Just a short post to mention a new book by Darby Checketts the creator of Customer Astonishment(tm). Check it out at the link below or visit his site for other books. All are quick reads.
http://www.newamericanprosperity.org/ His new book
http://www.customerastonishment.com/ His website
Wednesday, July 29, 2009
Monday, July 27, 2009
Transpromo - Making the most of customer touch points!
Transpromo marketing is the science of using current business transactions that are transmitted to your clients on a regular basis for the purposes of enhancing your customer retention and growth marketing.
What that means.
Use your current day to day business touch points with your customers as marketing tools.
Documents
On a regular basis you may be mailing your customers statements, invoices, packing list, memos, faxes and other paper based documents used in your business functions. These are all customer touch points that could be carrying additional marketing messages. For example, each month you could print additional copy to your statement/invoices advertising a new product or service.
Try adding marketing inserts in these documents so they can be passed easily to other department heads. If you company still transmits faxed documents review your Fax Cover sheet and add marketing elements promoting a targeted product. Any paper document that reaches your customer based should be reviewed for potential marketing applications. Even if the marketing is only "brand marketing" don't overlook this opportunity to increase you marketing at very low cost.
People
Members of your team talk to your customer. Sales, CSR's, counter workers, support staff and other often have face to face or voice contact with your customers daily. How can you use these touch points to increase your marketing? During any customer conversation could your team mention a new product? Could they highlight and upcoming in store sale? Could you increase website visits if they gave out your website? Could you learn more about your clients by ending each conversation with a short three question survey? As you are looking at these "live contact" touchpoints be sure to pay attention to the subliminal marketing that goes on using eye contact, voice inflection, smiles and other body language tactics. This than be a powerful means of brand marketing (positive or negative). For example, I was in a local hardware store twice over the weekend. In each case I spent 10-15 minutes looking for a product while I watch store associates stand and talk to each other. When I left the store clerk gave me my receipt and told me I could go online and complete a survey regarding my visit. What kind of grade do you think they received? What kind of grade would your team receive?
Electronic
In addition to paper based and personal touch points you may also have electronic meetings with your clients using electronic bill presentment, email and website. These can be turned added to your marketing program as well. Email signatures is one of the easiest methods to continually offer new marketing messages. Additionally the message can and should contain hyperlinks to your website or special landing pages specific to your promotion.
Why consider Transpromo marketing?
During tight economic situations many companies often look at the marketing budget as one of the first places to cut costs. This is one of the worst things they can do. However it is smart to spend your marketing dollars wisely. Using your current touch points more effectively can increase your marketing impact at a reduced cost.
As you have heard me say in the past, marketing requires planning. Determine what products/services/events you wish to promote over the coming months and create the content for the marketing message. This is important as your want all of your people using the same information so it's consistent throughout the campaign. Align your plan with each of your customer touch points so a consistent message is sent each month. This will also help you track the success of the campaign as you will not be marketing multiple products at the same time. One side note on this. You can market multiple products however you should limit the number and use this as means to track the response value of the media channel. For example, promote Product 1 in your paper based applications and Product 2 in your electronic systems. Gauge the response levels to determine if one media has a significantly higher response rate.
Transpromo can be a powerful means of maintaining customer retention, growth and brand marketing. As you look at your marketing tactics for the balance of 2009 review your various customer interaction points and see how you can exploit them
What that means.
Use your current day to day business touch points with your customers as marketing tools.
Documents
On a regular basis you may be mailing your customers statements, invoices, packing list, memos, faxes and other paper based documents used in your business functions. These are all customer touch points that could be carrying additional marketing messages. For example, each month you could print additional copy to your statement/invoices advertising a new product or service.
Try adding marketing inserts in these documents so they can be passed easily to other department heads. If you company still transmits faxed documents review your Fax Cover sheet and add marketing elements promoting a targeted product. Any paper document that reaches your customer based should be reviewed for potential marketing applications. Even if the marketing is only "brand marketing" don't overlook this opportunity to increase you marketing at very low cost.
People
Members of your team talk to your customer. Sales, CSR's, counter workers, support staff and other often have face to face or voice contact with your customers daily. How can you use these touch points to increase your marketing? During any customer conversation could your team mention a new product? Could they highlight and upcoming in store sale? Could you increase website visits if they gave out your website? Could you learn more about your clients by ending each conversation with a short three question survey? As you are looking at these "live contact" touchpoints be sure to pay attention to the subliminal marketing that goes on using eye contact, voice inflection, smiles and other body language tactics. This than be a powerful means of brand marketing (positive or negative). For example, I was in a local hardware store twice over the weekend. In each case I spent 10-15 minutes looking for a product while I watch store associates stand and talk to each other. When I left the store clerk gave me my receipt and told me I could go online and complete a survey regarding my visit. What kind of grade do you think they received? What kind of grade would your team receive?
Electronic
In addition to paper based and personal touch points you may also have electronic meetings with your clients using electronic bill presentment, email and website. These can be turned added to your marketing program as well. Email signatures is one of the easiest methods to continually offer new marketing messages. Additionally the message can and should contain hyperlinks to your website or special landing pages specific to your promotion.
Why consider Transpromo marketing?
During tight economic situations many companies often look at the marketing budget as one of the first places to cut costs. This is one of the worst things they can do. However it is smart to spend your marketing dollars wisely. Using your current touch points more effectively can increase your marketing impact at a reduced cost.
As you have heard me say in the past, marketing requires planning. Determine what products/services/events you wish to promote over the coming months and create the content for the marketing message. This is important as your want all of your people using the same information so it's consistent throughout the campaign. Align your plan with each of your customer touch points so a consistent message is sent each month. This will also help you track the success of the campaign as you will not be marketing multiple products at the same time. One side note on this. You can market multiple products however you should limit the number and use this as means to track the response value of the media channel. For example, promote Product 1 in your paper based applications and Product 2 in your electronic systems. Gauge the response levels to determine if one media has a significantly higher response rate.
Transpromo can be a powerful means of maintaining customer retention, growth and brand marketing. As you look at your marketing tactics for the balance of 2009 review your various customer interaction points and see how you can exploit them
Monday, June 15, 2009
Customer segmentation
One of the first consideration in setting up a marketing plan to to consider customer segmentation. Regardless of the business your current customer base buys different products and services from your company. Some customers buy more than others. Some are more profitable. It's critical to begin your marketing plan by understanding your customer base.
80/20 rule
The old 80/20 rule states that 80% of your sales volume will come from 20% of your customer base (Group A). I always encourage new customers to look at this first to see where their 80% actually comes from. Since 80% of your volume comes from 20% of your customers then respectively 20% of your customers only sent you 80% of your sales (Group B). In both the 80% and 20% segments you will find additional customer segmentation.
After segmenting your clients into an 80/20 bracket take each group and look at their buying information to break each group into additional segments. Look at segmentation in several areas. For example:
- Sales volume
- Profitability
- Frequency of purchase
- Type of product purchased
- Age of the account as a customer
- Logistics
- Demographics such as age, gender, married/single, children
Once your team has segmented your current customer base it's wise to perform a SWOT (Strength, Weakness, Opportunity, Threats) analysis on each segment (after performing one on your company). This will give you additional insight into what may be affecting client buying habits as well as events that may affect future buying decisions. Though SWOT analysis is normally used in continual improvement programs throughout a company it can be very effective in helping you understand what strengths you can use in your marketing and what opportunities could be key targets for marketing campaigns.
Emerging Solutions Now works with clients to help them re-think sales and marketing programs. Marketing requires an understanding of what has been done in the past, sales trends and industry shifts. With this information new programs can be designed to drive customer retention, increase the opportunity for customer sales and improve new client prospecting. For more information on our products and seminars please contact us at roger.buck@emergingsolutionsnow.com or visit our website at www.emergingsolutionsnow.com.
Monday, May 18, 2009
Marketing and ROI
Marketing Analysis
In today's economy many companies are looking at their marketing and deciding what to cut. In making that decision they should look hard at the purpose and ROI of each marketing program. What was the purpose of the marketing campaign and subsequent spend? Did it achieve the purpose? Did it produce the expected or at least acceptable ROI?
Each program and marketing tack should be reviewed individually then again by segmentation based on such items as new product launch, cross channel marketing, customer retention, customer growth and prospecting. Understanding marketing spend and ROI takes time however it is necessary for companies to truly determine if their monies are being used wisely.
After performing the analysis, companies can make a more informed decision as to cuts or money shifting to more effective programs. Cutting in-effective marketing may reduce your cost but then have negative impact on your sales revenue.
Re-Allocation of funds
After a company has determine what spend could be re-allocated a company should further consider what marketing is needed. Will it be product oriented or to promote branding? What marketing channel best suits the targeted objective? How will this be tracked and reported?
When? By whom?
Marketing is perpetual
A marketing plan should follow the PDSA formula: Plan, Do, Study, Act. This is an ongoing, self-educating mechanism. Each program should gather information which can be applied to the next version of the same program. Changes are made based on the learned data and the program becomes more effective and intelligent.
Email ?'s to me at Roger.Buck@EmergingSolutionsNow.com
In today's economy many companies are looking at their marketing and deciding what to cut. In making that decision they should look hard at the purpose and ROI of each marketing program. What was the purpose of the marketing campaign and subsequent spend? Did it achieve the purpose? Did it produce the expected or at least acceptable ROI?
Each program and marketing tack should be reviewed individually then again by segmentation based on such items as new product launch, cross channel marketing, customer retention, customer growth and prospecting. Understanding marketing spend and ROI takes time however it is necessary for companies to truly determine if their monies are being used wisely.
After performing the analysis, companies can make a more informed decision as to cuts or money shifting to more effective programs. Cutting in-effective marketing may reduce your cost but then have negative impact on your sales revenue.
Re-Allocation of funds
After a company has determine what spend could be re-allocated a company should further consider what marketing is needed. Will it be product oriented or to promote branding? What marketing channel best suits the targeted objective? How will this be tracked and reported?
When? By whom?
Marketing is perpetual
A marketing plan should follow the PDSA formula: Plan, Do, Study, Act. This is an ongoing, self-educating mechanism. Each program should gather information which can be applied to the next version of the same program. Changes are made based on the learned data and the program becomes more effective and intelligent.
Email ?'s to me at Roger.Buck@EmergingSolutionsNow.com
Friday, May 8, 2009
It's old, it's new and it will always be vital...it's called marketing!
I saw an old business forms printers joke recently where a caveman is holding a club and chisel in front of four stone tablets. His supervisor is saying, "Hit hard, your making four copies.".
My thoughts? Who sold him the four stones and how would you market them? Was the salesman's business card a river stone? Who did he show the value of his stone tablets compared to the competitors?
Marketing is a vital key to any successful business whether you sell stone or RDIF tags. Understanding the role of marketing in the sales cycle is equally important. Many companies view these as the same function however marketing does not create sales as much as it creates an environment for a sale to occur. What's a good environment and where does that environment exist? How do you get a customer or prospect to visit that environment? When do you want them to visit? Good marketing can answer these questions and begin the ongoing process of bringing customers and prospects to the sales funnel.
My thoughts? Who sold him the four stones and how would you market them? Was the salesman's business card a river stone? Who did he show the value of his stone tablets compared to the competitors?
Marketing is a vital key to any successful business whether you sell stone or RDIF tags. Understanding the role of marketing in the sales cycle is equally important. Many companies view these as the same function however marketing does not create sales as much as it creates an environment for a sale to occur. What's a good environment and where does that environment exist? How do you get a customer or prospect to visit that environment? When do you want them to visit? Good marketing can answer these questions and begin the ongoing process of bringing customers and prospects to the sales funnel.
Subscribe to:
Posts (Atom)
