Roundtable session 2 Takeaways
- 1. 1 Small Changes, Big Impact Takeaways Round 1: We all have budgets Question: How do you measure where money should be spent? Answer: By using target audiences, trial & error, mining data for more information Question: How do you know you are investing your dollars in the right places? Answer: Having a goal set up and knowing your audience really well. By using trial & error and adjusting the quality of conversions. Using platforms where your audience is. Lastly, who's giving you pressure? How can you better assist them? Question: What are some low cost, high impact successes you have implemented in the past few years? Answer: First of all, low cost is relative - definitely depends on company. PPC + SEO has been a successful combination for generating leads. Remarketing ads have been helpful - very low cost per click. Another one is cross-sell promotions. Try leveraging your vendors for money. Question: How do you decide how much to allocate when testing new channels, and how do you get buy-in? Answer: Start with research. Where is the audience hanging out? Establish sales potential. Sometimes there is a budget for experimentation - use that! Make sure to look at established benchmarks in the industry. There is value in failure. It's always better to try than to do nothing. Question: What channels or tactics are you reluctant to test based on budget? Answer: What is the KPI - it would be great to know that up front (not always possible though). Google AdWords, some SEO can be hard because it doesn't happen right away and takes a lot of time. Question: What is your go-to advice for allocating marketing budgets? Measure things and go with what works. If you follow only data - you're just like everyone else. Use a small portion to do something different and stand out. Experimenting is always a good idea Bonus takeaways: -SEO & PPC can work great together if you do it correctly. - Use resources that are available to you (Case studies that have been done, research that has happened etc.) Round 2: We all need partners. Lets talk about our strategic alliances. Question: Where do you find strategic alliances? Answer: Sharing content with partners, conferences/associations/networking. Analyzing sales channels - when is it a good time to partner? Also consider using volunteers. Question: What value do you bring to a strategic partnership? What matters? Answer: Simplify the buying process for customer. Have the ability to enhance end product. A company that might have special expertise for complex problems. Combined expertise = more value.
- 2. 2 Question: How do you define expectations with strategic partners? Answer: Be careful to balance. Set clear expectations and make sure to have a point person to go between. Creating respect and a good reputation is key. Question: How do you make sure you have found a partner that will make a big impact? Answer: Get insight from departments on partners. Rely on customer feedback. Make sure customers are taken care of and make sure it is not one sided. Don't alienate anyone. Question: What qualities matter most for a successful, long-term partnership? Answer: Trust, transparency and respect. Often times, similar size companies give similar value in what you get out of a partnership. Question: What have you done to increase the impact of your strategic alliance? (i.e. sharing comparative data, buyer personas, or business plans with your partners?) Answer: Joint events. Seminars & Webinars Round 3: We are constantly working to stand out. What are some out-of-the-box initiatives that are low-cost, high return? - Anything 1:1 or in person, community involvement, networking to make impactful conversations, - Co-op programs - Content marketing - LinkedIn Blog posts- active use and requirement for employees - PR - Offering information or consulting - Education materials (eBooks/email marketing) - Making your company accessible and easy to do business with - Internal training, in person education - Offering free samples, try out a product with the ability to send back - Thank you's showing appreciation Round 4: We have to make choices. Question: What new digital channels are on your radar? Answer: Video - new approaches to video. Instagram stories which offer an ease of use and great speed on a low budget. Also LinkedIn Question: How do you evaluate a new digital channel? Answer: Are they getting traffic/natural SEO - use a data approach first – and if you’re not seeing results, it’s generally a good idea to go to the experts for help Question: Which channels are your smallest/biggest spend and why? Tradeshows tend to be larger spend; maybe move some budget to digital? Literature is also a big spend (more traditional.) Smaller spend - content creation in-house (have someone do it at a lower cost) Question: What choices have you made that produced the most surprising results? Answer: Shifting from traditional trade shows & publishing. A big surprising came from using email campaigns. Educating prospects and customers.
- 3. 3 Question: What digital channels have proven most successful? Answer: Email & content together as long as it’s segmented correctly - make sure to target the right people. Question: Let’s talk about failures: What hasn’t succeeded and what might you do differently to get different results? Answer: Telephone - cold calling, PPC, LI campaign - DIY, need a professional to help. www.topfloortech.com 888.947.4400