Communiations, communications, marketing, Uncategorized

How can we help businesses to value marketing?

If you’re a marketer you’ll know that every day brings with it a need you to justify your value. If something goes right, the organisation’s done a great job. If something goes wrong, well the marketing just wasn’t right. But there are lots of ways we can help non-marketers to see the value of great marketing. Let’s take a look at some techniques.


 

Apply a formula

If we’re not careful, marketing strategy can lack clarity about the amount of work that needs to be done to get the desired results. This is because marketing is rarely clear-cut. It’s hard to define the endpoint of the work involved – even more so now that social media consumes our worlds and a ‘quick Facebook post’ can create hours of work.

If a scientist or mathematician can apply a formula and get the desired results, then why can’t we? It’s wonderful when marketing communications results can be defined exactly, and there are things we can do to be clearer about what we can achieve.

Take a look at your last campaign. Did you use social media? Did your content include calls to action directing customers to your website? If it did, how many of the people you reached clicked through? Of these click-throughs, how many people did you convert to sign up for your service or how many made a purchase? What behaviour did you change?

funnel

If you have this simple data, you can use the figures to understand where you’re losing people and tweak your approach accordingly. It’s a funnel. The formula can be used to determine the likelihood of future success. For example, you want to attract 20 new people to attend your event. You know your last campaign reached 1,000 people. You know 10 percent of those visited your website, and 5 percent of visitors signed up to the event. From your last campaign, you get five sign-ups. So to get 20 event registrations, you need to increase your reach times four. You can deduct that if you reach 4,000 people then you should be able to sign up 20. Give it a try.


 

Be clear about your customer

The spray and pray approach is dead. It doesn’t work. There can be no more conversations that involve the words ‘I want to target everybody’. You’ll very often be pushed by your clients to target everybody, but you need to maintain your resistance under all circumstances. The time that’s taken to determine your customer segments and understand each segment in-depth is high-value time. As a result, your strategy can be clear, well defined and easily tested.

Take social media marketing for example. The social arena is so crowded with niche platforms that we’re missing an opportunity when we just include broad Facebook and Twitter activity as part of our campaigns. Take a look at this spectrum of social platforms that could help us to magnify our reach within the right circles.

social platforms.jpg

If we move away from the belief that the more people we target, the bigger difference it will make to our bottom line, and take on the smarter approach of working hard within our well-defined segments, we can achieve so much more. Let’s find the right customers and then keep them close.


 

Fix the bucket

Speaking of keeping customers close, we all know that keeping a current customer is so much cheaper than attracting a new one. But nowadays a loyal customer is like gold dust. Maybe this is because of the race to the bottom in terms of cost, and because of the choice available to customers. But this is real chicken and egg because it’s hard to know whether customers are disloyal because they can get products and services cheaper, or because we’re cutting corners in our race to reduce costs.

Fix the hole in your bucket and you don’t need to keep filling it up. Don’t believe the hype that there’s no loyalty out there. Work with clients and with internal departments to fix the problems that are sending your customers to your competitors and you can begin to reduce the need to be constantly chasing new business.


 

So that was just a couple of ways we can help businesses to value marketing. I have lots more, but this was supposed to be a short post, so I’ll save the rest for another day. You can subscribe to get updates when I blog if you’d like to find out more.

 

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