Have Short-Term Marketing Solutions Failed You?
Short-term, quick-fix marketing solutions may be very appealing, but are they maximizing your ROI?
This is a classic question with companies whose culture is based on immediate results. For example, if you can get 50 orders out of 1,000 telemarketing calls, then the most productive way to get 100 orders is to make 2,000 calls. Right? The same relationship holds for emails and sales calls, right?
Enter ideas like the sales funnel, social media engagement, and marketing strategy.
The sales funnel breaks the buying cycle into components, each of which can be separately managed, analyzed, and optimized. It responds to the new buying cycle where power resides with the buyer. So, rather than just doubling the number of contact calls, for example, the stages of attraction, lead conversation, and sales can be treated separately and possibly yield greater overall sales for the time, effort, and resources employed. This requires a multi-tiered approach, which means different content and sales approaches at each stage. A new selling process must therefore be learned.
Social media should have sales as its outcome, and the way to maximize sales is to manage the process of engagement. This will involve preparation and planning that does not directly yield sales but which contribute to sales. For example, a few posts on Facebook may yield new fans, but a fully prepared Facebook site, with Timeline, Apps, and engagement strategy will result in more sales, not just likes. A full understanding of the components of Facebook must therefore be gained.
Marketing strategy is a process for optimization. Its success is determined by the success of the tools and processes it directs. So, the time it takes to create an effective marketing strategy has a zero return. Is it therefore a useless exercise?
The Marketing Challenge
For business owners who are accustomed to immediate results, drilling down into the mechanics of marketing strategy and getting your hands dirty with the details of effective marketing tactics (like social media) has a huge sales potential. But you will need some patience, which can be a difficult virtue.
For marketers who are wedded to strategy and the fine points of implementation, the challenge is to demonstrate with numbers that the process you use will generate a higher return. But you will need to improve on your analytics, and be more responsive to the retail (short-term) needs of your clients. This means mingling longer-term results with short term success stories. Can you adapt to this process?
There can be a happy collaboration.
Don't let short-term marketing solutions fail you.Mission: To help small and mid-size businesses sell more by re-thinking their business and marketing strategies.