Ever been to a race track and bet on the ponies? Chances are you bought what's called a racing form. It's the newspaper betters use to figure out which horses to drop their money on. You'll see the desperate and hopeful alike ringing them like sponges, slapping them on their hands, or hoisting them like torches as the horses near the finish line.
Racing forms show all of the horses running, divided into specific races. It quickly becomes overwhelming when you see all of the information listed about each horse--who rode them and when, who trained them, where they were born and bred, what horses they ran against in previous races and how they faired, overall race times broken down into quarter splits, track conditions on the days they ran, and how much weight they carried. And those are the easy stats. It's no wonder why many people say "screw it" and just pick a name they like and end up doing as well as the gambling "experts."
Marketing can be very similar. With so much customer data out there, even if you know how to capture it, knowing how to use it to your advantage can be tricky. And for many companies, marketing unfortunately, is little more than gambling. In a recent survey conducted by the Association of National Advertisers, the trade organization for the nation's biggest marketers, a whopping 73% of respondents were not confident they understood the effects of an advertising or marketing campaign on sales. Yikes.
Every dollar you spend on marketing should better your bottom line. Unlike outsourced payroll or human resources, marketing is an investment, not an expense. If done correctly, it will make money by helping you sell more products and services, grow your membership, or reduce costs. If it doesn't, why bother? And if you don't know what strategy is producing what result, it's not much different than gambling at the race track. In both cases, it's just a guess.
At Buzzhoney, we don't believe in gambling when it comes to marketing. There is too much at stake to waste even a dollar of your budget on something that's not going to help you reach measurable goals. That's why we've created a brand of scientific marketing that eliminates the guesswork. It's a proven system that shows cause-and-effect results of every marketing tactic you do. So when the CEO or chair of your board asks, "Why are you doing X?" You can say, "Because it produces Y." Or better yet, you can show the information before they ask and clearly show why your role is so important.
What exactly is scientific marketing?
- Systematic
- We follow a defined process based on the life cycle of your customers, from pre-sales to sales to loyal customers. Everything we do has a defined purpose with specific, expectations. We show you how to get more qualified leads, what to do with those leads, and how best to build relationships with your customers so they'll keep coming back.
- We also create a customized system that is repeatable, so you can manage it yourself if you'd like. Once we create your marketing program, we can hand it off to you, or help on an ongoing basis to make sure you're getting the most out of your marketing dollars. You decide.
- Measurable
- In order to measure something, you first need to collect the right data. Many companies let valuable customer information slip through their fingers each day because they aren't aware of all the opportunities-often simple to implement-to collect data that will help them close more deals.
Technology now allows you to interact with your customers easily and quickly adapt to their needs. For example, Toyota's Scion brand has a "build your own car" feature on its website. It allows you to choose everything from the color of your car to the type of license plate frame to whether or not you want ashtrays. And you can be sure Scion's marketing strategists are monitoring where visitors are clicking to create campaigns based on their findings that help them sell more cars. If you see more silver Scion tC's on the street, it's probably not a coincidence. - Once you've collected the right data, you need to know how to analyze it. Otherwise, even the best information is useless. By incorporating a proven, systematic approach to marketing, we can show you how to make sense of all the data so you're not drowning in numbers like the sucker at the track looking at a racing form. Marketing is not rocket science. But it is a science that marketers should learn if they hope to survive and thrive in the coming years.
- In order to measure something, you first need to collect the right data. Many companies let valuable customer information slip through their fingers each day because they aren't aware of all the opportunities-often simple to implement-to collect data that will help them close more deals.
- Precise
- You've collected the data, you've crunched the numbers, now it's time to act. Actions are the fun part of the marketing strategy. This is where you show your customers you've been listening to them. You create ultra specific campaigns that make their lives easier or better.
The days of mass media are over. According to a 2004 report by Forrester (Left Brain Marketing): "Traditional marketing strategy-the application of great creative to large groups of anonymous people-is becoming less effective by the day." Just look at cable TV as an example. By 2007, it's estimated that 38.8 million U.S. households will have uniquely identifiable digital cable boxes. That will mean very specific advertising campaigns aimed at specific segments. Cable giant Comcast is already testing the waters with very focused ads.
For a more personal example, consider Amazon. They list "items in your history" so that you don't forget where you were (making purchasing products easier), and suggest other items that complement what you're considering buying to maximize their sales. And Office Depot sends out direct mailers with individual names printed on the covers and coupons inside based on past spending history.
But you don't have to be a large conglomerate to develop strategies geared towards your specific audiences. Scientific marketing allows all B2C and B2B companies to segment their customers based on their particular needs and spending habits so you can get the most out of each customer. Buzzhoney can show you how to best segment your customers to reach them with personalized techniques that will grow your sales. - Precision also involves constantly improving your marketing messages, tactics, and channels. What works today might not work tomorrow. Customers change. Their needs change. How you reach them, and how they prefer you reach them, will change. We now have more channels than ever to interact with our customers-websites, email, direct mail, text messaging, webinars, blogs.
Through scientific marketing, we're able to develop a strategy based on sound marketing principles that have stood the test of time, but with the flexibility to adapt to today's rapidly changing environment.
- You've collected the data, you've crunched the numbers, now it's time to act. Actions are the fun part of the marketing strategy. This is where you show your customers you've been listening to them. You create ultra specific campaigns that make their lives easier or better.