Marketing by the Numbers - 2014 High Rock Marketing Summit
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This document discusses key marketing metrics and tools for measuring success. It introduces formulas for marketing success like budgets, key performance indicators (KPIs), return on investment (ROI), cost per acquisition (CPA), and lifetime value (LTV). It then covers specific analytics tools like Google Analytics and Facebook Insights that can track user acquisition, behavior, and conversions. The presentation aims to demonstrate how numbers and analytics are crucial for evaluating marketing effectiveness and optimizing strategies.
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Marketing by the Numbers - 2014 High Rock Marketing Summit
- 1. MARKETING BY THE NUMBERS Presented By JASON MILLER & RYAN LAMPTON
- 2. You’re either like: “Yes, I love numbers!”
- 3. Or, for most of you, numbers… “Zzzzzzz”
- 4. So, why are we talking about numbers?
- 5. Case Study Leitersburg Cinemas www.LeitersburgCinemas.com
- 6. PART 1: FORMULAS for Marketing Success
- 7. In a down market…
- 8. Business Plan? Marketing Plan? - - - - - - - - - - - - BUDGET!
- 9. BUDGET = Money = Time = Resources
- 10. KPI Key Performance Indicators Metrics that help you gauge Success or Failure
- 11. Trick Question: How much would you pay to DOUBLE your website TRAFFIC? A) Nothing B) $10 a month C) $100 a month
- 12. Trick Question: How much would you pay to DOUBLE your website TRAFFIC? A) Nothing B) $10 a month C) $100 a month D) One million dollars!
- 13. Trick Question: How much would you pay to DOUBLE your website TRAFFIC? E) Not so fast… What do you mean by “TRAFFIC”?
- 14. ROI Return − Investment Investment What you get back from what you put in
- 15. Marketing ROI Profit − Cost to Market Cost to Market Calculate ROI based on gross profit for the products/services you are selling, not simply revenue.
- 16. Cost Per Acquisition (CPA) Total Sales + Marketing Costs Number of New Customers Look at each individual marketing channel to see the direct costs of acquiring a customer
- 17. Lifetime Value (LTV) Average Total Revenue of a Repeat Customer (Avg. Sale Value) x (# of Repeat Sales) x (Avg. Retention Time) Calculated right, you will know how much your customers spend, how often they spend it, and what programs/perks inspire buyers to become regular customers. Read Starbuck Case Study: http://blog.kissmetrics.com/how-to-calculate-lifetime-value/
- 18. Phew! Ready for Part 2?
- 19. Hopefully we haven’t turned you into the walking dead
- 20. Unless you’re moon-walking dead
- 21. Part 2 TOOLS & RESOURCES for Marketing Success
- 22. Google Analytics A. Acquisition How visitors get to the website B. Behavior What visitors do on the website C. Conversions Why visitors become customers (or complete tasks)
- 23. Google Analytics ü Quality Metrics Bounce Rate, Visit Duration, Avg. Pages Visited ü Channels Traffic Sources – how people get to the website ü Goals Actions to Be Completed (Forms, Downloads, etc.) ü Tracking URLs http://bit.ly/HRSummitURLtool
- 26. Facebook Insights ü Engagement Actions – Likes, Comments, Shares, Post Clicks ü People Demographics – Personal Info, Location, Active Times ü Posts When Your Fans Are Online, Success of Post Types, Top Posts from Competitor Pages
- 28. Other In-site Analytics ü Engagement Look at actions rather than reach ü People Demographics, Location, etc. ü Posts Topics, Targeting, Paid Promotions/Sponsorships
- 29. Advanced Analytics & Resources ü Raven Tools www.raventools.com ü KISSMetrics www.kissmetrics.com ü Google Academy analyticsacademy.withgoogle.com
- 31. fin Thank You! JASON MILLER jason@highrockstudios.com 301-791-1221 http://linkedin/in/jpatrickdesign
Editor's Notes
- When Rich approached us with this topic, we were a little concerned. He was all “Yeah, it’ll be great. Ryan can give the banker perspective and Jason can give the Sales perspective”. Now, you’re all here so you can’t be thinking what we were thinking…
- Maybe you were like…
- YES! We love numbers! We’re hoping to see a little more of this today.
- So why are we talking about numbers? When things are tight, companies often slash marketing budgets. Without proof that it works, marketing can easily be written off as “unnecessary.” This can be dangerous since good marketing drives revenue. Accurate measurements can help you identify which of your marketing expenses should be cut and which are driving business.
- Why take on the liability of a movie theater in a down market? Leitersburg Cinemas is a real-life example of where we took marketing principles – formulas and analytics tools – and put them to the test. Leitersburg Cinemas spent more in their first year then they did in their second year, third year and less budgeted for this year — in hard advertising and marketing dollars. As time has gone on we have learned from analytics we’ve reduced our spend. Ticket Sales: 1st yr 70k 2nd yr 130K 3rd yr 185K 4th yr 219K When LC does any work through High Rock its billed at the normal rates – because we see the value in that. So we can sympathize and emphasize. Just because our example is a massive proj. doesn’t mean it doesn’t relate to a small biz or non-profit because the same principles apply to your goals/ambitions.
- Just some basic calculations to help shape your thinking when planning and developing marketing strategies and tactics
- Ryan will talk about… what happened in in 2008
- Business Plan – its important, esp. fledgling businesses. Bank’s will be looking for it. Some of you may not have Business Plan for one reason or another—you’re in an established business or whatever—and that’s okay Marketing Plan – is also very important but I’m guessing a lot of you don’t BUDGET – must have in order to Market your business or services.
- Don’t forget about Time and Resources Money – you’re going to access through debt or cash reserves Time – even bigger issue than money, because no one has enough of it, we call that lack of bandwidth Resources – everyone chipped in and the crucial piece is getting your support staff’s buy-in, there are physical things (materials, equipment, software, etc) that are needed to support your marketing efforts.
- Jason – definition Ryan - Why did we move to responsive with LC, because we identified how people were using our site. Did our investment payoff? In January, over 65% of visitors came in on tablets and smartphones – found movies and purchased tickets An experienced website owner should know who your audience is so you can set up appropriate KPIs. When we discuss Google Analytics we’ll get into what metrics to look at.
- • Who are these new visitors • Where will they come from? • What methods will be used to get them? You could have 100,000 people visit from Mandarin China and it wouldn’t do you any good if you own a hair salon here in Hagerstown.
- You get what you pay for.
- In Marketing this is one of our biggest challenges because there are intangibles associated A national commercial during the Superbowl this year was $4,000,000. Large Cap companies are doing these calculations – they’re not just doing it on impulse – they actually see the value in it. Its no different for a small business that has to evaluate their marketing/advertising dollars more closely.
- For example, the avg. lifetime value of a Starbucks customer is over $14,000. Ryan – and in Jason’s case, $72,000 Have you ever wondered why there are so many Starbucks locations? Or why they have free wi-fi and comfy couches? Starbucks marketers know that they're not trying to sell a $5.90 cup of coffee -- they're trying to acquire and maintain a $15k customer.
- Is everyone bored to death yet?
- We don’t want you to leave here like the Walking Dead. …unless it’s like the Michael Jackson “Thriller” moon-walking-dead.
- …unless it’s like the Michael Jackson “Thriller” moon-walking-dead.
- RAVEN – SEO, Competitive Analysis, $$$ HUBSPOT – Information/Advice Blog, SEO, CRM, CMS, Competitive Analysis, $$$$$ KISSMetrics – Information/Advice Blog, SEO, Competitive Analysis, $$$