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Maximize The Marketing Mix And Achieve Roi
 

Maximize The Marketing Mix And Achieve Roi

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Presented at the UT System Seminar, Austin Texas, Feb. 22, 2010

Presented at the UT System Seminar, Austin Texas, Feb. 22, 2010

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    Maximize The Marketing Mix And Achieve Roi Maximize The Marketing Mix And Achieve Roi Presentation Transcript

    • • The four P’s of the “marketing mix” – Product: Meets a specific consumer demand – Price: Cost you set for your product – Place(ment): Distribution channel(s) – Promotion: Vehicle(s) employed to tout a product
    • • Marketing success requires – New customers/markets/growth – Enhanced audience definition/data – Greater accountability for marketers (ROI)
    • • What does Left Brain Marketing have to do with integration? – Marketing Integration Requires Advance Planning – Plans Are More Complex – Requires ROI Analysis to Measure Effectiveness – Analysis Requires a Left Brain Approach – Supported by Right Brain Creativity
    • • The right brain – Imagination – Color – Daydreaming – Rhythm • The left brain – Numbers – Analysis – Logic – Lists
    • • Forrester Research describes Left Brain Marketing this way… – Applied Science Eclipses Creativity – Repeatable Processes Replace Ad Hoc Programs – Precise Analysis Replaces Fuzzy Measurement – Statistical Models Replace Focus Groups Source: Shar VanBoskirk, VP/Principal Analyst, Forrester Research
    • • Test your Right/Left Brain thinking
    • In a new era of Left Brain Marketing, analytical strategies grounded in deep audience knowledge will rise to predominance. Eric Schmitt, Forrester Research April 2004
    • • What is integrated marketing? – Holistic, synergistic approach – Data-driven audience segmentation – Cohesion across channels – Analytical toolkit for ROI measurement
    • • What makes a holistic approach? – Weave together complementary disciplines – View the full landscape of options – Use only best-fit solutions – Optimize for maximum results – Measure and report
    • • What disciplines are needed for integration? – Advertising/Promotion – Communications/PR – Web/SEO/Social Media – WOM and one more…
    • • Strategic planning: an old discipline for a new era – Combines synergistic marketing – Aims to achieve business goals – Optimizes approach to minimize investment – Achieves maximum results (ROI)
    • • Effective integration/ROI requires: – 30,000 foot view – Channel-blind decision making – Well-defined segmentation – Sets quantifiable goals – Requires a measurable approach – Reports ROI to: • Measure success • Inform future plans
    • • Sensitizing higher education stakeholders to ROI – Encourage their participation in measurement activities – Present written results reports to stakeholders to spotlight ROI – Refer back to ROI reports in future plans to connect the dots – Share with fellow marketers to educate them, too
    • • Integrating marketing tactics to maximize ROI – Communications versus conversion – Shift to direct marketing focus – Shotgun versus precision – Spend versus invest
    • • Marketer’s ROI Toolkit – A well-defined set of Key Performance Indicators (KPIs) – An easy-to-read/understand reporting template – An e-mail tool with built-in reporting – A marketer-friendly web analytics tool – Several measurement tools for social media: • Facebook Insights • Klout and others for Twitter
    • • Key Performance Indicators KPIs Secret Shoppers/ Get Information Brand Aware (leads) Give Information Inquiry Pool (qualified leads) Applicants Apply/Track (prospects) Customers Enroll (students) (yield)
    • • Key Performance Indicators – Translate to core metrics set • Audience Engagement = number of downloads among key sales tools • Leads = number of unique visitors who haven’t inquired yet • Prospects = number of visitors who have completed the inquiry form • Applicants = number of completed applications
    • • The Left Brain Emerges: A Case Study Special Destiny Campaign Web Site
    • • The Left Brain Emerges: A Case Study – Challenges • Plan, write, design and launch web site in 45 days • Driving traffic/integration – ROI • Advancement tallied online gifts made • Marketing tracked page views traffic to dedicated web address • $70+ million raised; exceeded campaign goal
    • • Advanced Print/Web Integration: A Case Study Undergraduate Admission Recruiting
    • • Advanced Print/Web Integration: A Case Study – Challenges • Multiple audience segments • Core messages, plus tailored messages • Multiple channels (print, web, direct mail, search, e-mail, etc.) – ROI • E-mail metrics (CTR and open rates) • Web metrics (unique visitors, funnel CTRs) • Student quality has increased • Enrollment goals have been exceeded
    • • The Integration of Web-Based Incentive: A Case Study Adult Recruiting Campaign
    • Appointment Prep 101 “White Paper” ranked most popular out of 5 engagement tools Appointment Prep 101 Overall traffic to site lifted postcard dropped in from 23,000 to 33,000 Jan. 2008
    • • New Left Brain Tactics – Search Engine Marketing (SEM) – Search Engine Optimization (SEO) – Social Media Marketing (SMM)
    • Search engines are inherently left brain tools. Left brain thinking processes are analytical, logical, fact-based, quantitative. Chris Sherman, Search Engine Watch
    • • Integrating SEO: The Alt Tag/Attribute Is Your Friend – Not just for accessibility any more – Tag every photo and graphic – Avoid being too literal – Needs proper keywords
    • • Integrating SEO: Writing Google Food – Research keywords first – Write content to include keywords – Metadata: The honey to Google’s bee – Use to influence writing
    • • Integrating SEM Requires – Deep understanding of search engines – Use data as insight into consumer behavior – Ability to track lots and lots of data; very analytical – Willingness to be a bit adventurous – Provides a new set of metrics for ROI
    • • Integration of SMM: The New WOM – Where will you dip your toes? – Why? – Are policies in place? – How much time can you devote? – How and what will you measure?
    • Learn to ignore the old rules.
    • • Integration of SMM: The New WOM – Blogs and Microblogs
    • • Integration of SMM: The New WOM – Photo/Video Sharing Sites
    • • Preparing the way for marketing integration and ROI – Marketing Operations – Marketing Staffing – Marketing Culture
    • • Marketing Operations – Escape “order-taking mode” – Return to the SWOT analysis – Formalize the planning process – Make it your own Source: Excelsia Consulting Resources
    • • Marketing Staffing – Need agility to become integrated – Multi-channel skill sets/vendor partners – Shift from “marcomm” to ROI-driven
    • • Marketing Culture – It’s a process – Gradual exposure of team to metrics and performance measurement – In-selling of university stakeholders – Cultivation of a new direct-marketing style of writing and design
    • Any questions?
    • Thank You. Carmella Manges E-marketing Director St. Edward’s University carmellm@stedwards.edu www.twitter.com/LuvROI