Showing posts with label ROI. Show all posts
Showing posts with label ROI. Show all posts

April 24, 2012

Why do people think direct mail is dead?

"Direct mail is dead" is probably just too bold a statement. In reality, a complete and integrated companion marketing approach works best - utilizing a variety of venues to market your message - including direct mail, email, internet marketing, social media, etc.
I think this topic has been stirred a bit by the interpretations of an NPR article noting that the USPS is seeing less mail due to the economy. In the article, the Postal Service’s Senior VP of Customer Relations, Stephen Kearney, states:
"Our mail volume had its greatest decline since the Great Depression… We may have losses (revenue) that are larger than the $2.8 billion we had last year."
Those looking to make their case may be misdefining "mail volume" as only direct mail pieces. But Americans are sending fewer packages and letters via USPS for a number of reasons, i.e. - the economy, email, availability of other carriers, etc. To twist USPS’ declining revenues into proof that direct mail doesn’t work is misguided.
That being said, however, I do feel the efficiency of direct mail has declined in the face of online inbound marketing tactics.
Here are some of my DM cons which has inspired me to ramp-up Web 2.0 activites and email marketing campaigns.
  • Direct mail is often considered to be junk mail. Seldom does a one-shot mailing have the desired result. You must have a long term, well thought out marketing plan.
  • Your piece is competing with dozens of other pieces for attention. If you don’t know what you are doing, it is easy to waste a lot of money.
  • There is a relatively high cost per contact.
  • It may be difficult to obtain updated, accurate mailing lists.
  • There’s no data. Direct mail does not offer real time data like internet marketing campaigns can.
  • Too many cheaper, more efficient options.

If you are moving forward with a Direct Mail campaign, I can only endorse it when done correctly, and that means including drivers to that next action step.
But beyond that I'd also advise to determine who you want to reach before you develop your direct mail program. This allows you to specifically target your message to fit specific needs. It is the best advertising medium for customizing your appeal. With improved database resources and demographics, you can effectively precisely target the prospect you are aiming at.
Also, carefully plan your package content, its design, and its message. Remember to attract the reader’s interest, it must be clear, concise and easy to respond to. Can't stress it enough... INTEGRATE... coordinate your mailing with other advertising methods to significantly increase your return. Also, presenting one specific offer instead of a variety of options is usually more effective.
Finally, figure out a way to diligently test and track your campaigns. I recommend the Direct Mail Marketing blog at marigoldtech.com for some tips on calculating DM ROI.
What do you think?  Is Direct Mail Dead?

January 14, 2012

5 Simple Rules for Digital Marketers

  1. Listen, engage, and participate.  Measure social media initiatives and tie these measurements back to business value, but keep in mind: it's not a one-way street.
  2. Develop a mobile strategy, but realize that mobile is not a channel - it's a platform.
  3. No mater the medium or technology, marketers still need to deliver relevant and engaging content to customers.
  4. Heard the terms marketing and ROI used together lately?  Take it to heart.  With tight budgets, allocating spending and measuring its ROI will continue to be a running battle in marketing departments.
  5. It's too tough out there to commit budgets without a clear return in sight.  Being able to demonstrate value of marketing initiatives back to the overall business objectives is paramount (i.e. what the CEO cares about).

By Jennifer Pricci

October 7, 2010

My Top Five Fab Social Media Marketing Campaigns

By Jennifer Pricci

Social Media Marketing is in full swing, and almost all of the world’s top brands are utilizing it in one way or another. The campaigns aren’t always the easiest to execute (and sometimes go bad, although that’s another blog post), but if done correctly they have the potential to generate a massive return on investment.

How about a countdown of my favorites...

5  Google  Parisian Love

Google left a strong impression by appealing to human emotion in February 2010 when they ran a TV advertisement campaign entitled ‘Parisian Love’ during the 44th annual Superbowl. The ad demonstrated some of Google’s many search-based features, and was based around somebody debating whether to move to France to meet up with a lover.



The ad definitely generated a lot of buzz which Google capitalized on by surrounding its Parisian Love campaign by launching a Search Stories mini-site, where users can create and share their own user-generated, Superbowl-style advertisement.

Watch My Search Story



4  Starbucks  My Starbucks Idea

My Starbucks Idea is an excellent example of crowd-sourcing quality information for the purpose of business development. The great thing about this campaign isn’t just that they acquired (and continue to acquire) a huge amount of business ideas for free, but that they’re also generating brand awareness and customer engagement as a bi-product. And just imagine how happy it would make that special someone who got their idea implemented? Priceless.


Here are a few of the ideas that made it:
  • Low fat & high-protein items for breakfast
  • Free coffee for Gold Card members on their birthday
  • Starbucks VIP card
  • Splash sticks
  • Buy coffee beans, get a free cup of coffee
  • Read more My Starbucks Idea

3  Evian  Roller Babies

You must have been waiting for this one... Evian launched its ‘Roller Babies’ video in July 2009 as part of it’s ‘Live Young’ campaign, and instantly gained success. The video notched up nearly 29,000,000 views on the official YouTube video, making it one of the most popular online advertisements ever. Furthermore, the video inspired conversation via Web 2.0 technologies such as message boards, blogs and forums and Social Media/Share technologies.



Nielsen has reported that the majority of viewers of this campaign online had never actually seen the television commercial. This statistic really cemented the need for online video to run alongside – and possibly even replace – traditional media channels.

2  Everywhere  #BeatCancer

In probably the most noble campaign in my top 5, Everywhere, a social media communications and content company based in Atlanta, Georgia, launched a campaign to raise money for various non-profit cancer organizations. The campaign was based around the idea that #BeatCancer’s sponsors – eBay/Paypal & MillerCoors Brewing Company – would donate $0.01 to charity for every time the hash tag ‘#BeatCancer’ was mentioned on either a blog post, Tweet or Facebook status update. The campaign earned over $70,000 for various charities, and really showed that it’s possible to do something amazing with social media.


1  Old Spice  YouTube Campaign

Perhaps obvious, but there are just too many reasons why the Old Spice YouTube campaign may be the best of all time.

Let’s look at a few of them:
  • More people watched its videos in 24 hours than those who watched Obama’s presidential victory speech
  • Total video views reached 40,000,000 in a week
  • Campaign impressions: 1,400,000,000
  • Since the campaign launched, Old Spice body wash sales are up 27%; in the last three months up 55%; and in the last month up 107%



Amazing, huh? Sure, a 107% increase in short-term sales is an insanely good return for a marketing campaign, but you really don’t appreciate how good it is until you have to think about the ROI. You see, this particular Old Spice campaign didn’t require a $5,000,000 ad spot, a $8,000,000 celebrity paycheck, or a $15,550,000 video campaign – it’s estimated that the campaign cost a very modest $250,000 to run. It’s still too early to calculate the actual ROI of the campaign, but you can bet your bottom marketing dollar that it’s going to be positive.

August 22, 2010

And In This Corner...

What research is available to demonstrate the superiority of online market research versus traditional -- in terms of "soundness" and validity -- and and vice versa?
In my experience I do find that online marketing methods are more efficient than traditional marketing in terms of "soundness," "validity," and most importantly, measurability and ROI, however, I feel an integrated, 360-degree approach is really key to the marketing mix.
Here are some great statistics on the effectiveness of online marketing but it also speaks to integration as a winning approach:
I agree with (name ommitted) who asks whether online is really considered nontraditional at this point. However, given the current economic climate, I find online marketing the more efficient of the two.
Unfortunately, the traditional marketing and advertising sectors are bearing the brunt of the current economic conditions budget cuts. Emarketer reports that 59% of marketing executives initiated a decrease in spending on traditional marketing in 2008 and 65% decreased budgets for traditional advertising. Additionally, the Newspaper Advertising Association of America reports that total newspaper advertising revenues fell by $3-billion in the first six months of 2008, marking the lowest level in 12 years.
In stark comparison to the struggling traditional marketing sectors, online marketing firms have been steadily building market share for several years and are surprisingly unaffected by the current failing markets. Displaying a clear strength in a clearly chaotic business environment, both paid search and online advertising revenue have grown by over 28% since 2007. Marketing Sherpa reports that nearly half of medium to large businesses plan to increase their Search Engine Optimization (SEO) spending in the upcoming year.
I find online marketing benefits outweigh those of more traditional methods in that online offers...
  1. Quantifiable Results.  Businesses who advertise online or use SEO can track and measure precisely how their company was discovered, the keywords used in a Google search, click through rates on advertisements, and direct sales results based on internet ads or searches. With this specific knowledge, tailoring campaigns to a particular market becomes easier and ROI can be easily monitored.
  2. Flexible Messaging.  With traditional marketing and advertising methods, there are no second chances at making an impression or communicating a message effectively. Once an ad is placed and printed it is essentially permanent. Online marketing is a much more forgiving and flexible option. If it is shown that internet ads are not getting enough attention, companies can quickly and easily make strategic adjustments and reap the rewards.
  3. A Focused Approach.  Using internet marketing, a company can hone in on specific customers that are searching for a particular product or service. Rather than convincing a customer to try their product, internet marketing works to position a company as a resource for those consumers actually seeking their specific business offerings.
  4. Cost Effectiveness.  SEO and internet advertising is quite cost effective in comparison with traditional marketing and advertising.

Now more than ever it is important to think strategically about where and how a marketing budget is spent.  With online marketing options showing marketers greater value, flexibility, and insight into the changing trends of the market, we can expect to see more companies advertising online to help their firm weather succeed in the future.
What is the most important variable in your marketing mix?

August 7, 2010

Online Audience Development for Content Owners

It is true when they say content is king. But "relevant" content is key to success. All publishers need to make sure they have the right content for the right people in their audience.

How is the online content consumed?
A pull strategy (bringing people to your online content) requires SEO/SEM or display advertising to acquire the audience. This can be expensive.
A push strategy (delivering content to the people) is likely going to be key in getting cost-effective results and ROI. The best way to do this is delivering relevant content in a timely manner via email. In this case content is targeted to individuals based on their preferences and behavior.
Here are some more on some /pull techniques:
  • Search engine optimization and search engine marketing  Seems obvious, but how many publishers do this? If you publish media in a given space, the huge number of topics that your publication or Web site covers makes SEO/SEM a totally different challenge.
  • Co-registration  This is easier said than done for publishers that sell advertising, but basically the idea is that anytime someone signs up for an e-newsletter subscription on another Web site that's topically related to your Web site, you negotiate a relationship whereby your newsletter subscription is offered as another checkbox on that other Web site's e-newsletter sign-up form. Not surprisingly, Marketing Sherpa uses this tactic on a lot of marketing vendor sites. One advantage: They have a paid content model, so there's no conflict of interest. I'd like to see an example of an ad-supported publisher doing this with suppliers in their space.
  • Landing page optimization  I know most publishers aren't using this technique. The idea is that the very design and layout of the sign-up page (for our purposes, called the landing page, the place where the moment of truth occurs, when readers decide whether or not to opt in to your site, newsletter, magazine, advertiser white paper, etc.) greatly influences the number of readers who "convert" or complete the form. By testing different versions of the page, you can increase conversion by up to several hundred percent.
  • Tracking/Analytics  This is the adroit use of Web analytics programs to give you feedback on metrics that are meaningful to publishers. How many people subscribed to which e-newsletter products, and which were the most effective sources of traffic, both internally and externally? If you're doing paid search, which keyword groups yielded the best ROI? Which should be scrapped? Anyone doing paid search without tying it to some ROI metric is throwing their money down the drain.
Do you have a system for determining the relevancy of your content?

May 1, 2010

The Most Effective Viral Marketing Methods

I struggled with the title of this blog post.  I wanted something kitchy, something to subconsciously imply this is indeterminable... because anybody who tries to sell you a viral marketing campaign should set up shop with an SEO expert who tries to sell you the #1 SER.  It is just not possible to guarantee.
Doesn't mean you can't try...
By far I find narrowcasting activities have proven the most effective for me in terms of generating a viral campaign... Below are 4 such narrowcasting activities I've implemented in my current position over the past year.
Writing 'Special Reports'
  • Special Reports work great because they allow you to go into more depth about the Topic or Problem in question where you'll then be able to lead them to how your Product or Service (or Affiliate product) can fix there current problem.
  • They give you Instant Credibility, which builds trust in your customer that you are knowlegdable in your industry.
  • Website owners are always looking for quality "Free Stuff" to give away or offer to there Visitors and/or Subscribers.
  • And your Contact Information will always be inside, no matter what. Meaning, as your report is being passed around the Internet you'll always be able to lead your potential customer back to your website where they could sign-up for your newsletter and/or read up more about your Products or Services you offer.
Putting Together A 'Free eBook'
  • Free eBooks work great as well and have the same benefits as I outlined through the special report. The only difference using this approach is, you can put together a free ebook in less time then it would take to produce your special report simply because it doesn't even have to be your own material inside, it can be someone else's.
  • And they also allow you to target more then one Product or Service inside because free ebooks are usually a compilation of related articles targetting a particular problem leaving you room to diversify.
Writing 'Articles'
  • Writing Articles is probably ONE of the Best and Most Effective Ways to produce a wave of Viral Traffic to your website because every website owner needs FRESH content to feed to there visitors and/or subscribers.
  • They also allow you to Target your audience's problem specifically that they're dealing with.
  • And at the end of the article you have a spot called the 'Resource Box' to insert your personal Bio and/or Website information. Just imagine if your article were to be picked up by some Newsletter Editor with a large list or High Traffic website and they use it as a 'Featured Article' in there publication, you could see an INSTANT surge of targeted traffic to your website overnight. That's where your 'Resource Box' comes in.
Package a 'Kit' on a Landing Page
  • Just using the word 'Kit' sends a message that your prospect is getting something of value. 
  • If you package your content of value into a downloadable package that you can store on a Landing Page, you've just exchanged a potentially viral offerings in exchange for lead data.
Perhaps you've noticed what these 3 'viral' methods all have in common...
They're in HIGH demand by website owners.
They're HIGHLY Targeted.
They give You INSTANT Credibility in your industry.
They are all INBOUND MARKETING tactics.
They have YOUR Contact Details leading to Your website.
...they're all FREE!

February 17, 2010

If you're going to use cold calling...

With all of the online marketing tactics available these days I do find cold calling less and less effective.  But, if you're going to use cold calling for lead generation it is important to sharpen your strategy...
  • Use a top down approach
  • The executive assistant is our ally
  • “Be people with people”
  • Standardize all leads regardless of source
  • Start with a great database
  • Script your introduction & create a calling guide
  • Write a voicemail script

On average 20% contacts in a database change annually.

It is imperative to make the most of each call...
  • Confirm the decision-maker
  • Find other players in the decision making process
  • Gather basic information (eMail is critical)
  • Start to talk about basic needs and concerns
  • Leave your website address on voicemail messages
  • Use phone and eMail combination
  • Send an eMail follow-up
Regarding the last two points above, using an opt-in eMail marketing campaign can be a great way to generate leads and sales.
  1. eMail is cheap. Which is why spammers love it. They don't care whether response rates are low because their costs are negligible. If you want to reach a large number of people and if you have access to a solid, opt-in list, go for it. A test sure won't cost you an arm and a leg.
  2. eMail is fast. In two senses. First, your production time is minimal. As soon as you get an idea to test, you can write a motivating email, and hit the send button. Second, your prospect gets your email instantly so responses can start pouring in within minutes. Speed, from start to finish, means you can be a super-agile marketer.
  3. eMail is a fabulous testing medium. As a result of the speed I mentioned above, you can get virtually instant answers to your marketing questions. Is a cross-sell offer going to be a winner? Send a group of prospects an email and you'll have an answer. Have you written two great headlines but can't decide which one to go with? Do some email testing and get your answer fast!
Do you still cold call?  What works for you?

    December 11, 2009

    How Has Marketing Changed in the Face of this Economic Downturn?

    Change is almost always made during the down part of a cycle. Despite tighter business conditions, marketers should look to embrace the positive change this downturn can bring.

     
    "Only the wisest and stupidest of men don't change."
     
    - Confucius

     
    In an industry which tends to cut spending, staff and budget in times like these, it is important to focus on efficiency drivers in order to be better prepared when the economy turns around. The recession will definitely weaken some, maybe most, but it will leave more marketshare for the strong. It is an opportunity to distance yourself from competitors.

     
    Here are just some of the steps I have taken to maintain savvy, value-driven marketing since the recession began in December 2007: 
    • Seek out pockets of demand; Focus on targets and segments that return - Re-trench bread-and-butter markets  
    • Sharpen value proposition  
    • Ramp up the Web and inbound marketing efforts, especially Web 2.0 and social marketing tactics  
    • Introduce narrowcasting activities into the mix such as whitepapers, podcasts and webinars
    • Take advantage of less clutter by integrating forward-thinking strategies with traditional media buys  
    • Increase lead generation and nurturing... exit the recession with growing revenue  
    • Present ROI that links marketing to revenue goals

     
    Seth Godin is calling this recession the opportunity of a lifetime. The opportunity is to find opportunities that deliver real value and have a future.
     
    By Jennifer Pricci

    February 5, 2009

    How Has Marketing Changed in the Face of this Economic Downturn?

    Change is almost always made during the down part of a cycle. Despite tighter business conditions, marketers should look to embrace the positive change this downturn can bring.
    "Only the wisest and stupidest of men don't change."
    - Confucius
    In an industry which tends to cut spending, staff and budget in times like these, it is important to focus on efficiency drivers in order to be better prepared when the economy turns around. The recession will definitely weaken some, maybe most, but it will leave more marketshare for the strong. It is an opportunity to distance yourself from competitors.
    Here are just some of the steps I have taken to maintain savvy, value-driven marketing since the recession began in December 2007:
    • Seek out pockets of demand; Focus on targets and segments that return - Re-trench bread-and-butter markets
    • Sharpen value proposition
    • Ramp up the Web and inbound marketing efforts, especially Web 2.0 and social marketing tactics
    • Introduce narrowcasting activities into the mix such as whitepapers, podcasts and webinars
    • Take advantage of less clutter by integrating forward-thinking strategies with traditional media buys
    • Increase lead generation and nurturing... exit the recession with growing revenue
    • Present ROI that links marketing to revenue goals
    Seth Godin is calling this recession the opportunity of a lifetime. The opportunity is to find opportunities that deliver real value and have a future.