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Good ROI On Your Reading Time …Three Quick Reads.

By Craig Barnes on Monday, December 1st, 2008 | 2 Comments

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.

Customer Engagement and Segmentation Top Trends for 2009.

By Craig Barnes on Wednesday, November 12th, 2008 | 5 Comments

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.

That’s not a trend. It’s a fact.

Online Video Boosting ROI for Brick and Mortar Retailers.

By Craig Barnes on Thursday, October 2nd, 2008 | 3 Comments

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.

How could you apply this to your enterprise?

Inventory Data Capture Strategies And Increase ROI Potential.

By Craig Barnes on Tuesday, September 30th, 2008 | No Comments

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 »

ROI Vs. Profit. What’s More Important? It Depends.

By Craig Barnes on Wednesday, September 17th, 2008 | No Comments

I came across this short video that offers some perspective on why we need to think about ROI and profit. And while it’s important to focus on ROI, sometimes just driving the highest ROI number does not translate into profitability. The guy in this video looks a little scary, but the illustration he uses gets the point across very well.

Don’t Forget That There Are Humans Behind That Data.

By Craig Barnes on Wednesday, September 10th, 2008 | No Comments

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.

What’s Your Process To Boost Your Marketing ROI?

By Craig Barnes on Monday, September 8th, 2008 | 2 Comments

Do you have a process in place to boost your marketing ROI?  Without one, you are likely to spend time and resources inefficiently.

I believe the first step in the process is to leverage market intelligence. Without it, Read the rest of this entry »

Obama Offering Lesson In Data Gathering and How To Leverage It.

By Craig Barnes on Tuesday, September 2nd, 2008 | 1 Comment

This is not a partisan post, but rather an observation on what we can learn about gathering data and then leveraging it to produce maximum ROI. The Obama campaign recognizes the power of data, and uses it  to build their brand, involve supporters in a dynamic experience and create a highly intelligence-based approach to understanding their supporters.

Here is the first page that comes up when you go to Obama’s Web site.  Pretty simple, yet a well crafted data-collection tool.  It’s a good illustration of how to develop an personal conversation with your target.

barackobama.com

There was an informative article on cnn.com today from Leslie Sanchez entitled, “Obama’s high-tech edge in presidential politics.” A self-identifed Republican, Sanchez was director of the Bush White House Initiative on Hispanic Education from 2001 to 2003 and is the author of “Los Republicanos: Why Hispanics and Republicans Need Each Other.” She is not a paid consultant to any current candidate. Sanchez is CEO of the Impacto Group, which specializes in market research about women and Hispanics for its corporate and nonprofit clients.  It’s a good read and offers further insight into how the Obama campaign is taking data and using it in ways here-to-fore not used in political campaigning.

As marketers search for strategies to improve their overall ROI, I think there’s a lesson to be learned here.  Take a few minutes and see if you can identify all of the opportunities the Obama campaign gives visitors to share information … just like the hidden pictures in Highlight’s Magazine. That dates me.

The ROI Obsession.

By Craig Barnes on Tuesday, August 19th, 2008 | 1 Comment

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.

Asking Customers To Be Creative.

By Craig Barnes on Thursday, August 14th, 2008 | No Comments

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.


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