Optichannel Marketing Campaigns Get an Additional Boost With Direct Mail

Not every brand has a big brand’s marketing resources. Here’s are two case studies in how optichannel marketing is being used at a more reasonable level of investment by real, medium-sized businesses to increase campaign effectiveness and bottom-line results.

Not too long ago, we looked at how some of the biggest companies in the world — including Disney and Neiman Marcus — use optichannel customer experience strategies to deliver great marketing ROI. Even among big brands, though, the customer experience magic of Disney may be out of reach. So let’s take a look at how optichannel marketing is being used at a more reasonable level of investment by real, medium-sized businesses to significantly increase campaign effectiveness and bottom-line results.

Response-Lift Modeling Finds New Campers and New Revenue for Summer Learning Initiative

The hard part of operating any business focused on school-age children is the built-in rate of attrition. Students grow up, graduate, and otherwise age out of your programs every year. It’s likely that at least 25% of your customers won’t be back the following year due to matriculation alone.

To refill those seats without breaking the bank, these institutions must focus marketing on lead generation and new customer acquisition — two of the most expensive goals in marketing. It’s challenging to do that and still find a way to market profitably.

One such program is Galileo Learning, which operates 75 children’s summer camps across parts of California and Chicago, Ill. Age limits on the program mean that large portions of the customer base graduate out every year.

Finding a way to replace those students quickly becomes prohibitive. Summer Erickson, head of marketing for Galileo Learning, saw that many direct mail strategies were becoming too expensive for the ROI. The answer she found was to combine a very effective mail piece with tight customer models built on the data of current customers.

“The customer modeling tool was a game-changer for us,” says Erickson. By using response-lift modeling to identify prospects on external lists who were highly likely to respond, Galileo was able to market much more efficiently. They used the savings to create better mail pieces that would also drive better-than-normal response, and the mailers were localized to each of their nine markets where Galileo operated camps.

The results, Erickson says, surpassed her most optimistic expectations. The campaign brought in 155 new campers and $66,000 in new revenue. And she expects even better success from a wider program launched later in the year.

Holiday Direct Mail Adds Optichannel Targeting, Gets 6X More Impressions, $200k-Plus in Donations

Sometimes you need to break out beyond a single channel to get the best results. Meals on Wheels (MOW) in the Diablo Region of California spurred $230,000 in new donations by doing exactly that with its holiday donor appeal campaign.

The campaign broke with MOW’s traditional strategy in two main ways:

  • They built three audience segments defined by demographics and customer look-a-like modeling.
  • MOW added targeted digital advertising to amplify its direct mail, which made sure the target audience saw 6X more campaign impressions that they would have in a mail-only strategy.

First, much like Galileo, MOW and its agency starting working from the donor database, using existing data from real donors to identify three list segments who would be most responsive to this campaign: current donors, lapsed donors and prospective donors. Although the names sound straightforward, the segments were developed by examining the demographic and engagement data of known donors across dozens of factors.

Each person on the list received a personalized donor appeal letter with infographics highlighting the benefits of donating to MOW and a coupon CTA to make a donation.

Overall, the campaign blanketed the audience with 75,000 pieces of direct mail alone. But that was just the beginning of the campaign.

In addition to those 75,000 mailpieces, MOW built email, social media, and online display advertising to amplify the direct mail message. Together, this added 467,542 additional marketing impressions for the campaign — more than a 600% increase in overall brand exposure, compared to a mail-only control group.

The results were impressive for MOW, even for a holiday appeal: $230,000 in donations, 43% new donors, and donors from the optichannel campaign averaged 169% more than donors in the control group who only received direct mail.

Taking Omnichannel Marketing Outbound in 2020!

While a strong omnichannel customer experience is important, it’s equally important to incorporate omnichannel marketing into your lead generation strategy. Content optimization, customer modeling, and profiling through a strategic optichannel plan will produce a strong customer acquisition system.

Omnichannel marketing is an important piece of any brand’s customer experience (CX) strategy, but too often it stops there. While a strong omnichannel CX is important, it’s equally important to incorporate omnichannel marketing into your lead generation strategy. Content optimization, customer modeling, and profiling through a strategic optichannel plan will produce a strong customer acquisition system.

Here are three ways to use the power of omnichannel marketing to enhance your outbound marketing and generate leads, acquire customers, and lay the foundation for strong customer relationships.

1. Omnichannel Content Optimization

The biggest difference between omnichannel CX and omnichannel marketing is that the CX mostly happens on your owned channels, and it mostly engages existing customers and lower-funnel prospects deciding to become customers.

But how do you get those prospects into the pipeline in the first place? Traditional mass marketing? That’s not the right way to introduce prospects to a highly targeted, personalized, omnichannel experience. Maybe Disney can pull that off, but most brands need to put more effort into building a strong foundation for the customer experience.

That’s where omnichannel marketing comes in. We recently dove into how four brands deliver great omnichannel customer experiences by anticipating individual customer needs and removing obstacles that would have a negative impact on customer experience. In omnichannel marketing, you take that same approach to outbound marketing content. That can be as simple as offering a discount or as complex as creating videos to counter known buying objections.

Great omnichannel marketing comes from understanding what your target audience wants and needs, and providing content that addresses those drives. At a minimum, you must develop ad content tailored to the specific segments you’re targeting. Blasting the same offer to all of your audience models is not omnichannel marketing.

For prospects who are already pretty far down the funnel, target them with ad content that makes it easy to see that you offer the things they want and will make them easy to get.

Not all prospect segments are going to be that far down the funnel, though. You may be using omnichannel marketing to drive awareness and get top-of-funnel prospects to sign up as leads and receive your newsletter. Here, educational content can be highly effective. If they’re new to the market, promote blog content that answers common newbie questions. If they’re experienced — but not looking to buy yet — promote high-value content that makes an impression and encourages them to come to you for answers (technology companies like Cisco and HubSpot do a wonderful job of this).

Keep in mind that a targeted audience offers new opportunities to optimize content. For example,  Google affinity audiences allow advertisers to loosely target visitors of competing websites. For these kinds of campaigns, you can talk specifically about the kinds of things those websites cover.

2. Turn Customer Data From a Microscope Into a Telescope

Every brand has customer data, but even though that data lets marketers examine their customers in small — even microscopic — detail, most have a hard time using it to do much more than send birthday emails and make fairly shallow product recommendations.

In order to use your data for true outbound omnichannel marketing, you need to turn that data around so it can be your telescope instead of a microscope. You can do this by examining the data to extrapolate traits from your existing customers that also should appear on likely customers — i.e., look-a-like modeling.

The process is two-fold data science. First, you identify the segments you want to model in your customer data and look for data points they have in common. These traits may indicate someone is likely to become your customer, but it’s not a single-factor analysis. Each segment may have demographic, psychographic, and behavioral variables you can synthesize to create models that will help find other likely customers.

Then you use those models to target both online and offline marketing. For example, Facebook has long offered look-a-like targeting to its audience. Google offers similar options across its whole online and mobile ad network. You can also use these models to identify mailing lists that include the right kind of audiences and target them with relevant marketing.

Omnichannel marketing is not just for direct response, either. It is highly effective at getting the right content in front of your target audience on social media. You can use these models to target content promotion on social networks and make sure the right stories from your accounts wind up in the feeds of the right people on each network.

3. Make Omnichannel Marketing Optichannel

As mentioned, omnichannel marketing takes everything you do to build your omnichannel customer experience and applies it to lead generation and customer acquisition. You can take this further to an optichannel strategy by constricting your outreach to just the channels where each customer prefers to engage with marketing. That may sound counterintuitive as part of an omnichannel strategy, but consumers and business audiences are both showing fatigue with being hounded by ads from every brand on every channel. There are benefits to actually limiting the channels you use for specific customers by selecting ones that can be effectively optimized.

If you can identify the preferred channel of a specific audience segment — or, ideally, individual prospects — and create a great experience for them on that channel, you stand a much better chance of laying the foundation for a great omnichannel customer relationship.

Omnichannel CX has been a breakthrough for many brands. Done well, the techniques it uses can provide your customers with the kind of experiences that keep them coming back — it’s like customer relationship magic. But if you can’t take those principles and apply them to your outbound marketing as well, you’re doing a disservice to brand growth. Use these tips to turn your CX strategy around and leverage the power of true omnichannel marketing.

Where Is B2B Marketing Headed in 2020? 7 Predictions

Forecasting the future is a dangerous but irresistible practice for observers like myself. So let me plunge ahead with seven bets on likely new developments in the world of B2B marketing.

Forecasting the future is a dangerous but irresistible practice for observers like myself. So let me plunge ahead with seven bets on likely new developments in the world of B2B marketing.

Just don’t look at my predictions from last year to check my record for accuracy, please.

“My crystal ball is on back order,” as B2B database expert Bernice Grossman is fond of saying.

This year, my predictions range from retention to robots. I welcome your feedback!

A Move From the ‘Funnel’ to the ‘Relationship’

B2B marketers are expanding their roles from just cranking out lead generation campaigns to stepping in as managers of the prospect and customer relationship, in partnership with their sales counterparts. As business buying becomes more complex, with larger buying groups and longer buy cycles, marketers will continue to embrace the contributions they can make in market coverage, sales enablement, and ABM.

Voice Search Takes Hold in B2B Buying, for Real

Business buyers are already using their Siri, Alexa, Google Assistant (“Hey, Google!”), and Cortana devices to identify potential vendors. And CPQ technology that enables configure/price/quote on more complex products is coming up quickly. So, the table is set. We marketers need to get ready by adding structured data, beefing up our FAQs, and mobile-enabling our websites to get the best advantage.

Messaging Apps Go Enterprise

As messaging app usage soars, leading providers Facebook Messenger and WhatsApp (owned by Facebook) offer business solutions. The top application, so far, is customer service to solve problems quickly. But marketers are dipping their toes into product introductions, company news, promotions, and even purchasing with business customers. Of course, the granddaddy of business messaging, LinkedIn, is still the place to test the waters with these new channels.

Employee Advocacy Becomes Mainstream

Companies are realizing that they can harness their employees for customer acquisition, customer development, and HR recruitment.

Typical tactics:

  • Encourage employees to share company posts on social media.
  • Ask employees to recommend your company and its products to their friends and colleagues.
  • Provide them with logo merchandises to use and wear.

Here are some tips for how to get started.

Content Creation by Robots

It’s here. Still mostly in data-heavy fields like financial services. But as artificial intelligence tools improve, certain auto-generated copy applications are bound to follow. My guess is that some types of B2B social media posts are ripe for automation. But while I’m on the subject, let me refer you to Janneke Ritchie, who explains how robots will soon be taking on B2B tasks in areas like inside sales, customer service, and marketing operations. Yikes.

GDPR, CCPA Will Be Clarified for B2B

This is my fervent hope, anyway. Most enterprises have taken significant steps toward GDPR compliance, and are now investigating what needs to be done in the face of Jan. 1’s California Consumer Privacy Act. But what we really need is some action by regulators that will help us understand how regulatory concerns really apply to B2B vs. consumer marketing. And we also need action at the federal level here in the U.S., to simplify the current mishmash of state-level privacy legislation that is in the works.

B2B Marketers Embrace Current-Customer Marketing

Another fervent hope, but one that seems to be trending in the right direction. The new push is coming from the world of SaaS, where marketers realize that real profitability comes from attention to renewals, and defection prevention — the meat and potatoes of subscription marketing. For years, we’ve seen lead generation named as the top goal of B2B marketers, and typically a mere 15% of marketing budgets being devoted to retention activities. But when I hear software executives preaching about retention marketing, I think my hope may be justified. Customer penetration and expansion is a key source of profitable growth.

 

Happy 2020 to us all.

A version of this article appeared in Biznology, the digital marketing blog.

8 Ways to Increase Digital Ad Revenue by 50% or More

Companies need to take a serious look at their digital ad programs, make needed adjustments, and prepare sales teams for success. From fixing inventory and pricing to launching programmatic audience extension, here are eight tactics worth considering.

I recently received a fantastic email from a single title B2B publication that I work with: “As of today, we are on track for $452,380 in digital revenue alone. This is a 66% increase over last year’s digital revenues of $271,798!”

How did they do it?

We took a serious look at how the team was approaching digital ad sales, removed programs that weren’t working, reworked their products, delivered more value to their advertisers, and simplified the program. The publisher, editorial, and sales staff got behind the changes and their advertisers obviously responded positively.

Now they’re getting ready to launch some new digital products for next year.

With the fall sales season coming up quickly, now is also the time for you to take a serious look at your digital ad programs, make needed adjustments, and get your staff ready. Here are eight tactics that you should consider.

1. Simplify Your Digital Advertising Program

When I look at most publishers’ digital ad programs, they’re too complicated and have too many products. Ask your ad reps to give you a quick recap of your digital program. If they can’t quickly and easily do this, then you’ve got a problem.

A good rule of thumb is that if you’re not selling out any specific product 70% of the time, you should consider eliminating it. Use that inventory to bolster the value of other digital products. Or get rid of it altogether to reduce site clutter and the number of emails you send – and to improve the performance and value of your other products.

Simplification of your digital products is the best way to help your ad reps sell more and to deliver more value to advertisers, making them want to buy from you again and again.

2. Fix Your Inventory and Pricing

When your advertising program is simple, you can ensure that each product has enough inventory to provide excellent value to your advertiser. This is absolutely critical. If you don’t provide true value, you may sell an advertiser once, but you won’t sell them again.

And when you put enough value into each digital product, you can then adjust your rates accordingly. If you do it right, your base digital ad product should roughly sell for the same price as a full-page ad in your print magazine and deliver comparable value.

Adjusting inventory and pricing also allows you to control supply and demand. If you have too many products that aren’t selling out, there is no urgency on the part of the advertiser. But if you consolidate and simplify your products, you can charge more, deliver more value, and create urgency among advertisers to get access to your limited opportunities.

3. Get Rid of the Frequency Rate Card

Frequency rate cards are a legacy of the print-only era. They were designed to give advertisers a discount if they spent more money with you. But today, we sell print and digital (and more). All the frequency rate card does is silo print and disincentivize advertisers from buying digital.

Consider ditching the rate card and replace it with an overall spend discount. Have a base, 1x rate for everything print and digital. Then, give tiered discounts based upon total advertiser spend instead of just on the number of print ads they buy.

This incents advertisers to spend more money with you regardless of the medium.

4. Consider the Digital Sponsorship Model

I’ve covered the digital sponsorship model before, but it’s worth reiterating here. In the sponsorship model, you take all (or most) of your web and email inventory, package it together in a single price, and limit the number of sponsorships you sell.

You bring a ton of value to your advertisers, can charge a premium, and completely change the nature of discussions with advertisers and agencies. Instead of you competing for limited ad budgets, your advertisers compete for the limited sponsorship opportunities on your site.

It isn’t for everyone, but I’ve seen many publishers (especially in niche B2B markets) increase digital revenue by 50-200% after implementing this model.

5. Develop an Inbound Marketing / Lead Nurturing Business

Lead generation is something that most publishers already have in their arsenal. But very few publishers take it to the next level and develop a true inbound marketing/lead nurturing business. Yet this is where advertisers are moving their budgets.

In a lead nurturing business, the publisher leverages its content expertise to help the advertiser develop a very compelling lead magnet. They use their own website, email, and social channels to market the lead magnet, but also remarket to their audience on programmatic networks (LinkedIn, Facebook, Google, etc) to drive even more people to the lead magnet.

And you don’t stop after the initial registration. You then upsell people into requesting direct contact with the advertiser through an email drip sequence and other methods. This help turns “prospects” who access the lead magnet into qualified, sales-ready leads … a huge difference!

As a publisher, you either become the best inbound agency in your market or be prepared to watch other ad agencies or competitive publications take market share away from you.

6. Launch Programmatic Audience Extension

Your advertisers are already running programmatic advertising on Google/YouTube, Facebook/Instagram, LinkedIn, and other networks. They’re just not doing it with you. But with programmatic audience extension advertising, you can position yourself to recapture a good portion of this business.

The concept is relatively simple. Use your website visitors, social media followers, and email subscribers to create remarketing audiences on various programmatic networks. You then sell programmatic campaigns to your audience targeting your specific audience on those networks.

For advertisers, this is a much more targeted demographic than they could otherwise get. They also get the added benefit of leveraging your brand equity.

For publishers, this taps into new budgets and opens up new inventory that you don’t have on your own website. I have seen programmatic audience extension add hundreds of thousands of dollars of new revenue for publishers, often at 70% margins or higher.

7. Educate and Communicate with Your Advertisers

As I’ve written about previously, it’s critical that you align the advertiser’s objective, creative, and success metrics before, during, and after their campaign. Doing this on a regular basis helps set proper expectations and improve repeat business.

I often see advertisers who want clicks or leads but give the publisher a branding creative. They’re then upset when they don’t get enough clicks. Or the advertiser will say they want a branding objective but are still upset about not getting enough clicks.

As a publisher, you must align the client’s campaign objective, the tactics used in their creative, and the metrics they’ll use to evaluate the campaign. This happens at three critical points: when making the sale, when they deliver ad creative to you, and after the campaign.

Some publishers even do a webinar for their advertisers to help reinforce the importance of direct response versus branding campaigns and aligning campaign objective, creative, and success criteria.

8. Keep Digital in Front of Your Sellers Regularly

Finally, keep your digital products in front of your sellers on a regular basis. Every month dedicate a portion of one of your sales team meetings to review how well products are selling and inventory that is still open.

Talk openly about financial performance and key metrics. Discuss what’s working, what’s not, and what you’re hearing from your advertisers. This helps answer several questions:

  • Do my sellers need more training on certain aspects of our digital business?
  • Do I need to better educate my advertisers and their agencies?
  • Do I need to eliminate or modify our digital deliverables or pricing?
  • Do I need to restructure my sales team to better sell under-performing products?
  • How can I help my sellers better overcome advertiser objections?

Talking about digital sales openly and bluntly also keeps digital at the forefront of your sales team’s mind. It’s a level of accountability and keeps your digital products from accidentally “falling off the radar.”

I hope these ideas were useful. If you have any questions about them or how to implement them in your market, please feel free to contact me and let’s chat about your specific situation.

Prospect Experience Marketing: Find the Gold in Your Lead Generation Program

I recently caught up with Dan McDade, a longtime B2B practitioner in lead qualification and nurturing. I’ve been a fan of his for years. Here, we talk about prospect experience marketing.

I recently caught up with Dan McDade, a longtime B2B practitioner in lead qualification and nurturing. I’ve been a fan of his for years. Here, we talk about prospect experience marketing.

Prospect Experience Marketing
Dan McDade

Having sold his call center business to a colleague, and started a new venture, McDade offered me some fresh ways of thinking about how to treat top prospects. His new business is called Prospect Experience.

Ruth P. Stevens: You’ve been involved in the lead generation world for a long time. How has it changed?

Dan McDade: The big changes have been in the use of marketing technology. Certainly, technology lets us deliver more leads to sales, faster than ever before. But just as often, these are bad leads. Lead generation success rests on quality — not quantity, and not speed.

Stevens: What are the top challenges that still vex B2B marketers today?

McDade: Companies tend to market too broadly. Messaging is overly focused on features and functions, or what some people call bits and bytes. Narrowing down the target universe, creating a differentiating message and delivering that message with the right media at the right time are all critically important requirements that elude many, if not most, marketers today.

Stevens: What’s working in lead gen and lead development? Your advice, please!

McDade: It is all about balance. We used to say that multi-touch, multi-media and multi-cycle marketing multiplied results. That is now called the “cadence,” and it works. The secret is in mixing up the media. You can’t depend entirely on email. You need balance. Use phone calls, voicemails, emails, and even some direct mail to invite prospects into a dialogue.

In my opinion, too much of the prospecting is being handled by a black box. Not enough marketing is truly one-to-one. For every prospect universe, something like 30 to 40% of those prospects should not be included in marketing automation campaigns, at all. These prospects are just too important to risk with a one-to-many approach. Senior executives don’t want to be treated like a pinball, where they only get your attention after they have hit the right bumpers and scored enough points.

Stevens: I see. That’s a very interesting and important point. How do you suggest marketers identify those high-value prospects early, so they can pull them out of the automated campaigns and treat them differently?

McDade: At the beginning, you need to use your knowledge of the market, and some intuition, to segment the market into logical homogenous groups. Once market outreach begins, you segment and re-segment the targets based on variables like industry, firmographics, and sales history. Let me suggest this article to your readers for more detail.

Stevens: And how, specifically, to you recommend marketers treat these top prospects? Not via email, I gather!

McDade: Email can, in fact, be a part of the equation. But it must be personalized — for real. It can’t be what some folks call “personalization, at scale.” As I said, it is necessary to use cadences to mix up the media, tell the story, and convert the prospect. Using all of the tools available — phone, voicemail, email, direct mail, and social media — is critical to success. You need to be persistent, patient, and professional.

Stevens: You mentioned that you see the keys to success in what you call the Three M’s. What’s that?

McDade: When something is “off” on a program, the first place we look is by analyzing the market, message, and media. On the market, for example, if you start with a bad list, it is very difficult to recover.

The message breaks down into two components: value statements and differentiators.  It takes a lot of time and effort to get these right. And the work is never done. You are constantly testing against the control, or the original message, to fine-tune and improve your story.

Finally, the media issue can be as simple as two different sales development reps producing different results. We have had situations where the difference was just the luck of the draw. But more likely, it turns out that one rep is following instructions, with success, and the other refuses to follow the rules and is losing.

Stevens: What is your new company, Prospect Experience, all about?

McDade: The goal for Prospect Experience is to humanize the process of converting prospects to customers. Prospects today are called by pushy appointment setters, or being read tedious scripts by low-level telemarketers, or being barraged with email. Frankly, prospects are treated like dirt.

Maybe that is why less than half of the salespeople out there are making quota. With the right approach, marketers can convert more prospects to customers for less money than they are currently spending. I developed a process called the “12-Point Prospect-Experience Transformation” to help companies perfect their prospecting and enhance the prospect experience

Stevens: How can people get in touch with you to learn more?

McDade: I am happy to field emails or calls at dan.mcdade@prospect-experience.com, or 770-262-9021. I also encourage people to visit https://www.prospect-experience.com/insights to sign up for our blog.

A version of this article appeared in Biznology, the digital marketing blog.

Lead Generation Metrics — The Basics and Beyond

Lead generation metrics should help you understand not only what parts of your digital marketing are working, but what parts are generating the highest quality leads.

There are basic lead generation metrics that you must to be tracking in order to evaluate the success of your lead gen efforts. You’ll likely have to go beyond the basics to mine truly valuable insights about your efforts.

Here’s a list, that’s by no means comprehensive, of my favorite basic and more advanced metrics.

First, the basics.

Impressions

How many people are seeing your ad, your content or whatever it is you’re using to attract that audience? This is, to use another term, your reach. Your tracking and evaluation here should be on a per-channel basis, with an eye toward finding the channels that you are able to grow most cost-effectively.

Clickthrough Rate

CTR is the number of people who interact with your content. Typically, that means they click the ad or the link in your social media post, etc. (You might also want to track other types of engagement, like subscriptions.) The critical element of this metric is breaking it down to individual ads or content, including individual issues of your newsletter campaign. You want to know what is resonating with your audience and what is driving them to take action.

Conversions

A conversion can be many different things, depending on the goal you have for your lead generation campaign. (e.g. marketing-qualified leads, sales-qualified leads, etc.) Whatever action you deem to be a conversion, it’s generally a “state change” along the buyer’s journey. That can be a move from a member of the target audience who’s never heard of you to a website visitor to a prospect to a MQL to an SQL and finally to becoming a client. Each of those state changes is a conversion that should be tracked separately.

Conversion Rate

This calculated metric is a function of conversions divided by impressions. It’s worth tracking on its own, of course, but should also be evaluated with some latitude. That is, as you expand your reach and your impressions rise, you may have a less tightly targeted audience. Of course, you’d like your conversion rate to always rise. But if it falls while the total number of conversions rise, that’s not necessarily a bad trade-off.

With these data points solidly represented in our dashboard, we can move on to additional (and increasingly useful) measurements.

Cost per Lead

What does it take to move a prospect through a stage in the funnel? How does the cost compare with other methods? (Direct mail, trade shows, etc.) How do costs compare across the various digital channels you’re using? These are the metrics that will guide your spend going forward.

Leads per Channel

Another calculated metric worth adding to your dashboard. Here, you compare how many leads a channel is generating against all other channels. It’s an analog to conversion rate in that a channel with more leads generated from a smaller audience (impressions) might be a channel worth exploring more deeply.

Time to Conversion

This metric typically takes some aggregating of data across platforms, as you’ll want to note when each state change occurs. It’s valuable to know how long it takes a typical prospect to proceed through each stage. It’s even more valuable to know this on a per-channel basis. And more valuable still to know average time-per-conversion for those prospects that become clients. You can then tailor your programs to pay more attention to those prospects who appear to be on that “golden path.”

Customer Lifetime Value (CLV)

CLV should be calculated across the board and broken down by channel. A channel with a slightly higher cost per lead but a 10-time increase in CLV is a great channel!

Conclusion

You may find the able list of metrics daunting to consider, especially if you’re not gathering and reviewing any of them now. If so, there’s no reason not to start small. As you become more comfortable with the data, you can expand your dashboard to include a broader range of data points and a broader possibility of action points.

How to Talk About Healthcare Marketing Strategy, Not Just ‘The Thing’

For many in healthcare, “marketing” is the department that produces fun stuff like brochures and giveaways, and not a strategic enterprise. The problem is that expertise is hard to see, while a brochure is in plain sight. How do you respond?

Does this seem familiar? A chief of service has been difficult to reach but then suddenly calls and wants to sit down to talk about “marketing.” At the meeting, it quickly becomes clear that all she wants is a brochure or an ad or a give-away item, not a marketing strategy. How do you respond?

Is Marketing Just for the ‘Fun Stuff’

For many in healthcare, “marketing” is the department that produces fun stuff. This reputation was well-deserved because healthcare marketers had been slow to pivot to data-driven, consumer-oriented methodologies used in other industries.

Once, a senior leader remarked I had “the best damn job in the whole place” because of all the fun he imagined we must be having in the department. He went on to describe a commercial where people avoided meetings with finance and operations but looked forward to going to marketing meetings because of the music and dancing. At the time I laughed outwardly and grimaced inside.

This legacy lives on. It persists despite the remarkable shift in healthcare marketing to research, strategy, technology, audience-based messaging, consumer journeys and understanding the operational and financial elements needed to generate ROI.

The problem is that expertise is hard to see, while a brochure is in plain sight. So internal customers will still call you for “the thing.” You can choose to view “the thing” as an albatross or an opportunity.

3 Ways to Change the Conversation

Now you’re seated around the table and realize they are using the term “marketing” very loosely. All they want is a specific type of deliverable. Do you fulfill the request? Do you interject a more accurate description, “oh so you are looking for a promotional piece”? Or do you try to steer them toward a bigger picture perspective? Ideally, the answer is all three.

Mentally you need to frame your approach as “yes, and…”

  • “Yes, we can do the brochure. And this gives us an opportunity to gain a deeper understanding of your audience and their concerns, so we can address them here and on the website. That would help increase the number of new patient appointments.”
  • “Yes, we can produce the give-away item for the conference. And we can also put together a nurture program that communicates with your audiences before and after the conference, so they keep you in mind for referrals.”
  • “Yes, we would be happy to do a promotional plan for your department, and if we included that as part of a broader marketing plan, we could help grow service line volume and show a positive Return on Investment.”

These responses can open the door to market research, audience cultivation strategies and less comfortable discussions about appointment wait time, revenue and contribution margin, and the patient experience. It may not work every time, but it conveys the actual value you can bring and positions your team as more than the ‘department of stuff.’

3 DRTV Testing Tips for Digital Marketers

Lately, I have been talking to several marketers that want to test direct response television advertising for their brands. Interestingly, these companies that want to test DRTV are category disruptors, born from the Internet. These are companies founded on direct relationships with consumers established through search engines and social media.

DRTVLately, I have been talking to several marketers that want to test direct response television advertising for their brands. Interestingly, these companies that want to test DRTV are category disruptors, born from the Internet. These are companies founded on direct relationships with consumers established through search engines and social media.

The reasons to complement data-driven digital marketing with television are convincing. These internet brands are faced with many challengers in the same space. It is difficult to establish a unique brand position through search. Television remains the most powerful medium for quickly communicating a message and establishing an identity.

More importantly, marketers are finding that building companies one-click at a time is not achieving their goals for growth. Nielsen reports the average American still watches 5 hours a day. With that large an audience television can quickly scale the reach needed to grow businesses.

Most companies are concerned with the high-entry costs for television and not getting the instant ROI expected from digital channels. That’s what makes the more accountable DRTV so compelling. The opportunity to lower media costs with the assumption that the spots will generate response.

These expectations for DRTV might be misunderstood and a little high. One of the companies that I spoke with did a test of television (on their own and not with my direction). They ended up canceling after 2-weeks because of cost and perceived lack of performance.

Before testing television’s impact on response and acquisition, ensure your test is set-up to deliver effective and measurable results. A poor test could result in mistakenly dismissing a potentially valuable channel for marketing.

Here are a few tips for an effective test:

Tip #1 – Utilize Television to Its Strength – Reach

Television is a mass medium and is most efficient when used to reach a mass audience.

Digital marketers might believe that an impression delivered to a non-targeted prospect is useless and a wasted expense.  Restricting reach to select areas using cable or specific homes through addressable OTT may seem to solutions for waste. However, these options reduce consumer reach while increasing media costs, impairing the benefits of television, efficiency and scale.

With your initial television test, utilize the networks, stations, and dayparts that best reach your target audience.  If the results are good, you can start looking for ways to optimize your buy to drive more efficiency. If the television doesn’t drive results, at least you don’t need to second guess your media execution.

When putting together a test with the right stations and dayparts, be less concerned about Reach, Frequency, and GRPs.  Those are metrics to predict the effectiveness of a traditional television buy. If you are testing DRTV with the intent of generating response, results should be the measure of effectiveness.  Do look for deals as a lower cost per spot should contribute to a lower cost per response.

Tip #2 – Track All Results!

My preferred method for tracking the performance of a DRTV test are dedicated phone numbers assigned to each station.  With time-stamped, phone number data it is possible to identify the best stations and dayparts for driving results.

However, a digital disruptor may not be set-up for phone calls. They will likely want to drive response to its online sales-funnel.  Spot airing times and web-traffic data can be aligned to measure direct response to the ads. Establish site traffic baselines before spots begin airing to quantify traffic lift in response to television.

When tracking all results, also look for lift in response rates to other channels. Unlike other mediums, the awareness created by television is likely to increase response in other channels.

Quantifying the impact television can have on other channels can be done with the classic tactic of Control versus Treated. By holding out a market from a recent program, I had comparison data to quantify the lift DRTV had on other channels. The test showed a 25% increase to the direct mail response and a 50% lift in the search clickthrough rate.

If a control hold-out isn’t possible, compare response rates from pre and post television advertising. The lift in response rates can be enough to support using television as a compliment to other direct channels.

Tip #3 – Give DRTV Testing Some Time

Testing television for the first time is big decision.  It requires company buy-in and investments of time on money to develop a spot and get it on television. The desire to show immediate success is great, however, it is a test. Results can take time to develop.

It can take a couple of weeks for a brand with limited awareness to connect with consumers.

Two-weeks of frequency may be needed to build enough interest to elicit a response. It can take longer depending on your DRTV schedule.

If results are limited after two-weeks consider adjusting the television schedule to test different programming.

At 4-weeks you should have quantified results, either direct response to the television or response lift in other channels. With results you can begin assessing the opportunities for expanding the program.

If the results are not seen in 4-weeks, then it might be time to suspend the program. As direct marketers know, more spending isn’t likely to improve ROI.

Because the initial test didn’t produce the desired results does not mean that television cannot work for your brand. Go back and reconsider all elements of the program including the spot, the offers, and the media buy.

All KPIs Are Not Created Equal: Measuring Content Marketing

Too often, there’s an overemphasis on process metrics like page views, open rates and list growth (subscribers, followers, friends, etc.). This is understandable since these are among the easiest metrics to obtain and to interpret. The metrics that really matter — business metrics — get lost with the focus on process.

tape measureCheck out even more about personalization and artificial intelligence with FUSE Enterprise.

“If you’re not measuring it, it doesn’t matter.”

It’s hard to argue with that marketing truism — it’s just about impossible to know what is and isn’t working if you aren’t measuring your efforts and tracking your results. But what’s often left unsaid is that what and how you’re measuring matter.

Too often, there’s an overemphasis on process metrics like page views, open rates and list growth (subscribers, followers, friends, etc.). This is understandable because these are among the easiest metrics to obtain and to interpret.

The metrics that really matter — business metrics — get lost with the focus on process. Business metrics include leads generated, revenue booked and return on investment, and provide insights on your business’ health.

That’s not to say that process metrics don’t matter at all. Both business and process metrics are valuable. Depending on your industry, your organization and your approach to marketing, you can apply both accordingly to derive your best path.

Knowing that your organization’s needs are going to differ from others, I hope you’ll take these thoughts as general guidelines rather than edicts written in stone. The one inviolable rule you should follow is, “What would the C-Suite think?” Because ultimately, if your marketing is not producing results, something has to change.

Consumption Metrics

Despite the gray areas in process metrics, they are important to track because they frequently serve as a sort of leading indicator, providing a sense of whether your marketing is on the right track. Among the metrics you should consider here are:

  • Site visits
  • Email open rates
  • Subscribers/Followers/Friends

These metrics are not going to be numbers we worry about as individual data points, but as trends we track over time. The trends will be the most valuable in monitoring content marketing.

Engagement Metrics

This is another type of process metric that will paint a clearer picture of your marketing’s effectiveness. As with consumption metrics, these are going to be most valuable when considered over time.

They are also going to be quite valuable when broken down further: Are there particular pieces or types of content that are providing better results than everything else you’re doing? That’s the content you’ll want to focus on as a model for future content development. Use your highest-performing pieces to both create more content just like it, and to reverse engineer it, if possible, to apply whatever is working here to other, less effective areas of your content marketing. Some important metrics to consider include:

  • Pages per visit
  • Time per visit
  • CTA completion: download forms, subscription signups, etc.
  • Email clickthrough rates
  • Comments
  • Social likes
  • Social sharing
  • Email forwarding

Retention Metrics

Your retention metrics will help provide insights into other metrics. A slowly growing list might mean your progress is just that — slow and steady. Or it could mean that you’re doing a great job of attracting new subscribers, but a poor job of keeping them. Plugging that retention hole could be an easy fix for increasing your reach. Common retention metrics include:

  • List churn
  • Repeat visitors

Leads Metrics

Now we’re starting to get to where the rubber meets the road in business metrics. These are the numbers that the executives in the C-Suite are going to be interested in, particularly if you can track how valuable the leads you hand off to your sales team prove to be. Consider these metrics in your evaluations:

  • Leads generated
  • Leads progressed

Sales Metrics

Finally, we have the sales metrics, which are, of course, the ultimate metric. Are we adding to the top line, and are we doing so with a reasonable return on the investment we’ve made in our efforts? Use these metrics to help you answer these questions:

  • Leads handed off to sales
  • Revenue generated
  • Profitability
  • Measurement against other lead/marketing sources

As I mentioned, not every one of these metrics will be part of your KPI dashboard. But you’ll likely want at least one of each type of metric outlined here in order to recognize where your resources are best allocated to maximize revenue and profitability. You’ll need to choose the metrics that give you the best picture of your marketing today, and give you a high degree of confidence in where your marketing is heading tomorrow.

Learn even more about the convergence of technology and branded content at the FUSE Enterprise summit. Artificial intelligence and personalization will be featured among many other techniques and technologies.

How to Follow-Up on Webinar Leads: Don’t

The best follow-up to your webinar is no follow-up. Today’s most successful webinars are moving the lead from warm to warmer — right on the webinar. From that moment forward there is no need for 95 percent of what we see today, i.e., follow-up email techniques that are ineffective and just plain awful.

The best follow-up to your webinar is no follow-up. Today’s most successful webinars are moving the lead from warm to warmer — right on the webinar. From that moment forward there is no need for 95 percent of what we see today, i.e., follow-up email techniques that are ineffective and just plain awful.

Jordan Barta of Paychex puts it this way in a recent blog post.

Prospects don’t have “time for you to ask them about their strategy, or if they have questions about your product. They want solutions and innovative ideas.”

So do you even need email follow-up?

What If Your Webinar Did This?

Imagine your webinar closing the prospects. Not on a sale, but instead, on a pre-sale first step that connects with their buying journeys. A step that moves them forward on making the eventual purchase commitment.

What can you literally do for a prospect, right now, that will prove your most costly, comprehensive solution is worth it?

Can you provide a few results in advance of purchase?

Depending on what you’re selling, following-up with webinar leads can be on an “as needed” basis. Because the webinar itself can close prospects on:

  • A low-cost, easy to afford starter product that makes taking action irresistible
  • A “next step” free offer that provides small but immediate, tangible benefits

Coming at the end of your webinar, your “next logical step” may come in paid or free form. The idea is to get customers investing in themselves — in a way that delivers results in advance of a larger purchase commitment.

Thus, your offer (paid or free) should produce near-term gratification. Proof that considering a larger investment is worth it.

Educating Your Prospect Is Not the Goal

Educating your prospect is a weak goal for your webinar. Instead, make your No. 1 goal to provoke action. Encourage prospects to act on a promotion designed to prove you:

  1. understand their problems or goals
  2. have a different approach to solving/reaching them
  3. are more qualified to help than the competition

What’s your unfair advantage? Let them taste it via the webinar and, afterward, a promotional first step. (bringing them toward their goal)

Your webinar’s goal isn’t to educate potential buyers. It’s to show them the better way, make it seem 110 percent do-able. Give them confidence in your better way and in themselves.