Archive for the ‘E-Commerce Red Zone Marketing Playbook for Success’ Category

Play 3: Create A Killer Marketing Strategy

Friday, September 11th, 2009

Now that you have identified your value proposition (the golden gun of marketing) it is time to create your marketing strategy.

This is a top-level plan that must answer the following:
1. The goal of the marketing
2. How you’ll meet these goals
3. The target market(s)
4. The channels you will use to reach these markets
5. Your overall marketing budget

By top-level I am referring to the fact you shouldn’t get too detailed here. This will help keep you focused while creating the plan. It will also make it easier for co-workers / employees to review. Time to begin.

1. What is the Goal of Your Marketing?

This is the action(s) you want your visitors to take: searching for your products, complete a sale, request more information, sign-up for a newsletter, call a phone number, etc. You are not limited to one action but they should fall under the same umbrella. The more measurable, the better (think: analytics!)

The goal of XYC company marketing is to increase awareness and sales of our newest product, widget x.

This is a great starting goal , the 2nd half which is directly measurable (# of sales, revenue generated). The awareness aspect is not as directly measurable but can still be tracked (visits, impressions, information requests).

2. How Will You Meet These Goals?

How will you meet these goals by convincing a prospect to choose your product or service? This is taken mostly from your value proposition / unique selling proposition: Your competitive advantage(s) or benefit(s).

This will be accomplished by positioning widget x as a superior quality alternative to the current competitor widget y by highlighting the cost savings and its 50% longer life span.


3. What Are Your Target Market(s)?

A common mistake for many e-commerce stores is trying to sell everything to everyone. It is important that you identify your target markets and make sure your marketing creative focuses on and communicates effectively to them (and just them!).

Our target market is males 28-35 who are interested in PCs, Gaming and Technology in general. We will also be targeting several current commercial vendors for wholesale distribution.


4. What Channels Will You Use to Reach These Markets?

How will you communicate your value proposition to your target markets? Choosing the right channels is just as important as the message itself. While initially you might not know which ones generate the biggest profits – with continued monitoring (analytics!) the savvy business owner will ramp up the achievers while shutting off the under performers.

E-commerce stores have a great advantage with online marketing: it is inexpensive and highly measurable. Here are the top 5 profit-boosting channels, these are of course nowhere near inclusive:
a. Analytics
b. Pay-Per-Click (PPC)
c. Search Engine Optimization
d. E-Mail
e. Website / Landing Pages

For planning purposes it might be a good idea to have your channels in a bulleted list
• Google AdWords
• Yahoo Search Marketing
• Microsoft Ad Center
• Shopzilla
• Shopping.com
• Google Base
• Google Analytics
• YouTube / Videos
• SEO
• Blog Reviews
• Promotional Givaways
• Direct Mail Postcards
• E-mail


5. What is Your Overall Marketing Budget?

Whether a fixed amount or a % of project revenues you need to have a marketing budget to keep your channels accountable. Also keep in mind it costs 1/6th as much to sell something to a current customer than to acquire a new one. Follow-up marketing & exceeding expectations are two explosive profit weapons left on the table by many online businesses.
15% of projected revenues will be budgeted for marketing.


Put them all together and you get:

The goal of XYC company marketing is to increase awareness and sales of our newest product, widget x. This will be accomplished by positioning widget x as a superior quality alternative to the current competitor widget y by highlighting the cost savings and its 50% longer life span.
Our target market is males 28-35 who are interested in PCs, Gaming and Technology in general. We will also be targeting several current commercial vendors for wholesale distribution. We will be reaching these markets by effective use of:

• Google AdWords
• Yahoo Search Marketing
• Microsoft Ad Center
• Shopzilla
• Shopping.com
• Google Base
• Google Analytics
• YouTube / Videos
• SEO
• Blog Reviews
• Promotional Givaways
• Direct Mail Postcards
• E-mail

15% of projected revenues will be budgeted for marketing.
Now that you have taken time to carefully put your strategy together, set it aside – save it for tomorrow and review it with fresh eyes. Once you approve it, THERE IS NO TURNING BACK. This strategy MUST be committed to for at least six months – end of story. Changing it only dilutes your message and completely deflates your marketing (= lost profits).
So think long and hard about your strategy but once you’ve mind up your mind – DO NOT CHANGE IT.

Key Takeaway from Play 3:

Create a marketing strategy you believe in and stick to it for at least six months.

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Play 2: Uncover Your Winning Secret

Tuesday, September 1st, 2009

Before we develop your marketing, creative and channel strategies we need to uncover why visitors should purchase from you instead of a competitor or alternative solution. This is called your value proposition / unique selling proposition and is used as the foundation/blueprint for future strategies.

Very often times you can find your value proposition hidden in your about us / contact-us pages. That is a good place to start digging.

What exactly is a value proposition?
A value proposition is a company statement or theme that answers the following: Why should I buy from you instead of a competitor (or find an alternative solution)?

This is a question that all of your visitors ask themselves, half of the time subconsciously, and must be addressed for business success.

A value proposition is not an opportunity for a vague “We offer the lowest prices and have the best customer service” pitch (who doesn’t?). It should instead focus on distinct benefits that speak directly to your target audience (in their terminology) and differentiates you from competitors as clearly the optimum choice to meet their needs.

Claims should be substantiated and/or quantified.

Example:

No – Xyz is a painting supply company offering the lowest prices

Yes – Xyz was rated #1 by Painters Choice Magazine for best pricing and overall value.

How do I create or refine my value proposition?
To create your value proposition you need to answer: Who is my target customer/market and why should they buy from me instead of a competitor? Try to think like your customer and what their needs / worries might be. Make sure you are honest and do not try to be all things to all people.

Focus on your customer. Remember, the more quantitative and exclusive your value proposition is, the stronger affect it will have on your bottom line. Use reviews, testimonials and success stories to support your value proposition.

For more help, download the Squeeze Juice Value Proposition Template at the end of this article.

Help! We have a couple value propositions and we can’t decide which one to use! / Ok, I’ve created my value proposition, now what?

Time to test! Take your value proposition(s) on over to your Google AdWords account and set-up an Ad Group with relevant keywords and use each value proposition as a specific ad. Example:

Value Proposition – “Xyz offers a 5,000 color “no-drip” paint selection for canvas artists and was rated #1 by Painters Choice Magazine for besting pricing.”

Alternative Value Proposition – “Xyz offers a 5,000 color “no-drip” paint selection for canvas artists and was rated #1 by Painters Choice Magazine for overall value.”

To test these we might try the following ads (make sure the under campaign settings the option ‘Rotate: Show ads more evenly’ is selected!)

5000 No-Drip Paint Colors
Choose From Over 5000 Colors
#1 Best Pricing by Painters Choice
www.XyzPainting.com

5000 No-Drip Paint Colors
Choose From Over 5000 Colors
Painters Choice – #1 Overall Value
www.XyzPainting.com

You can test as many variations as you’d like – just keep in mind the more testing the longer you’ll have to wait for your results! The ad that receives the highest click-through-rating / conversion rate is your winner and gives you a solid place to start.

To further assist you I have created a Value Proposition Template Worksheet that you can use to help you uncover your value proposition.

Key Takeaway from Play 2

For success online (or off) you must identify and clearly express your value proposition, through every stage of your business & customer interaction.

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Play 1: Discover What is Working and What Isn’t

Sunday, August 30th, 2009

In order to have a successful holiday season online you need to first review what has worked (and what didn’t) up to this point. That means we need to take a good hard look at your analytics data.

Why Analytics?

Analytics is an integral key to online success – without it you might as well close up shop now. Yes, it is that important. Let me make it clear: IT IS THAT IMPORTANT.
What exactly is analytics? Well, it has many definitions depending on who you ask but for this post we will define it simply as:

The proper collection, reporting and review of visitor interactions throughout your website to improve performance & satisfaction.

What does analytics tell you?

From a top level view:
1. What is working in your business, website & message
2. What isn’t working in your business, website & message

When you ask the right questions and use the right analytics tools you quickly discover:

1. Why your AdWords or PPC campaigns are having trouble
2. Where your most valuable customers are coming from (and how to get more)
3. What online advertising channels are wasting your money
4. How your e-mail campaigns measure up and what to improve
5. What landing pages are working and the ones that need immediate help

And much more.

What analytics tools should you be using?

Well there are quite a few out there but I will touch briefly on several that I have used and work well:

Google Analytics – Well known as the best free in-depth analytics tool with many powerful features including AdWords linking, motion charts and custom reports just to name a few! X-cart has an option for enabling this so be sure that is turned on. Unfortunately that doesn’t really cover it – if you want to ensure your coverage just request your Free 7-Point Analytics Audit Report.

Web Logs – Your web logs provide a great source of data but you need to use a good log analyzer to really uncover the important stuff. Web log storming is a great tool and I’m sure there are some good free ones out there.

Statcounter.com – Great ‘hit counter’ resource. Statcounter shows you (in somewhat real time) each visitor and what they clicked on. Helps you quickly uncover any error pages or problems with your site. They have a free and paid version. (You can’t track HTTPS pages with the free version).

ClickTale.com – Lets you see your visitors’ mouse movements like you were at their computer! Their javascript tag captures visitor interaction on your site and plays it back as a movie so you can see how they moved around your site. Great for evaluating landing pages and overall usability. They offer both a free version and paid.

Crazyegg.com – Crazy egg is a ‘lighter’ version of clicktale in that it shows you where users clicked (even if it is not a link – great for discovering things visitors mistake as clickable) and generates heatmaps based on this data.

That covers collecting & reporting but those two alone won’t improve your website. You need to review your data. This can be difficult at first and you can definitely fall prey to information overload – but we will try to sidestep that.

Reviewing Your Analytics Data

The most important concept to grasp with analytics is to ask questions. You need to become a master detective that would put Sherlock Holmes to shame if you wish to generate more sales. Use the data to try and answer those questions. The more specific your question – the more actionable you can be on that data. Let’s do an example:

Question: What is my conversion rate?
Answer: .75%. This doesn’t help us much yet. It is safe to say that whatever this number is you want to improve it, so let’s ask a more specific question.

Question: What is my organic traffic conversion rate?
Answer: .50%. Now we are getting somewhere – this tells us right away that something needs to be investigated with your organic traffic because the conversion rate is 50% lower than your sites average.

This will lead us to another question

Question: What are the individual search engine conversion rates?
Answer:
Google: .10%
Bing: .70%
Yahoo: .70%

Holy cow what is going on with my Google traffic? What keywords are generating the most traffic from Google? What are the top landing pages from Google? Do they match well? – These questions would hone in directly to an actionable problem that you can now address.

Key Takeaway From Play 1

Ask specific questions to uncover what has worked (and what hasn’t) so far in order to build your marketing strategy around this information. At the very least – even if you can’t make use of it or don’t understand your data now you should still be collecting it. That way when you can (or hire someone else who can) analyze your data you have plenty of history to review.

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