Tips For Measuring The Success Of Your Marketing And Promotions Campaign

download (9)One way you can make sure your current marketing and promotions campaign is effective for your business is to measure its success. Even if you think your current plan or strategy is working greatly for your business, without any hard numbers or proof to support this, you can’t afford to be complacent and close-minded. You need to be open to trying new strategies or techniques to ensure that your marketing and promotions campaign is really helpful for your business.

Measuring the success of your marketing and promotions campaign doesn’t have to be an arduous and complicated task. Here are some useful tips you can follow when measuring the effectiveness or success of your business’ marketing and promotions campaign:

Identify the appropriate, measurable goals you have set for your business.

Businesses have various goals they want to achieve. However, you need to identify the ones that are in line with or are the focus of your marketing and promotions campaign. Examples of these measurable objectives are the increase on your website traffic and if your brand reached the specific audience or group you were targeting. Keep in mind that the more measurable the objectives are, the easier it would be to evaluate the success or failure of your campaign.

Determine the specific marketing metrics you want to measure.

Marketing metrics refer to the collection of numerical data which enables you to get some perspective on the current campaign you have to see if it meets the goals your company set for it. Some of the most common metrics you can include or use for this endeavor include your website’s content, lead generation and conversions, page views, bounce rate, social media effectiveness, and search engine referrals.

Take note of or consider key benchmarks.

Documenting present key benchmarks is important to determine the success or failure of your campaign. One way of doing this is to conduct a website analysis and take note of the unique visitors, assess the new visitors compared to recurring visitors, the time they spend on the site, bounce rates, and sales conversions. You can also do the same for your social media sites, online ads, and sales leads and conversions.

Consistently track the results.

Lastly, measuring the effectiveness of your marketing and promotion campaign is not something that you should only do once a year or whenever it is convenient for you. Whenever you will launch a new campaign or strategy, consistently track and evaluate the results. Create a plan or schedule on how often you will document the results since this can help establish accountability. In addition, this will also permit you to adjust the campaign as needed.

 

3 Start Up Marketing Tips for the First 10 Customers & 100 More Thereafter

download (8)If you pick up a free marketing guide, you will find some tried and tested methods. But most of the ideas are inspired by big brands with large marketing budgets. A start-up may love to adopt a proven method and get to their first customers quickly. But that may sink their marketing budget and the idea may not find synergy with the start up’s DNA. The effort may eventually tank. If you really want to see results shun the age-old marketing tactics and get innovative.

Here are 3 things you can definitely do to get to your first few customers:

1. Think local: Don’t start thinking about Google and getting to the world yet. Do the people in your vicinity know you? Narrow down your geography and then make maximum imprints there. Be everywhere and let everyone know you. Yes, don’t think about your target audience yet. Even if somebody is not your customer, he/she can be an influencer or an advocate. Paint the walls, give out newspaper inserts, get referrals and sponsor a local event. And even if it looks silly, wear your branded t-shirt often. Make several designs if you like. But don’t miss an opportunity to market even subtly.

2. Give a face to your business: You may have a great business name but let your personal brand overshadow it initially. Your business may be a few months old. You have been around for a year now and people know you as a good neighbour, a good employee, a good student, a good relative and a good human being. Capitalize on your credentials. Let the first 10 customers be from your close-knit community. If your product is great, they will spread the word for you. The more, the merrier. Don’t make a common mistake start-ups make. They keep their business under wraps because they fear failure and social embarrassment. Shout out loud. Give your business a fair chance to succeed with the backing of your personal brand.

3. Be a hero: After the initial kick-start, you must bring your brand to the forefront. Build its credentials. Let people associate it with human qualities like kind and respectful. How do you do that? Save the day. If there are floods in your locality and you are burger seller, give away for free. That is a lot better than sponsoring a mega event for 10 times the money.

 

Why You are Not Better Than Your Competitors

images (4)Before I start, I just want to let you know that this article is my own personal view about this particular question.

It’s a common sight: marketing materials that tell you how much better one company is than another.

Is it right to do that?

No.

In my mind, your marketing should always be about your customers.

That means no grand statements about how great you are, how big your premises are or how you’re the ‘best in your field’ (unless you have some concrete evidence to back up such a claim).

Everything you write must be about your customers, how you can benefit them and how their lives will be so much better if they buy from you.

I’m better than you

It’s very tempting to write something that tells your customers how crap your competition are in comparison to you.

You could shout from the rooftops about how you’re cheaper (although they could lower their prices and blow that argument out of the water), that you give better customer service than they do etc., etc.

But is that really the right way to be going?

Is that the best way to sell yourself to potential new customers?

Are you hiding something?

To my mind, when I see a company taking this path within their marketing I immediately think they’re hiding something.

If they’re so much better than their competitors, why do they need to slag them off like that?

Surely, your marketing will have more effect if it concentrates on how you can benefit your customers rather than telling them how bad your competition are?

After all, if the only angle you come up with is to denigrate your opposition what does that tell people about you?

· That you don’t have enough confidence in your own company?

· That you don’t really have anything to shout about?

Does it portray you as the type of company they’d want to do business with?

My advice to clients has always been to never, ever slag off a competitor in their marketing and to always concentrate on the benefits of their own products or services.

But the big boys are at it

That is my view and I’m going to stand by it, but I was amazed to see two ads in the ‘I’ newspaper a few days ago.

Both ads were from 3 (the mobile network) and fly in the face of everything I believe in. Rather than telling the reader about a particular benefit you get from being on their network, they opted to highlight the charging policies of EE and O2.

So what does this mean? Is it OK to shout about the shortcomings of your competition to highlight how great you are?

To my mind, this is still a lazy way of marketing yourself. It doesn’t show any imagination, or belief in 3’s own service – surely, if their solutions are that amazing they should be able to advertise them in a way that makes them stand out rather than relying on a cheap tactic like this?

What are your thoughts?

OK, I’ve had my say, now it’s your turn.

What are your thoughts about this type of marketing?

Do you think it’s acceptable to slag off your competition to highlight the benefits of your service or products?

 

Lessons in Cross Selling to Your Customers Effectively

download (7)Does it drive you crazy to receive email offers for products you already own? What about suggestions for irrelevant products?

Millennials are hailed as the most brand loyal generation, and this loyalty frequently stems from interactions that are highly relevant and targeted. But it doesn’t just stop with Millennials; GenXers and Babyboomers appreciate contextuality all the same. “Send me offers and content I care about and nothing more.”

While a healthy customer base indicates that there is a clear need for your product or service, failing to build on your knowledge of these existing customers and capitalize on cross-sell opportunities can stunt your revenue growth. Successful brands look past acquisition and focus on increasing the customer lifetime value (CLV) by retaining their customers and continuing to sell to them.

Financial services firms in particular recognize the value of effective cross-sell. Their customers own on average 8-12 financial products, but only 2-3 at a single institution, according to The Financial Brand. And in an age where costs are squeezed and the largest source of future revenue is through acquisition and cross-sell/upsell, firms still frequently miss the mark of engaging with their customers in an individualized and timely manner.

When it comes to cross-selling competencies, bigger is not better. In fact, credit unions and mutual insurance companies (mutuals) sell more to their existing members, garnering more wallet share. Why? Credit unions and mutuals have more nimble (read: small) marketing departments and more importantly, loyal customers. Their customers feel trust and goodwill from their bank and thus they engage more with them, rather than their competitors.

Customer retention and cross-sell is important in any industry, not just financial services, yet it’s frequently overlooked. Many companies focus on new customers, but fail to apply similar efforts to retain a customer or sell more to an existing customer. And since retaining and cross-selling a customer is much less expensive than gaining a new one, creating a strategy around retention can make the difference in company profitability. Below are three critical factors to effectively cross-sell to your customers:

1. Send Timely, Relevant Responses

How can financial services firms, and other marketers, create engagement that results in better cross-selling? It’s all about the individualized and timely messages. Consider this: most banking customers feel that messaging they receive feels general in nature and frequently annoying. A Gallup study shows that 66% of ‘fully engaged’ customers felt the offers they receive are general in nature, 41% found the offer annoying, and 53% of customers already had the product being promoted. This creates disengaged customers that ignore and opt out of emails. However, when customers receive timely offers based on the products they’re actively considering directed at the buying stage they are in, engagement and conversions shoot up.

To engage buyers, digital communication must become less “batch and blast” and instead shift to be more like real human dialog. And that includes “listening and responding,” which requires automation that monitors for explicit and implicit (behavioral) cues, captures that data (listens) in a rich behavioral database, and then uses the data to customize a valuable response (responds).

One example of this is a regional bank listening for individual customers who visit a car loan rates page and responding by triggering an email offering a personalized quote for a new auto loan. Sending this email to all customers would be ineffective, but when it’s targeted based on behaviors, it can be quite successful. The same can be done for your company by monitoring a customer’s interactions with specific content on other products or services and then sending triggered responses based on those actions for successful engagement. In fact, triggered emails can double, even triple, email open and click rates-which makes sense because it’s based on timely behaviors, not on assumptions.

2. Content Matters

More than half of customers considering a new financial product do their research ahead of time. In fact, these customers who do their research convert at a 17% higher rate than those who buy products impulsively. This applies across industries, since the majority of buyers do their own research before ever interacting with your brand.

Producing valuable, non-salesy content that answers customer questions and leads them through the decision-making process can make a huge impact on attracting the right buyers who are hungry for information. It also builds trust and transparency, which fosters engagement. Furthermore, content consumption is a clear signal for buying behavior, allowing marketers to respond effectively with personalized messages that are appropriate for the customer’s buying stage and interests. A banking customer who downloads a content piece on how to plan for a child’s college savings shows clear interest in a certain set of financial products-perhaps also student loans or 529 savings plans.

3. Apply Science to It

Those who are the most successful at cross-selling marry the science and art of digital marketing. There’s a fine line between timely offers and annoying spam, and understanding buyer timing is critical to distinguish it. Thus, marketers need to continuously improve and hone their customer journeys with A/B testing, nurturing tracks, and metrics. Your content strategy is key to acquiring new customers and selling to existing customers, but you also need to understand how you will measure success. Is it by engagement with your content? Percentage of cross-sell or upsell success? Amount of revenue generated by program? There are many ways to measure, but be sure to be clear in your goals and nimble in your execution.

Whatever industry you’re in, don’t leave your hard-won customers in the dark. Engage in two-way conversations that listen and respond to each and every interaction. This two-way conversation should extend to your own internal teams, as you ask questions and measure outcomes to continuously improve the customer experience.