Tag Archives: ROI

Aardvark Marketing Consultants | Marketing 2020 style - keep it simple!

Marketing 2020 style – keep it simple!

Marketing 2020 style – keep it simple!

As we approach the beginning of a new decade, many people will be reflecting on the last 10 years and speculating what the 2020s will bring.  In terms of marketing, I think we can be fairly confident that there will be further advances in technology, and more fragmentation of media, making it yet more complicated to reach target audiences with the “right message at the right time”.

Aardvark Marketing Consultants | 2020's will see more fragmentation of media channelsIn recent years, the growth in numbers and sophistication of CRM systems, Marketing Automation software, Social Media platforms, click funnels, re-marketing, etc. have provided a dazzling array of tools for marketers, but also increasing pressure to adopt the latest advances, with all the associated time and financial investment required to execute them properly.

My question to business owners is “do you need them yet?”.

Or are there more conventional (old fashioned) activities that can still deliver the results you need in a simpler way?

In the last quarter of 2019, we have created a programme of simple SMS promotions for one of our clients.  We identified that many of their customers while happy with the service purchased were not repeat purchasing, so we send a promotional offer to customers whose last purchase was between 2 and 12 months ago.  We could undoubtedly run more sophisticated offers, more tailored to their previous purchases, we could set up follow up communications based on responses and we could probably tie in at least 3 social media platforms.

Is it working?  In a word, yes!  We began with a small test and have then gradually increased the scale of the activity targeting a bigger pool of customers each time.  We have also tried different promotional offers.  Across all the promotions run so far we have seen an average return of £7 of gross profit for every £1 of spend and sales from the last promotion were worth 9% of total revenue during the promotional period.

Aardvark Marekting Consultants | SMS delivers £7 gross profit for every £1 spentTo return to the earlier point, we could have set out to do something more leading edge, with bigger potential returns.  But we were able to implement this activity quickly, test it on a small scale (the first promotion cost around £250) and if we want to go for something more complex we can do it while the current promotions are running and use the profits they are generating to pay for the IT, training and other upfront costs.

Alternatively, we might just keep going, keeping it simple.  They won’t win any marketing awards or get lots of great PR, but the bank balance looks great!

If you would like some simple, practical advice to improve the marketing of your business in 2020, give us a call on 0121 222 5743 , email us  or send us an enquiry .

Happy Marketing,in 2020!

Chris

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How good is your marketing?

How good is your marketing?

Good marketing should be delivering a steady flow of good quality leads into your sales pipeline. This process does not happen overnight, there is no silver bullet. Good marketing is built of good quality content, consistently implemented and regularly monitored and reviewed. It takes time to work out what is delivering good results and what is not, and honing your marketing to make sure that you are getting a good return on investment.

When you have good marketing delivering good quality leads to your sales pipeline, it enables your sales team, or individual to sell. It is useful to break down the process into its component parts so that you don’t muddle up your sales and your marketing. Once you have separated them it is easier to work out which area is working and which is not. So you may find that you have a fantastic sales team with a really high conversion rate, who simply aren’t getting enough leads. Conversely, you may discover that your marketing is actually producing some really good quality leads, but your sales process isn’t converting them into customers as effectively as it could.

Breaking down processes enables one to look at them clearly, and make changes to the areas that aren’t working as well as they could. This makes the change process an achievable task rather than a daunting one. It enables you to concentrate your resources on the areas that need them, rather than ending up changing things that were actually working.

If you are struggling with your marketing and sales pipelines, and would like some support, take a look at our marketing manager program. This will give you consistent, on-going marketing support, delivered, monitored and reviewed. To arrange your meeting, call us today on 0121 222 5743

To learn more about marketing and sales pipelines, please watch the video below.

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Aardvark Marketing | Social media- counting clicks or measuring marketing?

Social media- counting clicks or measuring marketing?

Social media- counting clicks or measuring marketing?

Love it or loathe it, social media is no longer the new kid on the block. Because of its complexity, many business owners and marketers are still struggling to get to grips with measuring the return on investment. A recent collaborative study, #IPASocialWorks from The Marketing Society, the Market Research Society and the Institute of Practitioners has produced guidelines designed to improve the measurement of return on investment from social media. Don’t be put off by the research with big brands and larger businesses, the lessons learned are just as applicable to smaller organisations.
The study concludes that there needs to be a cultural shift towards measurement that is not restricted to show what happened (clicks) but, more importantly, how, when and why it happened. As recently as 2014 the US Association of National Advertisers (ANA) showed that 89% of advertisers were still counting ‘likes’ whilst just 23% looked to measure Return on Investment. The difficulty with measuring social activity is attributed to lack of overall control and the complex interaction between social and other media channels. So, let’s keep things as simple as possible.
“Begin with the end in mind”. Design measurement of activity during the planning stage, rather than wait until the end to measure results.
Make sure you define what the activity or campaign is designed to do and how this links with wider overall business organisation needs.
Consider the mix – can paid advertising contribute or can other media be used alongside social channels?
Define what decisions will be made during or at the end of the activity on the strength of the evaluation.
Use a mix of metrics to get a full picture
Audit – what was sent out, who was reached
Effect on customers – engagement, attitude changes, satisfaction scores, reputation of the business
Check you can distinguish between channels and combinations e.g. search and social, so you know which piece of activity or which combinations are most effective
Design the data evaluation process at the start
The aim is to learn and fully understand why something works, so that it can repeated or scaled up with predictable results. It’s always a good idea to pilot an activity so that lessons can be learned and the evaluation process can be checked to make sure it’s answering the important questions. The study demonstrates 5 proven approaches that organisations can use, which are
Market mix modelling
A/B testing
Brand tracking
Direct tracking of conversations
Cost reduction
If you’re struggling with measuring the ROI on your social media or other marketing activity you can call us for a confidential chat on 0121 222 5743,
Happy marketing,
Gill

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