[Posted by Mickael Bentz, Product Marketing Manager, Neolane]
There was a time when marketing on Facebook was virtually free. Brands simply had to post cool content to get free word of mouth advertising. These Facebook marketing methods did not generate much value but because they were so inexpensive, it was worth seizing the opportunity.
Facebook marketing ROI now must be tangible.
That era is officially over. As brands are discovering, social media marketing costs more and more money. Today, it requires:
- Numerous community management resources to respond to thousands of hyperactive fans
- Social media agency support to find and execute ideas that will interest over-solicited community members
- Social advertising because on Facebook especially, it’s now mandatory to buy ads to reach new—or even existing—fans
- Multiple, disparate social media management tools: listening tools, ad management tools, community management tools, social login tools, etc.
Today measurement and analytics are as much a part of marketing as creative and strategy. Online channels deliver a wealth of quantitative information that can be used for ongoing optimization. In fact, the tactical execution of marketing measurement is now starting to elevate channel decisions, customer insights, and budget allocation to a tangible and justifiable conversation. We call this discipline Marketing Performance Management. In this blog post, we will explore the concept of Marketing Performance Management (MPM) in more detail and outline a maturity framework for organizations looking for a better way to leverage analytics and measurement in ongoing marketing execution.
In a 2007 survey of 250 Fortune 1000 firms conducted by Kellogg School of Management, 75% of respondents reported marketing was essential to their business. It stands to reason that optimizing the marketing process would therefore be a top concern for organizations. Yet, 61% of respondents indicated they did not have a defined and documented process to screen, evaluate, and prioritize marketing campaigns. The question is, why? Why is MPM such a challenging discipline to embrace?
In March, Donald Hinman, Ph.D., the SVP of Data Strategy at Epsilon Targeting, joined Neolane for our featured webinar, “Unraveling the Complexity of Big Data: How to Harness Customer Insight to Generate Stellar Marketing Results.” This webinar focused on helping marketers to better understand and leverage big data. Don, who is known by many in the industry as “Dr. Data,” walked attendees through a simple definition of big data and outlined some common, yet not always accurate, perceptions of the term. In addition, he explained data management platforms and how data can be collected and integrated so that it’s more useful and usable to marketers.
Don also offered some tips on how to reevaluate your perception of the term big data, including the always important reminder to focus on data quality over data quantity. My personal favorite was, “the only data that matters is the data that performs.”
Marketing organizations are under extreme pressure to bolster marketing’s contribution and deliver a better return on investment. The concept of real-time marketing brings opportunities for an enhanced customer experience through dynamic, personalized content, served at the right place and the right time, regardless of channel. Moving to real-time marketing cannot happen in one big bang approach; it involves change management and training, data, and systems in place to make it a reality.
In order to be successful, marketers should look for pragmatic steps to success with real-time marketing. In a recent webinar with Forrester Research, we discussed four specific approaches to real-time marketing that provide a pathway to success: campaign management, dynamic outbound, dynamic inbound, and cross-channel interactions. I think of it as stretching, walking, jogging, and running. I also like to refer to it as George, Paul, Ringo, and John from the Beatles’ Abbey Road album cover, whichever you prefer.
According to Gartner, by 2020, customers will manage 85% of their relationships without talking to a human. Given trends in social media, you can bet a significant portion of these interactions will move away from the inbox.
The July 2012 “State of Lead-To-Revenue Management” report from Forrester Research highlighted this trend stating “B2B tech marketers have adopted lead nurturing as a best practice. However, very few we speak with claim to be using advanced lead-nurturing tactics. Many marketers are looking to advance from their current state of play: a single nurturing stream for all target audiences; touches that are about the company or its products; engagement primarily through email…”
In a B2B context, businesses don’t make purchase decisions, people do; and people are inherently multi-channel and perpetually connected these days. Marketers that are relying on email alone to nurture potential customers aren’t optimizing their communications or maximizing the potential for revenue and market share.
This post will spotlight three different channels (outside of email) that can and should be incorporated into your lead nurturing programs.
Generation Y, people born between 1980 and 1994, don’t respond to traditional loyalty programs based on “earn & burn” or “buy 10, get 1 free” rewards. These “digital natives” are continuously sharing through tangible interaction and digital channels seamlessly. They like to play games, and have grown accustomed to game mechanics. Thus, in order to successfully attract and retain Generation Y members, loyalty programs must adapt their strategies to incorporate gamification! Gamification is a new word widely defined as the use of game-like mechanics (such as points, badges, and leaderboards) within the context of non-game experiences (such as loyalty programs, banking, and education) to drive participation and engagement.
In a previous post “A 3-Step Approach to Marketing Analytics” we outlined a simple methodology for the application of measurement and analytics in marketing. Despite widespread acceptance of the need to be more analytical and metric oriented in marketing, many marketers still struggle.
This post explores step one “Understand” in more detail to identify the types of questions marketers should ask and the marketing analytics capabilities that empower the answers to these questions. (more…)
There is no universal checklist for creating a successful direct marketing campaign; every campaign is different and requires an approach specific to the brand’s (and customers’) needs. Because there is so much variation in what it takes to run a successful campaign, there’s no one way to execute a direct marketing campaign.
Thanks to the diversity and variation of direct marketing campaign strategies, there’s an abundance of knowledge and information from just about every corner of the industry. While the resources available will not be a blueprint for your next campaign, they can offer insights, ideas, recommendations, advice, examples, personal experiences, and much more.
Huge music fans, members of the Neolane marketing team frequently convene in Soundrop, a free Spotify app, to listen to music. This collective listening experience offers more than just a playlist; it broadens our musical horizons while bringing us closer as a team. And best of all, it’s a whole lot of fun.
It seemed only natural to open this experience to the broader marketing community. With that said, we’re thrilled to announce The Marketing Mix, a new series where marketers can gather in Soundrop to listen, share, and connect. (more…)
[Posted by Mickael Bentz, Product Marketing Manager, Neolane]
A lot of brands pay attention to social KPIs, such as reach or number of views, likes, shares, comments, followers, pins, etc.
Indeed, they try to determine and then optimize their engagement rate. This metric rules social media marketing today—but it shouldn’t. Let’s examine why. (more…)