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E-Business Trends: It’s All About the Customer
Want to grow your online business in the coming year? Cater to your customers wherever and whenever they want to hear your marketing message.
f you’re serious about growing your online business, you need to know where your market is and how to reach it. What does the future of internet marketing look like right now? Pretty much like a teenager. Just take a look at today’s teens, and here’s what you’ll see:
* iPods loaded with music they’ve selected
* Cell phones used constantly for text messaging, sending photos or short video clips, web surfing and talking
* Wireless laptops that can link to the internet from pretty much anywhere
And what are these kids doing on their computers?
* Reading new blog posts and special-interest sites via RSS feeds
* Watching viral videos friends send them
* Hanging out at social networking sites with people who share their interests
* Creating their own web content and uploading it so other people can see it
These kids have some things to tell us online business owners. They tell us that people are creating their own personal web experience. They’re creating networks of trust made up of people, groups and businesses they want to hear from. They’re eliminating what’s irrelevant to them and pulling in only what they consider significant. And they’re using a whole array of tools to do this, while accessing a full range of media.
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Strategic Research
AAMCO
360 Solutions
Big Hitters
Ident-a-Kid
That means that if we want to market to today’s internet audience, we’ve got to become part of their trusted networks and use the same tools and media to reach them with content they want to see. And that boils down to one thing: segment, segment, segment.
Target Your Customers’ Desires
According to a recent study from Jupiter Research, segmenting lists based on behavior data–what customers bought, where they clicked on a website and other information–improved e-mail open rates by 165 percent and click-through rates by 147 percent over unpersonalized, unsegmented e-mails. Conversion rates were up 355 percent and revenues were an amazing 781 percent higher.
Giving people what they want is the best way to build the kind of trust that can shoot your numbers up like that. And as people become even less patient with messages and content they don’t want, precision targeting will become even more vital. However, the majority of marketers haven’t caught on yet. The Jupiter Research study said only 11 percent of marketers use behavior data to segment their lists and target their most likely customers.
How can you stay ahead of the curve? Improved analytics and metrics are making it possible to collect specific data, such as:
* Where individual visitors are coming from
* Exactly which pages they view
* Which links they click on
That, along with the other data you collect from your sales history or analytics reports, gives you the tools to give your opt-ins what they want and keep you in their networks.
Create Content With Viral Potential
Another way to reach your target market is through viral marketing. Viral content has grown, well, virally, and it’s a powerful (and cheap) way to reach potential customers.
When people pass your content on to others, they’re saying that your material is interesting and valuable–and they’re showing their friends that you’re already part of their trusted network. Even better, they’re sending your content to people they think would be interested, so they’re doing the targeting for you.
Your best chance of having your material go viral is simply to get it out there–distributing articles to free content sites, writing a blog, doing a podcast or posting useful information on sites where people get together to exchange information and opinions. When you make your content specific and useful, it’s more likely to be passed on to potential customers. Any kind of content can go viral, particularly if you include a “send to a friend” reminder.
Google Groups, MySpace, Facebook, Xanga and similar social sites have thousands of groups dedicated to every niche interest you can imagine. So if a blog post or podcast on these sites attracts one member, it will likely be referred to whole lists of like-minded people.
Build Buzz With Video
While we’re talking e-business trends, let’s take a look at video, which has gone through rapid and massive growth this past year. Free hosting by sites like YouTube, plus the availability of digital video recorders on cameras and mobile phones, enable literally anyone to create their own videos.
So far, one of the most successful applications of video-to-internet marketing has been to offer quality educational content for free (with or without an opt-in), and position it as a limited-time offer. Viewers watch the video, such as the first part of a ten-part course, and then pass it on to other potential customers. The more people who see it and recognize the value for their own life or business, the more they’ll take the next step and go to your website to get the next installment.
How-to videos uploaded to video-sharing sites can also draw targeted audiences. I just spotted one recently: “How to Fold a Fitted Sheet.” Don’t you think an online bedding store should’ve done that first?
Go Mobile
Mobile is on the move–it’s a market twice the size of the internet. Those kids I talked about earlier are connected wherever they go–to their network of friends and to the multimedia content they choose. And they’re buying.
One report for Enpocket Insight found that permission-based mobile marketing was 50 percent more effective than TV and 130 percent more effective than radio. The key here is that the marketing is “permission based.” The marketers who’ve had success with this group so far have inspired the mobile audience and gotten them involved. This summer’s Starbucks scavenger hunt campaign was a great example. People who opted in got clues via text messages and could send in answers via text or photos.
If you want to get in on this massive new market, you should think about a building new opt-in list–one that includes mobile phone numbers–and look at ways to adapt your promotions to interactive text messaging.
Another way to reach mobile customers is by creating sites for cell phone web users. There are two new top-level domains for sites with content aimed at mobile phones: .tel and.mobi. We’re still in the early days of .mobi and .tel, so take advantage and buy a couple of domain names. Then put up simple pages that look good on a small screen. This’ll tell those phone surfers you’re out there and paying attention to them–before your competition does.
Use RSS and Direct-to-Desktop Technology
I read an article recently in USA Today that said the average consumer is hit with a whopping 3,500 to 5,000 marketing messages every day! That’s a minimum of three advertising messages every single minute. Can you blame people for eliminating what they don’t want and pulling in what they do want?
RSS and direct-to-desktop technology do that by funneling the content people have requested to special readers. RSS gives people a feed reader where all the updates that they’ve requested show up in one place. It’s been around awhile and is starting to grow beyond the bloggers and newshounds who first adopted it.
Direct-to-desktop technology is similar to RSS, but it offers an exclusive pipeline from sender to receiver with no competing feeds. It also tracks open rates, open times, response rates and exact sales figures, so it helps you segment your list very specifically.
The internet is no longer just an anonymous sales portal. To succeed, you have to work within multiple personal networks of trusted associates. You become part of these networks by the old standby methods: offering something valuable for free and/or being referred or recommended by a trusted source (hardly what you’d call a new e-business trend). What’s cool is that new technologies make what you can offer and how your material gets passed around a lot more exciting.
Educate your network on your product and your customers so they can help expand your client base.
When entrepreneurs try to develop a qualified, consistent and dynamic circle of networking partners who are going to provide them with referrals for new business, their tendency is often to “sell” those individuals on their product. It’s as if by showing them all the finer points of what’s available, convincing them to try their product and closing the sale with their networking partners, they’ll somehow realize an influx of referrals.
I don’t disagree that in order for the members of your networking group to refer you effectively they must be familiar with what you have to offer; however, it’s important to resist your urge to sell to group members. What do I mean by that?
Educating your networking group’s members about the type of referrals you want–specifically, where applicable, even the names of the individuals with whom you want to meet and develop relationships–is much more important to the success of your networking in a closed contact network than selling to other members. This demands a shift in how you see your networking partners. They’re not the clients; they are, in effect, your sales force. And for your sales force to sell you effectively, they have to know who to sell you to and how to sell you.
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Below are four tips for incorporating this educational style into your networking meetings:
1. Teach your network members what your “dream referral” looks like. If you could go to your next networking meeting with a walking, talking dream referral in tow, what would he or she be like? Describe this person in detail to your networking partners. The more details you can provide, the greater the chance that your partners will recognize that person when they come across him or her outside the meeting.
2. Share customer profiles and case studies of current customers. This is a highly effective way to educate your networking partners about what it is you’re looking for in a new client. By sharing the qualities of your current clientele, you’re illuminating the canvas for the rest of the group so they can see the picture you’re painting for them. When appropriate, consider bringing in a customer or client to talk about how you’ve helped him or her. These kinds of interactions go a long way toward educating the group as to the type of person you wish to have referred to you.
3. Break your business down into its lowest common denominators. It’s very tempting to start your personal introduction with a statement like: “We’re a full-service XYZ.” Resist this urge! When you have 52 opportunities over the course of a year to talk about your products and services, don’t waste the opportunity to highlight one aspect of your business by painting with the full-service brush. Get detailed! Educate your networking partners week by week about the specific things you provide. Bring support material to provide a visual. Do demonstrations, when possible.
4. Ask specifically for the referral you want. I often hear members of networking groups say things like “Anyone who needs . . .” or “Everyone who’s looking for . . .” Usually, when I hear “anyone” or “everyone,” I tune out, because I know so many anyones and everyones that I end up referring no one. This is an interesting dynamic that has to do with information overload. When you’re asking for a specific type of business referral, your request from your networking partners should be specific. Using a broad, generic catchphrase will limit the effectiveness of your results.
By keeping your focus on educating your networking partners about what type of referrals you wish to receive, you’ll find that the referrals you begin to get will be of a higher caliber and offer more chances of becoming closed sales than if you try to sell the members on what you’re offering. You should be trying to educate a sales force instead of trying to close a sale. Shift your intention in the group, and you’ll find that the quality of your referrals will improve.
A regular sales checkup is critical to assessing and addressing the strengths, weaknesses and opportunities in your company’s sales efforts. Frank J. Rumbauskas Jr., author of Never Cold Call Again: Achieve Sales Greatness Without Cold Calling, believes that because entrepreneurs generally don’t have the time or money to allow for waste, they must act quickly to address any deficiencies in the sales process before their company’s profits suffer. He advises entrepreneurs to conduct a thorough sales checkup every three months, with the caveat that any longer between checkups can “allow too much damage to occur–the longer you wait, the harder it is to correct a problem.” Rumbauskas advises sales managers to look at the following elements when conducting a quarterly sales audit.
Conversion rate: Also known as a “close rate,” your conversion rate indicates the quality of your leads. A low conversion rate is a sign that your leads may not be qualified–or your sales force is doing a poor job ruling out those potential clients who have no intent or ability to buy.
Profit margin per sale: Buyers who don’t have a strong need or desire for your product will negotiate hard and insist on a cut-rate price. However, qualified prospects who have an immediate need are less interested in price and more concerned with your ability to provide what they need. If your leads aren’t qualified at the start–or qualified by your reps–your profit margins will suffer. A low profit margin per sale indicates that you need to raise the bar on your lead-generation efforts.
Length of sales cycle: Every industry and every product has an average sales cycle. Is yours above average? Below average? If your sales cycle is below average, you’re doing something right. Recognize the posi-tives that are shortening your sales cycle, such as top-notch sales talent, and stay on that course. If your sales cycle is longer than average, there could be any number of problems, including unqualified leads or sales reps in need of additional training.
Consistent performance among sales reps: If your company makes solid hiring decisions, provides quality leads and trains salespeople well, performance should be fairly consistent among all sales reps. It’s natural for some reps to be stronger than others, but if you have a “big gun” who produces tremendous numbers every month while another rep cannot make quota, something is wrong.
While some sales managers may think they’re doing just fine and see no need for a checkup, Rumbauskas disagrees. “A regular sales checkup is an absolute necessity,” he says. In certain cases, he adds, an entrepreneur may “find a sales plan that works, stick with it and become complacent.” A sales audit often up-ends that complacency by showing that a sales manager’s idea of “just fine” really isn’t up to par–and that there are many ways to increase sales volume waiting to be tapped. “Your sales department is the lifeblood of your business,” maintains Rumbauskas. “Without it, you are out of revenue–and out of business.”
Originally published in the February 2007 issue of Entrepreneur Magazine
Achieving goals can be one of the most difficult things in the world to do. The problem is, most of us try to do it alone – we think that we’ll stick to our plan, but we end up getting distracted along the way. Can we do it alone?
Doing it alone can be very difficult sometimes there are so many more fun things to do – like watch TV, go out for drinks or just relax and take it easy.
If there’s no one to ‘crack the whip’, chances are the temptation to do nothing will take over. You have to by a super-motivated and dedicated person to be able to continually motivate yourself, without the help of anyone.
I know I’ve been guilty of doing nothing. For years, I sat around and did nothing because it was comfortable and easy. I got used to thinking I could do it alone and didn’t need any help. Boy was I wrong – I can’t think of a greater candidate for help then me!
I’ve gotten better lately, but just when I think I’ve made some progress, I seem to hit a ceiling. I could certainly use some help in breaking this barrier to success.
So what can a coach do that we cannot by ourselves?
A really good coach is someone who will go over your goals with you and help you get over stumbling blocks. They will also kick your butt when they sense you’re not putting in maximum effort. A good coach can also be a sounding board to discuss new ideas and find new opportunities.
If it’s such a great thing, then why don’t more people do it?
I think the cost is probably a major factor. You generally would have to hire someone to be a coach and I’m sure they would charge at least $50/hr.
I bet you pride is another factor. No one wants to admit that they need help doing something. In a perfect world, we’d be able to do everything by ourselves but if that were the case, we’d all be super successful.
If you can’t afford to pay for a coach, find a mentor – someone with a lot of experience who may be willing to help you and give you good advice.
A good mentor could be right in front of you and you won’t even know it. Take an inventory of the people you know, and you may be surprised that there is already such a great person in your life.
If you still can’t think of someone, start networking!
I have to say, I don’t really have a mentor right now … I can’t imagine how much greater my success would be if I had one.
So, find yourself a coach – or mentor – and the sky will be the limit.
Persuasion Techniques
1. Emotional Appeal: Writers may appeal to fear, anger or joy to sway their readers. They may also add climax or excitement. This technique is strongly connected to the essay’s mood.
2. Word Choice (Diction): Is a person “slim” or “skinny”? Is an oil spill an “incident” or an “accident”? Is a government expenditure an “investment” or a “waste”? Writers tend to reinforce their arguments by choosing words which will influence their reader’s perception of an item or issue. Diction may also help to establish a writer’s “Voice” or “Tone”.
3. Rhetorical Question: Sometimes a writer will ask a question to which no answer is required. The writer implies that the answer is obvious; the reader has no choice but to agree with the writer’s point.
4. Repetition: Overly repetitive writing can become tiresome. However, when used sparingly for effect, it can reinforce the writer’s message and/or entertain the reader. Writers may repeat a word, a phrase or an entire sentence for emphasis.
5. Parallelism: When an author creates a “balanced” sentence by re-using the same word structure, this is called parallelism. Always strive for parallelism when using compound or complex sentences.
6. Analogy: This tool is not limited to poets. Essay writers often use figures of speech or comparisons (simile, metaphor, personification) for desired emphasis.
7. Appeal to Authority (association): A writer may mention an important event or person in an essay to lend importance or credibility to his/her argument.
8. Hyperbole: This is one of the more enjoyable persuasive techniques. It involves completely overstating and exaggerating your point for effect. (Like when your mom says, “I must have asked you a million times to clean your room!” Get it?)
9. Irony: Irony is present if the writerÕs words contain more than one meaning. This may be in the form of sarcasm, gentle irony, or a pun (play on words). It can be used to add humour or to emphasize an implied meaning under the surface. The writer’s “voice” becomes important here.
10. Testmonial: using words of an expert or famous person to persuade.
11. Card Stacking: telling the facts for one side only