Are You Measuring Marketing Success Based on these Core Metrics?

thinkstockphotos-178866323The ultimate success of your marketing campaigns comes down to a whole lot more than just how many total sales you’ve made, or how much revenue you’re bringing in each year. Remember, that one small move in one part of your campaign will have a ripple effect that adjusts everything around it. If you want to see how your campaigns are doing, there are a few core metrics you can employ that will tell you exactly that.

Qualified Leads

If you’re only measuring the success of your campaign based on the number of leads you’re bringing in, you’re missing the target but hitting the tree, so to speak. Leads are one thing – qualified leads are something else entirely. Anyone can bring in a lead, but that doesn’t mean the lead will ever make a sale. Generally speaking, the most successful campaigns may not bring in a massive number of leads, but they’ll have a higher percentage of qualified leads than you’ll get from the old “throw everything at the wall and see what sticks” method.

Customer Acquisition Cost

Also commonly referred to as CAC, customer acquisition cost is one of those core metrics that will never go out of style. In essence, it tells you how much money you’re spending to bring in one new customer. This metric takes into account not only the cost of your campaign materials and distribution, but also things like salaries, overhead, and more. Let’s say it costs you $1000 to bring in one new customer. That may not be a lot, but if the average value of each customer is only $800, you have a problem. For the best results, your CAC should always be lower than another important metric, your CLV or “customer lifetime value.”

Website Metrics

In 2017, and in the future, the chances are high that regardless of how you’re executing your marketing campaign, your website will play a big role in it. As a digital calling card for your business, it will be many people’s first point of contact – even if they eventually carry out the rest of their relationship over the phone or in person. Because of this, the two core metrics you’ll want to look at to determine how your campaign is doing are “time spent on site” and “bounce rate.”

“Time spent on site” will show you how valuable people think your website is. Essentially, it will clue you in on whether people feel that your website has something of value to offer based on the promise they received from your marketing collateral. If “time spent on site” is low, chances are there’s a discrepancy between what you say you offer and what you actually do.

Bounce rate is similar – if someone gets to your homepage and leaves a few seconds later, there is a problem somewhere that needs to be corrected as soon as possible.

These are just a few of the core metrics that you can use to judge the overall success of your marketing campaign. Also remember that if you make a change to your marketing efforts, regardless of how big or how small, these numbers should react accordingly. As a result, they can be a great way to track in real-time how well that great new idea you had worked – or how much work is still left to be done, depending on the situation. These are all numbers you need to keep an active eye on moving forward, both in short and long-term intervals.

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Using Customer Data to Create a More Powerful Customer Experience

thinkstockphotos-476085510Make no mistake: the data revolution is upon us and has, perhaps, affected no industry more than the wonderful world of marketing. Your average marketer now has access to huge volumes of information about who their customers are, how they’re behaving, what their thoughts are on certain issues and more – all of which can quickly prove overwhelming. It’s important to look at the big data phenomenon for what it is, however: an opportunity. It’s a very real chance that marketers have to realign their efforts and create the type of powerful customer experience that creates a loyal army of brand advocates.

Broadening Your Customer Personas

Customer personas have long been a tool marketers have used when trying to relate to their target audience. These fictionalized, typically generalized versions of theoretical people can be a great way to help the designers of a campaign keep their “eyes on the prize,” so to speak. After all, if you’re setting out on a road trip across the country, it can be helpful to know exactly where you’re going before you back out of the driveway.

However, the huge influx of data that marketers now have access to is a terrific way to deepen these customer personas more than ever before. You no longer just have things like age, gender, employment status or income level to work with. You can now draw from not only what has influenced past purchasing decisions, but WHO. You have volumes of analytical data pertaining to lifestyle, interests, and behavioral patterns. You can even draw valuable information from how a person might respond emotionally to a certain event in their life.

All of this means that an already powerful tool, customer personas, can now be put to even more meaningful use in the future. These personas are no longer generalized at all, which is very much a good thing for marketers everywhere.

Redefining the “High Value” Customer

Another great way to use customer data to create a more powerful customer experience is to reassess your “best” or “highest value” customers through the lens of this new data you’re working from. You’ve always been able to call up data like average purchase size, lifetime value, and acquisition costs pretty easily, but now you can go deeper. You can get a real sense of how satisfied your customers are with your products or services and look at how that information may affect what you need to do for your customers in order to get them to remain loyal.

You can also see whether or not the people you’re actually targeting with your marketing materials are the ones who are actually spending money on what you have to offer. If there is a discrepancy there, who ARE your buyers? Is this a problem, or is this a happy accident? What does this new information say about decisions that you were previously making on assumptions? This is all incredibly valuable information to have moving forward.

At the end of the day, the huge volumes of customer data that marketers now have access to is absolutely NOT a burden. We live in an age where it’s now easier than ever to glean the type of valuable, actionable insight that you can use to make more effective, strategic decisions. All of this allows you to drive home the most important benefit of all: creating a much more powerful, organic, and deeply rooted customer experience than what was possible even five short years ago.

How Social Media Changes Everything in Terms of Customer Engagement

thinkstockphotos-522734329Customer engagement has always been one of the primary contributing factors when it comes to strengthening a brand or growing a business, but this is especially true in an era where social media rules the day. The conversation between a business and its customers is more important than ever, but the actual mechanism through which that conversation is unfolding has changed dramatically in a short period of time. When it comes to customer engagement and social media, there are a number of important things to keep in mind.

All Eyes Are On You

Perhaps the biggest factor to understand when it comes to social media and customer engagement is the idea that a conversation between a business and its customers is both more intimate and more public than it has ever been. If a customer has a positive experience with a representative of your brand on their Twitter page, they’re never more than a mouse-click away from telling all of their friends about it. The reverse is also true – a negative experience on a site like Facebook can have huge potential ramifications due to the public nature of that conversation in the first place.

If you search for your brand’s name on Twitter and see users talking about an issue they’re having, you can easily interject with some troubleshooting tips to help them get the most from their product or service. Not only did you solve their problem, but they also didn’t have to ask for help – this is a “win-win” scenario as far as customer engagement is concerned.

There Are No More Small Problems

Consider the public relations nightmare that Entenmann’s created for itself, for example. One day, a social media marketer at Entenmann’s hopped on Twitter, looked at the current worldwide trending topics and noticed that one happened to be #notguilty. Sensing an opportunity to both interject into a popular conversation and craft a pretty solid pun at the same time, the brand sent out a tweet asking who was “#notguilty about eating all the tasty treats they want.”

The issue with this is that, as it turns out, the #notguilty hashtag was created as a result of the highly controversial Casey Anthony trial – the verdict of which had just come down earlier that day. Suddenly a seemingly innocuous tweet about snack cakes turned into a national nightmare for the brand as they were seen as obtuse at best and highly insensitive at worst – all of which could have been avoided had the marketer just clicked on the hashtag to see what it was actually referring to. This is the type of major issue that simply didn’t exist five years ago before social media became such a permanent fixture in our lives.

These are just a few of the many ways that social media has changed just about everything in terms of customer engagement in the digital age. We believe that success in this field requires a deeper understanding of the game that you’re now playing as a business owner, so to speak. It’s now easier than ever to pay attention to the conversations that your customers are having with one another and interject in positive and meaningful ways. This is a two-way street, however – one wrong move and you’re potentially looking at a PR nightmare on a massive scale, so making sure that you’re always putting your best foot forward is more important than ever.

The Power of You: Keeping Things Personal in Business

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In the world of business, one of the most powerful assets that you have is the deep, emotional, and very real connection that you’re capable of making with the people around you. It doesn’t matter if you’re talking to a prospect or a client or a superior or someone in between, and it certainly makes no difference what industry you’re operating in – this connection is everything. The key word here, however, is “real.” If you talk to someone and see them as little more than a line item on a balance sheet, they’re going to be able to tell and your relationship with that person is going to suffer. This is where the power of “you” comes in handy.

Putting the “Relations” Back in “Relationship”

To boil this concept down to its essentials, think for a moment about how irritating it is to write an impassioned letter to a business expressing some important concern or criticism that you have only to receive a standard form letter in return. You poured your heart and soul into this issue, making sure to detail every last grievance you had and that every word got the importance of your message across loud and clear. In exchange, you got a letter that has been sent out 1,000 times before that was probably sitting on a server somewhere, just waiting for an intern to swap out [INSERT NAME HERE] with your actual name.

It doesn’t make you feel good and it certainly doesn’t make you feel appreciated. It might even make you think twice about doing business with that particular company again. Though this is a simplification of the issue you face when you keep everyone at arm’s length, it is actually quite an apt example and is something that you absolutely need to keep in mind moving forward.

“You” and the Customer

There are a number of different things that you can do to help deepen this emotional connection, even if you aren’t actually speaking directly to someone. It’s all about the language that you use and how you’re using it. Consider a promotional poster outlining all of the great features that a particular product brings with it into the marketplace. You could have the best product in the world, but if you’re just listing features in a series of bullet points it will still come across as a bit cold and distant. That emotional connection just won’t be there.

Now, consider what happens when you re-frame the exact same message to directly address the reader. “X feature helps YOU solve Y problem in your life.” Suddenly, you’re sending forward the exact same message, but in a way that doesn’t seem like he’s being recited by a faceless corporation. It sounds like it’s coming from a friend. Ultimately, if you want to instill loyalty in your customers, that’s exactly what they need to think of you as – a trusted friend that they know they can depend on and turn to in their time of need.

We believe that this is one of the many ways that “you” will come in handy. Remember that everyone you deal with, from the customers who buy your products or services, to the vendors and suppliers that you depend on, to your own employees and more, you’re dealing with unique individuals who always deserve to be treated as such. It doesn’t require a lot of work to keep things personal in the world of business, and the benefits will pay dividends for a lifetime.

Ways to Ensure Everyone Has their Favorite Type of Content

Imagine three friends walk into the local grocery store. They’re roommates in a nearby apartment building and are planning a fun get-together with their friends that night. The friends split up, each with a separate shopping list, and plan to meet up at the cash registers in half an hour.

Thirty minutes later, they reconvene and look over each other’s selections. The one tasked with selecting salsa pulls three jars of Brand A out of her bag. The other two roommates grimace slightly.

“What?” she asks.

“Oh, it’s nothing,” another roommate says. “It’s just that I prefer Brand B salsa. I always find Brand A a little too watery.”

The other roommate chimes in, “Really? I always prefer Brand C. I find Brands A and B both to be too mild.”

They each laugh. “Wow!” exclaims the first roommate. “I had no idea there were so many different opinions regarding salsa. How about I get one jar of each? Then, we can all have our preferred flavor at least some point in the evening.”

Like the friends in this story, your customers often have different tastes and preferences. When planning your marketing, you must remain considerate of your customers and recognize that it’s possible for different customers to have different content ‘tastes.’

The Different Types of Content

The digital world has long been dominated by text, but in many ways this is changing. People are realizing how critical and engaging images are when added to text. In fact, tweets that contain images are known to receive up to 5x the engagement of those without images.

People like images because they give them something to relate to. When you see a picture of a company’s customer using their product or service, it becomes easier to see yourself in that position. As a brand, you can take advantage of this by beginning to build a stronger relationship with potential customers and enticing them to do business with you.

Videos have also become an increasingly important aspect of digital content. Customers have begun demonstrating their preference for this form of content in many ways, and customers upload 300 hours of video every minute on YouTube alone. Visuals allow people to process information up to 60,000 times faster, making it a valuable way to communicate with page visitors.

There are also other valuable forms of content to consider. For example, on social media, memes and other fun images are easy to create and share with audiences. These types of images fit well with the casual attitudes of many social media platforms, while also communicating basic ideas about the business and industry.

Infographics are another generally appreciated form of visual content because they communicate valuable information in an easy-to-digest format. Infographics can be used nearly anywhere, from your website and blog, to your social media platforms.

The content of digital marketing continues to evolve as marketers realize that not all customers will respond to the same type of content. Just like the roommates who all like a different type of salsa, you can be confident that different customers appreciate different types of content. By producing a variety of content types to nurture your relationship with all these different groups, you’ll create a strong digital marketing campaign.

Building Anticipation for a New Product or Service Through Marketing

Marketing materials that you put out into the world aren’t just a great way to introduce a new product or service to your target audience. If done properly, they can also be an invaluable way to create a huge amount of buzz and anticipation surrounding an upcoming product or service launch. That can then translate into increased sales when it is eventually ready for release. By keeping just a few, key things in mind, you can use hype to your advantage and build the type of momentum that most businesses can only dream of.

Master the Art of the Tease

One of the major lessons to be learned about building anticipation for a new product or service through marketing is to master the concept of teasing. If you were still a year out from the launch of a new product, for example, you wouldn’t necessarily want to send out a mailer detailing all of that product’s functions right away. Not only do you not want to “give the game away” just yet, so to speak, but a year is an incredibly long time in the world of business. Things can change, so you don’t want to lock yourself into something that you may end up dropping down the road anyway.

Instead, you can send out a mailer talking about the exciting new product that is on the horizon and detail all of the hard work that you’re putting into it. Instead of talking about what it specifically does, talk about the problem in your customers’ lives that it is designed to solve. Talk about the overarching goal of the product in a way that both gets people excited and makes them want to learn more.

It’s About Steady Updates

Another major technique to make use of when building anticipation is to check in periodically with your customers prior to launch. You wouldn’t want to send out a mailer teasing your product and then not check in again until it’s ready to launch. You would want to send out materials two, three, or even four times during the year, revealing larger bits of information each time. Not only does this give you a chance to build the hype surrounding your product or service a little more each time, but it also helps to keep it in the forefront of a customer’s mind – even though it isn’t released yet. Not only will your customers have a higher level of anticipation, but they also won’t have a chance to forget about what you’re up to.

If you want to take a master class in building anticipation through marketing, look no farther than movie trailers. Every Hollywood blockbuster usually follows the same format when it comes to their previews. First, roughly a year from release, a teaser trailer makes its appearance. This preview is usually around a minute in length, gives away virtually none of the plot and really just broadcasts the look or spirit of the movie. Six or so months later a longer, full trailer is released, which is usually about two minutes. This expands on the promise of the teaser, gives a way a bit more of the plot, but still leaves a lot to the imagination. A final trailer is released in the weeks before the movie itself, which is usually around three minutes and not only lets you know exactly what the plot will be, but also showcases amazing images that you immediately need to see more of. Building anticipation is all about escalation and Hollywood seems to have created a formula that works wonders, regardless of the type of business that you’re in.

Marketing is one of the best tools that you have to not only announce a new product or service to the world, but to build the type of anticipation that always translates to increased sales.

Do You Want to Drive James Bond’s Car?

From the famous Aston Martin to the Bentley of Casino Royale, the cars of James Bond are famous enough to warrant their own Wikipedia page. Many fans who flock to the James Bond movies love salivating over these gorgeous cars and the incredible gadgets they are often outfitted with to make them even more spectacular. Like everything else about James Bond, people love the cars for their association with class, bravery, heroism, and the mysterious yet luxurious life of the world’s most famous (fictional) MI6 agent.

Of course, as anyone familiar with advertising knows, the cars chosen for the James Bond movies, just like the conveniently placed Coca-Cola, Subway sandwich, or Apple computer in your favorite movies and shows, were not chosen by accident. It’s all a part of something called product placement, and brands will pay a considerable amount of money to get their products featured in popular television and movie time slots.

Why Does Product Placement Matter?

It’s all a part of tapping into the consumer’s head in a process known as the bandwagon effect. According to the bandwagon effect, when we see people we admire or members of a group we’re a part of (or want to be a part of) using a particular product, we want to use it, too. In other words, when we see people on our favorite sitcom sitting down to enjoy a Subway sandwich with an ice cold Coke, we think that sounds like a fantastic meal option the next time we want to find something easy and fast for lunch.

Tapping into this powerful phenomenon isn’t reserved just for major brands with seemingly limitless marketing budgets. Even smaller companies can implement and reap the benefits of the bandwagon effect in their advertising. Here are some great ways to get started:

Use Images and Quotes from Real Customers

People enjoy feeling like part of a group. When you use images of real customers using your products, along with some reviews that use names (instead of just being anonymous), you help to build this type of group.

Build a Strong Social Network

People use social media to connect with their friends and family members as well as the brands they enjoy. Building a strong social network around a particular brand can help attract more people to your business. As people participate in your conversations and ‘like’ your products on Facebook, for instance, those activities will start to show up in their friends’ newsfeeds, introducing them to your brand. Similarly, if people retweet you on Twitter or otherwise interact with your brand, they’ll be spreading your company’s message. With the bandwagon effect, people will be naturally drawn to the brands and interests of their friends.

Encourage Others to Share Their Experiences with Your Brand

Encourage people to share their experiences with your brand, particularly through social media. Hold contests, and invite people to submit pictures of themselves using your products or telling stories about their use of a service you provide. Such interactions naturally help to promote positive experiences with your brand and show the number of people who appreciate your company.

Movies and television are excellent platforms for brands looking to take advantage of the bandwagon effect through product placement. If you want to see how well this psychological phenomenon can work for you, consider using some of the above techniques. Building a strong following around your brand is an excellent way to grow any business.