What do you consider your greatest marketing problem? Or perhaps of even more interest: What do your peers report as their top marketing problems? And if you could, wouldn’t you want to know what channels your competitors report as working for them? I recently surveyed a few marketers with those questions, so today I share what’s on their minds, along with an analysis of those marketing problems and successful channels as we go into 2016.
First, the top five problems:
- “Finding new customers and reengaging the ones we have to buy again.”
- “Competitive pressure is relentless and we’re struggling to break out.”
- “Overwhelmed with channel choices and uncertain what channels to use.”
- “Marketing in general isn’t delivering like it used to.”
- “Profitability is too low.”
Next, the channels with the highest satisfaction:
- Websites/landing pages
- Direct mail
Combining these two topics, I offer this analysis in the form of three takeaways:
Takeaway No. 1
Problem No. 1, finding new customers, and No. 3, channel choices, are linked. If these two elements are your problems too, you may be limiting your profitability with the channels you’re using. The number of channel choices and the pace at which they evolve is dizzying. You need to be knowledgeable about them (or find someone who can untangle them for you). You may need to venture out into the unknown. As they saying goes, you need to “meet your customers where they are.” If they’re on a channel you’re not using, then you likely suffer from difficulties in finding new customers and reengaging past customers.
Now, let’s overlay these problems with the channels where your peers report satisfaction.
- The marketers who I heard from are satisfied with email marketing. If you’re not happy with your email marketing results, maybe it’s time to more aggressively A/B test new approaches to identify winners. Don’t forget the importance of your landing page to close deals.
- Consider A/B testing of video on your landing page and evaluate its impact on conversions. Or test a long-form video sales letter. A well-done video can create greater comprehension.
- Have you tried Facebook remarketing? Promoted posts? Are you engaging your followers frequently, with meaningful content, to create raving fans? Once you build Facebook followers, you have to continue to deliver meaningful content before you see results.
Takeaway No. 2
Problem No. 2, competitive pressure, and No. 4, marketing not delivering like it used to, can also be linked. How do you break away from your competition? You may need to re-examine your unique selling proposition, and then reposition your product or organization.
Have you conducted a competitive analysis? Research what your competitors are doing online and the channels they are using. Document your findings, then make a list of the top five things they’re doing that you’re not and test new approaches.
Takeaway No. 3
Problem No. 5, low profitability, reveals that you need to find lower-cost channels, or make a higher-cost channel like direct mail work better. Another possibility: reevaluate your offer and price. The top three channels where marketers are satisfied (email, websites and Facebook) are typically less expensive than direct mail, but require ongoing content development. Video doesn’t have to be expensive, especially if you’re able to use customer-generated video for testimonials.
If profitability is lower than you want, now is the time for two tests: One is to invest in lower cost channels. The second is to test new creative and/or production values in direct mail to either increase response, or lower your cost per response.