Us, Seth Godin makes the point that traditional barriers to leading a movement … a market … a “tribe” have been erased because of the Internet. Geography, cost, time are all non-factors because of the Internet’s capacity to connect us with a few or vast amount of people who have a similar passion, point of view or just something in common.
When I boarded a flight late last week the last thing I thought I would do upon arrival was get a flu shot. But that’s what happened. As I walked down the concourse on the way to baggage claim there was a large banner that read, “Flu Shots.”
I missed an opportunity earlier in the week to get the shot, so the timing and accessibility was ideal. It caused me to think that this was an excellent example of engaging the target on their terms. How many times do we need to be reminded that our marketing ROI will increase if we take the time to think creatively and provide opportunity for prospects and customers to interact with our brand outside of traditional settings.
The “surprise” element is important. Where’s the last place you would expect to get a flu shot? Think about how you could surprise your targets and have them encounter your brand where they least expect it.
I ran across an interesting article in Internet Retailer that highlighted how traditional retailers are using online video to boost ROI in their stores. They cited Wet Seal, a clothing chain that targets young female shoppers.
They used YouTube to post a video about a new contest and then asked young women to make their own videos, post them back to YouTube for the chance to win a back-to-school fashion makeover. Here’s the video they posted.
The article pointed out that the contest is a good example of how a retailer can leverage online videos, social networks and community sections of their web sites—combining the volume of traffic on a site like YouTube with the strength of a retailer’s own brand and customer base on its own web site.
Here’s the number I love … Wet Seal reported that the video traffic has helped them encourage visitors to generate more than 100,000 custom outfits on WetSeal.com since the retailer launched its Boutique and Runway outfit-creating sections in April. Visitors to these sections convert to buyers at TWICE the rate of shoppers who don’t visit them.
A little creative thinking about how to leverage a combination of delivery channels can go a long way toward driving better ROI. And it strengthens the connection between the brand and the customer.
I went to a prospective client meeting yesterday to discuss opportunities for growing their membership base. One of my first questions was to ask about their data capture strategy. Not surprisingly, Read the rest of this entry »
I participate in monthly peer group with other St. Louis area company presidents. During our meeting on Tuesday we spent a lot of time talking about the financial crisis and the proposed $700 billion bailout proposal. It occurred to me, as I listened and commented, that there was a marketing lesson in all of this. Read the rest of this entry »
I just returned from a client meeting where we presented the findings of a customer analysis. If you read this blog you know that I’m a HUGE advocate for uncovering the hidden gems in transactional and operational data, and then transforming that information into actionable marketing strategies and tactics to increase marketing ROI. We uncovered plenty of growth opportunity and that always excites me.
But, as we were presenting the findings I was having a parallel conversation with myself. I’m sure that sounds strange, but let me explain. Like the graphic below, I had all of this information flying around inside me head, and I wanted to ensure that the information we presented was supported by the overall knowledge we have of our client’s business … that I was being clear about how to put the findings into meaningful actions. It’s always the subtext to the data that is the difference between good looking charts, graphs and percentages, and the effective use of the information.
It’s the human element. As marketers, we have a responsibility to understand our markets …get into the dirt and rummage around to really understand what’s important and what’s not. And then combine that understanding with tools like data analysis to make sure we’re squeezing out every bit of marketing ROI possible.
When we completed the presentation our client was energized by both the findings and translating opportunities. It says we were successful in bringing the human element of understanding to their challenges and objectives.
At that point, the parallel conversation ended and we agreed on next steps.
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?
