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Direct Revenue From Social Media Marketing

Now there is proof.  You can generate revenue from social media marketing – and it is big!

CNN reports that an $11,000 indie movie ‘Paranormal Activity’ grossed $7.1M this past weekend and landed in the top 5 with a limited distribution across 200 theaters.  They did it through word of mouth marketing efforts heavily leveraging YouTube and Twitter.

By: Trendistic

By: Trendistic

What is most interesting about this is that the call to action was not a coupon or offer.  Buzz drove attendance.  In addition, as the first attenders watched the film, buzz peaked and carried through to quick conversion.

Now, I also tried to get data on YouTube trends but was only able to grab total visitations, which as of this morning were 1.9M.  However, search stats on Google showed a similar trend as Twitter so I’ll make a leap assumption that YouTube views were probably following a similar curve.

The reason I’m honing in on this so much is that awareness marketing has really taken a back seat as lead generation and direct revenue models have become the rage.  We look at social media marketing and can’t accurately measure the grey area of word of mouth to revenue generation.  So, we adapt social media to fit our tried and true direct marketing efforts – ie. using Twitter to mail out coupon codes.  The reality is that social media does have a place in our revenue generation mix close the point of sale.  It just takes us into a realm outside our comfort zone.

As you consider social media in your marketing mix, consider tests that introduce word of mouth marketing efforts close to the point of sale.  You may learn the trick to leveraging SMM in your specific revenue generation mix.

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Filed under: Awareness, marketing/advertising, social media, social media marketing, , , ,

Translating Awareness to Consideration Set in B2B

Want to improve lead quality?  Focus on knowing when a customer includes you in their consideration set.marketing timing

It is one thing to get someone to notice you, it is quite another to get them to think of you when getting ready to make a purchase.  B2B marketing works to tie these aspects of a customer purchase cycle together through a strong call to action.  In the end, the holy grail when targeting the campaign is reaching the customers that are truly at the beginning of the purchase cycle.  The relevancy of a campaign isn’t just that you provide valuable content to someone that is the subject matter expert (SME) in their company, it is that it is relevant when the SME is ready to become engaged.

Right message, right person, RIGHT TIME.  Timing is everything.

Judging when a customer is ready to engage is not as allusive as you might think.  The key is to recognize behavioral aspects within you customer and contact base.  Opportunity segmentation has typically focused on financial transactions due to its availability and consistency.  It is effective when determining customer value and staying on top of purchase cycles.  Although, this fails to account for the “who” that acts with in high opportunity customers as key influencers and decision makers.  In addition, it fails to account for prospects you’ve brought in and engaged.

The other piece of opportunity identification through behavior analysis is recognizing how contacts are interacting with content on your website, responding to campaigns, support inquiries, and, if available, social media venues.  There are a several ways to leverage this type of information from the simple to more sophisticated predictive analysis.  It will depend on your level of ability to identify behavioral aspects of contacts and linking behavior information across various marketing venues.

  1. RFE Analysis (Recency, Frequency, Engagement) – A modified version of RFM (recency, frequency, monetary) which focused orders, replace M with E (Engagement), you can begin to identify behavioral aspects for simple segment selection.  E is the point when sales recognizes the opportunity and includes in a pipeline and confirmation that the customer includes you in the consideration set.  E can also be another type of event that the outcome is a face-to-face meeting, for example trade show attendence or in-person seminar.
  2. Reference/Word-of-Mouth – There are two aspects of this.  The first is that the contact will be a reference or unrequested acts on your behalf to influence others.  However, the other side is that they are actively seeking out other customer perspectives by reading other’s opinions and asking for opions.  Tying together campaign interactions with a transition to reference/word-of-mouth activity can provide insight that they are ready to engage.
  3. Predictive Analysis – The previous two approaches can be easily done through simple segmentation techniques.  Taking them a step further, you can apply predictive analytics to solidify benchmarks and KPIs.  Indexing of contacts’ behavior and mapping that to scorecards identifies pre-engagement contacts and customers.  The values can be dynamically set so that as contacts and customer reach thresholds they move into campaigns that are targeted to move them into sales engagements and support the sales engagement.

Are you tracking the transition from awareness to consideration?  What do you look at?

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Filed under: Awareness, Consideration, crm, Decision Cycle, , , , , , , , , , , , , , , ,

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