Jul 22, 2015 | Branding, Communication, Marketing, Small business
Email marketing is the stuff of small business dreams.
For the first time they can communicate with their markets, being able to measure the effectiveness of their efforts. Unlike the days of broadcast media where the return on any set of marketing activies was extremely hard to calculate, and therefore out of the bounds of possibility for those without a lot of money to risk, knowing the return and being able to experience for a modest outlay is fantastic.
There are myths, legends and piles of horseshit proclaimed about digital marketing, and SEO and email marketing key amongst the fodder.
I thought I would try and dispel some of the myths by offering some views of the basics.
This one is about email marketing, SEO will come in a few days.
There are piles of data available from email marketing providers, from the freebie version of Mailchimp to the really sophisticated providers like Infusionsoft, and everything in between. Each provider does things a bit differently, and charges for the levels of sophistication and integration that can be delivered. But all deliver metrics that will help you better target your email communication.
Following are the common, and probably most useful ones.
1. Bounce rate.
Simply the percentage of emails that could not be delivered to a recipients inbox, they “bounce”. Usually this is because the email as written is incorrect, or the email account has been closed, often because an employee has moved on. From time to time, you will get a bounce from an address due to a temporary problem, or closure such as a maintenance closure of a recipients server. Generally these will be delivered when the problem is removed, but those undeliverable where there is no temporary problem should be “cleaned” out of your list immediately. ISP’s regard high bounce rates as an indication of spamming, and so are likely to take action against such accounts.
2. Delivery rate.
As implied, it is the percentage of emails successfully delivered. Simply the converse of the bounce rate.
3. Open rate.
The percentage of your emails that were opened, pretty obvious. These days, we get so many emails that often we just skim those that appear important and delete or leave the rest, and most of us have our spam filters turned on, so that emails from suspect sources or with suspect subject lines are dropped automatically into the bin. This can easily happen to your marketing email. The best way to avoid it is to have personalised emails, “Dear Fred” rather than just “Hi”, and ask those joining your list to put your email address into their “safe” list in their email account.
4. Click Through Rate.
Often shortened to CTR, this is the number who clicked on one or more of the links in an email message. This measure is one of the foundations of successful digital marketing. When a target or prospect gets something, but does nothing with it, generally the communication will be deemed to have failed. Depending on what you are doing, an expected CTR will vary widely. You could reasonably expect a higher open rate and CTR on a newsletter that has been subscribed to, than an overtly promotional message, even from a trusted source. There are various techniques used too increase CTR rates, the best ones being an offer of something for free, which is the most common, but surveys work very well, asking for 2 minutes to gather general market or product information generates good click through rates as people like being asked for help when it is anonymous, and simple contests, like ” Which of these three is out of context” questions also can deliver excellent CTR rates.
5. Sharing rate.
The percentage of recipients who click on the “share this” button to share on one of more of their own platforms, or forward to others. Digital marketers often talk about “engagement”, the necessity to get some level of engagement before anything useful can happen, and sharing is one very useful measure of engagement. Equally, if you get a shared email post or message from a trusted colleague, you are highly likely to open and read it, it is a referral of the message.
6. Conversion rate.
The percentage of recipients who clicked on a link in your email to complete a desired action. It may be signing up to a list to receive more posts, or a move to the next level of a sales funnel, or even straight to a shopping cart. The conversion rate is the key measure of success of any communication, the recipient has done the action that was the objective of the email.
7. Email ROI.
Pretty self explanatory, but vital measure, and can become complicated when you start feeding in variables. In its most simple form it is the revenue generated by a campaign divided by the number of emails sent. Email marketing is not free, it consumes time and resources, so measuring the return you get on the investment is a crucial activity, and is the one that makes this type of marketing so effective.
Most will have heard the cliché “the money is in the list” from email marketing people, and it is half true. To my mind, the money is only in the list when those in the list take some action as a result of the communication they receive. However, growing your list of engaged and responsive receivers, waiting for your next communication or offer is a building block of ongoing email marketing success.
Need assistance, there are plenty more posts on digital marketing on this site, and there are many others around, mostly trying one of the techniques to get you into their sales funnel. Mine is really simple, call me if a chat would help.
May 8, 2015 | Communication, Marketing, Small business, Social Media
I am speaking to small businesses all the time, and there are a lot of common conversations that occur. One of the most common is about advertising, particularly as it relates to advertising with Facebook and Google.
The conversations take a pretty common route.
The first thing to understand is the huge differences in a potential customers situation as they encounter Facebook ads, and Google AdWords.
The reasons people go to these two platforms are different.
Facebook is social, people are not there to buy stuff, so the path from the social to a transaction usually has a number of steps.
By contrast, a Google search is very specific, “I want information on XX”. Sometimes it will be for the purpose of researching, and sometimes they are committed to making a purchase of a product in your category. They are a “sale ready” audience.
It is for this reason I often recommend people start with AdWords as a means to advertise digitally, learn, and perhaps later use Facebook.
Irrespective of the platform choice, following are the 12 things that make sense to me that you should consider as you start on the digital advertising journey.
- Learn about the platforms, at least in principal, so you understand the stuff told to you by so called experts, and are in a position to ask intelligent questions.
- Start small, figure what works, and expand along the best path, always being prepared to adjust as you learn more. Having a plan, and ensuring the plan is captured in a detailed brief is essential, even if you are doing all the work yourself.
- Tracking and metrics. Before you start, know the source of visitors to your website, and track the changes that occur after the ads are placed. The huge change that has occurred with digital advertising is that we can now answer the question “which half of our advertising is wasted.”
- Define those you want to reach, in as much detail as possible. There are many different, although overlapping audiences you can target: current Facebook fans, and their friends, your current mailing lists held in whatever form they may be, visitors to your website, your competitors customers and friends, (particularly Facebook) and “lookalikes” to any of the above. The choices in the platforms are pretty good, take the time to really understand the choices you are making.
- Build relationships with current customers/fans. We all know that it is easier to get more business from an existing relationship, whatever the form of that relationship, than it is to start from scratch and build a new one to the point where they are prepared to buy from you.
- Create “stickiness” and trust by offering free advice, content, and ideas, and advice, and in responding, do so on a personal level. Webinars, podcasts, lists, blog posts, all serve differing needs in the process and the old adage that you have to give a bit before you can expect anything to come back, still works.
- Understand the customer journey. Facebook particularly, but also Google, require conversion to a sale after the initial contact. To do that you need to provide access the offers, products and relevant information through a landing page process of some sort, leading to a shopping cart, or sign up form. At each point, the potential customer has to make a choice, “do I proceed or not?” and making that choice easy, to the point of automatic requires real understanding of their mindset.
- Landing page optimisation. The differences in performance of differing landing page copy and design is astonishing, so the optimisation of landing pages is a whole process, even an art in itself.
- Create the process before you place the ads. A very common common mistake is to place some ads, they often do not cost much, then when a response arrives, you start wondering what to do with it. Wrong way around. Have the process mapped out, with the follow up content written and the delivery sequences mapped out.
- Analyse and analyse. Obviously having the right metrics to analyse is important, but tracking visitors, conversion rates, and the path a visitor takes to a transaction is enormously valuable in optimising the process. To some extent this is a repeat of step three, but the emphasis here is on the continuous improvement by testing and tweaking of the communication.
- Have a budget, and stick to it. Tracking conversion rates and the cost per conversion at each point in the customers journey as per the point above is vital. The opportunity to measure the conversion costs has never been greater, so make sure you do, and you give yourself time to correct the mistakes you will inevitably make.
- Rinse and repeat, to learn and improve.
You can pay someone too do all this for you, but even if you do, it is reassuring to understand the principals of the process. Most small businesses are careful with the pennies, so making the effort to understand where your money is going, and how to maximise the impact gives the confidence to make the commitment.
Apr 21, 2015 | Communication, Marketing, Small business, Social Media
I hate you
Small businesses are all aware of the power of Social Media, usually want to play, and mostly get it wrong. Following are the 11 Mistakes I have most often seen over the last few years. This is despite facebook being around since 2004, Twitter since 2006, and the others mostly 5 or 6 years, so you can’t really say this stuff is new anymore.
The application of Digital technology to marketing is the greatest innovation since Guttenberg put ink to paper. It offers small businesses the opportunity to be something other than bound by geographic boundaries and the economics of scale.
- You have no plan.
The last thing you want to do is overlook the first thing you should do every time you allocate some of your scarcest resources. Identify your target audience, do your research, determine your objectives, develop your content, and make your choices of the tools best suited. Then act accordingly, monitor results and improve, rinse and repeat.
- You are working solo.
Solo can be done but is really hard work. I picked up a typo in a mates newsletter a week or so ago, pointed out the page in an email, and he still could not see it. Working solo, you often miss what is right in front of you, and there are only so many things you can do yourself, so pick the ones you can do well, and are necessary, and ignore or outsource the rest.
- You think you are a writer
We are all taught to write at school, that does not make us writers. Of course, you’re not trying to be Hemingway, but quality writing makes a huge difference to the results, even in 140 characters.
- You fail to interest your audience.
Pretty obvious. We have so much blasting at us that we get little chance to impress, a fleeting second at best. Breaking through the mass of communication is critical. Best exercise I usually recommend is to haunt the shelves of your local newsagent for a while, read the headlines of the magazines. Those people know how to attract and interest an audience.
- You’re Not Being Yourself.
It is easier to outsource the blog posts and social media updates, but I recommend that you at the very least read and edit every post that goes out under your name. Authenticity is now almost a cliché, but that is why it is right. Unless you are Barak Obama, people will get annoyed that you are not writing the posts that are under your name. Social media is as much about opinions as they are facts, tell people what you think, recognising not all will agree, and perhaps even better some will dislike you and not come back, leaving a tighter group of advocates. Being a fake, bland, and opinion-less is a quick way to lose credibility and audience.
- You not consistent.
Be regular and predictable in the frequency and length of post, and keep the same style. To some extent this is inconsistent with the “be interesting” advice above, but it is a useful to be maintain the same persona. You would have trouble with a friend if they behaved inconsistently, sometimes late, sometimes early, often unpredictable and erratic. Once or twice can be fun, all the time is tiresome. Same in social media.
- You are careless.
Written communication is far more informal than it was in the past, but that is no excuse for typos, grammatical mistakes, and confusing messages. Some colloquialism and slang is OK, but a little goes a long way.
- You are not visual.
Human beings are visual animals, and visual is becoming easier by the day, so use it. There are many alternatives, stock images, your own shots, video, Instagram, vine, YouTube, and all the rest. Use it to make a point, stand out, and engage.
- You are not tracking the numbers.
This is the last, and most stupid of all, as well as being disturbingly common. The huge benefit of digital marketing is that suddenly, your efforts can be tracked, a genuine calculation of return can be made, suddenly we get to find out which half of our communication budget was being wasted before we had the numbers. if that is not enough, the free analytics are pretty comprehensive, more than most small businesses can easily use.
Apr 1, 2015 | Communication, Governance, Innovation, Leadership
How do you know
Some pretty smart people say some pretty dumb (with hindsight) things.
“Everything that can be invented has been invented.” Charles H. Duell, Commissioner, US Patent Office has been widely credited with this quote in 1899. He may not have said it, but it was reasonable at the time given the pace of innovation that had occurred for the previous 50 years. It is no sillier than Bill gates saying in 1981 that “640k should be enough for anybody”, or “Man will not fly for fifty years,” Wilbur Wright, 1901.
It is really hard to get a handle on all the stuff you do not know, by definition, you do not know you do not know it.
However, coming to grips with the opportunities that become available when you discover something from an unknown left field is where the gold is.
So how do you begin to see things you do not know you do not know?
This question is not common, but has come up a couple of times ion the last few years when working with clients with deep technical knowledge, but perhaps a narrower than ideal breadth.
In considering the answer, there appears to be few simple strategies to put in place:
- Be constantly and remorselessly curious, and ask questions. Anyone who has had kids knows that for a few years, the most common question they have is “why”. Go Back to your childhood, and ask why all the time.
- Have a diverse group of people around you who will challenge the thinking, preconceptions assumptions and most importantly, the status quo.
- Be prepared to give and receive honest feedback. There are rarely any right answers when you go looking for the unknown, just more questions, and the often unexpected and insightful responses you get from people, use them.
- Make sure others know you do not know, and are seeking answers, not offering solutions.
- Read widely and with great variety. This is now easier than it has ever been, we are overwhelmed with information sources, and the problem is curation and absorption rather than finding stuff out.
We are undoubtedly in a knowledge economy, competitive advantage is in knowledge, so gathering, sharing and leveraging it should be high on every enterprises agenda, from multinationals to the small business around the corner.
Mar 30, 2015 | Branding, Communication, Marketing
What is my position?
Over the years I have seen hundreds, probably thousands of statements of various kinds intended to position a company, product, opportunity, and most are crap.
As a marketing graduate decades ago, in one of my first challenging situations, an interview for a job I wanted, I was asked what “Positioning” meant. My answer which I realised at the time was waffle, indicated I really had no idea.
The answer now is pretty simple:
“Position is how customers and potential customers see your product, what it looks like through their eyes”.
Doesn’t matter if it is a position statement for a product, or a statement for business, the rules are pretty much the same;
Who is it for,
What is the need,
What is the product,
What is the key benefit to the buyer,
A competing alternative statement
Product name and differentiator.
For example:
For households
Who do not have enough room store all their stuff,
Ebay is an on line auction site
That offers access to thousands of potential buyers
Unlike advertising in local newspapers
Ebay will reach more buyers to get the best price and get you back some room.
Pretty simple really, but the construction takes some thought.
Feb 2, 2015 | Communication, Customers, Marketing, Small business, Social Media
courtesy toprankingblog.com
The purpose of a website is either commercial, or it is a hobby.
Assuming in most cases it is the former, the usual commercial rules apply, just because you have a website does not mean everyone apart perhaps from your mother will be excited.
So, to have a successful web presence the same 5 basic rules of marketing that have always applied, still apply:
- Understand the drivers of behaviour of those in your market
- Have a clear objective.
- Have a plan that lays out the “roadmap” to achieve the objective.
- Execute against the plan, but enabling learning from experience to occur whilst you do.
- Have a few key metrics to track performance towards the objective.
You can make this as complicated as you like, but it will generally not help, just confuse. Nowadays however, navigating through the digital tools and options available has become a job for a specialist, and that does not mean the pimply teenager down the road who is a Facebook maven.
A website is just another tool of commerce, the starting place that enables small businesses to communicate and compete in ways unimaginable 20 years ago. The digital revolution has also spawned a host of further tools to enable relationships and transactions, but the basics of finding a customer, engaging with them and moving towards a transaction have not changed one bit.
For small businesses too compete, they need to do a few things well:
- Have a really detailed customer profile. Demographic, geographic and behavioural knowledge and insights are what enables them to target messages specifically, as if to one person.
- Create and/or curate information of interest to this specific audience. Information that alerts, informs, and demonstrates your knowledge, has the opportunity to at some point in the targets future, to give them a reason to engage. There are myriads of tools to do this, from those that scrape social media platforms for key words, to following thought leaders and repackaging their ideas, to creating interest focussed newsletters automatically. However, don’t believe that any of this is easy, as you will be sorely disappointed.
- Open the chance of engagement. By simply making the target aware of the content, and giving them a reason to stay on your site or platform, you open the opportunity for engagement. This is where the tools really come in, to sort, organise, and direct the appropriate content automatically once set up. The reach of social media into most segments is now extremely deep, but increasingly the platforms are seeking to be paid for the provision of that reach to you. Advertising, but once you have someone’s attention, by whatever means, you need to make sure you do something useful with it, as you may not get a second chance.
- Engage the targets with the content, by demonstrating that you are the one who can and will deliver value at the time of a transaction.
- Enable the transaction. Often this doe not mean buying over the web, it is much broader, and encompasses all the elements of the sales as well as the logistics channels and after sales service.
- Retain the faith of the customer for future sales, and turn them into a source of referrals for you to their networks.
Again I say, none of this is easy, but the point is that none of it was available to small business just 20 years ago. There has been an immense democratisation of opportunity, make sure you use it, and when you need assistance, call me.
