Archive for September, 2014
Offline Retail Sales Still Dominate: Notes for the Online Marketer
The US retail industry sees more than 3 trillion dollars in revenue annually, so while eCommerce is a thriving part of the economy, bringing in hundreds of billions of dollars, that is still just the tip of the retail iceberg. So, why do offline retail sales still dominate? Or, more to the point, why are people still shopping in stores? Understanding the reasons can help your online business thrive.
According to recent research, one concern with online shopping is that returns could be difficult. Allowing returns in-store for items bought online, coupled with not charging shipping for returns, can quickly overcome this issue.
This goes along with another issue for consumers: shipping costs. Some ways to overcome these concerns are: (1) offer free shipping (or, perhaps free shipping with a minimum order amount or just on no-rush orders); (2) charge minimal shipping instead of marking up the shipping costs to make an extra buck; (3) offer promotions on shipping on occasion. (Promotions can even be used as a test to see if increased sales would cover the cost of eliminating shipping altogether).
‘Immediacy’ is another thing that can make consumers cringe. Often, shoppers want or need the product immediately. Certainly, they don’t want the billing to be instantaneous while waiting to receive their product in a week or two. While you can’t teleport their items, try to work on faster shipping (without charging a fortune), or, allowing for in-store pickup if the item is available locally.
Perhaps the biggest reason offline retail sales still dominate is because the online shopper can’t pick up, try on, or test out a product before buying it. You may be able to combat this with free samples, as they may help you get a higher conversion rate. In lieu of that, entice customers with free, no hassle returns. This way they can get the product and try it on or play around with it a little. Offer a free return in case they don’t want it. Most people will keep what they buy unless they truly hate it.
|No comments||This entry was posted by EIC Social Media Team on September 25, 2014 at 4:30 pm, and is filed under Online Sales. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
Data From Your Marketing Agency: Stuff They Should Be Providing But Are Not
The business of big data has become massive, with companies utilizing technology that compile staggering amounts of information. Less than a decade ago, data merges stopped at 65,000 potentials, because that was the limit of your spreadsheet. Now you can have millions of email addresses in one campaign. Unfortunately, a lot of the data from your marketing agency is limited. They often share just a single monthly campaign report with you, instead of letting your company have access to all of the data. Here are a few things to be sure you are getting what you have paid for.
First, be sure to discuss how frequent they report to you. Why are you only getting a report once per month? Do really want to wait four weeks to find out that a particular campaign is a waste of time and money? The frequency of reporting should be up to you. If you need detailed information weekly, in order to make the big decisions that you need to make, then demand it.
You should also be kept in the loop about where your ads are running. This is a huge factor when it comes to ROI. The report must include this information on your campaigns, as you need to be sure your site with premium content isn’t being advertised to people who will never pay for it—or use it. Your campaign costs can be cut in half if the ad is not placed where consumers will run the other way.
Finally, you should be informed which marketing strategies are being used and how each is working. This is important so you can determine where the focus should be. You need to be knowledgeable about any third-party companies that you are doing business with, from how many angles your prospects are being hit by your daily campaigns, how the campaigns are being optimized to target the right audience, and what are the best and worst strategies currently in place.
It’s your money, and, the data from your marketing agency is also yours. Make the agency provide you with what you need, as often as you need it.
|No comments||This entry was posted by EIC Social Media Team on September 18, 2014 at 4:30 pm, and is filed under Marketing Data. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
Using Active Preference Ads: Targeting A Specific Audience
Selling used to be all about telling a potential buyer what a great product you have. Now we realize that a sale is a two-way street. Your customers want to have a conversation. They want you to know what they prefer, so that you can sell them exactly what they want. That’s actually good news for you. It helps you to target the right consumers by using active preference ads.
So, how do active preference ads actually work? They give you the opportunity to set up a multiple choice question for any potential consumer who sees the ad. When the potential buyer clicks a response, you learn valuable information. With just a few clicks, you will know whether this is the right consumer to target with your product. Of course, active preference isn’t the only type of ad that you can learn from. However, it does have specific advantages over other types of ads.
Imagine, for example, that your company has developed a fancy new cologne and your target audience is high-earning businessmen. It’s easy enough to find this demographic, but how do you know which of the men who see the ad are looking for cologne? An active preference ad could allow you to ask how often a man buys a new cologne, or, whether he chooses his own colognes or leaves that up to his significant other.
Data that is received in response to a campaign certainly holds value, but that is all hindsight. You have to run the campaign first and then wait to see if it’s a hit or a miss. Active preference ads let you poll the audience as they see your ad. This means the data is real-time and not stale information obtained after the fact from a campaign that may be weeks or even months old.
|No comments||This entry was posted by EIC Social Media Team on September 11, 2014 at 4:30 pm, and is filed under Online Advertising. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|
World Social Media Marketing King: Pinterest Reigns
Twitter, Facebook, Pinterest, YouTube et al., we’ve all heard of them. But who is the world social media marketing king? When it comes to the growing social media club, none are expanding faster than Pinterest. The latest figures have the social media mogul at 2.5 million page views monthly. Plus, Pinterest has another big marketing advantage over sites such as Facebook or Twitter. A recent study revealed that Pinterest is the most successful of the three at converting followers into new customers. As far as businesses are concerned, isn’t this what social media is all about?
Another big draw for marketing on Pinterest is sales. No users from other social networking sites spend as much cash when they surf as Pinterest users. People connect on Pinterest for ideas and to find the items they need to make their ideas reality. This means sales.
The question, then, is not whether your company should have a Pinterest account. Rather, it is: how do you design your Pinterest account to attract customers and make sales?
The answer is Pinterest makes it easy for the average marketer. There are all sorts of freebies that make sale conversion easier. Pinterest is more than just a website. It also has a free app, which makes ‘pins’ available to the growing mobile consumer market. Pinterest also provides ‘Share’ buttons that let people instantly share your pins with their vast sea of followers.
If you’re not yet convinced, consider a few more statistics. On average, every pin on Pinterest generates two website visits and six web page views. You can see how posting high quality content can quickly convert into more customers and, yes, more revenue. In fact, the same research showed that pins averaged generating 78 cents in sales.
So what are you waiting for? It’s time to see how Pinterest can be put to work for your business. It is fast becoming the world social media marketing king, so, make sure your company is aware of it and using the site properly.
|No comments||This entry was posted by EIC Social Media Team on September 4, 2014 at 4:30 pm, and is filed under Marketing Strategies. Follow any responses to this post through RSS 2.0. Responses are currently closed, but you can trackback from your own site.|