We love our customers, but it doesn’t mean that we need to always get a one night stand when we first meet.
In your marketing and sales process, it is often getting qualified leads and customers that tends to be the most costly or difficult within your processes (your funnel). Once you have achieved that, you want to build a relationship with your customers, and nurture that. Instead of making the mistake of making it only about a pitch.
So lets take a look a a few things you should remember:
This is why you don’t want to simply have a one night stand. This means simply trying to “close the deal” with pitches without building a relationship by providing value and show them what you stand for in the market place. You want to increase the lifetime value of your customers and prospects, and have them come back to you again and again now that you have filled their need.
Your customers are a valuable commodity, to be treated with respect. You don’t want to simply continuously blast them with offers if you want them to be responsive. Yet, the truth is I see many markters doing exactly this. Provide them value, then once every few messages provide the pitch.
If you are the face of your brand, you need to be sure that it gets in front of your customers and see that there is a personal touch. Provide them ongoing value, and they will keep coming back to you within your marketplace. If not, it is still key that your brand still has a clear message to your customers, and continues to provide value. Remember the old rule of thumb that it takes 7-12 contacts with a prospect to close a sale.
If you are interacting with your prospects and customers on Facebook, know that your fans want to interact with you, not be marketed to. The moral of No one night stands is particularly important in social media. Remember it is “social media,” you wouldn’t run into a party and start trying to sell everyone, and you must take a similar approach when interacting in social media, think first about what they can learn about you to make a good decision, or interact with you, so they WANT to take further action with you.
Know why your prospect come, and why customers buy your brands product or service. This means you need to know the real full resason that your customers make that buying decision and what is the complete need you are filling. It is very easy for people to make assumptions about their customers, but lets dig a bit deeper and you will discover a lot more profit potential by indetifing your market. Just because a person decides to participate in a fat loss program doesn’t simply mean that they think they are fat. Why are they doing this? It may be that the want to FEEL healther, be more appealing to the opposite sex/spouse, or feel more confident with friends perceptions of them. This is a simple example, but whatever you provide, knowing the specifics of the need you are really filling will put you far ahead of your competion.
Understand that perception often become reality when it comes to marketing and what people think of your brand. If they have a bad experience they are likely to continue to have a bad perception, if they have a good opinion, then it is likely that it will perceive their contact with you as more positive. So be sure you have control and know what perception you are creating within your marketspace, is it a good perception or a bad one? Truth is that within marketing, how they perceive you will have a big effect on the conversion of your product or service.
No more one night stands. Start thinking about the long term relationship with your customers. Keep these things in mind, remember that you want to increase the lifetime value of your prospects, and get them coming back to you again and again now that you have them, because THEY know that you can best fill their need within your marketplace.
Filed under Brand Building, CRM, Copywriting, Editorial, Internet Marketing by on Jan 26th, 2012. Comment. 
A new study by Unity Marketing shows that in 2012 a significant percentage of affluent customers (43%) plan to spend more or even much more on travel.
This is supposed to be particularly true of led by young affluents, men, ultra-affluents, and high-net-worth affluents. So who are these affluent individuals? The report defines mature affluents as aged 45 and older, high-net-worth affluents as those with *investible assets* of $1 million or more, ultra-affluents as the top 2% with incomes of $250,000+, and young affluents as those aged 44 or younger.
Of this group, about 28% will spend significantly more, and 72% spend somewhat more. Keep in mind that men in general are expecting to spend more as well.
To me this indicates 2 things, first that sentiment among individuals is that the economy is improving and that they feel more secure in spending disposable income.
Besides this survey other indicators are also showing that the buying public is spending more and positive changes in consumer behavior. Besides the obvious opportunities in travel, this is likely to continue to mean better spending across the board by all consumers, but particularly the affluent This means as entrepreneurs and marketers we should look at how we can embrace customers with a more positive light going forward in 2012, as well as look for special opportunities to reach affluents, who appear prepared to loosen their purse strings in 2012.
Look towards your business in how you can take advantage of these opportunities.
Filed under Internet Business, Internet Marketing, Marketing Analytics by on Jan 10th, 2012. Comment.
…but understanding how is key
This is what I mean, Ok we are all here online, we “know” about FB and social media is all the buzz,with the topic of return on investment with social media participation seeming to polarize many marketing, advertising, and PR folks, but in the end what we need to do is have our brands connect with consumers with needs we can fill.
But are we really doing this and doing it properly?
I was going over some work in my own mind when I came across a review that really crystallizes this well and brings up some things I wanted to point out.
This is what we need to be looking at when bring people to your brand or product on FB:
It’s about the customers.- You want to have contact with them and be able to form relationships with them, social media, gives you clear avenues to do this. It’s about the connections you make with customers, far more than having an outright ROI machine. These connections make customers instead in referrals and advocates for your products/services
-It’s about relationships. You you want to get to know your customers and form relationships with them, not be a one night stand. The value companies can get from investment in social media is directly tied to the relationships they build with customers and a relevant community.
-ROI is also about cost savings. Using the RIGHT and INTEGRATED social media, using the right processes to create efficiencies, often translate into better, faster, and more useful information for customers that result in cost savings (they get you now)or even more sales (easier/high conversions)
Measure what matters-the better connections your prospects have with your product or brand, the more likely those consumers will be positively inclined to buy this is how you increase end ROI
-It’s about inspiration and influence-remember in the end you want to both inspire and influence your prospects so that you have motivated them to make the right decision. This will get prospect to take faster, more decisive action, and who doesn’t want to sell more products, more often, and more quickly?
Don’t believe it? Take a look at some real life examples:
USA Today – Coca-Cola Facebook fans are two times as likely to consume product and 10 times more likely to purchase than non-fans, according to Wendy Clark, senior vice president of integrated marketing.
see http://www.usatoday.com/tech/columnist/talkingtech/story/2011-11-08/coca-cola-social-media/51127040/1
Yahoo – Brands who sponsored content with social features increased purchase intent by 13 percent.
see http://advertising.yahoo.com/article/the-impact-of-social-features.html
eMarketer – Over 50 percent of Twitter followers are more likely to purchase from brands they follow.
see http://bit.ly/sx1dJr
Filed under Advertising, Brand Building, Internet Business, Internet Marketing, Social Media by on Dec 15th, 2011. Comment.
There is a trend that you may have noticed growing more and more in marketing, where companies are featuring real people and employees in ads promoting products. It is worth taking a notice, as a recent IBR survey indicates that buyers are responding. It showed that 69% of end consumers were more likely to buy a product or have a positive impression of the brand after watching, compared to only 21% after watching similar traditional ads.
There are some heavy hitters that are testing this move besides the well known Microsoft Windows 7 campaign that uses real consumers saying “Windows 7 Was My Idea”. This includes tech powerhouses Intel and IBM, Best Buy, pizza giant Domino’s, who has not always had luck with media and employees, and conglomerate GE. All who have used actual team members, and in many cases actual customers, to evangelize their products and tell a compelling story in major advertising campaigns.
Since this marketing tactic seems to be gaining momentum, and receiving positive response, the question becomes how can your business get in on the action.
There are 2 sides of this, first in house evangelists that believe in their company, brand, product or service. Second is the powerful voice of customers or clients within the online community. Social media greatly enhances your customers ability to talk about your products and company online. Besides popular social media sites like facebook and twitter there are countless forums, and product review sites to talk about buyer experiences, both consumer and B2B. This can work either to your advantage or disadvantage.
What you want to be able to do is take control of the conversation by being the one to start it, or at least point it in the direction you desire.
Here is how:
Know what makes your company special and why you are the only solution to your customers needs? This is a great way to spread the word so that others can find out too.
Filed under Advertising, Brand Building, CRM, Internet Marketing, Social Media by on Dec 13th, 2011. Comment.
Undoubtedly, behavioral marketing has become a staple in many a savvy company’s online marketing plans. The question becomes whether it is being used properly to achieve higher ROI, or simply increases ad costs with unclear or lackluster results.
The projected US ad spend alone for 2010 is 27 billion, and 61 billion globally, in US dollars. That is a growth of 16% from 2009. Also note, less than half is from paid search ads, indicating a growing success with banner ads and similar mediums for some businesses.
The vast majority of those ads now claim some form of behavioral targeting. Marketers embrace the concept, question is: does it just increase costs, or is it really increasing ROI in your campaigns? A very cost effective form of behavioral advertising that is becoming increasingly popular is re-targeting.
It is so profitable because re-targeting serves ads to those who have specifically already seen your website and/or performed a specific action, but not purchased. Lets face it, what percentage of your visitors buy on their first visit? The more that someone sees your product, the more likely it is that they will buy it. Traditional wisdom has told us that a prospect needs to see your product 7 times before making a buying decision.
You can regain many of these visitors as future customers, as their likely hood to buy is much higher than cold prospects. Internet consumers investigate before they make a purchase. Even if they want and like your product, they are likely to think about it, shop around, or investigate the product before you can close the sale.
By developing a re-targeting strategy you can expose that same consumer or business to specific ads designed for previous visitors, as they surf the web. Also, for products with a longer purchase cycle, re-targeting is effect because it leverages sequential advertising to reinforce your message, as the consumer goes through the process prior to completing a purchase.
You can build a large base of potential buyers to retarget, by combining re-targeting with traffic-driving solutions. For example, if you run a search campaign, re-targeting would be an excellent complementary solution to drive sales, for those that visited your site, but did not make a buying decision.
A growing number of ad networks support re-targeting as its power has become more apparent. Ad networks can make re-targeting quite effective, because they enable you to retarget visitors of countless sites across the net, rather than just one. You can also provide a custom message depending on the action the prospect took on your site, such as cart abandonment.
Re-targeted ads can be extremely successful in comparison with the an average online ad campaign targeted demographically. One study showed 10 times the number of sales conversions, and 21 times the number of info requests over an array of products.
With a lot of noise online about behavioral targeting of ads, re-targeting is one method that can clearly drive a lot of sales through your site, and improve your bottom line.
Filed under Advertising, Brand Building, Internet Marketing by on Dec 10th, 2011. Comment.
Well the official reports are in on the “holiday weekend”. Ongoing reports of a “bad economy” may now be exaggerated, as sales numbers are saying something else.
Black Friday, total visits to the top 500 retail sites increased 2%, compared to 2010. Small business did even better as overall ecommerce sales jumped 26% compared to last year according to Comscore’s report!
Some people have been asking on the sweet spot regarding time of sales, especially for the holidays. IBM coremetrics reported that the peak for Cyber Monday was around 11am PST/2pm EST.
The best news however is that Cyber Monday rose 22% from 2010, and broke the record for the largest online sales in a day at $1.25 billion, as reported by Comscore. They then report this was followed by 2 more billion dollar breaking days. These three billion dollar spending days currently rank as three of the four heaviest online spending days in history. We are at around $18 billion for the holiday season so far.
As far as take-aways for digital marketers, mobile is looking like a big way to look. Mobile is a big player with 17% of all shoppers are using mobile devices (alhough at 10.8% for cyber monday), as reported by IBM Smarter Commerce. So mobile is taking an interesting share this year. According to the attached article “If you don’t have a mobile strategy in place, get one now.” As well as showing the importance of multiple channels for ecommerce sales, as shoppers are using multiple channels now to complete their digital shopping. (More than seven out of 10 (71%) consumers surveyed by Deloitte said they would engage in multichannel shopping online (meaning looking both online and offline for products for example)
So keep this stuff in mind guys!
Filed under Advertising, Internet Business, Internet Marketing by on Dec 4th, 2011. Comment.
MSNBC has redone their site as a “one page format” so that they can stop the pageview metric, commonly used to value websites and banner advertising campaigns. They now have 30 different ad combinations, but banner ads are not among the offerings. Does this mean that they are dead, as stated by one MSNBC.com spokesperson?
Clearly some publishers have a reason to want them to be. They don’t get the fees they would like to charge on these ads, and from a consumer response perspective, many seem to have become “blind” to banner ads in many cases.
Many reasons are given for this, and we do not wish to speculate, however when several experts were asked for their opinon on banner ads, none seemed to believe that this format is dead. Instead it appears to be undergoing an evolution, and smart marketers are learning how to create responsive banner ads that viewers will click.
Savvy marketers have discovered that they are able to buy up these ads cheaply, and when formatted properly, for actual response rather than simply being “pretty,” “clever” or “creative,” are able to receive an excellent ROI.
Another perspective on this issue comes from the likes of Brendan Star, digital media director at McGarrah Media: “”Banner ads aren’t going extinct, but the ways they are used, bought, and served are.” He, unfortunately, was referring to for use in old school branding efforts, rather than actual sales and promotion, however it may turn out that these ads can have a good ROI when designed properly and used selectively.
In the mean time, don’t let anyone tell you that “banner ads are dead”, and most importantly that they do not work. While improperly designed banners may fail horribly, properly designed ads, in a properly executed campaign, can command response, and provide an excellent ROI on your marketing dollar.
Filed under Advertising, Internet Business, Internet Marketing, Media Buying by on Dec 3rd, 2011. Comment.
With online audiences becoming more sophisticated, and more jaded, it is important to keep up with current online marketing tactics to achieve the ROI you or your client needs. No where is this more true than in your email marketing campaigns. Several recent studies show however, that many companies-small, medium, and large, are not utilizing latest techniques to achieve the best results in their campaigns.
A recent report released by Strong Mail, authored by email marketing analyst and Relevancy Group CEO David Daniels, based on a survey of US and UK companies, found that they would have generated double the revenue from their email campaigns. This was achieved by doing proper targeting, comparing those that did to many that did not.
Doubling results is nothing to sneeze at, so it is important that we take a look at what some of the sins you want to avoid to keep your campaigns returns above those of your competitors. While email is a key element of any marketers tool box, as this survey shows, many are making common mistakes that are costing them lots of potential revenue.
Not targeting your customer and their specific needs
This is key if you sell more than one product or service, or if your prospects’ needs vary through the customer life cycle. It may seem like you are doing everyone a favor by sending a general email blast to customers letting them know about current offerings. The reality is that you can increase interest and exponentially increase revenue by targeting customers specific needs. If your customer needs widget xyz , don’t try to market them widget abc. If they have specific needs provide that specific group of customers valuable content and information to those with that specific product or service need. Know what your customers’ specific needs or wants are and target those customers in segmented groups. This can also change in the sales cycle or in the customer life cycle. This was the factor that doubled revenue for companies in the Strong Mail survey.
You will also greatly reduce unsubscribes and other negative connotations from being developed by customers regarding your lists, by providing them exactly what they need.
Ignorance
It is important to know what the current best practices are, and also what your list is doing. Some businesses look at email as a send it and forget it campaign, without knowing what their customers are thinking. As in the above example, knowing what is going on with your customers, what they think of being on your list, and addressing them specifically can all have a huge impact on your bottom line.
This also includes not ensuring that prospects can easily and quickly unsubscribe. A recent report showed that around 4-5% of retail customers unsubscribe requests failed. Besides Can-Spam legal issues, there is the fact that those customers still have value, and possible interest if unsubscribed. That can quickly turn to anger, however, if they are unable to do so easily.
Improper Timing
Many businesses fail to realize that the timing of your message, that is when in the sales cycle, as well as the day and time of the message, have a major impact on response rates. This is just as important as the message itself and who receives it.
Numerous studies seem to show a consensus that messages sent Tuesday, Wednesday, and Thursday, have the best chance of being opened with many direct marketers finding Tuesdays best for new offers. Most agree that time of day has a great impact on if it is opened or not. Some say 10-11am is good, others say that around 2 is best. There does seem to be debate over what is best, and likely varies from market to market.
A lot of thought should be put into when messages are sent, with day and time tracked closely.
Not properly utilizing advanced techniques
To those that use them, it is known that advanced or trigger based segmentation can achieve much higher results than typical email campaigns. Despite this, a survey from Econsultancy reveals that only a minority of companies use this and other advanced tools that impact email campaign revenue.
Multivariate testing is another valuable tool, that is frequently either ignored or mis-implemented. For those unfamiliar, multivariate testing provides results based on multiple variables within a campaign, and how they interact with one another in effecting results. Not to be confused with more simple split testing, this may include multiple copy versions, subjects, day, time, customer list segment, and more all in a campaign. While testing is obvious in theory, proper implementation of multivariate testing sometimes can become the issue, when improperly set up. This is according to a SiteSpect whitepaper, indicating that implementation can be complicated for some, and results sometimes surprising. It is, however, an important tool in understanding your campaigns and achieving proper results.
Ignoring the trend towards IP/domain reputation
There is a clear new trend in email filtering and delivery. Many major ISPs are putting in place domain based reputation systems. This is a major shift in delivery and email marketers need to prepare. It is already estimated that less than 70% of emails reach their recipients. It is important that the domains or IP through which your messages are sent are whitelisted and have low bounce and spam complaint rates. “Trust” of the IPs and domains are going to be an important factor in delivery. This is a major issue all onto itself and is important to understand and prepare for.
Confused how to handle social media
Many marketers have been unsure with how to handle social media, with regards to their email campaigns.
The question is often if it should be ignored, or if its style and message should be replicated to hopefully increase response.
The answer proposed by Econsultancy, along with Adestra in their in their fourth annual Email Marketing Industry Consenus, is to use it as an enhancement or complement to the email campaign. The report found that 37% of companies are using email to encourage prospects and customers to engage on social networks. About a third at 31% claim that they have plans to integrate social media, and only 21% say that they use email to promote customer ratings and reviews.
This leaves a large amount of mind share available within social media for most businesses. Those that integrate first will have the best opportunity to capture mindshare, and improve not only email response, but often general marketing ROI.
Not noticing new regulatory trends
There appears to be a strong sentiment towards much more regulation online and direct marketing in government right now, both at the FTC and in Congress. Some of this may be good, but some is quite business changing in how things are to be done. Recent changes in the past year include new rules changing and limiting automated voice message delivery, testimonials and product marketing restrictions, email, privacy, blogging and referral requirements, continuity/recurring charges/retention program restrictions from visa, and much more. The FTC is becoming more aggressive and this trend looks to continue. Staying on top of all these changes even BEFORE they happen will give your business a competitive advantage. It helps cull weaker players, and the winners are the ones with clear ideas on how to proceed in new regulatory environments. Keeping a watchful eye will keep your business not only ahead in email, but all online marketing campaigns, and out of potential legal issues.
In the end, keepings all these points in mind, and aware of coming changes will help your business achieve maximum results and stay above the competition.
Filed under Advertising, Email Marketing, Internet Business, Internet Marketing by on Nov 27th, 2011. Comment.
In todays world, change happens. You can’t run a successful business, especially when marketing online, without using current marketing strategy and best business practices. To wax philosophical, even the greatest mountain will be ground to dust in the course of time, because it is inflexible and unmoving. We certainly don’t want that mountain to be your business.
Why all this talk? We recently came to an important, and very likely unpopular decision at IBR. We have decided to not include our database of past articles in a recent site update. Have we lost our minds? No, this decision was made because looking back, there have been many changes on what works best in online marketing. This is in part to evolution of the web, what current technology makes possible and the sophistication of its audience. It is also refining techniques to yield exponentially better results. Whatever the case, what worked great even a few years ago, may not be enough today.
Our goal here is to provide you news and information with a clear message on what is clearly proven and known to be working in marketing online today, without question. There is a lot of noise online, and we want to make sure that we are not contributing by providing outdated information.
As such, consider this a new “day one”, and lets get the 2nd half of 2010 off to a strong start.
Filed under Editorial, Internet Business, Internet Marketing, Online Business by on Nov 23rd, 2011.
New Regulations are coming for email marketing.
Two recent actions by the FTC, as well as new privacy legislation that is being bandied about in the house of representatives, indicates that email marketers will soon find not only new regulations, but reinterpretation of old ones, that will have an impact on email marketing, and in turn on all direct marketing conducted online.
There are several provisions slipped into a proposed bill under the guise of online privacy that are quite worrisome for the marketing community, according to panelists at the annual Email Experience Council’s legislative update.
Privacy legislation introduced in a bill during May, by members of the US House of Representatives, would require notice to and consent from any individual prior to collecting or using personally identifiable information, including email.
The DMA has opposed this bill explaining it “has potentially sweeping impact for direct marketers” by requiring notice and consent from individuals prior to any collection, use or disclosure of information. As of the time of writing, there are no exclusions within the bill.
At the Email Experience Councils legislative webinar, according to the DMA’s VP of Government Relations, this impacts nearly all first party senders (those to whom the lead orginally opted in), as well as any other third party company that has access to that data, which proposes coverage of an extensive list of “unique and persistant” personal consumer data.
Another panelist, the Chief Privacy Officer at Return Path, said in particular, that the scope of covered data, which includes “unique identifiers” everything from email address to ip address, is quite worrisome. “If the exceptions for transactional and operational purposes and for service providers are not effective and clear, this bill could interfere with many industry collaborations. This includes IP-based reputation systems – data that determines if email messages reach the inbox or not. It may also impact the operation of Feedback Loops provided to email senders by mailbox providers like Yahoo! and Hotmail. These feedback loops are a key component in how the industry keeps bad actors out of the email ecosystem.”
There is also legislation to expand the powers of the FTC, which could have broad impact on the industry. They are already expanding their reach into all things cyberspace. In their recent actions with regards to email, they have indicated they have a problem with personalized subject lines that imply “personal familiarity” with a person, or anything else that may be intrepreted as misleading.
What are some of the things that the FTC doesn’t like?
Moving forward it will be important for your business to keep an eye on these moves and adjust your business practices accordingly as some of the things covered here are currently common practice in online marketing campaigns.
You can also review more commentary on the specifics of the proposed regulations here at the blog of Return Path executive Tom Bartel on their site.
Filed under Internet Business, Internet Marketing, Online Business by on Nov 21st, 2011. Comment.
