Archive for the ‘marketing strategies and tactics’ category

Marketing return on investment

Monday, October 3rd, 2011

Calculate Marketing ROIHas your boss ever asked you this question: So, what was the return on investment for our last marketing campaign?

Calculating marketing ROI can be tricky, especially for an unseasoned marketer. But ROI is an important metric, and speaking in business terminology helps raise the profile of marketing within your organization while also presenting the business case for running your campaign.

To make it easier, start thinking about ROI before you run your campaign. By projecting ROI, you’ll be able to compare initial projections to actual results which will help you diagnose any areas that under/over perform from your projections.

A good set of ROI tools always helps. In Growth Panel, use the following exercises in the Marketing Campaigns section of the Library:  530 - Quantify Your Campaign Goals; 533 - Campaign Budget & Metrics; 537 - Campaign Spreadsheet.

To build your projections:

  1. Estimate your response rate
  2. Project your response conversion rate
  3. Determine how many impressions & leads you’ll need to hit your goals
  4. Project your profit (either gross or net)
  5. Record all costs
  6. Calculate projected ROI

When your campaign is complete, load your actual results and compare.

Below are screenshots of the Growth Panel tools that will calculate these for you. To access them now, set up a Growth Panel account and you’ll have them in minutes.

Marketing Return on Investment Calculations

Calculate Marketing Response Rate and Conversion Rate


Track Marketing Budget

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Calculate Marketing ROI

ROI is best used for targeted campaigns with a distinct offer and tracking mechanism. If you’re running high-level brand-building campaigns without a trackable offer, it’s a good idea to lump those costs into a “brand investment” category.

But for every other campaign, it’s powerful to show your colleagues the profit returned for your marketing investments.

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Twitter for marketing how-to webinar

Wednesday, July 22nd, 2009

Confused by Kevin Spacey trying to explain Twitter to David Letterman? “Type with your thumbs” …

While teenagers aren’t currently using Twitter, businesses are. If you’re not sure how to get started on Twitter and aren’t ready to hire a social media consultant, check out the next best thing–a comprehensive video that explains the benefits of Twitter for business and how to leverage it.

Twitter for Marketing

Thanks to Mike Volpe, VP of Marketing for HubSpot for covering this on the June 3, 2009 O’Reilly Webcast. HubSpot is a startup that delivers a pretty powerful inbound marketing platform for companies looking to generate more leads from their website.

We’re still Twitter rookies, but plan to start ramping up soon. Connect with us and Mike:

@growthpanel

@hubspot

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Upgrade your content to make your website more effective

Friday, February 13th, 2009

Could your client’s website play a greater role in their sales process? Many smaller companies still have tombstone websites with outdated design and copy. These sites typically aren’t functional and don’t generate leads, move prospects through the sales funnel or handle customer service. 

A complete web redesign can be a challenging project. A simpler solution is to refresh the design and update the content. But what type of content should you add? Should you create new content, or license existing content? Maybe add videos instead of static text? 

Instead of randomly juggling all of these variables, think through this short process to help you create your new content plan. 

1. Determine the main purpose of the website and its role in the sales process. 

What’s the goal of the website? Have the website handle a specific business function. It’s far easier to send customers/prospects to a website for information than to deliver it via the phone. Have your new content address its chosen function. 

Who are your client’s website visitors?  Help your clients divide their users into categories and sub-categories based on demographics. Then answer common questions like “When and why do users come to this site?” Make sure to understand this audience. 

Do you have a call to action? Some websites have great substance but don’t have a call-to-action.  Unless your client is a charity, this means that the site isn’t facilitating a sale. Ask each audience segment to take action. “Download our free white paper for more information” or “call us toll-free for 24 hour service” are essential elements your client may easily overlook. 

Is the current design content-driven? Do the elements of their website–text, images, diagrams, information, forms, etc.–exist for a specific purpose that is tied to their users’ needs? Or, is the site just a bunch of fancy graphics? If it’s the latter, clean up the graphics and move the focus to the content.

2.  Plan your content. 

Brainstorm with the team. Talk with your internal team to gauge what they feel is the most important content on the site. Then, talk with some external sources (customers, impartial observers) and see what they think.   

Facilitate a “sale.”  Organize your new content ideas, and ensure that it will help make a sale, or do a good job with its role in the sales process. Many web surfers decide, based on their site visit alone, if they’ll make a purchase or engage in a conversation. The site has to sell, whether you’re selling a product, service, or just selling that your client is trustworthy and capable of delivering on their brand promise. 

Check the competition. Review what your competitors are doing, and strive to be better, or at the very least, different. 

Make it easy to find. Websites that look pretty–but are not search engine optimized–are just fancy websites that are rarely found. Work to make sure that Google and other search engines like it.

After walking your client through these simple steps, finalize your content plan. Then, start creating! Check out these tips for copywriting and hiring a vendor if you don’t have the resources in house.

Make sure to have fun with it. Content is king!

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