Transcript prranch - WrightIMC

Retaining Authority
The Consultant Effect
Tim Wagner
Vice President
[email protected]
@prranch
Raise your hands into the air and flail them about
as if there were no repercussions.
Big brands don’t have
anything you don’t have …
except more money.
But, you have access to the same social media platforms, the
same Internet, similar tools, and
the same advertising opportunities.
And, you can emulate their strategies
on a smaller scale.
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How Should I Think About
Marketing?
Marketing is about growth & domination
Increasing your market share
If I spend $100 and get $200, can I spend $200 and get $400?
At some point you will spend $1,000 and get $2,500
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What Should I Spend?
8-10% of total revenue (depending upon competition)
HA! You didn’t expect a real answer did you?
Funny how 10% works – tithe, savings, etc.
Could be as high as 25% for a startup
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What’s the right “marketing mix”?
Marketing = selling
Marketing properties are under your control:
• Website
• Social mediums (sort of)
• Email lists
Advertising is paying for attention
• Not preaching to the choir, new customers
Public relations is getting “free” attention
• Press outreach
• Guest blogging
• Social mediums (sort of)
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Traditional Advertising
Audience and opportunities are diminishing
Price is still comparatively high for TV and print
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Online Advertising
Text ads in search - PPC
Display advertising on other sites
Targeted
Cost is low per impression
Conversion (click) rate is low
Watch your cost per conversion
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Display Costs
$300 might buy you 100,000 impressions
From which you can expect about 100 clicks
If you convert 10 of those clicks into customers you’ve
acquired those customers at $30 each
What’s the average revenue value of a customer to you?
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Owned Properties
Websites & blogs
Email lists
Social profiles
Control the message
Social marketing mix
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Why do people follow brands?
Owned Properties
Social marketing mix
Promotional Messages
Establishing Authority & Expertise
Curating Third-Party Valuable Content
Interacting With Fans & Followers
SMM is for – top of funnel, branding, some conversion
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Public Relations
News – angles, local
Networking – real life!
Social networking
Offsite SEO – link outreach
Guest posting
Broken link building
Ask
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Try Everything
Experiment
Learn from failure
Double down on success
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I love it when you call me
“Big Data”
Increase Marketing
in Lean Times
Do you believe in your product?
You don’t shrink to grow
Advertising brings revenue
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Marketing is Forever
There is no “set it and forget it”
There are no reliable shortcuts
You don’t do any kind of marketing once – SEO included
Your goal is to increase your marketing spend constantly
Efficiency, not cheapness
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If You Ever Hire an Agency
Ask only one question:
“I have this much budget - $XX. What is the most
you can do with that money?”
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[email protected]
@prranch