I've talked about the importance of understanding your customer as you develop and implement your online marketing program. Yes, "your online marketing PROGRAM". To be successful I strongly advise the program or project concept be central to your thinking if you wish to generate maximum results. There will be many elements working in concert that will contribute to your success. We will cover these elements over the next several posts.
The best place to start the strategy discussion is to understand what drives a successful online marketing program. Online marketing is a unique discipline that shares many elements from traditional marketing, direct marketing, mass marketing and professional selling techniques. Online marketing is a constantly evolving discipline that has more potential to change the way you do business than any of its predecessors.
The unique nature of online marketing is the ability to track and adjust the program to increase return on investment (ROI) very quickly. Developing a tracking system that clearly reports the tangible profits earned by your online marketing program is the key to success. Measures are needed to tell us where to increase focus and where to reduce resources to maximize the return on investment. The focus is to clearly illustrate the financial reward of the total program and its individual parts just as we measure the profitability of the total enterprise.
The measures aren't the only element. The data needs to be interpreted within the context of the experience and knowledge of the business owners and managers to get the best results. The numbers aren't always telling us what we may think. Business experience and maturity play a key role too.
Okay, this is all common sense. I just told you something you already know. I emphasis obvious to shed light on the necessity of tracking and the capability we have to measure your online results in a meaningful way. Online marketing has moved well beyond the concept of website equals an online brochure that might generate a phone call. Your online marketing effort can now be viewed as a profit center much like your inventory investment or billable service functions. It is a place to make money by creating greater volume from existing revenue sources with highly targeted and specific digital marketing strategies. The good news is with new technology this is now affordable for small and medium sized enterprises.
To achieve a high level of profitability your online marketing strategy and investment must be multifaceted and measured every step of the way. You need a very good reason to invest your money and that comes from keeping your focus on results.
Thanks for reading.
Monday, December 14, 2009
Saturday, November 28, 2009
What Americans Really Want....Really
Sorry I've been absent this week. The difficult thing about being self employed for me is giving myself permission to do personal things during "working hours". On Monday a gave myself permission to install some new shelving in the laundry room. I started at 1:45 PM and by 2:10 I was in bed shivering intensely and at 3:30 I had a 101.3 fever. I don't know what kind of flu it was but it came on fast and went away pretty fast. I called my Doctor and had some Tamifu by 6:30 and started taking it. By Wed evening the fever was gone and I was feeling much better. However, I'd did choose not to expose the guests at the family Thanksgiving dinner and stayed home. All better now and I had the chance to do some reading.
There are two great books out there for those of us who consider ourselves to be marketers. 1) What Americans Really Want...... Really, by Dr. Frank I. Luntz. 2) What the Dog Saw and other adventures, by Malcolm Gladwell. Both are a great read and filled with insight about what people do and want. This information is critically important to developing a product and selling system that is consistent with "what people want". This has been the theme of my writing so far and will continue to be a guiding principle as we talk. Both books confirm that as a marketer if you can get in sync with your customer you are more likely to succeed.
Dr. Frank Luntz is a frequent guest on the Imus in the morning show on radio and the Fox Business network in the morning. Do you think less of me now? Dr. Luntz is a scientist and his conclusions are based on hard data from thousands of research projects done for some of the most important companies in the world. His conclusions are well documented in the data. From a data perspective he knows what people want, really.
Malcolm Gladwell is a writer for the New Yorker magazine and this book is a collections of his favorite articles written for the magazine. Thus far, Mr. Gladwell's books have examined human behavior and the human condition through the eyes the people who live it. He has an incredible talent for getting below the surface and exposing what is really there without pretense or shading to meet the needs of the teller. From his perspective Mr. Gladwell is able to glean what people want by exposing how and why they achieve certain things in life. He exposes the thought process and actions as they go about getting they want.
In my opinion, both writers get to exactly the same place. One is scientific, the other is intuitive and the themes are largely the same. Sell what people want, sell it in a way that people want to buy, deliver it in the way people want to receive it and support it as if you are the customer yourself. The quality and the values behind our intentions play a huge role in the long term success or individuals and societies, I think. Therefore, these ideals will contribute to your success in life.
I've heard all this before, as you have as well. My earliest memory of this concept comes from the J.C. Penney company. J.C. Penney himself called it the "Golden Rule" when he founded the company back in 1902. On the 90th anniversary of the J.C. Penny Company they were a customer of mine and my contact gave me an official commemorative golden ruler which I have on my desk before me now. On their 90th birthday the Golden Rule was still a guiding principle. Though the department store style of merchandising is suffering the "Golden Rule" is not out of style. In fact, it is more important today than ever and those who understand this have an overwhelming advantage in the market.
Online marketing rule #1 is the Golden Rule. Treat others as you would like to be treated.
Thanks for reading.
There are two great books out there for those of us who consider ourselves to be marketers. 1) What Americans Really Want...... Really, by Dr. Frank I. Luntz. 2) What the Dog Saw and other adventures, by Malcolm Gladwell. Both are a great read and filled with insight about what people do and want. This information is critically important to developing a product and selling system that is consistent with "what people want". This has been the theme of my writing so far and will continue to be a guiding principle as we talk. Both books confirm that as a marketer if you can get in sync with your customer you are more likely to succeed.
Dr. Frank Luntz is a frequent guest on the Imus in the morning show on radio and the Fox Business network in the morning. Do you think less of me now? Dr. Luntz is a scientist and his conclusions are based on hard data from thousands of research projects done for some of the most important companies in the world. His conclusions are well documented in the data. From a data perspective he knows what people want, really.
Malcolm Gladwell is a writer for the New Yorker magazine and this book is a collections of his favorite articles written for the magazine. Thus far, Mr. Gladwell's books have examined human behavior and the human condition through the eyes the people who live it. He has an incredible talent for getting below the surface and exposing what is really there without pretense or shading to meet the needs of the teller. From his perspective Mr. Gladwell is able to glean what people want by exposing how and why they achieve certain things in life. He exposes the thought process and actions as they go about getting they want.
In my opinion, both writers get to exactly the same place. One is scientific, the other is intuitive and the themes are largely the same. Sell what people want, sell it in a way that people want to buy, deliver it in the way people want to receive it and support it as if you are the customer yourself. The quality and the values behind our intentions play a huge role in the long term success or individuals and societies, I think. Therefore, these ideals will contribute to your success in life.
I've heard all this before, as you have as well. My earliest memory of this concept comes from the J.C. Penney company. J.C. Penney himself called it the "Golden Rule" when he founded the company back in 1902. On the 90th anniversary of the J.C. Penny Company they were a customer of mine and my contact gave me an official commemorative golden ruler which I have on my desk before me now. On their 90th birthday the Golden Rule was still a guiding principle. Though the department store style of merchandising is suffering the "Golden Rule" is not out of style. In fact, it is more important today than ever and those who understand this have an overwhelming advantage in the market.
Online marketing rule #1 is the Golden Rule. Treat others as you would like to be treated.
Thanks for reading.
Sunday, November 22, 2009
What's the point
If this is an Internet Marketing blog what is the point of all the discussion regarding automated (shopping cart) and offline (sales people) transactions?
The point is to have a profitable Internet Marketing strategy one must start the process of designing the system by looking at the buying process from the customer's perspective. I think a considerable amount of time should be spent examining the traditional sales process with an eye on how this can be augmented with online marketing tools. Chances are there are important and perhaps unchangeable reasons the sales process is what it is in your business. Things in business and life evolve for good reason and the reason is usually survival. People do what works because it allows them to keep on going. I am not saying don't change things but don't lose sight of the things that make you successful.
When designing and implementing your online market strategy I strongly suggest you operate from a mindset of respect for the key factors that govern your sales process. The internet is just a tool you can use to bring more people to your door. In many cases it will not fundamentally change how or why people buy your product or service. If you are a car dealer and 95% of your customers test drive the car before they buy your online marketing program is not going to change that much. Your prospects may be more knowledgeable when they arrive at your dealership but they will still want a test drive their dream car before they buy. Your online marketing program will bring you more prospects so be ready to do more of the things that bring the sale to a final close.
The fact is, pretty much anyone can build a website, buy Google ads, create landing pages, drive conversions and generate leads. Very few people take the time to fully understand the dynamics of the buying process and make this a key factor in their Internet Marketing program. This is the key element. Start with your customer and work backwards and you will create a great success with your online investment.
Thanks for reading.
The point is to have a profitable Internet Marketing strategy one must start the process of designing the system by looking at the buying process from the customer's perspective. I think a considerable amount of time should be spent examining the traditional sales process with an eye on how this can be augmented with online marketing tools. Chances are there are important and perhaps unchangeable reasons the sales process is what it is in your business. Things in business and life evolve for good reason and the reason is usually survival. People do what works because it allows them to keep on going. I am not saying don't change things but don't lose sight of the things that make you successful.
When designing and implementing your online market strategy I strongly suggest you operate from a mindset of respect for the key factors that govern your sales process. The internet is just a tool you can use to bring more people to your door. In many cases it will not fundamentally change how or why people buy your product or service. If you are a car dealer and 95% of your customers test drive the car before they buy your online marketing program is not going to change that much. Your prospects may be more knowledgeable when they arrive at your dealership but they will still want a test drive their dream car before they buy. Your online marketing program will bring you more prospects so be ready to do more of the things that bring the sale to a final close.
The fact is, pretty much anyone can build a website, buy Google ads, create landing pages, drive conversions and generate leads. Very few people take the time to fully understand the dynamics of the buying process and make this a key factor in their Internet Marketing program. This is the key element. Start with your customer and work backwards and you will create a great success with your online investment.
Thanks for reading.
Saturday, November 21, 2009
The checkout stand
How often do you pick-up an item from the display at the check out stand at the store and buy it? We're standing there waiting in line to buy $6 worth of batteries for the remote control and we add $6 more in impulse items displayed at the checkout. Good for the retailer he just doubled his sale and good for us because we just purchased something we could not live without.
The automated online e-commerce system serves this purpose on the Internet. We are surfing around the web reading news and entertaining ourselves and suddenly the ad appears. I'm reading an article on skiing and an ad for heated goggles with and integrated late' machine pops up. Next thing I know I've got my credit card out. I wasn't even shopping I wasn't standing in the checkout line and they got me.
I think B to B online is different. The prospects are more intentional in their web surfing. They are looking for a solution to a specific problem and they are looking to uncover a solution they don't already know about in many cases. This means when presenting our product we must be informative in our presentation with a clear focus on who we are, what we sell and some basics on how it works. This is particularly true if our company is not well known, our product is somewhat esoteric or the price point is moderately high.
The tricky part is in providing the "right" amount of information to motivate action. Too little information and we will not be credible, too much information and the prospect may reach a conclusion and not call us. The secret is getting the balance right so we motivate the right person to call our highly skilled and well informed salesperson. The salesperson's job is to bring it home by revealing the fantastic benefits of our product and how perfectly they match the prospects requirements.
In this scenario our goal is to get the right person to call so we don't waste valuable sales time on prospects who lack the resources or serious intention to purchase our product. More to come on that soon.
Thanks for reading
Bill
The automated online e-commerce system serves this purpose on the Internet. We are surfing around the web reading news and entertaining ourselves and suddenly the ad appears. I'm reading an article on skiing and an ad for heated goggles with and integrated late' machine pops up. Next thing I know I've got my credit card out. I wasn't even shopping I wasn't standing in the checkout line and they got me.
I think B to B online is different. The prospects are more intentional in their web surfing. They are looking for a solution to a specific problem and they are looking to uncover a solution they don't already know about in many cases. This means when presenting our product we must be informative in our presentation with a clear focus on who we are, what we sell and some basics on how it works. This is particularly true if our company is not well known, our product is somewhat esoteric or the price point is moderately high.
The tricky part is in providing the "right" amount of information to motivate action. Too little information and we will not be credible, too much information and the prospect may reach a conclusion and not call us. The secret is getting the balance right so we motivate the right person to call our highly skilled and well informed salesperson. The salesperson's job is to bring it home by revealing the fantastic benefits of our product and how perfectly they match the prospects requirements.
In this scenario our goal is to get the right person to call so we don't waste valuable sales time on prospects who lack the resources or serious intention to purchase our product. More to come on that soon.
Thanks for reading
Bill
Friday, November 20, 2009
Human versus Automated selling
Online selling generates a sales lead, makes the value presentation and closes the sale online without human involvement. Amazon is the preeminent example of this, no one does it better. Amazon's focus is to design an online selling process that never requires human involvement.
Offline selling generates a sales lead makes a portion of the value presentation online but closes the sale offline using a human sales person or customer service representative. This can be done on the telephone, in live chat, email or at the seller or buyers location. The critical factor is the need to provide a venue to extend the value presentation and re-enforce the benefits of the item or service under consideration. This can be a highly variable interaction hence the term complex sale. The question that must be answered in most cases is "is this item the best one for me or my individual business situation"? Making the sale depends on the skill, knowledge and credibility of the sales person who is answering this question. At this point making the sale has little to do with views, clicks or conversion ratios. It all depends on the human and that's tricky.
For the past 100 years the world has been on a quest to automate every possible process to reduce labor cost and improve quality. Machines do as they are told most of the time and don't call in sick. A fully integrated online selling process leverages automation to reduce cost, improve reliability and efficiency. The offline sales process leverages the lead generation power of online marketing but retains the age old challenges related to recruiting and managing sales people.
The offline sales process still has a significant human element that increases complexity and cost. It also brings an array of human based issues that must be recognized and managed. The human element adds a dynamic to the online selling process that few involved in e-commerce understand or appreciate. This can be a huge issue when introducing online lead generation into a human based sales model. We'll talk about this in later posts.
Thanks for reading.
Bill
Offline selling generates a sales lead makes a portion of the value presentation online but closes the sale offline using a human sales person or customer service representative. This can be done on the telephone, in live chat, email or at the seller or buyers location. The critical factor is the need to provide a venue to extend the value presentation and re-enforce the benefits of the item or service under consideration. This can be a highly variable interaction hence the term complex sale. The question that must be answered in most cases is "is this item the best one for me or my individual business situation"? Making the sale depends on the skill, knowledge and credibility of the sales person who is answering this question. At this point making the sale has little to do with views, clicks or conversion ratios. It all depends on the human and that's tricky.
For the past 100 years the world has been on a quest to automate every possible process to reduce labor cost and improve quality. Machines do as they are told most of the time and don't call in sick. A fully integrated online selling process leverages automation to reduce cost, improve reliability and efficiency. The offline sales process leverages the lead generation power of online marketing but retains the age old challenges related to recruiting and managing sales people.
The offline sales process still has a significant human element that increases complexity and cost. It also brings an array of human based issues that must be recognized and managed. The human element adds a dynamic to the online selling process that few involved in e-commerce understand or appreciate. This can be a huge issue when introducing online lead generation into a human based sales model. We'll talk about this in later posts.
Thanks for reading.
Bill
Saturday, November 14, 2009
Online - Offline selling
Every business or industry has a way of selling their products. Mostly this is driven by the complexity of the sale. If the product is a commodity item that is easily understood or well known it may be an excellent candidate for an online automated transaction. If the product is unique, not well known, complicated, has a higher price point or needs to be test driven a sales person is critical to the process. There is a difference between ordering Time Magazine online or going to Best Buy to view and select a flat screen TV.
The latter example of purchasing a big screen TV is often referred to a complex sale. We want to see, touch and experience the product before they bring it home. We want to negotiate the price to be sure they are getting the best deal on a large purchase. We want to interact with an expert that has direct experience with the item under consideration. If these sellers didn't need sales people for this reason they would not have them. This is a human to human interaction is dictated by how the customer wants to buy not by how the merchant wants to sell.
The preferred buying process dictates the how the seller structures the selling process both online and offline. The core difference is if there is a human involved at any point in the process.
More to come.
Bill
The latter example of purchasing a big screen TV is often referred to a complex sale. We want to see, touch and experience the product before they bring it home. We want to negotiate the price to be sure they are getting the best deal on a large purchase. We want to interact with an expert that has direct experience with the item under consideration. If these sellers didn't need sales people for this reason they would not have them. This is a human to human interaction is dictated by how the customer wants to buy not by how the merchant wants to sell.
The preferred buying process dictates the how the seller structures the selling process both online and offline. The core difference is if there is a human involved at any point in the process.
More to come.
Bill
Thursday, November 12, 2009
Welcome
I started my career as an outside sales rep and most recently served as VP of Sales and Marketing. Over the years I've learned a lot about the theory and actual application of sales and marketing systems. The most outstanding fact in my long experience is that Internet or Online marketing is the most powerful sales tool I have ever implemented. I want more people to be aware of this and implement it in their business. More success will follow.
There are two tracks in online marketing. They are; 1. Fully integrated where leads are found and sold online in an automated process that does not involve human beings. 2. Lead generation that produces sales leads that are then handed off to a team of sales people for conversion to revenue dollars. Though both use the Internet to identify sales opportunities they could not be more different in terms of the sales process. Each is a discipline of its own requiring different skills and talents to optimize results.
In this blog we will be talking about #2, generating leads for an offline sales team. Get ready it will be fun.
There are two tracks in online marketing. They are; 1. Fully integrated where leads are found and sold online in an automated process that does not involve human beings. 2. Lead generation that produces sales leads that are then handed off to a team of sales people for conversion to revenue dollars. Though both use the Internet to identify sales opportunities they could not be more different in terms of the sales process. Each is a discipline of its own requiring different skills and talents to optimize results.
In this blog we will be talking about #2, generating leads for an offline sales team. Get ready it will be fun.
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