relationship

Is There a One-Size-Fits-All “Giving” Ratio? ~via @InsideCXM

 

Any time a big digital idea comes along, especially an idea that shakes free from the status quo, the marketing masses have one simple question – how does it work? If that question can’t be answered with reams of data, the concept is often dismissed. It’s a pragmatic set-up that often works, but also risks missing the type of very important outlier that doesn’t lend itself to conventional metrics and analytics.

So, what’s this got to do with Return on Relationship (ROR, #RonR) and giving? Well, you may be wondering if there’s a perfect, one-size-fits-all giving ratio that’s sure to check off the requisite statistical boxes and deliver the desired results. It’s a natural thing to wonder in this industry, but it’s not as easy to measure as page-views, followers or shares.

Whereas an ad campaign can be broken down and measured in parts, giving is a more holistic endeavor. You can certainly measure the results of giving and gain insight into its positive effects on your bottom line, but there’s no magic number for the process. In fact, trying to determine exactly how much needs to be given ultimately undermines the intent of the process. Giving isn’t about instant gratification. It’s about long-term success.

Think about some of the mom-and-pop businesses in your hometown. Which ones are still there? What makes one convenience store, restaurant or small retail outlet survive and thrive, when similar business located in the same area fail? Prices, product quality and location all matter, but relationships are what truly separate the long-term success stories from the failures.

In the case of a small business, those relationships were, and often still are, built the old-fashioned way. That means talking to people face-to-face, getting to know them on a personal level, and remembering their name the next time they stop in to visit. It means addressing customer concerns in a prompt, respectful manner and guiding customers through purchases with a mutually beneficial end in mind. It’s about establishing relationships in a way that doesn’t lend itself to predetermined ratios.

Does that mean you need to operate a large corporation like it’s the general store on “The Waltons?” Of course not. Big data still has a prominent seat at the table, just not at the expense of recognizing that those data points represent living, breathing people.

Technology is often blamed for the impersonal nature of the modern business-consumer relationship. It shouldn’t be. The most powerful relationship-building tools in the world are hiding right in plain sight on our smartphones, tablets and laptops. The power of those tools is determined by how we use them.

Take social media, for example. One plan of attack is to get as many followers as possible, bombard them with carefully selected marketing content, ignore comment threads on posted content, rinse and repeat. To me, that looks a lot more like sending someone a catalog than it does building a meaningful relationship.

To get the most out of giving, we need to focus more on the “social” part and less on the “media” part. Have an active presence and use social media to genuinely interact on a personal basis. It’s an opportunity to build real relationships with customers based on timeless values, and in a far more efficient manner than simply waiting for those customers to wander into your brick-and-mortar establishment.

Is there a perfect ratio for giving? No, but that’s the point. So give, #JustBeNice, and don’t expect anything in return. After that, prepare to be amazed when what you get in return is far better than what you’d have expected in the first place.

Originally posted at InsideCXM JUNE 2, 2014 BY 

A Consumer-based View of Data Gathering

The more social media use becomes a way of business and a way of life, the more we are seeing – and will continue to see – issues around data collection and user privacy.  It of course makes sense for marketers to leverage this data, but in my opinion, we’re going about it in the wrong way.

Brands MUST begin to view data as a relationship-building and consumer-engagement opportunity, rather than simply a targeting tool.  The targeting mentality is all about “catching” the customer, zeroing in on the customer like prey — totally counter to the emerging culture of social/relationship-based marketing!

Brands that embrace this targeting mentality are missing the boat and letting a huge relationship-building opportunity pass them by.  Let’s turn the table on the data collection/privacy issue and instead make it valuable to the consumer in the form of getting to know them and serving them better.

Read more

What is Experiential Marketing and is it Social?

What does experiential marketing entail? It entails allowing a customer/prospect to engage & interact with a brand, product, and service in sensory ways that provides an additional intimate level of experience and information.

Personal experiences help people connect to a brand & make intelligent & informed purchasing decisions. “Experiential Marketing” refers to actual customer experiences with the brand/product/service that drive sales and increase brand image and awareness.It is the difference between telling people about features of a product or service and letting them experience the benefits for themselves.

Many think of this as a totally separate form of marketing from social, but to me it is the ultimate in social marketing. It is all about experiencing a product or brand… and what could be more social. In addition the power of social is not the initial reach, but the engagement and more importantly the sharing that follows and enables a brand to reach into each individual’s social graph. How better to do that than to give a consumer an “experiential” experience to share.

Ted Rubin

How Duct Tape Marketing legend John Jantsch uses social media

You probably already know John Jantsch from his wildly (and still) popular book Duct Tape Marketing. The book, and the movement it spawned, is based upon simple, back-to-the-basics, marketing systems any business owner to apply TODAY to grow business. John’s taking things a step further in his new book, Referral Engine. He’s a kindred spirit: he starts with a working definition of marketing and then builds a process based upon it.

I especially appreciate where he places social media in the process. Too many of us present social media like it’s a cure-all or the ultimate marketing toolkit. Many have even gone so far as to proclaim the death of direct mail, death of print, death of newspapers, all listing the killer agent as social media.

John has a gorgeously balanced approach. He says, “While the notion of community-building online has become a very commonplace practice, the opportunity for community-building offline is richer than ever.…The converged business [the business blending John’s balance] uses every advance in technology as an opportunity to forge a deeper, more personal relationship with its customers.”

Marketing is a series of decisions and actions. John says, “For the converged, high-tech, high-touch business, the primary decision filter for every marketing process, customer touch point, and tactic is how technology can make the customer experience more fun, more convenient, more engaging, and more frequent.”

Bravo. It’s not about tools or tactics or even policies and profits. It’s about using everything possible to create something for someone ELSE.

John is as delightful in person as you’d imagine he would be. It was fun to grab a few minutes to talk with him on camera while we were together at Conquer & Grow, hosted by InfusionSoft.

Trey Pennington