Social ROI – Find out why you’re not getting any!

There are many challenges faced by today’s business owner. In addition to the things you learn in school like, cash flow, inventory, pricing, policies and all that other fun stuff, you now are concerned with the ROI of your social media campaign.

This is one topic that even polarizes the professional marketing community with recommendations at both ends of the spectrum. This is disappointing since business owners look to us for the best advice, and hearing two different messages can be cause for concern or even doubt.

The position we take, is the same one we take when it comes to outbound advertising, ‘it takes two to tango’! Now, a quick disclaimer…I’m no dancer, but I feel the analogy works here. You can dance by yourself, and some people can make it look good, but with the right partner, everything comes together.

Those who say there is no room in Social for ‘direct response’ ads are wrong. There, I said it, but here’s the proof:

The number one reason people gave, garnering 40% of the audience polled, as the reason for ‘Liking’ a business page is ‘to receive discounts and promotions’. Nothing new here, folks are just trying to get the best deal, and stretch their dollars in a difficult economy. Are these loyal fans that love to look at your funny posts, or engage in a conversation about your new organic products that save the Earth? Maybe, maybe not, the point is if you’re not offering discounts and promotions on your page, you’re not talking to a large majority of your fans.

However, in a very close second, with 39% of the audience poll responding: ‘to show my support for the company to others’. Well, I’ll be darned, that is the other side of the argument, and I believe proves the point.

You need to post so that both the analytic side of your fans brains, who join to save money, and the emotional side of your fans brains who join to show support get what their looking for.

The ROI from the discounts and promotions you offer can be clearly monitored and tracked. The other measure you need to be aware of is ROE, or return on engagement. When you look at your page for both of these measure, you won’t be ‘disappointed’ when someone comments on your latest ‘cute cat pic’. You can take pleasure in knowing that something you posted meant enough for someone to comment on it.

Now here’s where I think we can all agree. The return on engagement is ultimately more valuable because the more engaged a fan is, the more loyal they become, and the more likely the are to do business with you, thus feeding the ROI.

NEW TO PALM BEACH – does a great job at keeping their social ROE score high!

So to recap, your social strategy should offer a balance between buying incentives, and engagement incentives. Learn to measure not only your ROI, but your ROE. As you increase your ROE, your direct response messages will have a better platform, and you will see the results in your bottom line.
For more social media strategy please contact John Garcia at jgarcia@bdigitalagency.com

The Center of the Bull’s-eye – How to create successful advertising campaigns with a limited budget.

There’s a lot to be said about the need for a well-rounded campaign, and fitting in the right amount of push and pull pieces to make a marketing strategy payoff. But oftentimes, with limited dollars, businesses need to have a strategy that best reaches their target market bull’s-eye with one good arrow.

Larger companies have the luxury of creating a balanced media mix. This often includes traditional advertising such as TV, Radio, print and others, along with digital options such as search, banner ads and retargeting. However, limited budgets mean limited options, and ‘testing’ different options can be a very expensive lesson to learn.

 

So how do you advertise effectively on a limited budget? Here are the four points you need to focus on to achieve success.

1. Identify the heavy user – with limited dollars you can’t target everyone, just because ‘everyone’ can benefit from your product. Determining the ‘primary’ user of your products and service will help you tremendously in zeroing in on your target, in order to determine which medium best reaches that audience.

2. Create a strong offer and professional creative – clearly a pivotal piece in the success of your advertising is an offer that engages your audience and moves them to action. It’s not only important to make this offer highly compelling, it’s also very important to make it clear what action you want your audience to take, and how to take it!

3. Do one thing right, before moving on – We can’t stress the importance of a well-rounded campaign, using the proper media mix for maximum impact. However, when working with a smaller budget you can be successful with just one medium. When Ironhorse country club was looking to add 25 new members, we moved their already saturated budget from newspaper to broadcast TV, and created two back-to-back :15 second commercials to air in The Fed-Ex Cup and The Ryder Cup. There was no other advertising supporting their new membership offer. In two months Ironhorse signed up 92 new members! This was the most positive result of any advertising campaign in their history.

4. A whole lot of this, and whole lot of that, gets you a whole lot of nothing. In advertising, we ‘professionals’ like to throw around the words ‘reach and frequency’ a lot, but alas, it’s true. If you don’t put enough into any medium to reach a large percentage of your target audience, and reach them at least 4 times or more, you might as well throw the money away. ‘Testing’ a media is OK; as long as you give the test the support it needs to satisfy the tried and true ‘reach and frequency’ formula.

If you need help creating advertising plan with a limited budget, please call or email us for a free consultation. While there is still no ‘guarantee’ in advertising, there is a typically a pretty good chance that if you don’t advertise, you will not grow or compete to the degree of your advertising competition.

How to create a ‘Tradigital’ advertising campaign

We use the word ‘tradigital’ in our office on a daily basis. As the name suggests, it’s the merging of traditional and digital in advertising and marketing campaigns. While most companies understand the need for both, they are often executing on each ‘side’ of the equation independently, rather than creating campaigns that integrate both sides for maximum results.

Before I explain how you do that, let’s discuss the process of a tradigital approach. At Baldrica Advertising and Marketing, all our campaigns require the same starting point: what’s your demo, and what’s your budget? Determining your ‘heavy user’ is the key in establishing who you are trying to reach. Just as important is a budget that will establish parameters to work with, and allow us to create realistic goals and measureable results that the campaign is expected to achieve.  These goals should be very specific and the outcome should be clearly spelled out. What are you trying to achieve with this campaign and what deems it successful? What does a conversion look like? What do you ultimately want your audience to do, after they see or hear your message? This information helps to mold the creative, and insures the message resonates loudest with its constituents.

Once these factors have been determined and the creative developed, we can create a plan based on the budget that has been allocated to it. This is where you see the tradigital in action. The push or ‘outbound’ side of the equation is the traditional media, such as TV, Radio, Billboards, print, etc. The value of pushing your message on an audience remains just as powerful today as ever, the key is to carefully integrate it with a digital destination because in a carefully crafted campaign, traditional media will drive a significant amount of traffic to your website.

Simply printing your web address, or mentioning your website in the ad is not digital integration, but that’s what we most often see (for examples of true digital integration, please visit our website or call us for a free consultation). Remember the majority of people prefer to go online for more information, so the easier you make that process the better results you will achieve.

With a digital destination in place, (as the primary source of response to your ad) you can now carry that momentum over with your digital assets, or your ‘inbound’ marketing. Point all of your digital media, including social, email, blogs, videos, etc. to your website or landing page, reinforcing the message you are pushing. The difference is that your engaged audience doesn’t need to be ‘sold’ as much is it is looking to be ‘educated’  – especially on the benefits and value of your product or service.

Whenever possible we look to complete the campaign with ‘Grass Roots’ marketing; that tried and true oil that keeps the wheel from squeaking. It’s a lot of hard work, but it often works well with your social media efforts and includes things like Public Relations, Networking, Trade Shows and other cross promotions (such as other businesses you can partner up with).  This strategy can be applied to just about any business, from a service provider to your local pizza place that prints coupons to draw visitors.  By pointing everyone to respond digitally first or add value to your offer on your website or landing page, you’ll have a much higher likely hood of capturing emails, adding to your social network or collecting other information that will make all of your future and follow-up efforts that much more effective.

To learn how a tradigital approach can be customized to work best for your company – visit us at bdigitalagency.com or contact me directly jgarcia@bdigitalagency.com

The coupon phenomenon – from coupon to loyal customer

How often have you used a coupon to get a deal from a business, and then continue to go back, without a coupon?

It’s ironic, but clearly if I stumble across a restaurant or retailer, and go in and make a purchase without a coupon, I’m often much more willing to go back, as long as I had a good experience. If however, the first time I interacted with that business was because of the offer on a coupon I redeemed, I’m less likely to go back without a coupon.

I don’t think there is any official research on this, but I’m open to responses on this post. This line of thinking gets to my next point, how do you convert a bargain shopper into a loyal customer?

First and foremost, coupon or not, if you don’t provide a great experience for the customer, there’s not much of a chance that any marketing program, no matter how good is going to get that customer back in.  Let’s just say this first time, coupon customer did have a great experience, how do you overcome the coupon mindset to keep them coming back. Giving them a coupon each time just isn’t realistic, or is it?

I’m a strong believer in rewarding the loyal customers and integrating a loyalty program. Locally, Duffy’s Restaurants promote their MVP cards and reward loyal diners with a $10 credit, for every $100 spent. That customer that may have been lured in to try Duffy’s with a coupon, and had a great experience will be very receptive to ongoing discounts as part of a loyalty program.

Other than collecting an email address, loyalty programs are the golden chalice of customer retention. The only downfall of these programs are poor execution, or poor communication and understanding the value of being part of the program. If you have a CVS card you can probably relate. I mean, what do you really get with that card? Who knows…all I know is even if I don’t have the card, the clerk scans a code and I get a discount or something.

The other issue is how many loyalty cards is one person realistically going to carry with them? There are some new options but none have really caught on. An app in development by www.newtopalmbeach.com has shown some exciting promise. The app will organize all of the local loyalty programs into one app, so you just have to download it once, and you will get rewarded each time you frequent these establishments.

No matter how you choose to execute your loyalty program, it remains a key component to move your small margin coupon shoppers into an ongoing steady source of revenue and referrals for your business.

As a business owner or top-level executive, how much is your time worth?

Business owners are faced with many different tasks throughout the day. At small to mid-sized companies that becomes even more prevalent. This often drains their time away from focusing on the ‘Important / Non-Urgent’ activities that no one else but the owner can do, and that are critical to the growth of the company, and more time in the ‘Important – Urgent’ quadrant.

These tasks are highlighted in the Stephen Covey Quadrants graphic below:

This is the question you need to ask yourself…how much is my time worth? When you see that your time is being spent primarily in other quadrants, there may be a good case for considering a ‘work smarter, not harder’ approach. We like to use the motto ‘do what you do best, and let us do what we do best’.

The chart below highlights some of the major time drains (click on the image to enlarge), that need to get done, but are not necessarily where a business owner should be spending most of their time. As we review this list with owners and top executives, we find that some of these tasks are not being done or even on the task list, due to the lack of time available to allocate to each.

 

 

Working with our agency, we can take on as many of these services as you need to address, when we engage with you and place media buys on your behalf. Not only will these tasks be performed more effectively, but also efficiently, as our experience and agency buying power will benefit you with better rates across the board.  Think about it, for the same budget you will receive increased media exposure, so even with the same results, you will increase your ROI. One of our clients was able to double his media exposure, with the same budget resulting in double digit gains.

If you reach the end of your day, and keep feeling like you haven’t accomplished anything, working with a professional advertising and marketing agency can get you back on track, and back to where your focus will best help the growth of your company.