Connect with us

SEO

A Complete Guide To B2B Multitouch Attribution Models

Published

on

A Complete Guide To B2B Multitouch Attribution Models

Executives have always desired a “single source of truth” to measure marketing effectiveness and avoid wasted ad spending.

John Wanamaker famously said, “Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”

While today’s data-driven marketers have untold access to data and metrics, the question is still as valid today as it was in John’s day

Which marketing activities contribute to the bottom line – and which ones do not?

Each online platform – be it Instagram, Facebook ads, Google Ads, LinkedIn, or YouTube – wants you to spend more money with it.

But it is not always possible to gain the full picture of accurate marketing performance.

Thankfully for us marketers, multi-touch (or multi-funnel) attribution may be the solution.

A multi-touch attribution model (MTA) enables you to understand each touchpoint’s role in creating a new customer.

This shows you what to leverage to boost performance and hit growth targets.

That’s why it is so important to gain a complete picture since every touchpoint a customer has with your brand can influence their decision to convert.

Once you understand which touchpoints result in conversions, you can better allocate your budgets to similar touchpoints in the future and reduce funds from less effective ones.

First, How Does Multi-Touch Attribution Work?

Multi funnel attribution – also known as multi-touch attribution – is a way to measure conversions.

It considers every touchpoint in the customer marketing journey and gives tribute to each channel to show the value of each touchpoint.

The challenge most marketers face is which channel or touchpoint to credit and how much to credit each touchpoint for the conversion.

In the graph showing a customer journey above, should the Facebook ad (first touchpoint) get all the credit, the Google paid-search ad (last), or all of them?

We’ll take you through all the attribution models to better understand how you could shape your measurements.

What Is Multi-touch Attribution?

Multi-touch attribution models refer to those that evaluate and weigh the impact of several touchpoints, not all attribution models.

As a result, they only consider the first or last touchpoint encountered before a conversion rather than every touchpoint encountered throughout the sales cycle.

What Multi Funnel Attribution Is Not

An easy way to understand multi-touch attribution is to compare it with other attribution models.

It Is Not First-Touch Attribution

Under the first-touch attribution model, the initial marketing touchpoint of a campaign before a closed sale is given full credit for the sale. This is where awareness marketing campaigns get credit for triggering a sale at the top of the funnel.

This may be useful for niche situations, but it gives no attention to the middle or bottom of the funnel activities.

However, this can be useful as companies prepare themselves for when there are no 3rd party cookies in the future, and other metrics – such as the first point of contact – need to be tracked.

It Is Not Last-Touch Attribution

In this model, the final touchpoint that has been interacted with before a closed lead is given full sales credit.

Last-touch attribution seems to be used more frequently than first-touch.

This attribution method is primarily concerned with the end stage of the customer journey and doesn’t focus on top or mid-funnel activities.

Why Adopt A Multi-touch Attribution Approach For B2B Marketing

Since you sell to companies, not individuals, you need more of an account-based attribution model rather than focused purely on the individual.

While some B2B transactions are conducted as B2C transactions, most B2B attributions need you to consider the many stakeholders in your buying journey to the account level.

These stakeholders are responsible for determining whether the company will buy from you.

Companies, Not Individuals

It is easy to lose sight that B2B means that you sell products or services to companies, not individuals.

The buying process includes users, decision-makers, stakeholders, and other advisers, but ultimately a company has to decide whether to pay another company for its solutions.

However, account-level or not, their journey will mirror the consumer’s.

Your brand and product are still going to be researched and engaged across all your different channels, including:

  • Website.
  • Live chat.
  • Email.
  • Phone calls.
  • Review sites.
  • Your product’s free trial.
  • Social media.

Organized Data, Better Strategies

All of this data is difficult to organize, understand, and build a useful attribution model without structured thinking.

That is why a multi-touch attribution model, which provides a more granular, human-centric view of a campaign than traditional methods such as media mix modeling, is becoming more important for marketers.

In addition to providing visibility into the success of touchpoints across the customer journey, multi-touch attribution offers many other benefits.

It is crucial to utilize data-driven marketing to use the right channel to meet consumers at the right time, as consumers are becoming increasingly adept at avoiding marketing messages.

Multi-touch attribution makes this possible, which provides marketers with granular data to identify audiences across channels and determine their specific marketing goals.

Return On Investment

Multi-touch attribution models can help marketers improve the consumer experience and help them increase the return on their marketing expenditures by revealing where their money is being spent most and least effectively.

This supports a shorter, more effective sales cycle by presenting consumers with more impactful marketing messages.

Quick Overview Of The Types Of Multi-Touch Attribution Models

In multi-touch attribution, each touchpoint engages with the customer before conversion – the difference is the amount of credit attributed to each touchpoint. These models can either be adopted as is or modified to create custom models.

Linear Multi-touch Attribution Model

When you use a linear attribution model, each touchpoint in the buyer’s journey receives the same amount of credit for driving the sale. While this type of attribution considers all touchpoints in the buyer journey, it weighs each equally.

Although linear attribution improves first or last touch attribution, it still leaves a lot to be desired as all touchpoints don’t equally impact consumers.

U-shaped Multi-Touch Attribution Model

Based on the U-shaped multi-touch attribution strategy, 40% of value is attributed to the initial and last contact, and 20% goes to the subsequent touchpoints.

It provides your team with a clear picture of where the customer’s journey has begun, and where the journey ends.

Because this attribution model considers that not all touchpoints are equal, it is more reflective of how marketers value touchpoints intrinsically.

This is because it gives gravitas to the starting and ending campaigns.

Even so, it doesn’t meet all of the customer’s journey requirements due to its simplistic viewpoint.

Time Decay Multi-touch Attribution

This model gives a larger share of credit to customer touchpoints closer to conversion.

Although it gives some credit to touchpoints in the top and middle of the funnel, this article focuses primarily on touchpoints at the end of the marketing funnel.

The time decay model emphasizes touchpoints that directly lead to conversions and ignores awareness-based touchpoints.

While conversions are critical to ensuring your business is profitable, downplaying the first touchpoint is not perfect for all marketing teams.

The W-Shaped Multi-Touch Attribution Model

The W-shaped model is responsible for assigning credit of 30% at the first touch, mid-way (lead creation), and final (conversion) touchpoints.

The remaining 10% is equally split between additional engagements.

This model is ideal when there is a clearly defined “opportunity creation” stage in the journey.

And, while this is a massive improvement on the “one or none” approach, it is not always the best model for marketing teams to accurately attribute conversions.

Full Path Multi-Touch Attribution Model

This model – commonly used in B2B spaces – is quite detailed and complex.

Similar to the W-shaped multi-touch attribution, it has the addition of the lead creation touchpoint.

This notes the moment that a marketing lead becomes a qualified lead.

Here, 22.5% of the credit is attributed to the first touchpoint and lead generation, opportunity creation, and sale touchpoint, with the remaining 10% spread among the leftover touchpoints.

It is useful because it gives a granular view of the customer’s journey from start to finish.

So granular, in fact, that it may not be the best choice for B2C companies or those with low-involvement purchases.

Tailored Multi-Touch Attribution Model

The company itself designs this model.

It allows marketers to base value per touchpoint against their own parameters.

This is ideal for those who want to get the most from multiple models.

It can be difficult to put all the benefits of bespoke attribution together.

You may need to invest in software and attribution modeling experts to tailor your attribution strategy properly.

How To Deploy Multi-funnel Attribution For B2B

This can be a daunting task, but here are the steps we use to roll out a multi-touch attribution model.

Identify The Models And KPIs

Choose the attribution models that suit your organization best. Consider the length of the sales cycle, the types of campaigns, and the level of detail required. Then, identify the key metrics to measure success or failure.

Bring The Team Onboard

Your in-house team may need to bring on some external marketing analysts and strategists to get this job done. Internal finance and creative teams will also need to understand how data will drive campaigns going forward.

Setup Tracking

Start here:

  • Collect the data. Who is visiting your site, how did they get there, and did they convert?
  • JavaScript, where you add code to your website’s pages to understand who is interacting with your site and how. This includes call tracking such as page views, user activity, user identity, and traffic source.
  • UTMs are custom URLs that allow you to track campaign-specific clicks and actions. UTMs can be integrated with the JavaScript calls to get a clearer, more accurate image of your user. In addition to maximizing insights, it enables B2B performance marketers to optimize spending, campaigns, and ROAS by stamping UTM attributes at the account level for website visitors. When used in conjunction with account-based retargeting ads, this has the potential to leverage massive growth.
  • APIs can be integrated with your CRM system, external advertising vendors, and third-party software that have unique ways of identifying your users.
  • Combine the data. To turn this raw data into useful insights, you need a place to store it, such as a central, secure data warehouse.
  • Visualize the data. It is important to transform this data into graphs and charts that non-analytic stakeholders will find easier to understand. There are many vendors available who can do this for you.
  • Invest in analytics software. If your attribution models are complex, it is best to implement analytics software that is advanced enough to work with your models. This will standardize and correlate the spans of raw data into reports that offer insights. Ideally, it will highlight consumer motivation, such as strong brand equity, compelling campaign creatives, etc.
  • Apply insights and remodeling. Once you have collected and cleaned the data, use it to try and predict what might come based on past observations. Those insights can be translated into campaign improvements right away.
  • Optimize and test. Tracking and testing are never done. Embrace a culture of continually evaluating your MTA data and testing campaigns to improve results.
  • A/B testing: Tools like Google Optimize, Optimizely, or your strategic marketing partner make it easy to change campaigns to see what audiences prefer.
  • Server-side testing: Growing in popularity for channels like SEO if other methods aren’t working.
  • Geo experiments: For channels that cannot be A/B tested (such as TV), splitting campaigns by geographical region is useful to see the impact of the marketing on sales.
  • Deprivation testing: Quite simply, switching the ad off and then on again to see its impact on sales and conversions.

Is MTA The Same As Multi-Channel Attribution?

Quite simply – no. Multi-channel attribution allocates credit according to channel (social advertising, paid search, organic SEO, etc.). It does not take into account specific touchpoints, messaging, or sequences.

While multi-touch attribution does factor in the channel, it is more granular in that it zooms in on each of the ads, their creatives, messaging, sequencing of interaction, and so on.

How Do We Know If We Need Multi-Touch Attribution?

It is best to apply MTA to campaigns that pivot on digital spending and that need to link an individual to a specific marketing event.

This could be email or online paid advertising that spans multiple channels and devices.

If your campaigns require this level of insight, then MTA is a good fit for you.

Conclusion

Multi-touch attribution allows B2B marketers to respond more rapidly to changes in their target audience and greater market.

The granular understanding they are given at an account level of which elements of their campaigns are working – and those that are not –  means they can be flexible, agile, and competitive.

They have clarity into every touchpoint on the B2B customer journey, empowering marketing teams to make better data-backed decisions going forward.

Remember, B2B marketing attribution isn’t so much about budget as what marketing teams are doing.

Finding the right attribution model is imperative to success.

If yours is not supplementing your strategy with useful data, it will negatively impact your performance.

Every dot of data, every graph, and report should give you more insights into your ideal customer and their typical behavior.

As modern B2B marketers, we must have multiple weapons in our digital arsenal.

This will bring clarity to data chaos and give the organization an edge that will help them forge ahead with confidence.

More resources: 


Featured Image: MaximP/Shutterstock

!function(f,b,e,v,n,t,s)
{if(f.fbq)return;n=f.fbq=function(){n.callMethod?
n.callMethod.apply(n,arguments):n.queue.push(arguments)};
if(!f._fbq)f._fbq=n;n.push=n;n.loaded=!0;n.version=’2.0′;
n.queue=[];t=b.createElement(e);t.async=!0;
t.src=v;s=b.getElementsByTagName(e)[0];
s.parentNode.insertBefore(t,s)}(window,document,’script’,
‘https://connect.facebook.net/en_US/fbevents.js’);

if( typeof sopp !== “undefined” && sopp === ‘yes’ ){
fbq(‘dataProcessingOptions’, [‘LDU’], 1, 1000);
}else{
fbq(‘dataProcessingOptions’, []);
}

fbq(‘init’, ‘1321385257908563’);

fbq(‘init’, ‘239948206198576’);

fbq(‘track’, ‘PageView’);

fbq(‘trackSingle’, ‘1321385257908563’, ‘ViewContent’, {
content_name: ‘b2b-multitouch-attribution-models’,
content_category: ‘analytics-data marketing-analytics’
});

Source link

SEO

Lead Generation: How To Get Started

Published

on

Lead Generation: How To Get Started

Today’s consumers have an almost limitless amount of information at their fingertips. Podcasts, videos, blog posts, and social media – are just a few of the sources that can drive them toward one brand over another.

If it’s your job to attract these potential customers, you know the struggles of generating high-quality leads.

In this piece, we’ll take a closer look at lead generation, discussing the different types of leads you could attract and providing some strategies and examples for lead gen that you can put to use right away.

What Is Lead Generation?

Lead generation is a marketing process of capturing potential consumers who show interest in your product or service.

The goal is to connect with people early in the buying process, earn their trust and build a relationship so that, when they’re ready to make a purchase, they buy from you.

But lead generation also serves secondary objectives, including building brand awareness, collecting customer data, and fostering brand loyalty.

With this in mind, it’s important to remember that not everyone who visits your store or website is a lead.

That’s why successful lead gen goes after specific targets, using a variety of platforms and strategies including:

  • Landing pages – Using a tracking pixel, landing pages collect information about visitors you can later use to target them for sales.
  • Email – Email is a great lead generation tool because the recipients will have opted in, which means they’re already familiar with your brand.
  • Social media – With unmatched opportunities for engagement, your social media accounts are a great way to encourage your targets to take action.
  • Blogs – A great way to establish authority and provide value, blogs are also a great place to promote specific offers.
  • Live events – When it comes to qualifying leads, live events are a great way to meet your target audience and quickly identify the ones more likely to make a purchase.
  • Coupons and other promotions – Offering a discount or free item is a great way to encourage targets to provide their contact information.

What will ultimately work best for you will depend on your niche and your audience.

As you experiment with different lead generation strategies, you may find one more successful than the others. This means you should probably make that channel your priority, whereas others may not be of any use at all.

But we’ll get to all that later.

First, let’s talk about leads.

The Different Types Of Leads

Sales is the engine that drives any business. Without sales, there’s no revenue. Without revenue, there’s no business. So, it’s kind of important.

But it’s a massive field. The approach a medical monitoring sensor salesperson takes is going to be very different from a used car salesman.

But both of them – and every other sales professional for that matter – have one thing in common: they need to spend most of their time pursuing the people who are most likely to buy.

In general, leads fall into seven categories:

  • Hot Leads – These leads are ready to convert. They are qualified and interested in your offering, and are the most likely to convert to a sale. For example, this might be the purchasing director who has had several conversations with you and received a product demo. They have purchasing authority and a timeline.
  • Cold Leads – These are potential customers who may be unfamiliar with your brand or offering. As of yet, they have shown no interest in what you’re selling. Generally speaking, these are the hardest leads to convert to sales.
  • Warm Leads – A middle ground between the two previous types of leads, these are people who are familiar with who you are and what you offer. They’re the type who watch your videos or read your blogs, but haven’t contacted you directly. Your goal is to warm them up into hot leads.
  • Information Qualified Leads (IQLs) – This is the kind of lead who has already shown some interest in your company and has followed a call to action. Maybe they signed up for your email newsletter or filled out a lead generation form. They are often looking for more information and will react positively to a nurturing campaign.
  • Marketing Qualified Leads (MQLs) – MQLs are one step further down the pipeline from IQLs. They are actively searching for a solution that fits their needs, and are trying to discover if yours is the right fit. These are the types of leads who will download your whitepapers, watch your videos, and attend your corporate seminars.
  • Sales Ready Leads (SRLs) – Sometimes called “accepted leads,” these are the bottom-of-the-funnel leads who are almost ready to pull the trigger on a purchase. It’s important to understand their budgets, purchasing authority, needs, and timeframe.
  • Sales Qualified Leads (SQLs) – These leads are ready to buy and should be in communication with your sales team. They are considered very hot, however, you should be aware that they are likely still considering some of your competitors.

The Lead Generation Process

As you have probably gathered by this point, lead generation is a multiple-step process.

Yours will vary, depending on whether you’re focusing on inbound or outbound generation – but both should follow a similar pathway.

Step 1: Do Your Research

Before you start trying to collect leads, you need to gather as much information as possible about your target audience. You want to know not just who they are, but where they live, what’s important to them, and most importantly, what their pain points are, particularly those that are the most pressing.

It’s often a good idea to create customer personas, in which you define the demographics, budget, and needs of typical customers. You may want to consider social habits, professional experience, and even psychological traits.

Once you know who you’re going after, it’s time to identify where they are. Are they active on Facebook, or more likely to respond to an email? Again, this will vary depending on your specific circumstances.

This is also the stage where you should check out the competition. What are they doing? What differentiates your offering from theirs? And most importantly, why is it better?

Step 2: Create Great Content

By now, you should know what needs your offering fills for your potential customers. Use this information to create content that solves it.

Your choice of medium will affect your content format. For example, videos work great on social media, but you can’t embed them in an email.

Likewise, if you’re going after your target audience on Twitter, your lengthy blogs are going to need to be linked to, or at the very least truncated.

Never forget your focus is on adding value. Each piece of content you create should serve a specific purpose, whether that’s educating your audience about your offering, building brand awareness or promoting a sale.

Step 3: Develop A Lead Generation Database

You can have the hottest leads on the planet, but they won’t do you a bit of good if you don’t handle them the right way.

You should create and use a lead database where you can record, study, filter, and segment your potential customers.

Ideally, you’ll want to get an automated CRM system to dramatically reduce the labor involved with this.

Most of these will allow you to tag leads based on the type and how hot they are. This allows your sales team to work through their lists in a more efficient manner, dedicating the most attention to those with the biggest chance of converting.

Step 4: Qualify And Score Leads

Not all leads are going to be in the same place in the sales funnel. Some will be ready to buy today, while others may just be getting an idea of what’s out there.

You need to adjust your approach based on this.

Most companies use a lead scoring system of 1-100, which indicates approximately where the lead is in the customer journey. They are assigned points based on their actions, with more serious actions resulting in more points.

For example, following your Facebook page could be worth 10 points, filling out a “Request a demo” form might be worth 20, and opening and reading an email could be 5. If a lead does all three of these, their lead score would be 35.

These numbers will give you a general idea of where they are from the following stages:

  • New leads, who have just made initial contact.
  • Working leads, with whom you have had contact and initiated a conversation.
  • Nurturing leads, who are not interested in buying right now, but might in the future.
  • Unqualified leads, who are not interested in your offering. These are sometimes called “dead leads.”
  • Qualified leads, or those who want to do business with you.

Obviously, you should focus more time and energy on the leads that have a higher probability of converting.

Lead Generation Strategies And Examples

The ways you can generate leads are practically endless, but in this section, we’ll discuss some of the more common strategies you can employ, plus give you examples of them at work.

Content Marketing

Content marketing is the practice of creating engaging and informative content that provides value for leads and customers, thereby generating interest in a business.

This can span both traditional and digital marketing, and is an important part of any successful marketing strategy. It can include things like newsletters, podcasts, videos, and social media.

You can use content marketing for any stage of the sales funnel, from growing brand awareness with timely blogs, creating demand or demonstrating thought leadership with white papers, driving organic traffic via SEO, building trust, and earning customer loyalty.

To make the most of yours, offer many opt-in opportunities and make them more enticing by adding discounts, guides, or something of value in exchange.

Email Marketing

Email remains a popular choice for lead generation for a good reason: it works.

A study by Mailchimp found 22.71% of marketing emails were opened, with some industries seeing even higher rates.

Whether you’re sending out a monthly newsletter or a cold outreach email to a potential prospect, email remains one of your best bets for generating new leads.

One of the more cost-effective means of generating leads, email marketing also allows you to segment your targets with customized content that promotes maximum engagement.

Another reason email marketing is a favorite for so many organizations is that it provides incredible opportunities for tracking. A quality CRM will give you a lot of useful data, including open rate, engagement time, and subscriber retention, allowing you to fine-tune your campaigns.

Social Media Marketing

Almost everyone is on social media these days, which makes it the ideal place to hunt down leads.

Social media platforms not only allow you to directly interact with your followers, but they also let you create advertising targeted at highly specific audiences.

Interaction is simplified thanks to multiple user-friendly CTAs like Instagram Stories’ skip option and truncated URLs on Twitter.

Screenshot from Facebook, January 2023

Social media is also a great place to run contests or share gated content.

You can use paid ads like the one above to target new leads,  share content that will generate them organically, or ideally, a mix of both.

Coupons, Discounts, And Free Trials

If you’re like many people, you may be reluctant to provide your email address to businesses in case they start spamming your inbox.

As a business, however, this can be a problem.

The way to overcome this trepidation is to offer people something of value in return for their contact information.

A risk-free trial or discount code is a powerful tool for overcoming sales barriers. And once a target has tried your offering, you can retarget them with additional offers to encourage a sale.

Give them a free gift, offer a coupon, or allow them to take your product for a test drive, and you’ll find many more people willing to give you their info.

Free pizza couponScreenshot from author, January 2023

Online Ads

Display advertisements are videos and images that pop up as you’re browsing websites, apps, and social media.

They, along with paid search and PPC, are a great way to reach your intended customers where they are.

Display ads are particularly useful for targeting leads across the buyers’ journey, as well as promoting awareness and sales, promotions, or new products.

google search ads result for chairsScreenshot from Google, January 2023

Remarketing ads are a great way to reengage leads who have stopped short of a purchase, while non-intrusive native ads are perfect for extending your content marketing efforts.

Referral Marketing

A great way to find new leads is to let your existing customers find them for you. Encourage them to write reviews or recommend friends in return for a discount or something else of value.

AAA insurance referral adImage from AAA Insurance, January 2023

This is an excellent way to fill your funnel of leads – and make more sales. Referrals and online reviews give you an authenticity and trust level that no in-house marketing campaign can ever duplicate.

Did you know that when shopping online, more than 99.9% of people read reviews? Or that 94% of consumers acknowledged positive reviews made them more likely to support a business? And that’s not even including the power of personal recommendations from friends and family.

Referral marketing is a great tool for lead generation because it presents your brand in a positive light to more people.

Best Practices For Lead Generation

To ensure you’re getting the most out of your lead generation efforts, keep these tips in mind:

Use Your Data

You likely have a lot of information about leads and the types of strategies that work for them already at your fingertips.

Gather yours by looking at previous pieces that have worked well, whether it’s blogs that get a lot of reads, emails that have a high open-rate, or display ads that bring in a lot of traffic.

Look for general themes or things you did differently on high-performers. This will give you insight into the kind of things that resonate with your audience.

Be Consistent With Messaging

Make sure it’s very obvious to any web visitor or email recipient what action they should take next. Offer them a reason to click your links and keep your messaging clear and consistent.

You should maintain the same tone of voice across channels as you move prospects through the sales funnel. Remember, you’re not just interested in capturing data – you’re trying to create a customer.

A/B Testing

Every marketer knows the importance of testing different versions of collateral. This is because, no matter how well something is performing, it could always do better.

You should experiment with different headlines, images, body copy, etc.

Just remember to only test one aspect at once, lest you miss which change made a difference.

And again, don’t forget the opt-ins.

Use The Power Of CRM Technology

To ensure your sales and marketing teams are operating as efficiently as possible, but a lead generation platform to work for you.

The right tool can help you gather information about your targets, monitor their behavior on your website and identify what’s driving them to you.

Armed with this data, you can then optimize your pages and campaigns to better target your audience.

Create Enticing Offers At Every Stage

People at different stages of the purchasing journey want different things.

Someone who is just curious about seeing what’s out there isn’t likely to respond to a free demo offer, but someone who is further along the funnel might.

Make sure you’re offering something for every buying stage and that you have clear CTAs throughout your materials.

Integrate Social Media

Social media is the ideal platform for initiating conversations and interactions with leads at all stages.

While many marketers typically think of it as primarily for top-of-funnel targeting, by strategically using proven offers and other things of value, you can also go after those leads who are closer to making a purchase.

Clean Up Your Landing Pages

Users want information presented to them in a clean, easy-to-understand manner. No one is trying to read “War and Peace” to find a new vending machine supplier.

Put your important information at the top, and make it clear where visitors can input their information to contact you or get content.

Use Your Partners

Co-marketing is a great way to generate new leads because it allows you to piggyback on the efforts of partner companies.

Create mutually beneficial offers and you’ll spend the word about your brand to a larger audience, which will attract new leads.

Bring Your Sales Team In

Marketers prime the pump, but sales drives the action. Make sure to loop your sales team into the lead generation process early and often.

They will likely have personal insight into what works best to move targets along the purchasing path.

This will also ensure you remain on the same page as far as what terms mean.

Remarket, Remarket, Remarket

Almost no one makes a purchase on first contact, particularly in B2B sales. That makes remarketing an important arrow for your quiver.

It helps turn bouncers into leads and abandoners into customers – and it amplifies all your other marketing activities.

Make Lead Generation A Priority

No one ever said it was easy to find, score, and qualify leads, but it’s an important part of ensuring the growth and financial health of your business.

Nurturing customers and potential customers is hard work. But without it, you’ll struggle to make new sales.

This piece only covered lead generation from a high level, but hopefully, it has equipped you with some strategies you can employ to attract new leads and nurture existing ones.

If you only take a single thing away from this make it this: Put most of your efforts into higher-quality leads, because they’re the ones who are most likely to make a purchase.

And remember – lead generation is an ongoing process. You’re not going to see results overnight, but if you put in the work, you’ll start to generate the results you want.

Happy hunting.

More resources:


Featured Image: Andrey_Popov/Shutterstock



Source link

Continue Reading

SEO

Response to ChatGPT $20 Plan: Take My Money!

Published

on

Response to ChatGPT $20 Plan: Take My Money!

OpenAI announced a new subscription service to ChatGPT called ChatGPT Plus that offers several benefits over the free version. Fans of OpenAI were wildly enthusiastic about the prospect for a more reliable service.

Many users around the world were pleased to know that the free version will continue to be offered.

OpenAI ChatGPT

ChatGPT is a useful AI tool for writing-related tasks, as well as for obtaining general information.

The free version is used by millions of users. Although it is hosted on Microsoft data centers the service falters during periods of peak usage and becomes unavailable.

OpenAI benefits from the usage because the feedback is useful for training the machine to become better.

The new subscription model is intended to subsidize the free users.

OpenAI Subscription Model

The new subscription version, called ChatGPT Plus, will cost $20/month.

Initially, ChatGPT will be available to users in the United States and will expand to other countries and regions “soon.”

There is no estimate or indication of how soon the service will be available outside of the United States.

But the fact that there’s a waitlist for United States users to subscribe might be an indication.

The Public Is Enthusiastic

To say that potential customers are enthusiastic about ChatGPT Plus is an understatement.

The response on Twitter could be boiled down to one phrase: Shut up and take my money.

 

One person applauded OpenAI for keeping a free version available:

Multiple people asked about plans for non-profits and for students.

This tweet is representative of the requests for student plans:

Future of ChatGPT

ChatGPT will be launching a ChatGPT API waitlist soon, which will open up the service to new ways of interacting with it.

OpenAI also plans to learn more about user needs and how to best serve users during the course of the new subscription service.

Once they have more experience with it, OpenAI plans to offer additional plans, including lower cost versions.

They shared:

“…we are actively exploring options for lower-cost plans, business plans, and data packs for more availability.”

This could have been Google’s win.But OpenAI and Microsoft beat them with a useful product and have captured the fascination and admiration of users worldwide.

2023 is going to be an exciting year of AI driven innovation.

Featured image by Shutterstock/Max kegfire



Source link

Continue Reading

SEO

Email Marketing: An In-Depth Guide

Published

on

Email Marketing: An In-Depth Guide

Email has revolutionized the way people communicate. From facilitating remote work to monitoring bank balances, it has become an integral part of everyday life.

It has also become a powerful tool for marketers. It has changed the way brands and customers interact with each other, providing incredible opportunities to target audiences at each stage of the buyer’s journey.

In other words, when it comes to getting the most bang for your marketing buck, nothing matches the power of email.

Providing an average return on investment of $36 for every $1 spent, email marketing is one of the most profitable and effective ways of reaching your targets.

Globally used by more than 4 billion people, it has unparalleled reach and is perfect for every step of the buyer’s journey, from generating awareness to encouraging brand loyalty.

If you’re not currently using email marketing to promote your business, you should be.

But to reap the biggest benefits, you need to do more than just dash off a message and sending it out to your contacts. You need a strategy that will help you nurture relationships and initiate conversations.

In this piece, we’ll take an in-depth look at the world of marketing via email and give you a step-by-step guide you can use to launch your own campaigns.

What Is Email Marketing?

If you have an email address of your own – and it’s probably safe to assume that you do – you’re likely already at least somewhat familiar with the concept of email marketing.

But just to avoid any potential confusion, let’s start with a definition: Email marketing is a type of direct marketing that uses customized emails to inform customers and potential customers about your product or services.

Why Should You Use Email Marketing?

If the eye-popping $36:1 ROI stat wasn’t enough to convince you to take the plunge, here are some other key reasons you should use email marketing to promote your business:

  • Email marketing drives traffic to your website, blog, social media account, or anywhere else you direct it.
  • It allows you to build a stronger relationship with your targets via personalization and auto-triggered campaigns.
  • You can segment your audience to target highly specific demographics, so you’re sending messages to the people they will resonate with most.
  • Email marketing is one of the easiest platforms to version test on, so you can determine exactly what subject lines and calls-to-action (CTAs) work best.

Even better, you own your email campaigns entirely.

With email, you own your marketing list and you can target your leads however you like (so long as you stay compliant with CAN-SPAM laws).

There is no question that you should be using email marketing as part of your overall marketing outreach strategy.

Now let’s look at some of the different ways you can do that.

What Are The Types Of Email Marketing?

For every stage of the sales funnel, there’s a corresponding type of email marketing. Here are some of the different types you can use to engage your audience and generate results.

Promotional Emails

When you think about email marketing, these types of messages are probably what you think of.

Used to promote sales, special offers, product releases, events, and more, these are usually one of the least personalized types of emails and tend to go out to a large list.

Usually, promotional campaigns consist of anywhere from 3 to 10 emails sent over a specified time frame. They have a clear CTA that encourages the recipient to take the next step of visiting your site, booking an appointment, or making a purchase.

Informational Emails

This type of email includes company announcements as well as weekly/monthly/quarterly newsletters.

They may include information about new products, company achievements, customer reviews, or blog posts.

The CTA is usually to visit your website or blog to learn more about what’s happening.

Welcome Emails

Sent to new customers or people who have filled out a form on your website, welcome emails encourage recipients to learn more about your company or offering.

These commonly include trial offers, requests to book a demo, or other offerings a new customer will find valuable.

Nurturing Emails

Any salesperson will tell you the importance of creating multiple touchpoints with potential customers.

Lead nurturing emails focus on building interest in people who are drawn to a particular offering.

The goal of these messages is to push them to the consideration stage of the buying journey.

Re-engagement Emails

Nurturing emails’ slightly more aggressive brother, re-engagement emails are used to warm up customers who haven’t been active lately.

These tend to be more personalized, as you’ll want to show the subscriber that you know and understand the challenges they’re facing.

Survey/Review Emails

User generated content (UGC) lends your brand an authenticity you simply can’t achieve on your own.

One of the best ways to generate this is via emails soliciting feedback from your customers.

This type of email also gives you insights into your brand’s relative strengths and weaknesses, so you can improve your offerings.

There are a number of other types of emails you can use as part of your marketing efforts, including seasonal emails designed to capitalize on holidays or events, confirmation emails to reassure recipients their purchase was completed or their information received, and co-marketing emails that are sent with a partner company.

In fact, it’s email marketing’s sheer versatility that makes it the cornerstone of any successful marketing strategy. You merely need to decide what you hope to accomplish, then create your campaign around it.

Now, let’s take a closer look at creating and managing your own email marketing.

How Do You Perform Email Marketing?

Step 1: Establish Your Goals

The section above should have made it clear that the type of email campaign you’ll run will depend on what you’re hoping to accomplish. Trying to do everything with one email will lead to confused recipients and a watered-down CTA.

Set one goal for your campaign, and make sure every email in the series works toward it.

Step 2: Build Your List

Now it’s time to determine who will be on the receiving end of your campaign. You do this by building your email marketing list – a process you can approach from several directions.

The most basic way to build an email list is by simply importing a list of your contacts into your chosen email marketing platform (more on that later).

One caveat: Before you add anyone to your list, make sure they have opted into receiving emails from you – otherwise you’ll run afoul of the CAN-SPAM Act guidelines mentioned above.

Other options for building a list from scratch via a lead generation campaign: provide potential customers with discounts, compelling content, or something else of value and make it easy for them to subscribe and you’ll generate high-quality leads.

Some marketers buy or rent email lists, but in general, this isn’t an effective way to perform email marketing.

The primary reason you don’t want to do this is because of lead quality. You’re not going after people who are interested in your brand but instead are blindly targeting leads of questionable quality with emails they haven’t opted in to.

In addition to violating consent laws, which could potentially hurt your IP reputation and email deliverability, you risk annoying your targets instead of encouraging them to try your offering.

Step 3: Create Your Email Campaign

Now that you know who you’re targeting and what you’re hoping to achieve, it’s time to build your campaign.

Email marketing tools like HubSpot, Constant Contact, and Mailchimp include drag-and-drop templates you can employ to create well-designed and effective email campaigns.

We’ll dive deeper into these platforms a bit later, but now, let’s talk about some fundamentals and best practices to help you get the best results:

  • Make your emails easy to read – No one wants to read a long wall of text. Structure your emails using strategically placed headers and bulleted lists for easy scanning.
  • Use images – Ideally, you want your emails to capture the reader’s eye and attention. Visuals are a great way to do this.
  • Write a compelling subject line – The best-written email in the world is useless if no one opens it. That makes a compelling, intriguing subject line paramount. Don’t be afraid to try different iterations, just be sure to keep it short.
  • Add personalization – Emails that are targeted to a specific person, including addressing them by name, are more likely to generate responses. Your email marketing platform should allow you to do this with relative ease.
  • Make conversion easy – If you want click-throughs, you need to make it easy for readers. Make sure your CTA is prominent and clear.
  • Consider your timing – As with most types of marketing, email campaigns tend to perform better when they’re properly timed. This could mean a specific time of day that generates more opens, a time of the week when purchases are more likely, or even a time of year when your content is most relevant. This will probably require some experimentation.

Step 4: Measure Your Results

You’re not going to get your email campaigns right the first time. Or the second. Or the fifth. In fact, there’s really no endpoint; even the best campaigns can be optimized to generate better results.

To track how yours are performing, you’ll want to use the reports section of your email marketing platform. This will help you understand how people are interacting with your campaigns.

Use A/B testing to drill down into what’s working best.

Generally, you’ll want to look at key metrics like:

  • Open rate and unique opens.
  • Click-through rate.
  • Shares.
  • Unsubscribe rate.
  • Spam complaints.
  • Bounces (the number of addresses your email couldn’t be delivered to).

Choosing An Email Marketing Platform

Manually sending out emails is fine if you’re only targeting three or four people. But if you’re trying to communicate with dozens, hundreds or even thousands of targets, you’re going to need some help.

But there are currently hundreds of email marketing platform on the market. How do you choose the right one for your unique needs?

Should you just go with one of the big names like HubSpot,  Klaviyo, or Mailjet? How do you know which one is right for you?

While it may initially feel overwhelming, by answering a few questions you can narrow down your options considerably.

The very first thing you need to determine is your budget. If you’re running a small business, the amount you’re willing to spend on an email service platform is probably considerably less than an enterprise-level company.

If you’re an entrepreneur, you’ll probably find that a lower-priced version of a platform like Sendinblue or Constant Contact provides you with all the functionality you need.

Larger companies with bigger marketing budgets may wish to go with an email marketing platform that provides higher levels of automation, more in-depth data analysis and is easier to use. In this case, you may prefer to go with a platform like Mailchimp or Salesforce’s Pardot.

The good thing is that most of these email service providers offered tiered pricing, so smaller businesses can opt for more inexpensive (or even free) versions that offer less functionality at a lower price.

The next thing to consider is the type of email you want to send.

If your primary send will be newsletters, a platform like SubStack is a great choice. If you’re planning on sending transactional emails, you may want to check out Netcore Email API or GetResponse.

For those of you planning on sending a variety of marketing emails, your best choice may be an option that covers multiple email types like ConvertKit or an omnichannel marketing tool like Iterable.

You can narrow down your options by determining your must-have features and internal capabilities.

Some things you’ll want to consider include:

  • The size of your lists.
  • Your technical skill level.
  • Your HTML editing requirements.
  • Template variety.
  • Your need for responses/workflows.
  • A/B testing needs.
  • Industry-specific features.

While there is significant overlap in functionality between email marketing platforms, each has some variation in capabilities.

Ideally, you want something that will integrate with your other marketing tools to help take the guesswork out of the equation.

You should request demos and trials of your finalists to find which is best for your needs. If you’re working with a team, be sure to loop them in and get their feedback.

Tips For Maximizing Your Results

Email marketing is a powerful tool for any business. But there’s both science and art to it.

Here are some additional tips to help you get the most from your campaigns:

  • Avoid being marked as spam – According to HubSpot, there are 394 words and phrases that can identify your email as junk mail. These include “free,” “lowest price,” “no catch” and “all new.” You should avoid these whenever possible. To be doubly safe, have your recipients add you to their safe senders list.
  • Run integrated campaigns – Email marketing serves to amplify the power of other marketing channels. If you’re running sales or promotions, you should include an email aspect.
  • Clean up your list regularly – Keep your email database up to date to ensure deliverability and higher engagement. If a subscriber hasn’t responded to your re-engagement efforts after six months, it’s probably safe to scrub them from your list.
  • Harness the power of automation – Autoresponders are a great way to follow up with customers and subscribers, or strategically target someone after a certain event or action. Learn how to set this up on your email marketing platform and it will save you lots of time while boosting returns.

Email Marketing Is A Powerful Tool

There’s a reason why email marketing is prevalent in the modern world – it works.

And that means you should be using it to promote your brand and drive sales.

Hopefully, by this point, you have a good idea of not only what email marketing can do for you, but how it works, and how to create and optimize your own campaigns.

There’s really no better way to connect with our audience and convey the value of your brand.

Now get to work – you have customers to attract.

More resources:


Featured Image: Africa Studio/Shutterstock



Source link

Continue Reading

Trending

en_USEnglish