5 Strategies to Help You Meet Your Revenue Goals in 2019

award_banners

Business graphAs we prepare to say goodbye to 2018, the timing is perfect to concentrate our attention on developing a solid plan for success in 2019. That means you need quality prospects in your pipeline and a comprehensive marketing plan. Here are five tactics to help you drive performance.

1. Start small with a very precise target market, then expand.

Disclaimer: this means the number of leads in your pipeline will likely be smaller than normal. However, you’ll work toward gathering analytics that will enable you to cast a wider net to catch even more quality prospects. You’ll do this by capturing critical data about your highly targeted prospects throughout their journey – think: who, when, where, what. By focusing your energy and resources on identifying and speaking directly to a smaller, highly targeted pool of prospects, you’ll have the tools to develop a better long-term and broader reaching strategy.

  1. Respect your prospects’ time and privacy.

Global data privacy laws are being deployed, and they bring with them significant consequences for companies that don’t comply. It is essential in today’s digital world that your prospects and your loyal customers have transparency when it comes to how you will respect and protect the information you gather on them. Have a policy and make it available. Adapt a permission mindset and always use an opt-in option for building your database.

  1. Collect useful data.

I know this seems like an odd strategy, but it isn’t if you consider that a recent survey by DemandGen Report showed that on average more than 35 percent of the data in existing databases is unmarketable and can’t be used. That’s a waste of time, energy, storage, and money. Use 2019 as a fresh start and clean up your database, purging “junk” data like invalid addresses, duplicates, non-compliant, and unstandardized prospect information. This process should be done regularly. It will help improve your targeting results and save you money that can be used for other revenue generating initiatives.

  1. Pick up the pace.

We live in a “now” society. If it’s taking you several days to respond to a lead, you’re taking too long and risking losing a qualified prospect. Start the new year by identify ways you can route your data faster to respond more quickly. At this stage, it also makes good sense to take a look at the stages in your pipeline to see where changes can be made to shorten and streamline the prospects’ journey to a sale.

  1. Measure your results.

Success means different things to different people. Make sure you have agreed upon metrics to measure success. This means you want all the key players to agree on the key performance indicators (KPIs), what technology or tools you’ll use to measure performance, and how this information will be shared. Remember, there is no such thing as bad insights. It’s very valuable to know what’s not working in addition to what is.

The new year is right around the corner. It’s the perfect time to get started on making sure your revenue marketing strategy performs and delivers in 2019 so you meet or exceed your revenue goals. These five tips will get you moving in the right direction.

Advertisements

Do You Do These 5 Things Successful Retailers Do?

greatest_bannersIllustration: KrizzDaPaul/GettyImagesWhile online sales continue to take on retail, the most successful retailers have discovered that the secret to success is to prioritize what it is your customers truly want, invest in the technology and people to deliver it, and make the experience seamless across channels. Before I talk about the five ways they do this, I want to share recent Custora research that gives insight into what’s driving retail growth.

Average Order Frequency Beats Customer Acquisition

Yes, you read that right. High-growth brands invest significantly in acquiring new customers, but it’s relatively inefficient.

Screen Shot 2018-11-28 at 10.08.46 AM

Savvy retailers have responded, instead investing their dollars in things like welcome series, hybrid subscription models, and personalization across channels and devices to drive brand engagement and product discovery.

Increasing Average Order Size Increases Revenue

Another powerful finding from Custora is that increasing basket size is more beneficial than just trying for repeat business.  The most successful data-driven retailers excel at cross-selling by suggesting complementary products the customer may like or upselling by showing the customer premium merchandise and full-price new arrivals.

Screen Shot 2018-11-28 at 10.09.00 AM

But, most retailers will tell you that growing basket size is more difficult than driving repeat business. They are right – unless they are doing these five things.

The 5 Steps to Retail Success

  1. Analyze Your Customer Data: You gather lots of data on your customers. Take a look at it and see what it’s telling you about your customers’ relationship to your brand.
  2. Create A Plan: Are you going to try to cross-sell or upsell? Determine that objective and then set goals. In general, cross-selling is a good starting approach for retailers of relatively low price-point goods, impulse purchases, or a wide merchandise assortment. Retailers of homogeneous or high-consideration goods might instead focus on upselling.
  3. Look At Your Sales: Now it’s time to study your sales and see what that data tells you. What products are typically purchased together? Which customer type tends to buy premium products? Knowing this information is invaluable.
  4. Start Small: The most successful retailers keep it simple when they are just beginning. So, begin with just one offer and measure its impacts and adjust accordingly, then expand from there.
  5. Optimize And Automate: Once you have identified what works, keep your momentum going by continuing to monitor your data and tweaking your approach in response to what your data is telling you.

By implementing these five steps, retailers unlock untapped opportunity and increase their ability to grow and thrive – even in the digital age.

 

Demographics Don’t Gauge Your Target Market’s Mood – Why That Matters

award_banners

Unknown-1In a climate ripe with data gathering and advanced analytics, the mood of our prospects isn’t often considered. We’ve come so far since the early days of advertising, yet in many ways we still rely on the yesteryear approach to marketing. Think about how we price advertising, which is archaic when you consider it’s best to buy ads one at a time based on analytic analysis. Equally outdated is the basic premise of demographics – a practice that begun in the 1920s – and it’s enduring focus on greater segmentation and third-party data collection with disregard to how we consume media in today’s economy.

In all of our advances, we seem to have missed the boat. Social media is the closest we’ve come to hitting the mark. Only in that arena do we realize that we have the means to speak to our prospects in real time. But, that’s where we tend to stop. We don’t acknowledge that that means we can advertise to prospects frequently, optimizing campaigns around prospects’ given moods.

If You Want a Personal Connection With Prospects, You Can’t Discount Mood

Much (if not all) of our segmenting is hard fact centered; we never consider mood. Yet, we increasingly want to use our technological advances to make a more meaningful, personal connection. It seems counterintuitive, and I’m not alone in this thinking.

We should be putting more emphasis on prospects’ given mood and optimizing from that vantage point. Media buys would then be adjusted to the content that speaks to the prospects’ moods, using real-time reactions. Traditional, long-held demographic segmenting practices alone will not get us where we want to go. We have to dig deeper and consider the moods of our prospects to reach them in a meaningful way.

Is Amazon the Next Great Advertising Platform?

website_banner

Amazon continues to experience spectacular growth in advertising revenues, so it’s worth it for marketers to look into this option. Now, that task is even easier. Last week Amazon released its inaugural 2019 Advertising Forecast, which published the results of a survey of 681 digital marketers and advertisers to better understand the challenges and opportunities that Amazon advertising products present.

Here are highlights from the report that I think are worth sharing.

44 percent of Amazon advertisers plan to add campaign automation tools in 2019. While the report shows that currently larger companies with revenue greater than $25 million are using Amazon ad automation tools more so than smaller businesses (under $10 million), both categories are equal in their intentions to use automation tools in 2019.

The tools they intend to use include ones from Kenshoo, Splitly, Sellics, Seller Labs, Prestozon, Pacvue, PPC Scope, Helium 10, Adlucent, Jungle Scout and Ignite, as well as proprietary tools.

Marketers will benefit from keeping top of mind thatAmazon purchases are “bottom of funnel,” which means shoppers log on with a specific purchase in mind. There’s an opportunity to capture some market with “similar products” with an Amazon ad that Kenshoo supports.

Recognizing the potential on Amazon, there are an increasing number of tools being developed specifically for Amazon to help marketers. For example, Teikametrics offers a retail optimization platform that optimizes Amazon search term bids, product keywords and other search parameters, and also supports the deployment of Sponsored Brand ads. Teikametrics takes advantage of the fact Amazon is often both the inventory advertiser as well as the order fulfillment center. Using this tool, sellers can zero in on important metrics like how many ads to run if inventory is low, or whether it is better to increase advertising or lower prices.

As Amazon continues to invest in its advertising offerings, marketers are looking for tools that will enable them to effectively scale and automate their campaign management. Amazon’s 2019 Advertising Forecast signals there is a substantial opportunity for new tools to help marketers do just that and that we’ll likely see ongoing innovation in this area as vendors work to meet growing marketer demand.

 

Three Primary Challenges Facing Marketing Executives Today

Platespinning-homepageToday’s marketing executives live in a very dynamic business environment and face new and complex challenges.  Among these challenges, there are three that I believe are most prevalent. The primary challenges facing sales and marketing executives today are digital integration, meeting marketing ROI objectives, and customer experience.

Let’s take a closer look at what’s involved with each challenge.

Challenge #1: Digital Integration

The reason digital integration is such a challenge is because marketing operations leaders are often not up to speed on the technology needed to fully bring their organizations into an optimized digital environment. Digital transformation is a necessity for B2B marketing operations and requires multiple marketing technologies.

Challenge #2: Meeting Business ROI

There is often a critical gap in business accountability when it comes to marketing operations. However, with increasing availability of financial metrics accountability, the position of the marketing executive has now become more and more relevant in the boardroom. We’ve moved from marketing being viewed as a nicety line item on the budget to a powerful and far more respected driver and supporter of the company’s revenue growth strategy. Marketing is now considered a must-have for overall business success.

Challenge #3: Customer Experience

Marketers’ new battleground is customer experience. Businesses are now required to pay attention to the experience they are delivering to their customers and would-be customers. The reason? Good customer experience pays in a major, major way. Nothing matches the success of a good customer relationship, and today’s technology gives customers ownership over their experiences. So, smart businesses are responding by becoming far more customer-centric. This means their marketing operations are driven by corporate strategy and operationalized by people, data and technology. This combination delivers a customer-centric approach that delivers real business results.

To be a successful marketing executive, these three primary challenges must be faced head on. This will enable you to transform your marketing operations into a strategic one that is primed to meet today’s challenges with forward-thinking, effective solutions.

 

 

7 Ways to Make Your Prospecting E-Mails More Powerful

Prospecting e-mails are a great way to start and nurture a sales relationship with potential customers. How we say what we say matters. And sometimes it’s the little things that matter most. This infographic presents seven really powerful questions that provide the perfect last punch to your sales e-mail. Take a look and considering using them in your upcoming campaigns.

Screen Shot 2018-05-09 at 10.23.29 AM

Screen Shot 2018-05-09 at 10.25.38 AM
Screen Shot 2018-05-09 at 10.26.28 AM
Screen Shot 2018-05-09 at 10.27.11 AM
Screen Shot 2018-05-09 at 10.27.54 AM

Would you like to learn more about lead generation and how I can help you grow your business in 2018? Contact me at dstein@producersdigital.com to set up a time to talk. And visit www.producersdigital.com.