I recently had a client include me in an e-mail to his staff with the subject line of “How Do We Spell Marketing?”
The summary of the e-mail was the fact that for too long they hadn’t been sure exactly what approach they needed to take to marketing their company. This left them spinning their wheels and essentially not doing anything at all.
The subject got me wondering… How do you spell “marketing”?
I could go on and on about all the different aspects of marketing for days, maybe even years! But for the sake of time and to keep from falling into the abyss, here is how I think marketing is spelled.
M – Measurement
Are your marketing efforts working?
One of the great perks of digital marketing is the fact that you can track your efforts more efficiently. There are many measurement aspects that should continually be reviewed, but here are what I consider the top 5 aspects you should be measuring:
• Social Media Traffic
• Channel Specific Traffic
• Website Traffic to Lead Ratio
• Total Conversions
• Customer Value
A – A/B Testing
This is also known as split testing or bucket testing where you’re comparing two versions of an advertisement against each other to see which performs better. This is a common practice is Facebook advertising. Two or more variants of an advertisement are shown to users at random. It is then determined which variation performed better by statistical analysis. A/B testing lets you know what words, phrases, images, videos testimonials or other elements work the best, thus more effectively engaging your audience.
R – Relationship
Focus on building a strong, long-term connection with your customers rather than always trying to sell to them. Provide your audience with information directly suited to their needs and interests. People want to buy from people they already know. Rather than encouraging a one-time sale, foster customer loyalty by maximizing the value for the customer.
K – Key Message
Key messages are the foundation of your marketing strategy and should be used in all communication. Note, these are not taglines, but vital to achieving communication impact. What do you want to be known for? This is how you will relate to your audience, appeal to them and essentially have them take action.
• Communicate your organization’s values.
• Motivate your audience to act.
• Resonate with an audience’s self-interest.
• Represent the ‘take away” from a campaign for your audience.
For more check out this article:
E – Engagement
Encourage your social audience to engage with you. First know who they are and where they are. Then know what they are looking for. Listen, respond and try to generate your own conversations. Conversate with them via blogging, videos, tips, free printables and more. This is a great way to ensure a reciprocal loyalty to your site.
T – Targeting
Basically, this is the idea of defining and segmenting your efforts to customers whose needs and desires most closely match your product or services. This can be key to appealing to new consumers and increasing company sales and growth. By focusing your marketing efforts on a specific consumer group, you are essentially promoting your products or services more effectively.
I – Invest
Allot a budget to your marketing efforts just like you would for inventory, utilities or any other company expenses. The U.S. Small Business Administration recommends spending 7 – 8% of your gross revenue for marketing and advertising if you’re doing less than $5 million per year in sales. Some businesses view marketing as a medicine to be taken when something is wrong. Instead, it should be viewed as food continuously nourishing the body. An ongoing marketing effort prevents “reputation rot” as your company grows and shapes your customer base. It also secures your company’s future. Savvy business owners don’t leave their future up to chance. They plant seeds that can be harvested later.
N – Need
Create a need. Which of your customer’s need does your product or service fill? Maslow’s Hierarchy of Needs states that there is a 5-tier system of society’s needs – Physiological, Safety, Social, Ego & Self-actualization.
What you have to offer fills one of these needs in your customers. Identify that particular need, emphasize it and satisfy it. Once you do this, you will better be able to determine how best to reach your targeted audience and to persuade them to convert.
G – Gain
It’s “all about them gains” when it comes to marketing.
If you’re not a weight lifter, what I mean by this is… Your efforts should not only increase your revenue, but it should also revolve around creating value for people. Yes, it’s true that marketing is vital to revenue because it helps funnel prospective customers into sales platforms. But by putting the customer’s perspectives and needs at the forefront of your efforts, your creating value and in return you will have your customer’s loyalty and dedication. Sources of customer value are almost infinite. Use this as a way to differentiate your product or service from your competitors and great gains for your company.