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Nochexman
- Original Poster
- #85
Don't give up so easily Pilgrim!
I may not agree with you that social media is the be all and end all of marketing, but it is true that members of this forum are generally indifferent / unconvinced about the commercial possibilities of social media.
What is needed are some good examples of successful social media campaigns: not measured in retweets, for example, but in sales. We should be hearing more about these and successful campaigns in which social media was an integral part of their success.
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We're experimenting with using messaging applications as a way to move social fans into become social customers. Will post results when we have them. Like actual ROI / data / sales / leads driven results. Not airy-fairy stuff.
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Nochexman
- Original Poster
- #88
Interesting take on the role of social media, personality and content marketing by a regular writer for Marketing Week here https://www.marketingweek.com/2016/...uccess-demonstrates-the-power-of-personality/
"Mark Ritson: Trump’s marketing success shows the power of personality"
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'Old' marketing could also include referral/relationship marketing. After all, when someone refers you on to a close friend or associate, your odds of closing the sale improve astronomically.
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Matthew Gough
- Original Poster
- #93
Having a bit of a read through this thread it is very inconclusive, there are lots of people claiming wildly different things. What is clear is that different marketing / advertising methods give different results for different sectors or regions. It would be useful if there was a study that gave some factual results depicting those variables and stating various returns on investment for different techniques, eg plumber, Gloucestershire, telemarketing - 250% ROI, local press- 160% roi.
Is there any information like this published that people are aware of? I would be interested in reading that.
Is there any information like this published that people are aware of? I would be interested in reading that.
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The problem with this is that one person/company is not providing all the services in all the areas, hence you're left comparing apples and motor oil.
The other problem is that the same company can get different ROI in different areas when working on different campaigns with different budgets supported by different websites and other channels of marketing.
If it was as much of a science as you'd like it to be, you could simply enter your starting budget, region and campaign, plus domain, and you'd be told how much you'd get back and when, within a few pence. Sadly, that isn't happening.
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Matthew Gough
- Original Poster
- #95
The same thing can be applied to any statistic you look at, it depends how far you want to go with it. The point im trying to make is it offers a benchmark for comparison, but what you take from any data is down to the reader to draw their own conclusion, not to be used as a crystal ball. If you though like that the office of national statistics would be redundant.
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Measuring deaths in merseyside is far different than predicting the roi on a marketing campaign with 20 dependent variables.
One is measuring historical fact, the other is predicting future outcomes.
This is why Fair, Isaac does over $1Bil annually.... because predicting is big data kinda science.
One is measuring historical fact, the other is predicting future outcomes.
This is why Fair, Isaac does over $1Bil annually.... because predicting is big data kinda science.
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Matthew Gough
- Original Poster
- #97
I know that, my original post is not saying I want it to be an exact science where 20 variables gives me accurate predictions to within a few pence. Nobody is that naive, those are your words not mine and there's no reason to be condescending. I'm saying that sort of information would be intereting to me, but you don't have to agree.
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'Old' marketing as you put it, is by no means dead. It all depends on your business, and who are intending to reach. Charities, for example, still rely heavily on direct mail campaigns. Of course, a lot of investment goes in to the creative and data management, but it is still an extremely effective method of fundraising. It's also interesting to see industries subverting the traditional methods - for example, digital companies using direct mail to find new customers. It's about how you employ 'old' marketing strategies to appeal to your target audience.
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I think it is dead. IMXO.
Here is an example that will show you that:
Old decision journey included next steps:
Awareness -> Familiarity -> Consideration -> Purchase -> Loyalty
Pretty short. All you needed was a marketing budget, consumer-oriented marketing campaign based on detailed research and voila - customers are yours.
But what happens now?
Today's Decision Journey includes next stages: consider, evaluate, buy, and enjoy, advocate, bond.
For consumers it's not enough to be aware of a brand, to know that it's a market leader. They are more influenced on the evaluation stage rather than on a consideration one. And this means that marketers should work in other channels, and produce another content.
So yes, old marketing is dead. It is dead in its approach to consumer decision journey.
Here is an example that will show you that:
Old decision journey included next steps:
Awareness -> Familiarity -> Consideration -> Purchase -> Loyalty
Pretty short. All you needed was a marketing budget, consumer-oriented marketing campaign based on detailed research and voila - customers are yours.
But what happens now?
Today's Decision Journey includes next stages: consider, evaluate, buy, and enjoy, advocate, bond.
For consumers it's not enough to be aware of a brand, to know that it's a market leader. They are more influenced on the evaluation stage rather than on a consideration one. And this means that marketers should work in other channels, and produce another content.
So yes, old marketing is dead. It is dead in its approach to consumer decision journey.
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This isn't feasible because the variables are too.....variable and there are too many factors influencing the success or otherwise of the activity, which are outside of the activity itself.
Telemarketing and local media can work but what happens if someone looks on the website to find out more and can't find what they want, or the FB page has reviews which are rubbish, or the potential customer picks up the phone and it goes to answer machine, or they get through and the plumber can't come out for a week or his prices aren't competitive?
There are market research and analytics reports out there identifying what marketing activity works best for different sectors. What you won't get is an ROI on activities for each sector for reasons explained above.
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Nochexman
- Original Poster
- #102
You are in the GP's surgery. You explain to the doctor your ailments and they have in mind a priority list of possible remedies. They will work through this asking questions to determine what they consider to be the best answer. They do this based on experience, book learning, and the last thing they read.
It is the same with marketeers. If they have been trained well and have some worthwhile experience they will be able to recommend the best approach to meet your need.
They are plenty of lists out there suggesting effectiveness rates for different marketing approaches, but they are more likely, and intuitively, to recommend what they feel is the best approach based on your particular circumstances. It isn't a science, it is an art - much like being a GP.
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Matthew Gough
- Original Poster
- #103
I get all that. I've had a few replies as if I was looking to generate some holy grail marketing formula, this is not what I said. All I was getting at is existing companies from different sectors will have used different marketing techniques. They will have measured roi. It would just be interesting to see some benchmark data, see what the spread is. That data is out there, every business has it. everybody I know who runs a business can tell you some figures. I like seeing information like that, even if it does nothing other than give me initial targets to work to. All the other variables people mention is down to each individual to measure and analyse internally. My last company would have a monthly review with marketing to drill down into the kpi's.
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Matthew Gough
- Original Poster
- #105
OK well my new venture is very new so not ideal, but most of my working life has been running an CNC machine company, customers mainly in construction and oil and gas industry most new business came from word of mouth or recommendations which has no cost, I can really put a figure on. But one advertising method we found for gaining new business was direct mail sending brochures to open up leads. I would say for every 1k spend on that would get around 4-8k of new work. Very basic and top level I know but that was that.
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Matthew Gough
- Original Poster
- #106
But this is just one instance, that's not meaningful to anyone. I would have just been interested in some average figures like that in a study across different industries and mediums, but I get the impression it's just me on that one ;o) I'll go away now!
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Nochexman
- Original Poster
- #107
Any information with any real value is going to be commercially confidential; if it works they won't want to share it.
At a guess, this would be a direct mail campaign to a known list of customers / buyers. The results of a direct mail campaign to any other list are liable to be very different.
Do you have a list of proven customers / buyers?
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This is based on a 2011 survey of 1,500 marketing managers asked what the top three ROI was
https://connect.goalscape.com/#/goal/6431B0BA-2751-7730-3AD7-07BA4B5ADD52/note/
https://connect.goalscape.com/#/goal/6431B0BA-2751-7730-3AD7-07BA4B5ADD52/note/
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