2018 Marketing Director Survey Part 2/2

If you aren’t aware of it, some amazing people have been putting out a great survey for a number of years. It’s called The CMO Survey, and it asks marketing directors, VP’s of marketing and others key questions to figure out what’s going on with marketing and where we’re headed. We wanted to bring more awareness not just to the great work done by Christine Moorman, her team and those at Deloitte, Duke’s Fuqua School of Business, and the American Marketing Association, but also to the trends uncovered by the latest survey.

We, of course, had some of our own opinions and insights to add on the topics in the survey based on our work in digital marketing and social media over the last 19 years… and it took us 2 hours to get through it all! We put the discussion into two videos. We hope to piece them into smaller topic videos soon.

This is part two of two. Go here for part one.

Discussion by the Brian Carter Group. This podcast is not directly affiliated with CMO Survey. All registered copyrights and trademarks remain the property of original owners.

THE 4 TYPES OF CREATIVE TESTS THAT DRIVE PROFITS

Everybody wants results from digital marketing.

But what works for you and your business and your customer is different than what works for everyone else.

You can try to follow formulas and systems, and they’ll work to a point, but there is always testing and looking at results and optimizing.

Sometimes you find something awesome and creative that drives huge results…

But new creative often doesn’t work.

It’s risky to try new things.

Testing and learning is expensive.

Not testing, not creating, isn’t the answer either- you’ll never get noticed- you’ll never learn- but there’s a cost to learning.

And too much creativity and novelty is risky.

So how do you manage risk while testing and trying to achieve great results?

The more you spend on digital ads, the more you have to be aware of this.

As we attempt to expand while continuing to get good results, it becomes more and more important to manage risk around creative testing.

How Do You Maximize Profits With Ad Spend Allocations?

You have to make creative decisions and allocate your ad spend against creative in a way that balances the need for two things:

#1 Profitability (high results or low costs of any kind, regardless of the KPI we use for it at the time): any goals we have for appointments, revenue or cost per new customer must be achieved at the same time that we create and learn.

#2 Novelty: to push forward our KPI’s, we need varying degrees of novelty in the creative. It’s the amount of novelty, the degree that it diverges from what has been proven to work, that increases the risk, increases the cost of testing and lowers profit while testing.

At times, we work with a simple system of allocating ad spend between:

A. BEST: proven ads (and when I say ads, we may also mean landing pages, depending on how traffic distribution is set up) that achieve our best KPI performance so far. We allocate a certain amount of ad spend to this- as much as possible, to try to achieve the overall KPI goal- while leaving a certain amount of spend for the “TEST” group. In the beginning when nothing is proven, it’s all TEST. And the definition of BEST changes as the KPI’s improve.

– vs. –

B. TEST: new ideas that are unproven. Many of them will not perform and will be discontinued. Some will end up in the BEST group.
As a rule of thumb, we can recommend a ratio of anywhere from 50:50 to 80:20 BEST:TEST.

However, in more complicated situations like TPW, I recommend we look at more groups, as shown in this image…

#1 OLD Proven Creative
Proven profitable, or best performing creative so far
Keep in mind that the definition of proven is relative
KPI’s improve over time, and the definition of what’s best changes
Best investment for ensuring KPI goals

#2 NEW Slight Variations on Proven Creative
e.g. changing one bit of text or one image in an ad or landing page
Lowest risk of poor performance for new creative
Highest assurance of profitability for new creative

#3 NEW Bigger Variations on Proven Creative
e.g. a big landing page layout change, or changing multiple things at one time
Medium risk of poor performance for new creative
Medium assurance of profitability for new creative

#4 NEW Totally New Creative
e.g. totally new ideas, themes, messages, formats and customer pathways unlike previous tests
Some amount of totally new is required, but because its overall performance is, on average, the lowest, it should be allocated the least amount.
Highest risk of poor performance for new creative
Least assurance of reaching KPI goals

An example spend ratio could be…

ProvenCreative:SlightVariation:BiggerVariation:TotallyNew
60:25:10:5

The idea is to put spend in every group to allow for diversity but to allocate spend conservatively to reduce KPI performance risks.

It’s critical that to use this 4-category system for new ad, landing page and other tests as you go forward and increase ad spend.

If you don’t do this, you risk spending too much on the riskiest creative, and while you may learn a lot, you will not at the same time produce satisfying results.

Airport Revenue Digital Marketing & Social Media Keynote Interview with Brian Carter

In March, Brian will be speaking about how to drive more visits and revenue with digital marketing and social media to airport operators and concessionaires like Dunkin Donuts, Starbucks and TGI Friday’s at the annual Airport Revenue News conference in Orlando. Here’s an excerpt of his interview with ARN!

Ward: What are some key mistakes that you see companies making?

Carter: I think one of the biggest mistakes is opinion versus facts. We now have data – we can test whether the customer likes our branding. If you listen to the wrong information, or your information is out of date or you make decisions that are based on opinion rather than fact, eventually you’re headed for disaster. The companies that are winning today, that are disrupting categories and established companies, are using technology to make customers happier than they ever were before. When your opinion is wrong and out of whack with the facts, you’re not going to be able to make your customers happy.

Read more of Brian Carter’s interview on airports and digital marketing more here…

12 Mobile Marketing Stats You Can’t Afford To Ignore

80% of internet users own a smartphone. (Smart Insights)

Smartphones have beaten magazines and newspapers and aren’t far behind radio (eMarketer)

71% of marketers believe mobile marketing is core to their business. (Salesforce)

By 2019, mobile advertising will represent 72% of all US digital ad spending. (Marketing Land)

Consumer time spent on mobile is increasing while time spent with all other media is decreasing (eMarketer)

Mobile time is mostly APP time, NOT mobile web usage (eMarketer)

Apps account for 89% of mobile media time, with the other 11% spent on websites. (Smart Insights)

People are spending over 3 hours a day in apps, and only 50 minutes on the mobile web. (GeoMarketing)

57% of users say they won’t recommend a business with a poorly designed mobile site. (CMS Report)

Google says 61% of users are unlikely to return to a mobile site they had trouble accessing and 40% visit a competitor’s site instead. (McKinsey & Company)

70% Of Consumers Delete Emails Immediately That Don’t Render Well On A Mobile Device (Blue Hornet)

 

REPLAY: Why Retargeting is Even More Important than Email Marketing [Facebook Live Show]

Episode OCHO of Live Online Learning (LOL):

To be sure not to miss future live shows, opt in here to join the email list so we can keep you notified!

Here’s what we talked about, in addition to attendee live questions we answered:

 

  • What is retargeting?

 

      • It’s the best way to stay visible to your hottest leads and best potential customers. It’s a best practice to getting quicker revenue and profits.
      • Retargeting is when ads follow you around- have you ever viewed a site or product and then you see it everywhere? It’s stalking you!
      • Showing ads to people who’ve been on your website or viewed one of your products or services- if you include custom lists it’s also visibility to your opt in email lists and contacts

 

  • Why retarget?

 

      • Owned marketing- these are people who are now in your audience, similar to email subscribers or fans or followers- they haven’t opted into a list but they did show interest.
      • How few people buy or take action right away
        • What’s your bounce rate? That means the % of people who only view on page on your website and leave right away. The average site has about 50% of visitors bounce, without viewing a second page. For many sites it’s as high as 70-90%. Many businesses haven’t optimized their websites behaviorally to get users to stick around and view multiple pages. Retargeting is a great way to bring them back.
        • What’s your ecomm conv rate? 1-2% Reverse it. 98-99%. That’s the % of people you’re losing who forget about you within 1-3 days. Retargeting keeps you top of mind.
        • What’s your email or lead gen opt in rate?  3%-20% Reverse it. 80-97% That’s the % of people you’re losing who forget about you within 1-3 days. Retargeting keeps you top of mind.
        • If you’re working hard or paying to get that traffic, how do you feel about losing most of the people and them promptly forgetting about you? It sucks, right? Retargeting fixes this.
      • Retargeting is like email but better
        • Do you email market? Have you grown a list and done follow up emails to them?
        • Only 20-30% of people open emails
        • 97% of people use cookies, don’t block them, and can be retargeted
          • Advertising on Facebook and Instagram, you can reach 72% of Americans, 69% of Canadians, 68% of U.K.
          • Those ads will get a substantial message in front of people, like a short email- but in front of 2-3x as many as those who open your emails.
        • If you have an email follow up sequence you need a retargeting ad sequence
        • Best practice is to do both email marketing and retargeting (website and custom lists)
      • People need to hear about you 7 times before they’ll buy. Or is it 17 times. Or 27 times? There are different numbers quoted out there- who’s right?
        • Who cares. It’s more than one time! Most people don’t buy the first time they hear about or visit a brand.
          • Sometimes the first time you go to a website, you’re distracted by something or you get pulled away or you’re not focused on their message or you don’t have time or you’re resistant- but over time with repeated exposures to the marketing message, you hear and “get” the message, or hear about the value and how they solve your problems and the unique benefits of their offering and eventually you come to want that thing.
        • Retargeting helps you stay top of mind until they’re ready to take action so that you’re their first choice when they buy- are you worried about competitors getting all the sales?
          • Without retargeting, when your prospect is ready they might see your competitor’s ad or marketing, and you miss out on the sale. They visited you 3 weeks ago, but your competitor is luckier in their timing (or perhaps your competitor is retargeting) and you lose the sale.
      • Familiarity increases affinity (in social psych it’s called The Familiarity Principle, aka The Mere-Exposure Effect)
        • Studies show that the more we’re familiar with a person or brand, the more we like it.
        • For not very much money you can look like you’re everywhere to the most interested people- they don’t realize you’re not advertising to the whole world this much, so they think you’re a huge deal.
      • One of the two best converting targeting options
        • Along with email subscribers, these are your hottest potential leads.
      • Just spending $1 a day on retargeting means you’re in front of 100 of your best prospects a day- instead of zero of them.

 

  • How do you set retargeting up?

 

      • Facebook Pixel code from Facebook goes on every page of website, every landing page, in your ecommerce cart, checkout, everywhere! (in AdWords it’s called remarketing and it’s in the audiences section of “shared library”)
        • This cookies every user that goes to the site, and grows a list of people who can see your ad. If the cookie is on their computer, Facebook can show your ads.
      • Also custom audiences are similar, and are built from email lists and phone lists- so combining web traffic and opt in lists, you can reach just about everyone who knows your brand

 

  • What kinds of retargeting ads are best?

 

      • Ad type depends on goal-
        • Conversion for ecomm or lead gen with landing pages
        • Leads ads for lead gen with
        • Video views (also can drive traffic)
        • Post engagement
      • Variety- it’s best to have more than one ad, so that people don’t tire of it- when the audience is small they’re going to see it more frequently
      • Things to put in the ads
        • Lead magnet- grow your opt in email list with an ebook, checklist, quiz, etc
        • Sales: Offering related
          • Benefits- what does it do for them? If there’s a lot of this, use multiple ads to get them all across
          • Problems- what problems does your offering solve for them?
          • Unique selling prop- how are you better or different than the competition?
          • Discount- offer a special/secret discount

 

  • How not to be annoying or creepy

 

    • Maybe don’t run ads that acknowledge that you know they’ve been to your site- because they don’t always know how they’ve been targeted
    • Watch your frequency, don’t go above 3 within a week- when your retargeting audience is small, you have to have a smaller budget. It’s often around $10 CPM, rather expensive to do small retargeting audiences but worth it- so if you only have 1,000 people in your retargeting audience early on,
    • Ad variety
      • Have 5-10 ads in the retargeting ad group so Facebook has a number of ads to choose from to deliver variety to people. Pause ads when their frequency is above 3 in a week (unless they’re converting so well that you don’t care!)
    • Exclusions
      • Exclude people who’ve bought- don’t annoy them by showing them the thing they’ve already bought- create an audience of people based on the url of the purchase confirmation page and exclude them based on that or the purchase conversion

REPLAY: How to Become an Influencer [Facebook Live Show]

Episode CUATRO of Live Online Learning (LOL)…

To be sure not to miss future live shows, opt in here to join the email list so we can keep you notified!

Here’s what we talked about, in addition to attendee live questions we answered:

  1. Introduction
    1. What’s an influencer?
      1. An author, expert, TV personality, YT personality, celebrity or microfamous in a niche,
      2. Someone with followers and viewers and the ability to influence their audience-
        1. you’re not an influencer if people aren’t affected by you-
        2. you’re not an infuencer if you don’t have a following
      3. Some online influencers make 6 figures just for being themselves
      4. What the minimum you have to have or be to be an influencer?
        1. There are degrees of influence, but real influencers have a significant impact on an audience- if that’s a small audience they might not need to have 100,000 fans, but until you attract the attention of sponsors or media, you may not be that influential
        2. Once you have impact you’ll probably have haters- that’s a good sign- it’s hard to have haters without having a lot of supporters, it means you are pushing people in a direction and not everybody is going to agree- or you can just get a jealousy response from people who don’t like that you’re succeeding
    2. Anyone can become an influencer and get paid for it if they really want to
      1. Do you want to be a famous paid influencer, or an anonymous cubicle worker?
      2. Even if you don’t have a following you can get one
      3. Even if you don’t currently attract followers you can learn how to
      4. Anyone can make a living being an influencer if they work at it
      5. If you have beliefs, talent, expertise or even just a desire to talk to a lot of people? Then you should become more influential. Your voice, your perspective is important. The world needs your contribution. You deserve to influence an audience.
      6. Everyone who performs or influences large audiences experiences fear, even the best most famous singers and comedians- you can overcome it. It’s simply the desire to do and be your best, feeling the responsibility of a teacher or entertainer- use it to inspire you to prepare and to sharpen your performance.
  2. Network – personal
    1. Deepen your relationships
    2. Meet people in person
    3. Get to know VIP’s
  3. Network – online
    1. How many FB friends do you have? Grow to at least 3,000
    2. How many FB page fans? You don’t have to pay for page likes thru ads, but it’s a good idea until you have more than 5-10k. You should promote posts instead when you can, because having fans doesn’t ensure they’ll see your posts.
    3. How many LinkedIn contacts? Keep growing this, and keep it up with your email, Twitter and FB contacts- try to get over 1,000 at least.
    4. How many YT subscribers? YT and FB, social video is like the new TV- you don’t have a TV show to be famous or make money. And if you learn to do it well in social, maybe one day you could have a TV show too. Go for 100, then 1000, then 10,000.
    5. How many Twitter followers? It’s a good idea to have at least 10,000 – you can use tools like tweepi to follow the kind of people you want as followers and many will follow back.
    6. How many Instagram followers? Go for 5,000- there are tools to help you follow the right people and grow faster
    7. How many email subscribers? Email is one of the best
    8. ways to acquire a powerful list you can always go to for attention to new content or to sell things. Go for 10,000 at least; you need lead magnets- leadquizzes is a good start- but checklists are an easy way give value and get emails without a ton of work.
    9. How many podcast listeners? Podcasting is the new radio- even though it’s not mainstream, it’s a great way to have deep influence on people because they listen for a lot longer than people watch videos.
    10. What’s your monthly total reach? Aim for at least 100,000- you can increase this affordably with Facebook ads- do retargeting to stay in front of your web visitors, email subscribers and video viewers with your newest content.
    11. How much interaction or clicks do you get monthly? Some influencers aren’t really focused on website traffic- they do everything with YT, FB, etc but it’s important to have web visitors for retargeting and to get email subscribers- instead of relying 100% on social sites, since you can’t export a FB followering or YT subscriber list, you should own your list so you can contact them anytime you want- this is how Kevin Hart grew his comedy audiences, for example, and now he’s a millionaire.
  4. Teach
    1. What are you an expert in?
    2. How do you deliver value to an audience that will come to rely on you?
    3. Webinars
    4. In-Person Speaking
      1. Conference sessions and breakouts
      2. Paid speaking
    5. Facebook Live, YT Live
    6. YouTube channel videos
    7. Author books – author = authority
  5. Additional Credibility- what separates you from similar competing influencers? How are you better or different?
    1. Build a bio comprised of the following
    2. How long have you been doing this thing?
    3. Media appearances
      1. Trad like TV- Like Lewis Howes recently getting on Ellen or me being on Bloomberg TV news
      2. New like podcasts- not many give you credibility but it’s better than nothing, it proves people are interested in what you have to say- and it raises awareness of you
    4. Teach at an established college or university
    5. Bestselling books
    6. Working with famous companies or chosen by them, e.g. being an IBM futurist and one of the top social media experts LinkedIn says you should listen to
    7. Contribute to popular blogs
    8. Get certificates/accreditation- G AdWords cert/FB cert, e.g.
  6. Charisma
    1. Likability
    2. Humor- entertainment can have its own value even if you don’t teach- you could be an entertainer in the sports niche and make money from athletic companies- JP Sears does a great job of being hilarious about the niche in which he also does serious consulting
    3. Authenticity
    4. Personality
    5. Charismatic Leadership Traits from Professor John Antonakis
      1. Verbal
        1. metaphor and comparison,
        2. Story- do storytelling shows, study story structure and hero’s journey
        3. rhetorical question,
        4. contrasts,
        5. lists and repetitions,
        6. moral convictions,
        7. expressing the sentiments of the collective,
        8. setting high and ambitious goals, and
        9. creating confidence that goals can be achieved.
      2. Non-verbal – go to toastmasters, take improv and acting classes
        1. animated voice
        2. facial expressions, and
        3. Gestures
  7. How to get paid
    1. Consulting
    2. Sponsorships and endorsements- make sure to follow the FTC rules about disclosing when you’re being paid for what you’re saying, or you could get fined big time
    3. Live speaking
    4. Paid webinars

REPLAY: 5 Biggest Lead Gen Mistakes [Facebook Live Show]

Episode TRES of Live Online Learning (LOL)… as usual we debuted a cool cheatsheet (8 Tips for Lead Magnets That Sell) AND gave away a seat in my Facebook ads course.

To be sure not to miss future live shows, opt in here to join the email list so we can keep you notified!

Here’s what we talked about, in addition to attendee live questions we answered:

  • Why build a list?
    • Most people don’t take action right away first time they come to your site- what % of your visitors become customers the first time they come to your site? How long do they spend on your site the first time they come? Often it’s just a couple minutes.
    • You have to build a relationship and take time to tell the whole story of
      • your value proposition,
      • your company,
      • how you can help them,
      • how you’re different,
      • why they should work with you
      • And you need to capture their info so you can continue that relationship.
    • Historically email marketing is the highest profit digital marketing channel, period.
    • Along with retargeting, it’s hard to do profitable digital marketing without email marketing and lead gen.
  • Do you have an email list?
  • What should leads cost?
    • List some of our results
    • Home furnishing client: 84% reduction in cost per lead through customer analysis to discover ideal customer profile, plus ad and audience testing.
    • Self-help author: 32-cent quiz leads and $3 ebook leads.
    • Staffing company: job applications at 75% lower costs than CareerBuilder.
    • Travel and hospitality: 10-cent B2C leads.
    • Marketing services: $1.82 B2B leads through combination of ad testing and personality quiz.
    • Musician promotion and mentorship website: 7x the new users mainly by testing 80+ images and 15 audiences.
    • Microsoft partner cloud hosting company: $29 B2B leads from CTO’s and IT sys admins.
    • What are your leads costing you?
      • If they’re free, you’re probably not advertising which means you can’t accelerate your volume. Very few companies find free ways to drive enough lead volume.
    • How do you drive down lead gen or email subscriber costs?
      • Smart advertising and testing- having an optimization process to drive more action at a lower cost- ours is called A.C.T.
      • Conversion optimization through split testing
      • Great lead magnets- creating and testing 4-5 of them at least over time
      • Have you analyzed your audience with facebook audience insights?
        • Targeting helps a ton- if you’re in front of the wrong people, you may not get leads, and even if you do, you won’t get sales
  • How do you get more leads? Are you getting enough leads? How many new leads or email list subscribers are you getting a day?
    • Are you giving people a reason to give you their contact info?
    • A newsletter isn’t good enough
    • Are you split testing your landing pages
    • Do you want five times as many leads?
    • List the x times we got from each kind of testing
  • Are leads good enough or do you want sales
    • Are your leads becoming customers?
    • What’s the lifetime value of your leads? (how much revenue does the average subscriber bring you?)
    • Are you reaching enough people? If you don’t get enough leads you’ll never get sales-
    • It’s possible to get leads in a way that doesn’t make them think of you as someone to buy from- they get the thing and forget
    • They maybe get the lead magnet and don’t even read it
    • You might get an email but not have a follow-up sequence to engage and educate and warm them up
  • How being a thought leader increases the power of your lead gen- they want you not just one of you
    • Is it hard to sell the leads you get?
    • Maybe you aren’t differentiating yourself enough
    • How are you different or better than your competition?
    • Do you know who your competition is?
    • Does your lead magnet position you as different and better?
    • Start selling before they talk to a salesperson
  • 10 Lead magnet types
    • What kinds of lead magnets have you created?
    • Quiz, checklist, ebook, case study, webinar, free report, whitepaper, swipe file, cheatsheet, toolkit
    • Whitepapers are boring but credible and highly shared on linkedin
    • Quizzes are the most shared type of lead magnet on facebook
    • Checklists and ebooks are good on fb, li, twit- so doing quizzes, checklists and ebooks is a good way to hit all three.
  • What you need to do great lead gen
    • Advertising (traffic source)
    • Lead magnet (reason to give up contract info)
    • Split testing landing pages, with platform like unbounce, leadpages, clickfunnels, optimizely, optimizepress (or maybe skip this with fb lead ads)
    • Email provider like aweber
    • Email follow-up sequence

 

REPLAY: Facebook Video and How to Get 1,000 Views for $4.37 [Facebook Live Show]

Episode DOS of Live Online Learning (LOL)… as usual we debuted a cool cheatsheet (The 5 Facebook Video Ad Tips Cheatsheet) AND gave away a seat in my Facebook ads course.

 

We talked about:

  • Facebook Video Stats
  • Facebook Video Tips
  • Facebook LIVE Video Tips
  • Facebook vs YouTube marketing and advertising
  • And answered questions live!

To be doubly sure not to miss future live shows, opt in here to join the email list so we can keep you notified!

 

#INFOGRAPHIC: 5 Tips for Creating Content Marketing That Gets Big Results

We also have a video walk-through of how to do this in detail! (opens in new window).

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