Case Study: How a customer analysis saved thousands for a B2B client

Looking for the “wow” factor in your business is not always about what you want your company to be for your customers, but very often, it is more about what your customers value about your company. As a first step to creating powerful strategic marketing plans, we always recommend market research to our clients. Market research, specifically customer analysis, is the most powerful tool marketers have for really finding out first hand exactly what your customers value and why they choose you over your competitors.

Many companies want this business intelligence and feel they can “do it themselves” with an email survey or direct mail piece. Well, with almost 20 years in the business, I can tell you that research obtained by “doing it yourself” is truly invalid research. Research needs to be conducted by an unbiased third party who can listen and respond without prejudice or emotion.

I’d like to share with you the big wow factor that came as a result of the research we conducted as the first leg in a strategic marketing project. We’ll call this company ABC Consulting. Prior to our engagement, they were about to “press the button” on several online marketing tactics including investing heavily in a new website with interactive capabilities and launching into social media networking sites. We convinced the client to “hold off” on implementing these tactics until after we conducted a competitive analysis and customer analysis. They took our recommendation and decided to hold off and are eternally thankful that they did. It is true, as with most qualitative research, that the truth lies in asking the “right” questions and so we personally spoke to our client’s customers, asking them a host of custom questions to determine not only what they value in the service they are receiving, but how they feel what they are getting differs from other competitors.

There was not one customer we spoke to that values online communication, stating that they never visit ABC Consulting’s website, and have no need for social media. What do they value? Personal calls, face-to-face meetings, etc. The result of this research is a 180 degree shift from what our client had determined was what their customers’ wanted. As I have said in many of my blogs holds particularly true here: no tactics before you understand who your audience is, and what they value. If our client had executed their online tactics, what type of success do you think they would have had? My guess is none, as their customers never visit their website and new customers search for this service in other ways, but not online.

The research revealed many values, behaviours, wants and needs of ABC Consulting’s customers and competitors, but none stronger than a 180 degree shift in thinking!

With this research in hand we are now able to develop a targeted and strategic plan, rooted in solid research, and our client will save the thousands of dollars they were about to spend on the wrong tactics: tactics that were rooted in guess work and marketing pressure to conform.

My take-away for all business owners is to take the time to get to really know your customers, NOT through your own personal dealings but through someone else’s eyes and the result could be a game changer!

When was the last time your company conducted third party qualitative research? Do you think you need to conduct research before you execute a new marketing initiative? Are you willing to try new tactics without knowing what your customers value? I look forward to you sharing your thoughts in our comment section.

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The Mystique of SEO

It seems like SEO is big business these days – it’s the “buzzword” de jour! With more and more SEO consultants, online SEO experts, SEO packages, SEO promises, and SEO professionals popping up every day, I find myself and many of my clients bombarded with the pointed message: “Your business will die without proper SEO” (I am paraphrasing of course).

With many web companies, online providers and marketing companies all providing SEO, how are you to know which one is offering the right SEO for you? Should you buy that SEO package online or use the consultant from that SEO Company everyone is talking about? I certainly understand all the SEO confusion that exists in the marketplace.

SEO by its shear nature is continuously evolving which is why there seems to be a mystery around what it is exactly. Let’s demystify it: SEO, or Search Engine Optimization, plays an important role in your customer’s research and buying cycle. It attracts potential buyers to your website through critical and relevant keywords and phrases ranked high in search engines where searchers are already looking for information about them. SEO is about being where your customers are, and directing them towards solutions you offer them.

SEO is so important, in fact I would say it is absolutely essential to helping you grow your online business, but like other marketing tactics, SEO needs to be part of your marketing strategy.

A good marketing strategy will provide an indication of which marketing tactics should specifically target your audience. The tactics will complement SEO and in combination, strengthen and reinforce each element to grow your business exponentially. To be clear, SEO alone (i.e. without brand awareness, and a strategy) cannot help you reach your highest marketing potential.

How much you should invest in SEO, what type, and who implements, are great questions for a discussion to have with your trusted marketing agency or advisor. Although they may not be SEO experts, they should be able to help you understand why you need it, what type of investment you might be looking at, and point you in the direction of a professional SEO specialist.

Does your marketing agency provide you with SEO services? What type of successes have you had with your SEO? How long did it take for you to see results? What investment have you made? I look forward to your comments below.

Why Stop-and-Start Marketing does not work

 

 

We’re just over halfway through the summer – how has business been? If summer is a slow time for your business or industry, you might be looking for ways to shave some costs before the boom September hits. Take my advice from this previously posted piece, and ensure that you don’t compromise branding in the name of saving a couple of bucks.

All businesses see fluctuations in their revenues. And it is understandable that when faced with “cash flow” issues, many businesses owners look to cut what they deem to be “unnecessary expenditures”. However, I can tell you from my many years of marketing experience that marketing is an integral part of your business, and stopping marketing activities can have a dramatic impact on your business.

A good example of this in practice is the 2008 financial crisis. Many businesses were faced with huge revenue challenges, and although some decided to stop their marketing and withdraw from their consumers’ radars, there were those that looked at it as an opportunity to “market smarter”. They continued to invest in their marketing, and not only survived the crisis – they actually thrived. Fueled by a strong marketing presence, these companies pushed forward with bolder strategies, and thereby gained a competitive advantage.

The reason that marketing is so important to businesses is that marketing is your main lifeline to customers and sales. Without it, you can’t be sure that customers know who you are, and what you are selling.

I’d like to share with you a few tips to consider, if you are ever in a situation where you are contemplating stopping or “pausing” your marketing activities:

• Sync your business operations to be in line with your marketing strategy, so that if you have a “weak” month, you can pick up sales leads and revenues via another avenue.   For example, if you know that August is traditionally a bad “cash flow” month for your business, plan to combat that with a campaign running in July and August. Your marketing strategy plays a key role in your success.
• Stop the marketing activities that are using non-measurable tactics, and replace them with other more measurable marketing practices.
• Focus your advertising campaigns on lead generation instead of simply brand recognition.
• Leverage social media strategies to increase engagement, audience and potential leads.
• Find more ways to connect with your customers, so that you will be “top of mind” when they are making a buying decision.

I understand why, when faced with a crisis or dip in revenues, companies look to cut marketing budgets. But, simply stated, as “marketing” encompasses everything you do to place your product or service in the hands of potential customers, your marketing really needs to be continuous.

With markets becoming more competitive, it is more important that you get ahead of your competitors – by any means necessary.  That should start with a great marketing strategy, and continue with “smart”, measurable tactics that attract customers to your business.

Have you ever contemplated stopping your marketing?  What impact did this have on your business?  Please share your experiences on the importance of continuous marketing in the comments below.