Do You Need to Be “Lucky” in Marketing to Succeed?

Do You Need to Be “Lucky” in Marketing to Succeed?

The other day, someone told me that My Media Labs was “lucky” to have ran a certain successful marketing campaign last summer, and then wished us “luck” in replicating the results this year. I know that he meant well, but statements like this are the perfect example of the fact that most people have the wrong idea about marketing. If you are promoting your business with this kind of “blind luck” about marketing then this post is for you. What Great Marketers Learn From Black Jack We generally define luck as “success or failure apparently brought by chance rather than through one’s own actions”. When applied to marketing, luck seems to favor the “throw spaghetti at the wall and see what sticks” approach. It means not really doing your homework, spending money on the latest software or Internet fad and basically tossing marketing dollars (or shekels) into the trash can. But if we really look at the idea of “luck” we see that it’s a figment of the imagination, a mental security blanket we cling to in the hopes that a course we’ve chosen will come out right. For example, let’s take the game of Black Jack or any “game of chance” for that matter. There are certain rules to the game: Each deck has 52 cards: 16 cards in the deck have a value of 10: Jack (4), Queens (4), Kings (4), 10 cards (4) 4 cards in the deck have a value of 10 or 1: (4) Aces 32 cards in the deck are broken up into groups of 4 cards each with values between 9 and...
What Is The ROI of Custom Content Marketing?

What Is The ROI of Custom Content Marketing?

Many businesses are in the dark when budgeting for online content and marketing. Picking a dollar amount based on available funds, taking a best guess or using past budget allocations without renewed analysis does not work.   Calculate the potential return on investment (ROI) before you devote employee time or hire a vendor to produce blog posts, videos or webinars. To get started, you need to determine the lifetime value of your customers.   How to Calculate Customer Lifetime Value   Customer Lifetime Value (CLV)represents the estimated amount of revenue a typical customer brings your business over a set period time. Professional practices like law firms and doctor’s offices can also determine the average revenue per client for a typical year, even though billings may vary greatly between clients or insurance company payments.   The 2013 Survey of Law Firm Economics provides some insight on what the ROI of content marketing should be for licensed professionals in the legal industry.   Average gross revenue per lawyer (1 to 10 in firm) = $300,000 Average gross revenue per lawyer (10 to 20 in firm) = $400,000 Firms spent 1.9% of gross receipts on promotional expenses (marketing)   For example, let’s say a personal injury law firm in Georgia has ten lawyers, working on 30 to 40 cases each per year. The firm earns around $4 million per year with 90% of cases yielding settlements at an average of $10,000 per settlement.   The CLV for each new client acquired through promotional efforts can therefore be set at $10,000, since the firm only takes on cases that it believes can be settled or won...
Outsourcing Helps B2B Marketers Meet Content Demands

Outsourcing Helps B2B Marketers Meet Content Demands

Any company can boost sales if they do one thing right: influence customers earlier in the purchase process. By the time most customers engage your sales department, they have already progressed 57% through the purchase process, says a study by the Marketing Leadership Council in partnership with Google. That means your customers minds are more than half made up about doing business with you before you even speak to them! Customers base these purchase decisions on the content they find about your business online.  Does your business have the right message out there? Dis-Content: The Role of Content Creator Goes To … High quality content plays a critical role in customer acquisition, often influencing customer decisions more than the actual product or service being sold. Despite content’s central role in generating sales, many companies lack in a clear and effective approach to creating it. One executive quoted in the MLC study said: “content still seems to be everyone’s job and no one’s job”. According to MLC, content has historically been a “minor aspect of the marketer’s role in supporting specific campaign objectives” such as product launches or corporate rebranding. In recent years, the demand for high quality content has soared in large part to five factors identified in the MLC study: Lead nurturing programs Blogging and social media Search Engine Optimization (SEO) Providing richer user experiences Consultative selling methodologies The assumption that marketing departments will have the time and subject matter expertise to effectively address enterprise content needs results in missed opportunities to generate truly qualified sales leads. This resource gap often results in delegation of content creation responsibilities to...