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Success Through Strategy!
Strategy Matters delivers news, tips and strategies for effective communications through traditional and social media.
We'll be presenting "Becoming a Big Shot Online" at the Eau Claire Area Chamber of Commerce 2012 Social Media Conference.
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The Value and Limitations of Leading Indicators
Working in large organizations I became very familiar with "leading" and "lagging" indicators and, admittedly, sometimes I found what I thought was the "complexity" of the concepts to be a bit overwhelming. But, I'm very data-driven and very committed to measuring the impacts of my efforts whether working in an organization, for a client or for myself. The premise is really quite basic: if you are looking for certain outcomes it makes sense to manage the inputs to those outcomes to boost your chances of success.
- So, if you're in sales, your leading indicators might be: numbers of cold calls made, number of leads generated, number of proposals sent, etc.
- If you're a grant writer, your leading indicators might be numbers of viable grant opportunities identified or numbers of grants submitted.
- If you're a PR professional, your leading indicators might be numbers of news releases generated or number of placements achieved.
Here's one very important caveat, though. Don't make the mistake of thinking that achieving your leading indicators is a good signal of success. For instance, the number of news releases you generate is a process measure. It's an important indicator of potential future success, but what really matters most are real results.
For additional insights on how to create and use leading and lagging indicators, visit our blog.
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Talking Babies are Great...Or Are They?
I recently read a very interesting--and puzzling--article in AdvertisingAge about E*Trade's recent management shakeup. The company is apparently searching for a new CEO after unexpectedly parting with its current CEO in August. The article goes on to talk about the company's stock slump and general poor performance.
The surprising part, to me, is that despite this poor performance the company indicates that it is standing behind its talking baby campaign which includes a spot that was 4th-best-liked in the 2012 Super Bowl.
So, I can't help but wonder, what is the objective behind this advertising campaign? While the article goes on to say that the campaign "is working," and points to an increase in numbers of new accounts, to me there seems to be a disconnect between poor overall company performance and "effective" marketing.
Company spokespeople point to an overall market decline as the primary impact on its business and the need for a long-term strategy designed to increase awareness among young people who are not yet in the investment market. Okay, I get that and I agree that raising awareness through the clever baby spots may do just that at the point when these young investors are ready to choose an online broker.
Yet, it does seem to be a significant leap of faith given an advertising spend in measured media of $129.5 million according to the article. Clearly the advertising/marketing leaders at the firm are doing a good job of convincing leadership that this investment is paying off despite lackluster bottom line business results.
That, unfortunately (or not...), is a skill that I have not been able to master.
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| Boosting Your Email Marketing Effectiveness
I did an interview recently with a reporter who was looking for tips on email marketing effectiveness. Whenever I do this type of thing, or write bout email or Internet marketing, or even think about email or Internet marketing, I'm always struck with how very much the same online marketing is to traditional marketing.
The tools may be different. The reach may be different. But the bottom line, by and large, is that the techniques remain the same whether you're reaching out to people via snail mail or email.
Here are the top tips I provided the reporter related to email marketing. Take a look and consider how these same tips could apply to traditional marketing:
- Select the lists you will use carefully. If you are using your own customer/prospect lists, make sure you are building them on an opt-in basis. When working with others to help in the distribution of your online messaging, make sure that the lists are well targeted and represent those that will truly be interested in what you have to say/offer.
- Be specific and focused in your communications. Online communications is even more prevalent and intrusive than the old "junk mail" days. People are becoming increasingly fatigued - and frustrated! - by the sheer volume of email traffic they receive, much of which they view as unnecessary, at best, or--far worse--as spam! You don't want your messages to fall into that category. Less is more when it comes to email marketing; targeted messages to targeted groups of individuals who truly have a need/interest in what you have to say.
- Think like your target audience when developing your online communications in terms of both copy and layout/design. You don't have a great deal of time to attract their attention and need to do that through a highly targeted Subject line, well laid out content with plenty of white space, links to detailed information and key messages that get to the point and provide compelling reasons that they should read what you have to say and take action.
Truly - the more things change, the more they stay the same. Don't neglect the basics when it comes to marketing--whether you're marketing online or off.
It has always been, and will always be, about conveying benefit-oriented messages to carefully defined (and well understood) target audiences.
For more information on marketing best practices -- online or off -- visit our web site.
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Volume: 4 - Issue: 9
September, 2012 |
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