I read a blog posting recently by Marketo, which postulates that there is no longer a difference between B2B and B2C marketing. Since “our jobs are our lives and our lives are our jobs,” we should be using communications that speak to them the same. Are the lines now blurred so far that they really have merged into a B2B2C reality? Taking a look at other recent articles, I want to explore further how they are now same and what may forever be different.
I’d like to take a moment to backup and share a basic understanding of what “marketing ROI” means, in order to build upon it in the future. For those who already know this stuff, please bear with me, but for small business owners/marketers who never learned this or have gotten fuzzy on it since college, it should help. If you find this too technical, jump to the SUMMARY at end. Read more…
A number of years ago, when I was with a different company, I met with my department’s VP and he said something that I will never forget. Something along the lines of, “You’re different from other people because you’re not a rock chipper. Rock chippers are great; you hand them a rock and something to chip away at it with, and they’ll do so in earnest. The world needs rock chippers, but some have to be leaders.”
I learned today of a new marketing program targeted to retailers called CREDITZ (using “Z” in your name seems to be the “new black” these days). They claim their program increases marketing ROI because it is a trackable method to “increase sales, enhance brand loyalty, acquire new customers and strengthen customer relationships.” In a nutshell, they are trying to entice consumers to change their shopping habits so that they use a CREDITZ card, instead of a debit/credit card, with registered online and brick-and-morter merchants who have signed up for the rewards program. The consumer gets points for the amount of money spent on their purchases, which translates into CREDITZ-back that can be then spent on those same merchants.
Good ideas can come in small packages, and Z-CARD out of the UK proves it. If you want to implement a unique marketing campaign with measurable ROI, you may want to consider one of Z-CARD’s products: the pre-paid scratch card, blister packs, bottle hangers, and mini-brochures that begin the size of a credit card but fold out into a single page (up to 13 panels long x 3 wide). They can even be custom-shaped to resemble your product.
I read an article today that quoted Avinash Kaushik, author of the blog Occam’s Razor, who quipped, “Social media is like teen sex. Everyone wants to do it. No one actually knows how. When finally done, there is surprise it’s not better.” According to MarketingProfs, slightly more than half (55%) of all businesses are trying to do it, and most (79%) aren’t yet trying to evaluate the ROI of their efforts, with 41% not knowing if it even CAN be done. Having read many articles lately on the topic of evaluating the ROI of social media efforts, I want to distill the information down to a list of metrics that can be used.
I read a white paper recently geared to online marketers from the company FetchBack, a retargeting company. In a nutshell, they state that online marketers often track the metric “conversions,” which can be different for each marketer depending on their business, for their website and from specific campaigns. What people often fail to take into consideration, however, is what percentage of conversions are from people who absorb information and then come back later to purchase.