Wednesday, 30 September 2009

Omniscore

The recently announced partnership between Omniture and comScore to provide richer digital audience measurement may just be more impactful for online marketers than the far more trumpeted Adobe acquisition of Omniture. Indeed, combining site-side web analytics with panel-based audience measurement.

As comScore CEO, Magid Abraham, said in announcing the partnership: "comScore and Omniture are working to provide the marketplace a much-needed solution for consistent Web-wide measurement. ... Thus helping to promote and accelerate the usage of digital marketing intelligence for delivering actionable business results"

The combined Omniture and comScore Media Metrix 360 platform will automate data integration and reconciliation, eliminating the need for multiple data collection methods and therefore provide quicker access to actionable data.

More here....

Monday, 28 September 2009

Product Placement

The internet provides an almost perfect market doesn't it? To the extent that information is freely and readily available and that the competition is really no more than a click or two away, at least in theory it is as close as we have got. Based on this understanding that consumers make logical, informed solutions, a lot of time and effort has been spent in optimising the on site experience via multivariate or A/B testing for example, to ensure that the "most appropriate" offer is put in front of the consumer at any given time.

A recent study from Alexander Felfernig and team (engagingly called Persuasive Recommendation: Serial Position Effects in Knowledge-Based Recommender Systems) demonstrated that the first product presented was chosen 2 and 1/2 times more than any other product. The order of presentation was, by some distance, the most impactful variable.

This too is a provable hypothesis of course, worth taking a look at some historical data....

Monday, 21 September 2009

Cross Buying & The 10 Rules

I have never bought the idea of cross-selling unless it is thought of as providing the customer with additional value based on your understanding of her needs. I believe nobody cross sells; customers, given the right circumstances, may cross buy. I like the way Peter Drucker refers to marketing:
"The aim of marketing is to know & understand the customer so well the product or service fits him & sells itself."
Achieve this level of customer intimacy and cross buying becomes a possibility.

The Economist recently laid out 10 rules for effective cross selling:

1 Sell first; tell later. Do not attempt to up-sell or cross-sell until you have fulfilled the first order. Trying to sell additional items too early can endanger the original sale.

2 The rule of 25. The value of any additional sale should not increase the overall order by more than 25%.

3 Make a profit. The extra items sold must make enough profit at least to cover the cost of the additional time spent in selling them. But this should not be calculated over a short time frame. Frederick Reichheld, a marketing expert at management consultants Bain & Company, says that most cross-selling fails because companies think only of the next bottom line. They cannot resist trying to sell the highest-margin product rather than the most appropriate one.

4 Don’t dump junk. Resist the urge to use cross-selling to move unwanted stocks.

5 Limit and relate. Limit the add-on items to those that clearly relate to the original purchase. If a customer is buying a blazer from a catalogue, suggesting a shirt and tie makes sense; suggesting a garden hose does not. Much cross-selling of financial services fails because firms try to sell inappropriate products at inappropriate times.

6 Familiarity breeds success. The more familiar customers are with the add-on item, the more likely they are to buy it. Cross-selling is not the occasion to introduce a brand new product. Misdirected marketing at such times can turn clients away in droves.

7 Plan, plan, plan and plan again. Decide in advance, for instance, which products each additional item can be related to.

8 Train to avoid pain. Make sure that the salesman thoroughly understands the products or services being offered.

9 Test with the best, then roll with the rest. Test cross-selling first with the best salespeople. They have the drive and initiative to smooth out any of the kinks.

10 E = MC2. A cross-selling effort (E) is directly dependent on how motivated (M) the salesmen are. Compensation (C) is always a critical factor in selling, as is another word beginning with C—control.


More here...


Thursday, 10 September 2009

When Print & Video Combine

Tomorrow, September 11th, and for the first time, a magazine will feature video content. The video-in-print ads will appear in select copies of the US show-business title Entertainment Weekly.

This initial ad unit will be located in the center of a standard, full page print ad and will feature Pepsi Max and programming previews for upcoming CBS series. The video starts running automatically at the turn of the page. The screen, which is 2.7 millimeters thick, has a 320 x 240 resolution.

Don't try and get a copy though - the editions with the ad chip included will be sent to subscribers in New York and LA areas, a version without the ad will be available at press outlets.

Wednesday, 2 September 2009

From 1:1 to Social CRM

CRM used to mean Customer Relationship Management (as if there could be such a thing), it has grown to mean Customers Really Manage. In any case, the discipline was and still is squarely based on one’s ability to execute personalized, relevant, one to one communications informed by the specific needs, attitudes and behaviors of the individuals one wishes to reach.

So how did CRM (whatever the definition) become social? A search for Social CRM on Google will reward you with something more than 8 million entries. Scanning them will reveal a basic and rather broadly shared misunderstanding about what Social CRM is and how to go about it - It is for example, not only about listening to and possibly identifying future consumers on Twitter, nor is it about using a specific technology platform (lightly) evolved from the old, hierarchical contact management approach. Technology is part of the deal simply to the extent that the subtle use of varied and complimentary marketing technologies will facilitate rich consumer understanding and enable the creation of a specific and personalized brand experience for your customers.

Moving from individual to social CRM therefore, still requires an ability to reach individuals and to create engagement with the single customer by creating personal relevance for her across at least two of the three dimensions of relevance - experiential, temporal and contextual. This is what I have termed before as “The Channel of Me”, in that consumers will manage their interactions with your brand, as marketers, we have to provide her with the tools to create those interactions and to build the channel between her and our brand. Social networks and communities represent in turn, “The Channel of Us” and act as bi-directional vectors or links between the individual and the community, facilitating (and encouraging) the transition from the individual to the collective (and back to the individual). To set this dynamic in motion, treat your consumers like constituents, engage them in conversations that are meaningful to them and encourage them (provide them with the tools) to share with their networks. This kind of relationship building will eventually have the community play a role of customer support/service, the community, primed in this way will become your best closer to the consumers you are trying to attract. That to me is Social CRM – Customers Really Managing…