6 Simple Steps to Better Return on Marketing Investment
Marketers seem so excited with the new media channels, technologies and buzzwords available today that it almost feels like some think that because they are using them, they will be successful. Some marketers are so excited about the new capabilities that they choose technologies and channels before developing a real strategy. From a marketing perspective this is fundamentally wrong. It's the same as choosing a vehicle and some tools before you know where you are going and what you'll be carrying. It's like putting the cart before the horse. So how can you build a good strategy that will increase your chances of more and better sales? The good news is that you might be familiar with the methodology; the bad news is that often we all fail to implement what we know.
Here are six simple steps that will keep you on the right path to better return on marketing investment:
1. Describe your target based on who you are as a brand, what you sell and where you sell it.
2. Analyze your CRM to make sure your target customer description is accurate. Who is already buying from you? What do they look like?
3. Test with individuals and/or companies that are not buying from you, but you have described as in your target market. Are they really your target? If so, where have you failed communicating with them?
4. Profile and segment your target based on what you need to know from them to be relevant when communicating with them:
- Personal characteristics—age, gender, income, etc.: "Who are they like?"
- Buying criteria: "Why would they buy?"
- Purchase frequency and timing: "When would they buy and how many times?"
- Place of purchase: "Where would they buy? On or off-line?"
- Purchase habits and behaviors: "How would they buy?"
- Purchase history: "What products do they already have?" Cross- and up-sell.
- Where in the sales cycle: "Awareness, Closing Phases?"
Data analytics will help you learn habits and behaviors. Often personal characteristics will help you take low risk assumptions about buying criteria, purchase frequency and timing, place, and even habits.