{"id":6089,"date":"2019-02-19T20:12:59","date_gmt":"2019-02-19T19:12:59","guid":{"rendered":"https:\/\/www.red-orbit.com\/blog\/?p=6089"},"modified":"2019-05-15T14:19:54","modified_gmt":"2019-05-15T12:19:54","slug":"the-simplest-way-to-get-more-out-of-your-marketing-spend","status":"publish","type":"post","link":"https:\/\/www.red-orbit.com\/blog\/the-simplest-way-to-get-more-out-of-your-marketing-spend","title":{"rendered":"The simplest way to get more out of your marketing spend"},"content":{"rendered":"<p style=\"text-align: justify;\">We recently were speaking with a potential travel client and were asked to look into why they\u00a0weren\u2019t seeing the desired engagement from their spend. Once we\u2019d looked into this we realised\u00a0that the reason for this was quite simply that they were <strong>targeting the wrong people.<\/strong>\u00a0They were targeting big spend clients which in theory makes sense, however following closer\u00a0examination of the data we found that these were one off \u2018big\u2019 spenders that never came back to\u00a0the site after the first transaction.<\/p>\n<p style=\"text-align: justify;\">In the case of this client, you could see that, by targeting the biggest spenders they were missing out\u00a0those who spent less per transaction but delivered a higher life time value than the one off\u00a0spenders. For other brands, the issue is that they know who their target audience should be, but\u00a0they don\u2019t know how to reach them, and are often investing significant amounts of money in\u00a0marketing efforts but spending it in the wrong place.\u00a0Many of us will have been the recipient of the poorly targeted, or timed, marketing message at some\u00a0point, the email from your travel provider advertising the holiday destination you\u2019ve just returned\u00a0from, or the piece of DM for the former occupant of your property.<\/p>\n<h3 style=\"text-align: justify;\">How do you fix this?<\/h3>\n<p style=\"text-align: justify;\">Your data needs to be connected <strong>across all platforms<\/strong>. First things first, you need to <strong>cleanse your\u00a0data<\/strong> to make sure it\u2019s <strong>relevant<\/strong> and <strong>up to date<\/strong> before you do anything with it. It\u2019s nothing new to say\u00a0this, but there really is no point in jumping in neck deep into your direct and digital marketing\u00a0campaign if half the people you\u2019re trying to contact\/ have no interest in you or your product or may\u00a0not even be the ones receiving the message.<br \/>\nYou need specialists in data to review this data to help you understand:<\/p>\n<ul style=\"text-align: justify;\">\n<li>What your customers looks like<\/li>\n<li>Who your most profitable customer is<\/li>\n<li>What is the life time value of a customer and how does that differ through different mediums<\/li>\n<li>How much do you want to\/ do you spend per customer acquisitions<\/li>\n<li>How does your customer like to interact with you<\/li>\n<li>What devices your customers interacts with you<\/li>\n<li>What time of day does your customer interact with you<\/li>\n<li>How does customers interact with you on what device at what time of day on what platform<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Make sure you segment your data and create user profiles, when you\u2019re collecting data make sure\u00a0you\u2019re focusing <strong>on the quality not the quantity<\/strong> and focus on just <strong>one campaign at a time<\/strong>!<\/p>\n<p style=\"text-align: justify;\">We deal with so many clients at different levels of maturity and more often than not I\u2019m terrified at\u00a0the contrast. Below is an example of how you can measure your clients\/ your maturity in dealing\u00a0with data.<\/p>\n<ul>\n<li style=\"text-align: justify;\">Those that describe and summarise data but do absolutely nothing with it, they can say what\u00a0happened, why did it happen and ask what\u2019s happening now.\u00a0<\/li>\n<li style=\"text-align: justify;\">Those who can categorise their customers data by looking at patterns and trends so they ask\u00a0based on \u201cX\u201d what is likely to happen?<\/li>\n<li style=\"text-align: justify;\">Those that can use their customers data to predict what their customer is going to do next\u00a0<\/li>\n<li style=\"text-align: justify;\">Finally, those who are prescriptive with data and can predict and pre-empt what their customers will do. They use advanced machine learning to predict the potential outcomes based on complex data from a verity of sources.\u00a0<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">There\u2019s nothing wrong with being on the early part of this scale, everyone\u2019s journey starts\u00a0somewhere but we need to make sure you can walk before you can run! <br \/>\nTools you should use<\/p>\n<ul style=\"text-align: justify;\">\n<li><strong>Google Analytics<\/strong><\/li>\n<li><strong>Amazon Web Services<\/strong><\/li>\n<li><strong>IBM Watson<\/strong><\/li>\n<li><strong>Dell<\/strong><\/li>\n<li><strong>Microsoft Azure<\/strong><\/li>\n<li><strong>Oracle<\/strong><\/li>\n<\/ul>\n<p style=\"text-align: justify;\">I use the first 3 but the others are good too.<\/p>\n<h3 style=\"text-align: justify;\">So how does this all help my site?<\/h3>\n<p style=\"text-align: justify;\">Well in short you can <strong>Interpret the trends<\/strong> of your customers and use that to predict the future. If I\u00a0told you that you could potentially have predicted Southgate\u2019s waistcoat, fidget spinners and\u00a0Pokemon Go wouldn\u2019t you have wanted to know? The how is really simple, we can combined\u00a0information from social media, ad-buying data, customer habits and even the economy to help you\u00a0find what is the next must have item.<\/p>\n<p style=\"text-align: justify;\">We can use data to <strong>Optimise your pricing<\/strong>. Our data can help you keep real time updates on the best\u00a0prices on for your products. Walmart does this really well to the point that a single product might\u00a0not be selling well but when they pair it with another product, the overall sales increase!\u00a0<\/p>\n<p style=\"text-align: justify;\">You always need data to do your <strong>forecasting<\/strong>. Using your data, you can predict traffic to your site,\u00a0what products will sell well, you can even factor in the holidays seasons. This something Amazon do\u00a0really well using their Amazon Web Services.<\/p>\n<p style=\"text-align: justify;\">Last but by no means least, data can help you get<strong> more sales<\/strong>. Not just in the ways I\u2019ve described throughout but with the biggest killer in eCommerce, cart abandonment. Worldwide cart\u00a0abandonment accounts for <a href=\"https:\/\/www.digitalistmag.com\/customer-experience\/2017\/07\/11\/why-4-6-trillion-left-in-abandoned-online-shopping-carts-in-2016-05208979\">$3.38 trillion of forfeited sales! (Apple x3 + 1\/3!)<\/a> and the UK makes up\u00a0\u00a32.1 million of that! The average cart abandonment worldwide over all industries is 76% and most of\u00a0this can be avoided just by using your data, how? By using the data you\u2019ve collected on your\u00a0customer to reengage with your customer. Because you know how, when and where your customer\u00a0likes to be interacted with, you can reengage with them and reduce your cart abandonment by at\u00a0least 47%. Not only that but by interacting with your customer in a positive way, you raise your\u00a0brand profile and strength with your customers.<\/p>\n<p style=\"text-align: justify;\">Any of these points hitting home? Your struggling with? or you\u2019d like some more information?\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We recently were speaking with a potential travel client and were asked to look into why they\u00a0weren\u2019t seeing the desired engagement from their spend. Once we\u2019d looked into this we realised\u00a0that the reason for this was quite simply that they were targeting the wrong people.\u00a0They were targeting big spend clients which in theory makes sense, [&hellip;]<\/p>\n","protected":false},"author":72,"featured_media":6158,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The simplest way to get more out of your marketing spend<\/title>\n<meta name=\"description\" content=\"We recently were speaking with a potential travel client and were asked to look into why they\u00a0weren\u2019t seeing the desired engagement from their spend. 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