Increase Revenue Through Interactive Marketing Develop a Strategy for Marketing ROI

Transcription

1 Increase Revenue Through Interactive Marketing Develop a Strategy for Marketing ROI NANCY BOHMAN, PRINCIPAL NANCY@BOHMANMARKETING.COM STRATEGIC INSIGHTFUL CREATIVE RESULTS bohmanmarketing.com

2 Agenda 1 Marketing Strategy versus Marketing Plan Measuring ROI Sample Metrics Marketing Health Check Social Media does it make sense for your company? Metrics for Social Media Are leaders aligned with marketing? Next Steps

3 Marketing Strategy vs. Marketing Plan 2 Marketing Strategy Driven by overall business goals Profiles target target audience for each product or service Evaluates competition Identifies your USP Unique Selling Proposition Brand identity and messaging

4 Marketing Strategy vs. Marketing Plan Marketing Plan is tactical and includes a timeline 3 Supports how you will reach your strategic objectives Includes tactics such as online marketing, website initiatives, social media, public relations, lead generation programs Typically has a timeline for one year Includes marketing budget

5 Integrated Marketing 4

6 Marketing Strategy vs. Marketing Plan 5 A Marketing PLAN without a STRATEGY to support your business objectives is a waste of money.

7 Sample Metrics 6

8 Sample Metrics Trade Shows/Sales Seminars Cost per lead Cost per sale 7 Total Revenue from Leads = ROI Total Cost of Event

9 Metrics 8 Circulation: 900,000 Circulation: 380,000 Readership: 5,800,000 Readership: 2,287,600 PR Value: $121, 950 PR Value: $39,112

10 Marketing Health Check What is company s approach to marketing and communications? Reactive Mass Marketing Planned Mass Marketing Customer Focused Customer Relationship based Strategic Customer Interactive /21/2011 9

11 Marketing Health Check What is company s approach to marketing and communications? Reactive Mass Marketing Reactionary - tactical Minimal data on customers Target market not clearly defined and segmented Inconsistent branding No evaluation of results Planned Mass Marketing Some planning but not tied to objectives One-way messages Brand image not clearly identified Some consistency in messages, but not based on customer research Lack of organized customer data system Customer Awareness More strategic approach -little collaboration with others in org. Two-way communications Some measurement of results More consistent brand image and messaging Lead to sale process not defined Customer Relationship based Strategic tied to objectives Target market segmented, based on customer research Relationship content marketing Clear brand image based on customer input Evaluation is part of marketing planning Strategic customer interactive Strategic supports business -is collaborative with all functions Customer relationship based - tactics are customer interactive. Process for measurement Rich customer database 6/21/

12 Social Media Part of the Strategy 11

13 What is a Social Network 12 A place to connect and communicate

14 Social Media Networks 13

15 How has social media changed the game 14 Changed the way people communicate Changed the way we receive the news Changed the content of the news

16 How has social media changed the game Changed the level of consumer engagement Changed how businesses communicate w/ customers Changed business communications from top-down to bottom-up 15 Increases level of transparency Gives businesses new sources of market intelligence COMPANY New marketing and sales opportunities CUSTOMERS

17 How important is Social Media? Over 50% of respondents in a BrandWeek survey said they would go to a social networking site to get information about products, services or sales promotions prior to purchasing We get advice from people and sources we trust online We look for product information

18 How Important is Social Media? percent of U.S. businesses use websites such as Twitter or Facebook to engage, connect with and inform existing customers 38 percent of U.S. companies dedicate up to 20 percent of their marketing budget to business social networking activity

19 Keys to successful social media strategy Community 2. Content 3. Context 4. Consistency

20 Social Media Strategy -Video 19

21 Online News Releases million unique visitors monthly

22 Social Media - Blogging 21

23 Getting Started with Social Media Social Media should be ONE part of your overall marketing strategy Participate on social media sites first Start slowly -choose a few tools Have a plan that includes measurable goals

24 Creating your online strategy Take a baseline measure before you begin Set MEASURABLE goals 20% rise in website hits 50 downloads of a case study on your website 40 mentions in blogs 12% increase in sales

25 Creating your Online Strategy Post content that is relevant and important to your audience Dedicate resources Create CONVERSION TOOLS Surveys, Case Study, Contest Monitor results and adjust your plan accordingly

26 Measuring Social Media Results Value is in engaging customers quality of the conversation. Set metrics for page hits, downloads, time per page From where do people enter your site? Who is reading your blog or connecting on Facebook? Who is talking about you online and what are they saying?

27 Social Media Metrics Duration of engagement with customers Quality of customer interaction Membership/followers - size of network Number of mentions online Social media conversions to leads 26

28 Social Media Metrics 27 Cost of social media/online program = Cost per lead Number of leads Number of customers providing info= Conversion rate Number of customer interactions

29 Are leaders aligned with marketing strategy? As a leader, what do I think about the value marketing offers my organization? How does my behavior support my belief in the value of marketing As a company, how does our culture value marketing? What systems and processes are in place to market our business successfully? Alignment is key the culture and systems must be aligned with the leader values and behaviors to create optimal outcome Copyright 2011 Metcalf & Associates, Inc.. 6/21/

30 What does a well-aligned company look like? CEO values marketing focused on building consistent brand image and awareness C-level team spends time giving input to brand and promoting company through presentations and online interaction Marketing and sales at center of organization. Marketing budget based on % of revenue. Employees encouraged to use social media to promote company Full time resource inside or outside of company. Interactive marketing with customers 6/21/

31 Create Your Future Identify what would you like your marketing accomplish in the next 2-5 years, be specific. Copyright 2011 Metcalf & Associates, Inc.. 6/21/

32 What is Your Next Step? Now that you know where you are going -- on a scale of 1-5 where are you now? What can YOU do to get to the next step? What does your organization need to do to get to the next step? 6/21/

33 Q & A NANCY BOHMAN, PRINCIPAL STRATEGIC INSIGHTFUL CREATIVE RESULTS bohmanmarketing.com

34 Clients 33 Client Profiles: Fast Company top 100 list Inc 500 list Ernst & Young Entrepreneur of the Year winners Tech Columbus Executive of Year Small Business Person of the Year (U.S. Business Admin.) Tech Columbus Innovation Award winners Sample Industries Served: Specializing in business-to-business Technology Financial Business/Professional Services Healthcare Energy Manufacturing Non-profit