A Better Way to Set Your Marketing Budget
The best way to develop a marketing budget is to treat that budget as if it’s an investment — something that delivers an expected, quantified return over time. In order to build a strong business case around this concept, a marketer must understand the dynamics of their funnel. Take a deep dive into how new potential customers enter in the top of the funnel, how much you need to invest to find those prospects and help them move through the revenue cycle …
With this model in place, marketers can run scenarios that show how the budget translates into more leads, opportunities, and wins down the funnel. (They can also quantify the impact budget cuts will have.) At most companies, any significant investment must be supported by a business case that shows it will deliver a “hurdle rate”, or minimum rate of return. If you can make that case, the CFO generally approves it. Of course, some types of activities — demand generation comes to mind — are easier to tie to ROI than others, such as brand-building or PR. But no matter what the activity, make “worst case”, “expected case”, and “best case” assumptions to show the range of possible outcomes.
Sales Renewal’s insight:
The author does a nice job explaining some of the ways to do a marketing investment analysis, and even makes a plea to treat marketing just like other business investments, even capital spending (are you listening FASB?)
We ourselves have tried to contribute to this change in mindset, for example, we’ve presented real-life data that shows the more you invest in marketing, the more your leads increase and costs per sale or lead decrease to larger growth (here).
We even offer a quick, low-cost service, a Marketing Investment Analysis, that will help you figure out what a rationale marketing investment in your business should be.
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Marketing as Architect of the New Buyer Journey
A look at the impact on new buyer expectations and behaviors-and the challenges and opportunities for brands and marketing.
Sales Renewal’s insight:
A typical, simplified view of the customer journey (buyer’s funnel” shows three stages – Awareness (of a need or an issue that needs solving); Consideration (of the alternatives); and Purchase (of the best solution for the need).
But rarely is the customer journey a straight path from Awareness to Purchase, as so aptly demonstrated in this graphic from Forrester Research via Percolate.com. There are twists and turns throughout the journey which present both obstacles – and opportunities.
Understanding this non-linear path to purchasing further reinforces the importance of key concepts and creating relevant content for different stages of the customer journey.
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Different Keywords for Different Customers
The right keywords are key to good SEO rankings, and good SEO rankings are key to increasing awareness of your services and products – and eventually sales – from the web. Nothing earthshaking there.
Now, if you want dissension, get three marketers in room and ask them how to choose the best keywords.
They’ll probably all agree that you can select good keywords by answering three questions:
- What is the product/service we offer? (Let’s say we sell electric dog fences.)
- What is the customer’s problem? (My dog escapes from my yard!)
- What solution are they looking for? (There are various ways to keep a dog in your yard. We don’t want to sell dog runs or traditional fences, though.)
Since prospects are at different places in the buying cycle – that is, they are seeing the problem in different ways, from different perspectives – the best keywords for each stage of those buying cycles are different. This means that the best content for each stage is different, too. (Because another thing marketers agree upon: write for the reader and for SEO. Ignore either at your peril.)
Prospects can be found in at least three different places in the buying cycle (different states of readiness to buy).
Stage 1 of the Buying Cycle: Awareness
Recognizing a problem and corresponding need, the prospect will have some preconceived notions about how to solve his problem. (Dumb dog! I’m going to have to get a new fence or tie him up!) At this point, the prospect is not quite ready for a chart comparing how much better your solution is vs the competitor’s. Instead, you can reach them with keywords – and content – that talk about the issue, not your solution, and answer their questions about solving their problems on a broader, more generic level. (Pros and cons of tying him to a tree.)
Stage 2 of the Buying Cycle: Consideration
Investigating options can be a long process, all about comparison – comparisons involving price constraints, convenience, moral considerations (Should I buy local? or from my friend Joe? Does it have to be made in the USA?) and myriad factors. It is appropriate in this stage to use more refined keywords (enter the concept of “long-tail”) – and content – that demonstrate your value. The prospect is looking for evidence that going with your solution is the right decision. How do you compare to your competitors? (Here’s an appropriate time for that comparison chart.) How do your current customers feel about your product or service? (Use those glowing customer testimonials to demonstrate your value.) What are the proven ways your product or service can address the issue at hand? (Is your product endorsed by the local veterinary society, has it received some other professional vote of confidence?)
A tip: Respect the process. Generally speaking, an educated customer is a satisfied customer – one that’s likely to become a repeat buyer – but cultivating them requires patience. For some, investigating options is quick, for others it’s an education-intensive, protracted process. Eventually, though, there’s…
Stage 3 of the Buying Cycle: Purchase
Ready to buy! If you’ve nurtured your prospects correctly through this journey, by the time they reach this stage, their decision is nearly made, and you just need to help them over the finish line. Your keywords – and content – will focus on your brand, and your product or service features.
Of course, the end of the story can be happy or sad. This is not the time to sit back and assume that your keywords – and content – will make the sale. A lot of seemingly small things can derail a purchase at the last minute – including an expired coupon, high shipping fees, or a technical snafu in the shopping cart. Some prospects will return to buy at a later time; others abandon the purchase and move on to a predetermined Plan B. (Sell the dog?)
And of course, a sale shouldn’t be the end of the story, it should be the beginning of the customer relationship…
…which we’ll discuss in future posts. Just be aware, it may cause a ruckus.
Originally written by Diane Stresing, January 2013. Revised and updated by Audrey Trieschman June 2015.
Sales Renewal’s insight:
The right keywords are key to good SEO rankings, and good SEO rankings are key to increasing awareness of your services and products – and eventually sales- from the web. Nothing earthshaking there.
Now, if you want dissension, get three marketers in room and ask them how to choose the best keywords.
Sales Renewal’s Critical Assistance Helps Client Win Small Business of the Year, Blue Ribbon Award
Everybody strives for excellence, but only a small portion of American business people achieve it. In fact, according to the U.S. Chamber of Commerce, each year only the “cream of the small business crop” are worthy of receiving its prestigious Blue Ribbon Small Business of the Year award.
That’s why it’s so gratifying that Sales Renewal client MATsolutions, of Irving, Texas, today announced it has been named a 2014 Blue Ribbon Small Business of the Year Award winner by the U.S. Chamber of Commerce. The award is given each year to the elite group of small businesses best demonstrating exceptional business practices in specific areas, including: strategic planning, marketing, employee development, community involvement, and customer service. In 2014, MATsolutions is one of only 100 winners selected by the U.S. Chamber from a record number of applicants from across the nation.
“We’re pleased to receive this prestigious Small Business of the Year award, ” said Steve Wedler, VP Sales & Marketing, MATsolutions. “Over the last year with Sales Renewal’s assistance, we’ve rebranded our company, launched a new e-commerce site and introduced marketing programs and supporting technologies that truly distinguish MATsolutions from its competitors. Having two highly dedicated and bright teams (our own and Sales Renewal’s) responsible for this transformation has allowed us to deliver something far superior to what either team alone could have created. This award is a great acknowledgement of the advances we have made.”
“Having two highly dedicated and bright teams responsible for [rebranding the company, launching a new e-commerce site and many new marketing programs] has allowed us to deliver something far superior than either team alone could have.”
– Steve Wedler, VP Sales and Marketing, MATsolutions
Growing Range of Capabilities and Offerings
In December 2013, MATsolutions changed its name and brand identity to better reflect a growing range of test and measurement equipment capabilities and offerings, including a stronger emphasis on calibration and repair. In addition to the name change, key features of the rebranding included:
- A new website that can process orders, RFQs and payments and manage communications with customers wishing to buy online;
- The MATrewards loyalty program, designed to reward MATsolutions customers for their loyalty by providing them tangible and financial value;
- Unique guarantees, including the No Surprises and the Price Match guarantees, to help provide clients the peace of mind they need in today’s challenging test and measurement marketplace;
- A consistent, online marketing effort that includes a monthly newsletter and specials; a weekly blog series, and an active social media presence on LinkedIn, Twitter, Google+, and Facebook.
We at Sales Renewal get a lot of satisfaction from doing our jobs, and doing them well. We feel even more satisfied when our clients benefit in the form of increased sales and revenues. But helping a client win an important award like the U.S. Chamber of Commerce Blue Ribbon Small Business of the Year award: to us, that’s priceless.
Sales Renewal’s insight:
Everybody strives for excellence, but only a small portion of American business people achieve it. In fact, according to the U.S. Chamber of Commerce, each year only the “cream of the small business crop” are worthy of receiving its prestigious Blue Ribbon Small Business of the Year award.
…
“We’re pleased to receive this prestigious Small Business of the Year award, ” said Steve Wedler, VP Sales & Marketing, MATsolutions. “Over the last year with Sales Renewal’s assistance, we’ve rebranded our company, launched a new e-commerce site and introduced marketing programs and supporting technologies that truly distinguish MATsolutions from its competitors. Having two highly dedicated and bright teams(our own and Sales Renewal’s) responsible for this transformation has allowed us to deliver something far superior to what either team alone could have created. This award is a great acknowledgement of the advances we have made.”
Do You Need a New Website to Generate More Sales?
Many of our clients came to us because they thought they needed a new website, but they didn’t. Often, we’re able to incorporate enhancements into an existing site, improving the handling of online sales, or add features that provide the customer with a better experience. In some cases, the website is beautiful – but no one can find it. When that’s the case, we help the client get found by prospects who are looking to buy, and convert those leads into sales.
If you’ve been thinking about improving your website, or are worried that it’s just not doing its job for you (its job, by the way, is to increase sales) – contact us to find out what we can do for you.
It’s true that we focus on sales and marketing, but sometimes we forget to mention that we’re really into the technology that make sales and marketing programs hum. Here’s a partial list of the behind-the-scenes stuff we do for our clients:
- Analytics for clicks and calls
- Application development
- Blog design and construction
- Customer Loyalty Systems
- Database integration
- Internet infrastructure: hosting, domain names, SSL
- Online Product Designers/Configurators
- Review & Testimonial systems
- Social Media pages design and construction
- Systems Integration
- Website design and construction: Marketing, e-Commerce, Localized, Micro, Mobile, more
- Website integration into Point-of-Sale and IT systems
- Support & Maintenance for all of the above
How can we help you increase sales? Contact us to find out.
Sales Renewal’s insight:
You might not need a new website to get more sales online – maybe what you need is better SEO, a local sales campaign, or some enhancements to your e-commerce capabilities. We help our clients get what they need to get the sales they want.
How Much is a Like Worth? is a Good Question
It’s been called the million-dollar question: How much is a like worth? While we admit we’d “like” to know, in fact, we suspect we already know – a like’s worth varies depending on the influence of the liker. And while the liker might not appear to “like” you much in terms of sales, at least one study suggests a customer’s fondness for your company is inversely proportional to his value in terms of referrals.
1. When you understand your customers, you can value them and communicate with them in different ways.
2. It’s critical to follow up with your customers after they’ve purchased, to make sure they’re happy, to win their loyalty and also to remind them to recommend you to friends.
3. Knowing a customer’s lifetime value doesn’t matter if you can’t keep them for a lifetime. In other words, customer service matters, a lot, to your company’s continued profitability.
In future posts, we’ll discuss some of the elements that go into our sales programs, including attracting customers and keeping them, effective survey tips, and how to be sure your company’s customer service is doing right by you and your customers.
In the meantime, we think it’s worth asking, what’s a like worth? But as we remind our clients daily, it’s just as important to ask, why are we worth liking?
Sales Renewal’s insight:
Don’t Waste a Hook in 2013
If you’re in business, the holidays can be so hectic some important things get overlooked. We’d hate to start the New Year with an old lecture, so let’s just call this a friendly reminder about the value of customers.
We’re sure you’ve seen quotes from legendary department store founder Marshall Field extolling the virtues of customer service, and we bet you also know, contrary to some of Mr. Field’s axioms, the customer isn’t always right. Never the less, the customer is always the customer.
Appreciating your customers – even the trying ones – starts with knowing who they are. Only after that can you begin to understand them.
Perhaps you’re familiar with this story from a fishing equipment sales training program. After the leader enthusiastically ballyhooed the lures’ hand-painted eyes, realistic movements of various rubberized insects, and pointed out how well they concealed the hooks, a young sales person interrupted to ask, “Do fish really like this stuff?”
“You’re not selling to fish, ” the trainer replied.
In other words, no matter how great your bait, it’s even more important to know what you’re trying to hook.
In 2013, as always, we wish you good cheer and good selling.
Nate Silver, Marketing’s Wake Up Call
We’re tempted to call it the Nate Silver effect: In the last few weeks a handful of industry watchers have suggested that what companies really need to succeed is a chief marketing technologist.It’s not a bad idea. Obviously, sales and marketing functions are increasingly dependent on technology. The technology choices available today are roughly double what they were last week – and some say they’ll quadruple by Thursday. (That’s a ballpark estimate, you understand – we didn’t run it by Mr. Silver.)
Our point is that while most organizations understand that they need to use technology and social media to grow their brand (and more importantly, sales) few can afford to add a chief marketing technologist to the staff.The problem that many companies fail to address is that embracing social media without employing all of the analytical tools available is a waste of time, and a sure way to misdirect your advertising and marketing budget.
You need to incorporate everything you know about your customers’ buying cycle into your online (and offline) sales strategy. It’s not hard to use Facebook, Pinterest, Reddit, and LinkedIn, and Adwords campaigns – but it is hard to use them effectively, honing them to reach and convert prospects that are in different places in the buying cycle.
We spoke about this last spring in our Concord Chamber of Commerce Series. The example we used highlighted our sales strategy for an electric fence company. (See the sample site here.) The company had a good understanding of its prospects, their decision criteria, and buying cycle, and they knew where to find those prospects – but it wasn’t enough. The company wasn’t using that knowledge effectively.
We helped by optimizing keywords for prospects at each stage of the buying cycle, tailoring content to meet them where they were – for example, identifying prospects even before they knew they were in the market for an electric fence. We reached out to those prospects differently than we did to those who were already shopping for fences. We optimized content for them and analyzed their visits to the company’s site. We tracked other prospects – those who came to the site through organic search – and adjusted our online ad campaigns to improve their impressions and interactions with the fence company. Merely posting a special offer on the company’s Facebook page wouldn’t have had the same results.
We know, because we measure those kind of things – and you should, too. Subscribe to our Growth Spurts blog, or contact us now to find out more.
Sales Renewal’s insight:
We’re tempted to call it the Nate Silver effect: In the last few weeks a handful of industry watchers have suggested that what companies really need to succeed is a chief marketing technologist. It’s not a bad idea. Obviously, sales and marketing functions are increasingly dependent on technology. The technology choices available today are roughly double what they were last week – and some say they’ll quadruple by Thursday. (That’s a ballpark estimate, you understand – we didn’t run it by Mr. Silver.)
Our point is that while most organizations understand that they need to use technology and social media to grow their brand (and more importantly, sales) few can afford to add a chief marketing technologist to the staff. The problem that many companies fail to address is that embracing social media without employing all of the analytical tools available is a waste of time, and a sure way to misdirect your advertising and marketing budget.