Successful product marketers and sales representatives are people that good at generating the interests of their target audience. People that can direct these interests to a particular product or service they offer. Well if are one of the many business owners who lack this skill, you need to take a close look at Lead Generation.
So first, let’s begin with a brief definition of Lead Generation.
Lead generation is the marketing process that seeks to attract and build the interest of a lead (potential consumer) or a targeted audience to a company’s product or service with the hope of turning the interest into a sale.
LEAD GENERATION PROCESS
Many successful businesses are continuously looking to expand their customer base and grow their businesses. But, business growth could be challenging because it involves a steady flow of authentic sales conversion and a high customer retention rate.
With this in mind, the need to constantly project advertisement campaigns targeted to the specific set of people who they have identified to be their potential customers is very paramount. And as such creating a system that will make that happen should be a priority. In the world of Lead generation, the following are processes business owners need to pursue to enable them identify and convert these prospects into paying customers, they are;
1. Audience Identification
The main job in this category is to identify their target consumers. This means the segmented portion of the larger market that fits into the category of people that will need your product or service. It is important to conduct a research about them and come up with a clear picture of;
- Who they are
- Where they live
- How much they earn
- The kind of lifestyle they live
- Their personality traits
- Their age bracket, gender, etc.
Now, gathering this information will give you a clearer picture of the kind of customers you’re going to target.
2. Picking a Promotional Method
For an effective lead generation, you will need a cutting edge promotional campaign. This is with the intention of constantly getting the products and services in front of your audience.
There are tons and tons of ways this can be done. But again the most effective method should be identified and used.
So, marketing ideas like advertising on TV, radio, local newspapers, billboards, etc can be effective. Also, conducting a social media campaign on Facebook, Twitter, Instagram, etc is another option for a specified demographic.
Furthermore, launching an e-mail marketing campaign is something you should look at. It gives the opportunity to send out direct mails to these prospects through a customized approach and an enticing call to action on every mail sent. In addition, approaches like Search engine optimization (SEO), Google AdWords, blogging, etc are also effective ways to reach these targeted audiences.
3. Create a Sales Funnel
At this point, you should already know how best to reach your prospects. But there also has to be a plan for collecting the contact information of these people.
This process starts with channeling all prospects to a page that encourages them to share their contact information, online or offline. On this note, it will be vital to create a database to house this information. The plan is to help you keep track of these potential customers.
4. Relationship Building
Now, the next thing to do is to build some sort of relationship with these prospects so they can move to buying-customers.
Reaching out to these customers will depend on the type of contact information you were able to get from them.
For some, a customized email newsletter will need to be sent to them periodically, followed by a call to action. While for others, you would need to reach them through SMS and calls. These reach outs serve as reminders. It also strengthens the resolve of those who are still skeptical about the service and product quality. Those who might need more information from the service provider before committing.
5. Track Best Leads
The need to quickly identify which leads are worth pursuing out of the whole lot is pretty basic. Lead generation is ineffective without putting this into consideration.
This means distinguishing those that need to be nurtured from those who are not just ready to buy yet. Tracking and ranking these leads can help marketers to channel and prioritize leads according to their rankings. The actions of these leads shown towards your preferred marketing tool will affect how high their rankings will be. It will also dictate whether any considerations will be given to them.
WHAT ARE THE TOOLS FOR LEAD GENERATION
Lead generation is more than just getting people to show interest, its also about collecting their information so targeted communication and advertisements can be sent to them and turn casual consumers to loyal customers.
And like any other job, lead generation requires the right tools to enable marketers to generate more leads that will lead to sales.
The following are categories of lead-generating tools, they are:
One page lead generation tools
This platform helps to capture leads on a website. Tools under this category include; Turnstile, Qualaroo, Optinmonster, Intercom, Unbounce, etc.
Inbound lead generation tools
This tool helps to bring more leads gotten from the creation of content and campaigns from search engines and social media platforms to the website. They include; Quora, Hootsuite, Slideshare, Everwebinar, LinkedIn, etc.
Outbound Lead generation tools
Outbound lead generation involves sending out unsolicited messages to the target audience regardless of whether they have shown interest in the product or not. This tactic includes cold calling, sending mass text messages, sending mass emails, display advertising, etc. However, the tools used include; Sendblaster, Datanyse, Hunter, BuzzBuilder, etc
Email Marketing Tools
Email marketing helps businesses to nurture leads after they must have shown interest, in signing up and providing their email address. The next step is to start sending targeted emails to them to help nurture the buying process until they become loyal customers. Some of the tools needed for this include; ActiveCampaign, SendinBlue, Prospect.io, Mailchimp, etc.
Search Engine Marketing Tools
Search engine marketing makes use of search engine optimization to increase the visibility of websites in search engine results pages. You can achieve this through organic or paid advertising. Some of the tools used to get results include; Yoast SEO plugin, Google Analytics, Google Ads Scripts, Twilio, SEMrush, etc.
Marketing Management Tools
This tool helps businesses to oversee and manage their marketing strategies. They help streamline daily marketing activities and improve the overall strategy. The following includes great tools for achieving top-notch management in handling marketing activities; Canva, Buffer, Google alerts, Google Analytics, Hubspot, ActiveCampaign, Hoovers, Buzzsumo, etc.
STRATEGIES FOR LEAD GENERATION
Lead generation strategy describes those tactics that businesses use to attract prospective customers and turn them into buying customers. A lead is a person who has shown interest in what a business is offering and takes some actions. They have shared their contact details or shown that they are interested in doing business.
The following are strategies which can be used to generate more leads, they include:
Create a gated content
Gated contents are materials only accessible to users who take their time to fill out forms on the website before accessing them. The contents of these materials are locked until the user submits either a name, phone number, or an email before it is released for them. This strategy offers something of value for free to the user while attracting leads to the product or service been offered. Gated contents often include E-books, reports, free courses, free software, online tools.
Creating a value-packed periodic newsletter that encourages interested prospects to connect and stay in touch with your business. This allows businesses to share promotional content directly to the prospective customers, to further move them from prospects to buying customers. Contents of the newsletter might include promotional offers, updates about products, new blog posts, upcoming programs, etc.
since lead generation can be done online and offline, hosting events is another way to attract and serve your target market, capturing their contact details through event registration.
This is also an avenue to connect with customers in real-time, know everything that there is to know, and answer their questions. Organizing webinars, workshops, Seminars, Conferences, etc are good ways to execute such plans.
Read Also: MASS MARKET: The Ultimate Guide
Free Coupons and discounts
Most customers patronize products that have discounts and free coupons attached to them. Customers are attracted to products that offer discounts as opposed to the ones that don’t to them. This is because it helps them to save cost when buying. Offering discounts and free coupons is a good way to get the attention of prospective customers, it also gives them the opportunity to try out new products which they haven’t used before. In the midst of offering them such amazing offers can some of them move from prospects to buying customers.
With Lead Generation as an essential part of any business’ growth, hope this post was able to provide all the information you would need threading this path?
Please reach out on the comment section for any questions or clarifications.
Demarketing Ads: Types, Strategies, Examples and Case Study
To many, the term demarketing ads might not ring any bells but such ads can prove invaluable in navigating some tight corners in marketing. Demarketing essentially refers to every and all wilful efforts and strategies made to reduce the demand for a product, especially in a situation, of which there are many examples, where the demand for such is greater than the producer’s ability to supply.
Perhaps, the most effective effort of demarketing is the use of advertising. Advertising is a paid-for, non-personal communication that appears on any mass media, aimed at selling an idea, product or service.
Although some authorities also consider purposely refusing to market products as demarketing; we are however more concerned with active and paid demarketing.
This article sheds some light on demarketing ads as a concept; looks at the types, strategies and examples of demarketing ads. It also answers the question of why demarketing ads are important in the business world. To effectively implement this, you would have to read our post on marketing management
Demarketing ads are advertisements put out to discourage (but not destroy) demand for a product at a particular time. To the uninitiated, such ads might seem dangerous, counterproductive and wasteful. It is, however, important to note that behind every demarketing ad is the intent to cause some favourable effect.
Conceptually, demarketing is not new. The term has been in use in the academic world since the 1970s when Kotler and Levy coined it. In that Harvard Business Review article, Kotler and Levy described a phenomenon that hitherto had no name.
Of course, the concept of demarketing begs the question of reason; why would producers want to actively reduce sales of their products when the natural order is to sell as much?
One of the commonest reasons for demarketing is to remedy a situation in which demand exceeds the producer’s ability or desire to supply. This might be due to poor or non-existent distribution channel. Also, when selling in a particular region registers very little gain, demarketing becomes necessary in curbing the emergence of another competitor.
Sponsors also use demarketing to help consumers make healthier and more responsible buying choices. In a situation where resources need to be conserved; or where the product causes health complications, demarketing becomes necessary.
There is also the idea that demarketing is ultimately cheaper as a marketing strategy. Hoarding goods to create scarcity (a demarketing move) also increases the market value of the product.
In their 2010 MIT paper, Mikl´os-Thal and Zhang posited that in a situation where marketing costs were non-existent; the producers faced no capacity constraints; scarcity did not increase the value of products and; the seller had no competition, demarketing would still be necessary to control buyer’s perception of product quality
Types of Demarketing Ads
There are three major types of demarketing ads, namely:
General Demarketing Ads
When the sponsor of the advertisement aims to discourage all customers from demanding the product, they use demarketing ads. Governments looking to conserve scarce resources or dissuade citizens from purchasing potentially dangerous products often use such ads.
Anti-alcohol ads like the ‘Parents are Monsters’ ad on CNN; the anti-cigarettes ads like the ‘Download Cancer’ ad sponsored by American Cancer Society and the ‘Smoking Isn’t Just Suicide. It’s Murder’ ad by the Chilean Corporation Against Cancer are example of the general type of demarketing ads.
Similarly, electricity and water advertisement advising consumers to turn off the light or tap are general demarketing ads. An example is the Colgate ‘Every Drop Counts’ commercial of 2016 .
Selective Demarketing Ads
Such ads target specific types of people with the aim of discouraging them from buying a certain product. This could be in order to protect loyal customers who may be affected by sudden mass interest in a hitherto niche product.
Despite the Fair Housing Act in the US, many complaints were lodged against certain ads which claimed (by stating or implying) not to be interested in catering to the needs of low income earners or families with children.
Ostensible Demarketing Ads
Although, artificial scarcity can be created with company policies and what not, putting out advertisements to that effect can really send home the point. This type of demarketing ads tend to however create cases of panic-buying, especially if it is an essential product.
Amazon and Modcloth advertise products on their websites with phrases like ‘only 2 left in stock’ and ‘back in stock’ which consumers interpret as ‘you’d better get it now’.
Demarketing Ads Strategies
Price Discriminating Demarketing Ads Strategy
Producers can structure demarketing ads so that certain people pay more than others for the same product. especially with online ads that require you to click to purchase.
Companies like Bolt (Taxify) use price discrimination strategy, selecting a popular location as your destination might incur a larger fare than a less popular location near it. Dell sold the same computers for different prices depending on the kind of customer you registered as. Pay-per-click ads also been touse price discriminating demarketing ads strategy.
Bait and Switch Demarketing Ads Strategy
Advertising two products in such a way that consumers are persuaded to buy one instead of the other is regarded as bait and switch demarketing. One product is advertised in an unattractive way (usually, with an unattractive price) just to push consumers to buy the other. This strategy is often unethical and illegal.
Phone companies like Samsung and Apple often advertise their expensive flagship phones alongside cheaper higher mid-range phones in order to sell more units from the mid-range line. Consumers often come away feeling they are getting the bang for their buck.
Stock Outage Demarketing Ads Strategy
Stock outages are very advantageous to sellers because it gives them the opportunity to make increment in the prices of goods. Also, consumers tend to buy more when they think that scarcity is impending.
Starbucks’ ‘unicorn frappuccino only available for a few days’ ad on its website caused Starbucks to see a lot of orders from customers and the drink quickly sold out within the first day.
Crowding Cost Demarketing Ads Strategy
This demarketing ads strategy is usually employed during festive periods like Thanksgiving, Easter and Christmas where such sales events like Black Friday are held. Ads are put out to target people who are willing to pay more to bypass the teeming crowds expected on such occasions.
Differentiation Demarketing Ads Strategy
This involves publicly announcing unlikely marketing decisions targeted at the 4Ps of marketing, namely price, place, product and promotion. In this demarketing ads strategy, ads might announce an increase in price, unfavourable condition in a particular place or with a particular product or altogether refuse to market their products.
Demarketing Ads Examples
More real-world examples of demarketing ads include:
- ‘Are you Pouring on the Pounds?’ ad by New York City Health Department aimed at discouraging consumers from buying popular sugary beverages.
- ‘Secondhand Smoke is Firsthand Death’ ads targeted at parents who smoke, encouraging them to quit buying cigarettes and so doing, stop endangering their children.
- ‘Cancer Cures Smoking’ ad by the Cancer Patients Aid Association.
- ‘Check Yourself Before You Wreck Yourself’ ad aimed at discouraging consumers from buying alcohol.
- Anti-marijuana ad by the Office of National Drug Control Policy and Partnership for a Drug-Free America (now known as Partnership for Drug-Free Kids).
Demarketing is the conscious act of unselling a product by reducing the desire people have for it. Demarketing ads can be a useful marketing tool if used properly.
Read more on marketing
MARKETING INFORMATION SYSTEM: A Detailed Guide
Somethings in life are very essential and one of them is information. So, just like you need the information to carry on normal day-to-day activities; business owners and marketers need information from the marketing information system to optimize their activities. So, let’s dig into this subject.
CONCEPT OF MARKETING INFORMATION SYSTEM
Basically, the marketing information system is designed to serve as an aid in the marketing activities of a company. It’s a system that’s designed to gather, store, analyze, and send out market information to marketers regularly and continuously. Changes in the marketing environment are dynamic. Hence, marketers need to stay up to date with these changes. So, they can make wise and evidence-based decisions.
Read more: Marketing Management (All you need to know)
COMPONENTS OF MARKETING INFORMATION SYSTEM
The components of the marketing information system are an interconnected framework; that interact with one another to continuously feed the marketing information system. So, they are essential for the proper functioning of the marketing information system. And they are as follows.
Internal intelligence system:This component of the marketing information system provides information to marketers from the internal records of the company. Every information gathered by a company in its daily operation is handy for the marketers. For example, sales records of sales representatives can tell marketers a lot. And examples of marketing information that can be gathered from such are, periods of highest sales, location with the highest sales, etc.
Market intelligence system:This informs marketers about the current sitrep of the market. Hence, using this sitrep they will know the necessary adjustment to make. Examples of the marketing information here are current market trends, competitor’s pricing, new products, and their effect in the market, customer appealing promotion strategies. Sources of these could be by purchasing competitor’s product, interviewing the channel partners like retailers, obtaining relevant government data.
Marketing research:This component of marketing information involves more activeness than the aforementioned. So, in an attempt to garner more details about a marketing environment or solve a brand problem in the market. A company conducts market research that can involve primary or secondary data collection. For example, questionnaires, surveys, etc.
Marketing decision support system:These are applications that enable marketers to analyze the big data they have gathered from other components of the marketing information system. So, they automate the statistical calculations and some even predict the direction of the market based on some predictive algorithm.
MARKETING INFORMATION AND MARKETING RESEARCH
As you already know, marketing research is a component of the marketing information system. And it’s that component that helps gather information about the marketing environment. However, for marketing research to be handy and high yield is should have the following features.
Searches for relevant data:Good marketing research should search for relevant data. For example, if the research is through a questionnaire, the questionnaire should ask the relevant questions. So, a good way to achieve this is by asking yourself what problem will this question help solve while designing the questionnaire.
Should be systematic:This entails that every process of marketing research should be orderly planned and orderly executed.
Should be objective:Marketing research that has lots of error isn’t just a waste of resources it can also cause a big loss for the company in the future. And lack of objectivity is a cause of this. So, to be high yield; marketing research should be objective.
CMO (Chief Marketing Officer): Definition, Job Description, Skills, Salary
Whether to achieve market penetration, brand promotion, or any other marketing goal of a company. It’s apparent that the role of a marketing team is pivotal in a company. And just like every other C-level position of a company the Chief Marketing Officer is in charge of the marketing team. So, what should you know about this position? The job description, the skills. Let’s iron out your questions with this post.
WHO IS A CHIEF MARKETING OFFICER (CMO)?
A CMO (chief marketing officer) is the C-level executive who is responsible for planning, developing, implementing, and monitoring the marketing activities of a company. So, the position of CMO is vital to every company. Because they are the guys that know ins and outs, pros and cons of the market a company wants to function in.
CHIEF MARKETING OFFICER’S (CMO’S) JOB DESCRIPTION
Basically, the CMO’s job description involves overseeing the marketing team’s activities and reporting to the CEO of the company. The list below shows a customizable template of a CMO’s job description.
- Set marketing goals and objectives
- Research on the target market of the company
- Keep the marketing strategies of competitors in check
- Create, plan, implement the company’s marketing strategies
- Work with the sales team
- Review and analyze companies marketing strategies for improvements
- Know the latest technology and best practices
Also, in some companies, sales management is incorporated as part of the job description of a CMO.
CHIEF MARKETING OFFICER’S (CMO’S) SALARY
The CMO’s salary varies based on the company with big companies giving out the big pay. So, basically, the salary of a CMO is dependent on the company’s budget. And the range for the CMO’s salary in the US varies wildly. With top CMOs earning as high as 15 million USD per year. However, on the average the CMO’s salary in the US is just over a hundred and seventy thousand USD per year.
THE ESSENTIAL SKILLS OF A CHIEF MARKETING OFFICER’S (CMO’S)
The marketing environment is dynamic, affected by many factors that can throw a company off if they are neglected. The chief marketing officer is the C-level cooperate executive whose functions interact most with the market environment. So, they, the chief marketing officers, need some essential skills that will keep their company in the industry and also keep them as a CMO in the future.
Constant consumer observation:The consumers are a major force in the market. Even loyal customers are easily by better products that satisfy their needs. So, the smart CMO should always keep watch at the interest of consumers in his industry. Because this will help him make the right decisions in his marketing activities.
Data aficionados:Data about the market and about every of the company’s marketing activities are very important to the CMO. Because they are needed for better judgement in the next marketing activities of a company. Also, CMO that’s a data aficionado can easily defend any of his marketing activities in corporate meetings.
Innovation and creativity:Creativity and innovation make marketing activity unique. For example, when most big companies go into experiential marketing, they rarely copy an old idea that has been done by another company. Copycatting a rival suggests the mediocrity of your company in the minds of consumers.
Flexibility in tech adoption:Technology has proven itself, several times, as a facilitator of activities. Therefore, a smart CMO must realize the power in every new technology and how it can foster his marketing activities. Hence, dropping old ones when necessary and picking up new ones.
Resilience:Depression can manifest as a result of failure in a marketing activity. As a CMO, marketing is a war and your job is to make your company the best in the market. So, in an attempt to do this you can lose some battles, and win some. However, make sure you win the major battles and to do this, your resilience should be top-notch in the face of failure.
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