What are the most common mistakes you see companies making in their marketing and how can we avoid them?
The biggest thing is going to execution before strategy. Businesses of all sizes need to start with strategy. Identifying the most attractive segments then developing ideal customer profiles should be the first step. The next step is reviewing and refreshing brand and messaging based on how the business uniquely solves the top problems of these ideal customers.
As an entrepreneur, it can be tough to know what to prioritize. Where's the best starting point when improving your marketing?
Entrepreneurs like to take action. Writing a blog, sending an email, or launching an ad feels like the best first step. But the reality is that activity without strategy will fail. To grow, companies need 4 things in place:
1) A clear goal. The best goals are SMART (Specific, Measurable, Achievable, Reasonable & Time-based).
2) A target customer. The simplest way of thinking about this is the customers who love working with you and who you love working with. These are usually your most profitable customers. You want to target your growth efforts on attracting more of these best customers.
3) A conversion path. This is a planned series of steps that a user takes to move from unknown to referring customer. You design and optimize your marketing system to support this flow.
4) A feedback loop. This is a system that helps you gather feedback from customers, learn from this feedback and improve your products and service based on the feedback.
Revenizer has built a nifty tool kit full of services that can help companies optimize their digital marketing. What are some of your favorite tools?
At Revenizer, you track a bunch of metrics. Which metrics have you found most important?
I use two sets of metrics for different goals:
1) Marketing system metrics - The AARRR framework - acquisition, activation, revenue, retention, and referral. This gives an overall sense of the health of your marketing system.
2) Optimization metrics - Identify specific issues and a hypothesis for the cause. The most important is drop off rate, or the number of users who do not take the next step in the conversion path. You need to understand why are your users are not taking the next step and develop hypotheses why.
You recently penned an interesting blog on lean marketing. What is lean marketing and why should we do it?
Lean marketing involves creating more relevant campaigns and getting them to the right customer faster. This is done by applying the scientific methodology to drive market insight and discovery.
There are a few techniques and tools out there that can reduce waste and improve your ROI and productivity:
1) Scrum. Scrum is a process that allows a campaign team to self-manage, self-organize, and make changes quickly. The campaign needs to be executed by the team. They have to be empowered with decision making. Having to go outside for decisions will prevent the team achieving next key requirement – speed.
2) Sprints. A sprint is a time-constrained iteration cycle for sourcing, ranking, and testing new campaign ideas. These campaigns or elements of these campaigns are defined and estimated and then executed by a scrum team.
3) Stand ups. The daily stand up is a quick progress check for a scrum team. It covers what each team member complete yesterday and is working on today as well as any blockers they have.
4) Minimum Viable Campaign (MVC). This mini-campaign or test product with just enough to generate a response from your ideal customer and provide feedback for the development of a larger integrated campaign. Allows you to test hypotheses before developing a full campaign.
You’ve also done some interesting thinking around lead nurturing. What are the keys to an effective lead nurturing process?
Lead nurturing is a tactic that works best within a well-defined strategy:
1) Focus on solving a big problem for your ideal customer. That will deliver the best results.
2) Start small. Send a lead magnet (alternatively called a content upgrade), a high value (usually free) offer designed to get users to opt in. This could be anything from a download to a webinar offer. Then, send one or two automated emails that further expand on the lead magnet.
3) Include a simple ”just hit reply” email in the flow to encourage communication. This is often a direct, personalized communication from the CEO or business leader designed to get a response.
4) Stay focused on solving the prospect’s problem. Only make an offer after you have established credibility and proven your ability to help.
There are a bunch of digital marketing agencies out there. What sets Revenizer apart?
Revenizer is designed to fit between agencies and freelancers. We give businesses a dedicated one-stop digital marketer backed by a proven process and technologies. It’s better value and more flexible than an agency and hassle free compared with trying to manage specialist freelancers.
Whether you are a one-person business or a marketing team, Revenizer helps you take a strategy first approach to getting results from digital. We offer a 14-day money back guarantee so you can try us risk free. As a monthly service, our customers can scale up or down easily.
With simple tools and processes, Revenizer is the easiest way for businesses to up their marketing game and achieve their growth potential. We also focus on skill transfer which is vital as businesses continue to move to a digital first marketing strategy.
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