Following on from David Frey’s article last week, I’ve spoken with visiting friends from the UK, Auzzie and US recently, specifically asking them their impressions of NZ. Not the touristy stuff, but how we compare in the marketing and technology arenas. It makes for depressing conversation. Inevitably they mention our huge internet and mobile phone charges, as well as our old-fashioned marketing strategies.
Here’s a story from Marketer David Frey in the US. The lessons are clear.
Not long ago I made a trip over to the local Radio Shack to purchase an electronic plug for my cassette recorder. As I paid for my item the retail clerk asked me for my name, address, cellphone number, birth date, and even my email address (something every retailer should be asking for today!).
Despite a depressed global economy, a surprising 76 percent of senior marketers believe they are not realizing the full revenue potential of their current customers. The Chief Marketing Officer (CMO) Council in the US released last December an insightful “Routes to Revenue” study. The core conclusion? Better Customer Data Integration and Analytics is seen as Critical to Revenue-Generating Strategies and Marketing Efficiencies.
Here are the top 10 (US) converting websites for March 2009*. These are based on Nielson Panel data and are calculated by toolbar user to final conversion. To date no figures are available for NZ websites, although we expect the 10 best sites here to be much lower.
In the consumer marketplace, Starbucks has become a household name. Marketing gurus have held them up as a fine case study for many years. Seth Godin once commented on their cunning marketing plan. “I’ll meet you at Starbucks” – This was the catch cry of millions of Mums and business people wanting to get together to chill out or to talk. Starbucks was simply marketed as a comfortable meeting place with couches. Serving coffee was just a [highly profitable] spinoff activity.
These reward programmes have to be done right. In an excellent article by Geoffrey De Weaver "… consumers do not mind sharing information with retailers as long as they receive worthwhile, personalised benefits… 54% of Australian consumers have at least one reward or loyalty card, and 69% tried to use a loyalty card as often as possible. Importantly, both figures are trending north… Never lose sight of the top 20% of your customers who generate the majority of your sales and profits…"
For small businesses, there’s loads of ways to make yourself stand out and boost revenue. The internet provides dozens of US-based small business resources and websites. e.g. Marketing Best Practices, Duct Tape Marketing, Power to the Small Business and many more… (email us for a complete listing)