Dallas Business Consultant Elijah ClarkDallas Business Consultant Elijah Clark

Who should help develop your marketing plan?

Successful Marketing

Marketing plans are the starting points for successful companies, and the plan often includes dozens to hundreds of pages worth of data analysis. The difference between a marketing plan and a business plan is that a business plan focuses mainly on defining the company, its history, mission, and goals. A business plan includes more than just a marketing plan or strategy. It also includes discussion regarding staffing, locations, finances, and strategic alliances. A marketing plan focuses on creating keys to success. Additionally, the marketing plan tells the story of how to achieve goals and generate success.

Each of the company’s leaders and managers should see the plan and give insight into whether the plan is achievable. Marketing plans are best when there are many people involved in its creation. Gaining feedback is important considering most all ideas will affect each department within the company. Leaders and managers can provide realistic data, experiences, and share insight into market opportunities.

Cost Per Acquisition Cost

Cost per acquisition is more than just a way to measure your search market advertising. It’s also a means to assess your multi-channel marketing and customer acquisition equity. Customer acquisition equity rivals return on investment (ROI), and by understanding ROI, your marketing communication achieves optimization.

  • Cost Per Acquisition = Total Advertising Cost/Number of Total Leads
  • ROI= (Revenue – Total Adverting Cost)/Total Advertising Cost

Tracking campaign channels is key to creating and understanding marketing and customer acquisition. Let’s say you’re a business with no prior marketing background wanting to gain new customers, you need to:

  • Have an online presence for your brand.
  • Optimize your website.
  • Outline true costs associated for your marketing
  • Establish marketing campaign goals.
  • Set a realistic cost you are willing to spend for each new customer lead.
  • Align your marketingto your website.
  • Focus your marketingdirectly at your intended target audience.

Example:

If you ran a three-month Valpak ad, which specifies an expiry date and has a total advertising costs of $2,000, and you’re willing to pay $15 for each new potential customer, your ad would need to produce at least 133 potential leads to break-even. To illustrate why you need to be realistic with your budget, consider your projected revenue return. Let’s say you’re selling bags of crushed rocks for $55, with a goal of selling 133 bags. However, you only have two leads that purchase a total of 10 bags each. With only 20 of 133 sold, your ROI is -84.96%.

Now let’s examine the same example, but instead you advertise in AdWords using an optimized landing page with a downloadable coupon as well as a mobile coupon that specifies an expiry date. Your total advertising costs are $2000 over a three-month period, and you had 500 potential new customers view your deal. At the end of the expiry date, you capitalize from 200 customers who purchased a total of 2000 bags of crush rock at $55/bag.

  • Your CPA = $4, and your ROI= 5400%
  • What’s even better, is that you use your Web Analytics to:
    • Drive down future CPA
    • Increase ROI
    • Optimize your marketing

Now that’s power in understanding your marketing measure, retention cost, and future revenue transactions as well as realization of the importance of customer acquisition equity for how to best allocate your advertising pay-out mix.

Newsletter/e-marketing technique

Coming up with a newsletter/e-marketing technique depends on your website. If the website is an informative website, members will signup to receive information or articles. If it’s a service based website or a website that sells products, users will sign up to receive product specials and new products coming. If it’s an employment opportunity website, members will signup to get updates on new employment opportunities. Current customers can use these forms to signup for newsletters that offer discounts and specials that may be going on within your company.

The reason that customers and potential customers will sign up is because they will want to know about the upcoming specials. Customers may want to be informed of a discounted products or services that they couldn’t previously afford or didn’t want to pay the high funds for. During the sign up for the newsletter, your company should ask customers what they are interested in receiving newsletters on.

Why your business should be social networking

Social Networking Strategies

Social networking gives your business the opportunity to achieve/communicate brand awareness and online sales by using social media tools such as Twitter, Facebook, LinkedIn, Pinterest, Instagram, and others. It also defines strategies useful for networking and communicating effectively with social customers.

Use social media to:

  • Increasing brand recognition
  • Improve brand loyalty
  • Generate followers and sales conversions
  • Create brand authority
  • Increase website traffic
  • Decrease marketing cost
  • Better search engine ranking

As a business, social networking allows for you to speak directly with your customers and allows your customers the opportunity to be heard and get a response.

To successfully communicate in social media your brand should:

  • Engage with consumers (not through auto canned-responses)
  • Share new company updates
  • Manage customer support
  • Remain active and responsive

Mobile Marketing – Why you need it

Case Study:

  • The goal of this marketing plan is to have potential and current clients subscribe to receive special discounts on products and services from CompanyEC via text messaging to their mobile devices.
  • Customers will be able to access the website either by clicking on a link within the text to go to CompanyEC’s website or they can access the website via another computer.
  • CompanyEC will create a mobile website where customers will be able to access from their mobile devices. This mobile website will have 3 buttons which consist of a portfolio, free quote, and button to dial CompanyEC’s phone number.
  • customers can subscribe to this marketing plan via the website where they will sign up by placing a checkmark in a box on the quote request form and the contact form.

 Why will customers care?

  • Customers will want to get involved with this marketing plan to find the best deals and upcoming events that that CompanyEC may be holding.
  • The idea of this marketing plan isn’t very original or unique from many competitors. However, it’s a marketing plan that works and currently doesn’t need a fix a better it.

 Contextual Relevance o Hard‐selling doesn’t work in digital channels. Bring to The time that these marketing messages will be sent to the subscribers phone will be approximately 3:00p.m. CST on selected Thursdays.

  • The reason for this timing is that customers of CompanyEC normally contact the company for their services at the beginning of the week and having this marketing plan later in the week will draw in customers at that time.

Using mobile marketing will allow CompanyEC to stay in contact with their customers and will allow customers to always consider CompanyEC when needing creative services as mobile marketing helps keep customers thinking of the company.

  • 100% of this marketing plan is focused on sales. The idea is to have subscribers receive a text message from CompanyEC and then either contact the company for more information or login to the website and gather further information on the company and then complete the “Free Quote Request” form.
  • All customers and potential customers who purchase the marketed product from CompanyEC will receive the discount with or without receiving a text message with the special.
  • The marketing text message is meant to be informative only and will also be posted on the home page of the website. The idea is to market to customers who haven’t been to the website on that particular date on which the special was started.

Social Media Marketing Plan – Case Study

Whether you want to call it social media or Web 2.0, businesses have started joining into one of the fastest growing industries around. A survey by McKinsey & Company shows that nearly 1,700 businesses show that using Web 2.0 technologies have lead to increased conversions, successful marketing strategies, increased communication and the ability to provide better products.

“The most often-reported business benefits of Web 2.0 are a greater ability to share ideas, improved (and faster) access to knowledge experts, and reduced costs of communication, travel, and operations. (Chartier, 2009)”

Social media marketing

social media marketing plan should be aimed at creating an online presence within the micro-blogging networks such as Facebook and Twitter for your company.

By using an online platform such as Twitter and Facebook, it will allow for your company to promote the company name by blogging updates about the company as well as interact with followers and subscribers.

Along with blogging, other benefits of using a social media platform are:

  • Video updating and posting of commercials
  • Photos of events your company may have attended and posting new portfolio pieces
  • Discussion – allowing followers to ask questions directly from these platforms.
  • Link placement – adding back-links to texdesignstudio.com
  • Networking – allows for interacting with current and potential customers.

Facebook stats:

  • More than 350 million active users.
  • 50% of our active users log on to Facebook in any given day.
  • More than 35 million users update their status each day.
  • More than 700,000 local businesses have active Pages on Facebook.
  • Pages have created more than 5.3 billion fans.
  • Average user spends more than 55 minutes per day on Facebook (Facebook, 2010).

Twitter stats:

  • Total audience of roughly 18 million registered users.
  • Users are averaging 27.3 million tweets per day.
  • Annual run rate of 10 billion tweets (Ostrow, 2009).

Along with advertising your company for free using social media platforms, it will also allow for users to interact from their mobile devices.

Facebook and Twitter are also pushed as services that can and should be used through mobile devices. “Twitter users are more likely to use their cell phones to go online than the overall online population (Cheng, 2006).”

There are currently more than 65 million active users accessing Facebook through their mobile devices.

Knowing this will allow your company to further market to these users on their mobile devices as well as these social platforms. These users are also more likely to subscribe to syndicated feeds and text message advertising.

Our Audience:

Example: CompanyEC currently has a target audience of 18 years of age and above, and college graduates that have an income of $30k or above.

Quantcast user statistics:

Twitter:

  • 88% of Twitter users are 18 years and above in age.
  • 80% have a $30k and above income.
  • 55% are college graduates.

Facebook:

  • 79% of Facebook users are 18 years and above in age.
  • 84% have a $30k and above income.
  • 55% are college graduates.

Understanding the Audience

In order to better understand user response to this new marketing plan, we will provide users with a survey on texdesignstudio.com, which will ask questions regarding how and if they use these platforms.

  • Are they are interested in receiving news and discount updates from CompanyEC on these social platforms.
  • Do they currently follow CompanyEC on these platforms?

Twitter and Facebook currently make it simple for users to follow or become fans of users. If we add a “become a friend” widget on texdesignstudio.com, users can simply click on the widget and will instantly become a fan of CompanyEC’s facebook profile.

By adding a “follow us on Twitter” widget, users can click that widget and instantly start following CompanyEC with their Twitter profiles.

These platforms are relatively easy for any user to sign up with and start receiving updates within a few minutes. Users can link to CompanyEC’s profile and share with their friends on their own profiles.

CompanyEC will use these platforms to provide customers with article updates, blogs, discounts, and portfolio updates.

User Participation

Users will interact by contributing to articles and responding to blogs and other news and images that CompanyEC post within these platforms.

Marketing on these social platforms will allow CompanyEC to post information on corporate accomplishments and distribution of links that take users to corporate websites, promotional sites and other press release pages.

Social media user benefits:

  • Offer ‘insider’ discounts, specials and other values to followers only.
  • Participating in online social media groups will allow for CompanyEC to build a more personal relationship with past and potential customers.
  • Allows for quick access for customers to ask questions.

Being that texdesignstudio.com is written using a Joomla platform, we will be able to integrate it with Facebook and Twitter with little effort. By creating and adding a plug-in into this website, the content on these social platforms will automatically update once the website is updated by using the Application Programming Interface (API) provided by Facebook and Twitter.

Facebook and Twitter also have their own plugins that integrate with one another so that if information on one platform is updated, it will also update the other automatically.

Metrics

Google Analytics will help to show which platform users are linking from, how they explore the website and how visitor experiences can be enhanced. With this information, CompanyEC will have an improved return on investment, increase conversions and ultimately make more money on the web.

Tracking Users:

  • Allows for seeing how effective or ineffective the platforms are.
  • Which customer and customer segments are most valuable.
  • Which social media platform visitors are coming from and what they do on the website.
  • Will help to see what users like and dislike by analyzing bounce rate and time on website.
  • Which pages resonate with prospects and lead to conversions.

With using this metrics system we will also be able to get a better understanding of what site content users are most interested in and find out how effective our current content is.

 

Credits

Facebook (2010). Statistics. Retrieved January 29, 2010, from http://www.facebook.com/press/info.php?statistics

Ostrow, A. (2009). How many people actually use twitter? Retrieved January 29, 2010, from http://mashable.com/2009/04/28/twitter-active-users/

Cheng, J. (2006). Twitter users are mobile, urban, and engaged online. Retrieved January 29, 2010, from http://arstechnica.com/web/news/2009/02/study-twitter-users-are-mobile-urban-and-engaged-online.ars

Quantcast. (2010). Twitter.com monthly traffic. Retrieved January 29, 2010, from http://www.quantcast.com/twitter.com

Perez, S. (2009). 4 ways companies use twitter for business. Retrieved January 29, 2010, from http://www.readwriteweb.com/enterprise/2009/03/4-ways-companies-use-twitter-for-business.php

Chartier, D. (2009). McKinsey: businesses reaping benefits from web 2.0. Retrieved January 29, 2010, from http://arstechnica.com/business/news/2009/09/mckinsey-businesses-reaping-benefits-from-web-20.ars

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