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Posts Tagged ‘ROI’

What if You Could Combine Outbound/Offline Marketing with Inbound/Online Marketing?

By John Joyce on October 28, 2010 - Comments 2

If you have a local business and still rely on direct mail to reach prospects as well as existing customers, then you have experienced the fear of not knowing whether you have achieved any ROI.  What if you could actually track the audience response to your direct mail campaigns and even follow their progress through your own online portal?  What if you could track their referral activity once they transitioned into the online world and allow them to utilize social networking links to evangelize your offer to their network of contacts?  And, finally, what if you could reward these customers based on their influence and ability to drive new customers to your business?  That would be just Dukky!

I read an article about a company called Dukky in the July 2010 issue of Entrepreneur Magazine where the founder of Dukky, Shawn Burst, had an idea to revive the dying direct marketing and print industries.  Let’s face it, more than 99% of “junk mail” goes directly into the trash. But, with this solution, you have a lead generation system that marries the offline marketing world with the online marketing world. Take a look at the video below to get a better understanding of exactly how Dukky works:

“According to the Direct Marketing Association, more than 54 percent of all advertising spending in the United States goes into direct-marketing channels. Spending in 2009 was more than $149 billion; direct mail and catalogs alone made up $44.4 billion of that.”

Businesses spent more than $44B in 2009 on direct mail and catalogs and they have no idea what kind of return they’re getting on their investment.  Now, Dukky will allow them to develop direct mail campaigns that can be tested and tracked for effectiveness.

For the small businesses that use postcards to remain top-of-mind with prospects, now you can entice them to participate in a more interactive process, to better understand your USP and to share a special offer with their social network.  Dukky’s small business solution is currently in beta and pricing starts at $99/month so I suggest you get in touch with them and find out how they can help you leverage their solution to grow your business.

The reports of direct marketing’s death have been greatly exaggerated – according to Shawn Burst at least.

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Why Aren’t You Measuring The ROI Of Your Online Marketing Efforts?

By John Joyce on May 28, 2010 - Comments 0

Measure Your Marketing ROII recently participated in Omniture’s ”2010 Online Analytics Benchmark Survey” and received a customized report from them yesterday and wanted to share some of the information with you.  It doesn’t take a genius to understand that businesses shouldn’t spend money on new marketing channels without having the ability to track their success, but that’s exactly what the majority of us are doing.

The main takeaways from this survey are as follows:

Key Web Analytics Challenges Include Talent, Measuring ROI and Multi-Channel Support

Top challenges for online marketers include:

  1. Difficulty finding and training top talent
  2. Determining what actions to take based on their data
  3. Maximizing marketing ROI through full funnel measurement and automatic multi-channel integration.

Do you find yourself or your staff spending large chunks of time developing programs and campaigns, delivering them across an assortment of online marketing platforms and then wondering if they had any impact?  It looks like you’re not alone.  The most telling statistic from this study is glaring proof that, since many of the emerging online marketing platforms are very much in their infancy, businesses are unable to track their success as illustrated below:

Marketers know which metrics are important to measure, however they are not capturing all the metrics they need to achieve their goals.  Eighty-two percent of survey responders believe ROI is somewhat to very important to measure, but only 30 percent of marketers can effectively measure marketing ROI!  Additionally, 86 percent of respondents think conversion rate is somewhat or very important to measure yet 27 percent of marketers cannot effectively measure conversion rates.

We all know measuring the success of offline marketing is difficult to nearly impossible but that’s because there’s no system available to allow for granular collection of metrics.  Conversely, online marketing offers so much data that we become overwhelmed by a never ending stream of seemingly valuable information .  They key, however, is knowing how to interpret that information and turn it into an actionable plan that exploits the repeatable successes you have unearthed.

If you’re going to “try” a mobile marketing campaign, social media campaign or viral video campaign, make sure you develop a system to track and measure success against your business goals.  Work smarter and not harder.

Have a great Memorial Day weekend!

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Building Your Online Marketing Ecosystem Part VII: Feedback And Comments

By John Joyce on March 16, 2010 - Comments 0

If you want to develop the “persona” of your small business, you have to make sure your audience is easily able to interact and share their thoughts and feedback with you. It’s also important to deliver engaging and, in some cases, polarizing and provocative content that will motivate people to interact. Finally, once you spark conversation and debate, you still have to maintain some semblance of control over the process so I have listed several tools available to help with this process:

Comment Management Tools

Click on Image to View Interactive Online Marketing Ecosystem

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Introducing The Interactive Online Marketing Ecosystem

By John Joyce on March 11, 2010 - Comments 1

In an effort to offer the most value to our readers, we have created an interactive map of the Online Marketing Ecosystem. There are so many marketing technologies available that we felt it was important to present your options in one central location. This will be a “living” map and will be updated as often as needed – as long as you’re willing to share your ideas and suggestions with us.

Here are some simple navigation tips:

  • Click and drag to move around the map
  • Hover over the small arrow next to the name of each tool to see/follow the external link
  • Click zoom in/out buttons at bottom of the window
  • Click “full screen” button to view in a browser window

Thanks!

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Need Real Time Analytics? Announcing Small Biz Insight

By John Joyce on February 25, 2010 - Comments 0

Small Biz Insight is a real time web analytics service allowing you to view up to the minute data on the traffic to your web site. Most services don’t allow you to make split second decisions because of a substantial delay in their delivery of your website data.

Real time data lets you react to changes in your traffic as they occur. For example, if you had an article that hit the front page of a popular site like digg.com, you would see the traffic spike in Small Biz Insight immediately, along with links back to the sources sending you the traffic. Knowing this, you could make changes to your site or to the article itself to take advantage of the situation.

If instead you relied solely on a service like Google Analytics, it would be up to 24 hours before you even knew about the traffic, and by then it would be too late to do anything about it.

Here is a partial list of the real time information available to you in Small Biz Insight:

  • Customizable dashboard
  • Filtering and segmentation
  • Twitter analytics
  • iPhone version
  • Goals and conversions
  • Campaign tracking
  • Support for Google Analytics tags
  • Information on each individual visitor

Small Business Real Time Analtyics

There are two versions of Insight available – Self Serve for $9.95/month and Managed for $19.95 which will include customization and reporting services.  If you’re interested in learning more, please send us an email at info@thesmallbiznest.com or call us at (800)277-1187.

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If 200K People Retweet Your Promotion And Nobody Becomes A Customer, Is That A Success?

By admin on July 17, 2009 - Comments 4

Are You Tracking ROI?

Are You Tracking ROI?

Too many times we see businesses haphazardly throw random campaigns at the wall to see what sticks.  One member of the marketing team is “trying out” a few Facebook ads while a colleague is independently “testing” a viral program on Twitter.  I continue seeing articles written about “Twitter done right” and “viral marketing success stories” and not once has there been any mention of ROI or CPA.  There are too many marketers patting themselves on the back for simply creating buzz.  When did it become acceptable to spend money to get people talking about your giveaway but not your unique selling proposition?

With  any marketing initiative you have to ask, “What are we trying to do?”  This sounds like a silly question but you’d be surprised how many times a “great idea” takes on a life of its own and everyone loses sight of the desired result.  It’s imperative to identify success metrics – they will drive your strategy.

Lisa Barone shared a story earlier this week about a contest giveaway run by a company called Moonfruit celebrating their 10th anniversary.  The numbers were quite high – more than 200,000 posts per week.  Adam Ostrow over at Mashable wrote, “Not surprisingly, this promotion is working. #moonfruit is Twitter’s top trending topic today, beating out the likes of Michael Jackson, #iranelection, and Wimbledon-related tweets.”

This promotion is working?  How are these people measuring success?  Can you imagine approaching your boss and saying, “I’d like to spend $10K+ and use countless company resources so we can be ‘bigger than Michael Jackson’ for a week” on Twitter.  When asked for your ROI estimate you smile wryly and say, “Zero, BUT, hundreds of thousands of people who will never become customers will be talking about the Macbooks we’re giving away”.

This is the equivalent of a restaurant spending $10k for a big neon sign that says, “restrooms open to the public”.

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