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5 Steps to Harnessing the Power of Internet Marketing

5 Steps to Harnessing the Power of Internet Marketing



Internet Marketing is still marketing, however the strategies and tactics have changed and will continue to change. Using a 5 step process, MiM helps companies realize ROI on their internet marketing ...

Internet Marketing is still marketing, however the strategies and tactics have changed and will continue to change. Using a 5 step process, MiM helps companies realize ROI on their internet marketing investment by operating from their customer\'s perspective and leveraging closed loop reporting.



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    5 Steps to Harnessing the Power of Internet Marketing 5 Steps to Harnessing the Power of Internet Marketing Presentation Transcript

    • The MiM 5 Step Process to Harness the Dynamic Power of Internet Marketing Thursday, June 24, 2010 1
    • Don’t you just love data? Did you know... • 76.3% of the US population are internet users at the end of 2009. • 46.1 million mobile data users in the U.S. used mobile search functions in the third quarter of 2007 with local listings being the main objective. • There are currently 461,580 users on Facebook. In Maine. • There are 236,600 Facebook users within a 25 mile radius of where you are now sitting. Sources: Internet World Stats, Nielsen, Facebook Thursday, June 24, 2010 2
    • The Bad News. • A survey of B2B buyers only find relevant content 42% of the time online. • The lack of relevant content as perceived by buyers is responsible for reducing the vendor's chance of closing the sale by 45%. • Web sites not designed with customer goals in mind waste millions in lost revenue and and higher customer support costs. • Factors that limit a company's ability to boost overall Web site satisfaction scores, include: • Rising consumer expectations. • Web site projects that don't actually address customer needs. • Failure to follow basic usability standards. Sources:DemandGen, Genius.com, Forrester Thursday, June 24, 2010 3
    • The (potentially) Good News • 95% of recent B2B purchasers said the solution provider they chose “provided them with ample content to help navigate through each stage of the buying process.” • To satisfy Web site visitors, online customer experience professionals should find and fix known usability flaws, use personas to understand what people really want from their site, design emotionally engaging experiences that go beyond functional design, and begin planning the online experience of the future. Thursday, June 24, 2010 4
    • Some more good news... Source: Hubspot State of Inbound Marketing Report Thursday, June 24, 2010 5
    • What you can (and should) expect... • Reduction in customer acquisition cost. • Increased conversion rates. • Increase in retention rate. • Increase of customer lifetime value. Thursday, June 24, 2010 6
    • Is this all just theory? Client case study: The FeedRoom. • 76% reduction in cost-per-lead (CPL) • Increase in conversion rate from .68% to 4.3% Thursday, June 24, 2010 7
    • A little more about me. Decide for yourself- here’s how: Read the blog: http://www.minternetmarketing.com/blog/ Have fun Facebook: http://www.facebook.com/carole.mahoney Follow our thoughts on Twitter: http://twitter.com/minetmarketing Follow & Connect on LinkedIn: http://www.linkedin.com/in/carolemahoney http://www.linkedin.com/companies/mahoney-internet- marketing Thursday, June 24, 2010 8
    • Our agenda • What all businesses have in common. • How the Internet has shifted marketing tactics. • Why Internet marketing is still marketing. • Some Internet marketing basic concepts. • The purpose behind the MiM process and why it is critical for results. • The MiM 5 step process for success. • Questions.... Thursday, June 24, 2010 9
    • 3 Things that all businesses have in common. 1.All have an ultimate conversion goal (that can be measured). 2.Each conversion requires a series of steps to help visitors achieve that goal. 3.Each has visitor/audience have their own goals and their own ways of accomplishing them. Thursday, June 24, 2010 10
    • The Common Factor between B2B & B2C. • You are still selling something and trying to persuade someone (or a group of) to take action. • Both have a sales process. • Hint: Only you care about the sales process, your potential customers only care about WIIFM. Thursday, June 24, 2010 11
    • If it looks like a duck, and quacks like a duck....It's still marketing. Your marketing strategy still needs to address AIDAS. Text • Attention • Interest • Desire • Action • Satisfaction Thursday, June 24, 2010 12
    • The landscape has changed. Because the way people buy has changed. Another challenge, understanding that your online visitors: • Control their experience • Are goal oriented • Are fragmented • Want a self service environment (that’s why they are online) Thursday, June 24, 2010 13
    • The tactics have shifted. You are here. Thursday, June 24, 2010 14
    • Starting with some basics. Decide what type of site you have (or want). How does it fit into your business model, marketing plan, and sales process? 4 types of commercial sites (or a combination of ) 1-E-Commerce. Goals: Increase sales, decrease marketing and distribution expense. 2-Content. Goals: Increase readership, level of interest, time on site. 3-Lead-generation. Goals: Increase and segment leads. 4-Self service. Goals: Increase customer satisfaction and decrease support costs. Thursday, June 24, 2010 15
    • The purpose behind the process. Thursday, June 24, 2010 16
    • It’s not just about marketing... • You are creating a structure that makes testing, measuring and optimizing on a continuing basis streamlined. • Makes project management easier and simpler to follow. • Helps non-technical people to lead and manage internet marketing. • Creates a structure that non-experts can operate in. • Allows organizations to capitalize on strengths while minimizing weaknesses over time. • Reduces overall marketing expense because you are able to get more from existing traffic. Thursday, June 24, 2010 17
    • The Process 1. Research 2. Plan 3. Implement 4. Measure & Test 5. Optimize Thursday, June 24, 2010 18
    • • 1- Research Determine current business model and topography. products/service USP, competitors. • Core Business Value • Map Selling Process • Determine Business KPIs • Customer knowledge, need, risk, consensus. • Customer information & decision making style. • Map Buying Process Thursday, June 24, 2010 19
    • The Goal Posts. Your Sales Process Their Buying Process Find Prospect Recognition of need (Attention) Build Rapport Search for Info (Interest) Qualify Leads Decide Next Step (Desire) Present Proposal Purchase Decision (Desire) Close Sale Purchase Decision (Action) Post- Sales Eval Post- Purchase Eval (Satisfaction) Thursday, June 24, 2010 20
    • Finding just the right spot Thursday, June 24, 2010 21
    • • Define Personas, create 2. Plan narratives • Determine the tone of copy • Identify the content strategy needed for the persona • Identify the tactics to drive into sales funnel • Wire frame the conversion process. • Create the site map • Align the keyword phrases to each page • Map the points of measurement Thursday, June 24, 2010 22
    • Introducing ...your Customer Thursday, June 24, 2010 23
    • The Garden is Planned Thursday, June 24, 2010 24
    • 3. Implement • Create persuasive copy • Create visual mock up of page levels • Design in grey scale • Design in with color • Create in HTML • Test!!!!!! Thursday, June 24, 2010 25
    • The Labor of Love Thursday, June 24, 2010 26
    • 4. Measure & Test • Establish the new baselines • Run tests • Report findings Thursday, June 24, 2010 27
    • Advanced Metrics for Content & Lead Generation sites • Reject Rate- Home Page (or other highest entry page • Reject Rate- All Pages • Repeat Visitor Share • Heavy User Share • Committed Visitor Share • Committed Visitor Volume • Visitor Engagement Index • Scanning Visitor Share • Scanning Visitor Volume • Scanning Visitor Index • Take Rate Thursday, June 24, 2010 28
    • Advanced Metrics for E-Commerce sites • Conversion Rate • Average Order Amount (AOA) • Sales Per Visit (SPV) • Cost per Order (CPO) • Cost Per Visit (CPV) • Order Acquisition Gap (OAG) • Order Acquisition Ratio (OAR) • Contribution Per Order (CON) • Return on Investment (ROI) Thursday, June 24, 2010 29
    • 5-Optimize • Implement updates and changes as needed from measurement and testing. • Refine the strategy according to results. • Invest in the tactics with the highest returns. • Develop new content as needed. Thursday, June 24, 2010 30
    • Questions? How does your marketing garden look? Thursday, June 24, 2010 31