“A sophisticated marketing blend is one of the real advantages that multi-location local brands have over their truly ‘local’ competition,” says Ted Paff, CEO of Customerlobby, a retention platform for businesses. “Not only can they maintain a broad marketing mix, but they have the sophistication to track it and migrate their spend over time to better performing assets.”
— the ideal marketing mix is in flux as costs shift and new hyperlocal strategies are introduced on a larger scale.
The above is from Stephanie Miles on June 28th as read in Streetfight. There are excerpts from same article below(*).
How can a small to medium size business compete in a diminishing marketplace, where the big guys keep getting bigger at the expense of the small to midsize business? This is happening today, SMB are fighting just to keep what they have, they are being out maneuvered in the marketplace, out marketed to their customers and outpaced in understanding customer interests and needs. So, what to do?
1. Maximize the highest yielding marketing.
Invest in your success, if you do not, who will? This is more than email and facebook. Determine marketing and revenues to current customers and budget needs to gain new customers. Please note, there are diminishing returns when overmarketing to existing customers.
2. Clear ROI drives better yield.
“Finding and keeping new customers can be expensive, but it’s the only way to scale. Having the right analytical lens to understand the cost per either acquiring a new customer or activating existing customers for the company can help devise the right budget balance on how and when to invest. Individuals don’t operate in a device or channel silo and don’t have a linear path moving towards acquisition and even post acquisition. Start with clear customer insights and analytics—clear ROI drives better yield.” (Brian Baumgart, Conversion Logic)*
3. Taking an omni-channel approach.
Again, invest in your success or even survival. Omni-channel is more than email blasts and facebook posts. They are a part of this approach, but much more is needed. Tracking website interactions, automated communications based on interests, an inclusive strategy that addresses customer first and finding new customers, have the correct perspective of what is needed and the needed time commitment to be effective.
4. Collect data with the goal of marketing attribution. “Collect the data to determine where they generate high-yield results. As everyone who has ever tried to do knows, it’s a lot harder than it sounds. Once you have the data, buying more of the high-yielding marketing and less of the low-yielding marketing is relatively straightforward. Collecting data with a goal of marketing attribution is hard. There is no perfect solution—only a range of less flawed. For example, our product links actual transaction revenue to ‘last touch’ marketing, but still suffers from lack of insight into the complex multi-touch nature of local commerce.” (Ted Paff, CustomerLobby)*