As a young Marketing Manager I used to hate setting marketing objectives. I felt like I was setting myself up to fail if I planned a marketing activity and explicitly stated "this needs to deliver X to be successful".
I lived in fear of failing to meet those objectives. I also didn't understand that the first time you run a marketing activity, you have to make a lot of assumptions, some of which may turn out to be incorrect. If you're not aware of the assumptions you're making then the only conclusion you can come to is that the activity didn't work and can never be made to work. If you know your assumptions then, afterwards, you can review them based on what happened and see which ones are incorrect.
Now I think about objectives (and assumptions and marketing!) differently.
Objectives are not a stick you use to beat yourself up with. They're a tool to make your marketing more effective. Here's how to use them.
Most people jump to this stage of the process first. This is the equivalent of placing a first order of 100,000 widgets based on a design on the back of a napkin. Yes, there's a chance they might do the job but you're risking losing a lot of money in the process. (Read 'Turning your marketing upside down' for a more detailed explanation)
First, you need a robust marketing function in your business that leads your customers comfortably through their buying process. You need to make sure you've designed your marketing to be effective and you've tested it out and are confident that it is converting customers with a good return on investment.
The process of doing this will almost always result in an upturn in sales, but if your sights are set higher and you want to grow your business more, you have two choices:
The order of these is important: it is far easier and more efficient to increase sales from existing, proven marketing activities. People often shy away from doing this because they're not confident their activities are delivering ROI. If that's the case, go back and put measures in place so you know whether they're working or not.
Last week I was talking to a fellow marketing consultant about the best way to present a marketing plan.
It’s a balance between including all the information and avoiding detail overload. There was also the question of how best to order the information.
The answer is that different people need to organise their information in different ways.
When people are making a difficult buying decision, they’ll naturally have questions and objections. This often means your sales team (or you, if you’re a small business) end up spending time answering the same questions over and over again.
If that’s happening in your business then you need a buyers guide.
A buyer’s guide is a piece of content that educates your buyer, answers their likely questions and overcomes some or all of their objections. A good buyers guide will be balanced and impartial. The aim is not to sell but to…
Your buyer's guide might take the form of a well laid out pdf, a printed booklet, a video (or series), a blog, an infographic, or any other media format. I find it's often easier to start with a written document while you play around with the structure and content, and then turn it into other formats afterwards. Whatever format you start with, consider recycling it by turning it into another media type to make it more accessible for different types of people.
Here's how to create one for your business...
Case studies are an essential part of any marketer’s toolkit. They provide evidence to back up the claims you make about your product or service. Since we can all be a bit sceptical at times, we need to give our buyers proof that we are as good as we say. A portfolio of case studies offers that much-needed reassurance.
If case studies are on your marketing to-do list, this template explains the elements I include to ensure the result is a compelling and persuasive piece of content.
What is the difference between cost-based pricing and value-based pricing?
Cost-based pricing is a model where you work out how much a product or service costs to deliver and set your price accordingly. As long as you factor in all your overheads and sales & marketing costs, you will be able to work out your profit margin.
Value-based pricing is a very different model, and people often struggle to get their heads round it, so I use this story to explain what it means...
The aim of marketing is to support customers through their buying journey. Therefore every single piece of marketing should have a call to action that leads your customers on to the next step. If you're not clear on why, read my previous blog, "Have you planned your customer's next step?"
Crafting an effective call to action is easier said than done. Here are the three things to keep in mind:
In any good manufacturing or software business, there will be rigorous quality assurance processes to make sure every product is up to standard. The quickest way to lose a customer is to fail to deliver on your promises. But if you measured every single thing, you'd never get your product out of the door. You couldn't test every keyboard that comes off the manufacturing line.
Instead you need to take meaningful measurements at regular intervals. You need to decide:
Just like you would check the quality of a product's components and subassemblies as well as the product as a whole, so too should you measure different elements of your marketing.
But marketing measurement doesn't have to be complex, especially if you know your way around an Excel spreadsheet.
Here's how to do it.
In engineering, you'd probably prototype and test a product before investing in expensive tooling.
Likewise, in marketing you want to avoid wasting large sums of money on activities that don't pay off. When trying any new marketing activity, it's always best to start small and scale up.
In the book 'Lean Startup', Eric Ries talks about building a minimum viable product (MVP). Think of your marketing in the same way - start with a minimum viable marketing operation (which is your prototype) and then expand on it. If you need a piece of marketing to fill a gap, then start with something that works and fulfils your basic requirements and build on it later.
Your prototype marketing activity should be used to test three different things.
Marketing often gets a bad name because marketers fail to demonstrate ROI. There are two parts to this issue: one is in the planning and the other is in the post-campaign measurement.
In this blog I'd like to share how I work out whether a campaign is going to deliver ROI. If I can't demonstrate that it has a high chance of success - before we start planning the actual activity - then it's scrapped. Even if it sounded like an amazing idea when it was first floated.
This process applies for almost all marketing activities and campaigns, whether it is advertising, email, direct mail, an exhibition or event, PR, or social media. Here's what you do...
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