RFV = Recency, Frequency & Value. Way back in 2008 the big phrase was lead nurturing. In other words, preparing for the future by understanding where your potential customers were on the buying spectrum. Did they even know they needed you or your product? Or did they have to be educated first? Were they in the research phase wherein they wanted info but not a strong sales pitch? Etc., etc. See my previous post, Understanding the Buying Spectrum, for more on this topic. Fast forward to 2009. All I've heard over and over and over again is "what can we do to drive sales NOW?" Does this mean we're not nurturing anymore? Probably not. We're just expediting the process by becoming more forward in our approach. Yes, some prospects may be left behind, but tough times... So here's what I am prescribing for my clients who insist they can't take a long view approach, but instead need sales NOW. It's called the RFV, or Recency, Frequency & Value.
What are your prospects' RTV scores? It's hard to know that without the basic info. In order to gather the basic info you will need, a survey is probably necessary. 4 questions is all it should take.
- When was the last time your company purchased any of the following products or services? - list them out and provide time frames
- Please select all of the products your company buys in a given year - list out all products and services to choose from
- How many times per year does your company buy these products or services? - Give choices of a couple of months, 6 months, a year, more than a year.
- How much does your company spend on these products and services in a given year? - Give choices of less than 10k, 25-50k, 50-100k, 100-250k, 250k+, or whatever scale fits your business.
Now we can get back into nurturing mode, but this time we can blitz hard and fast on those prospects that are most likely to generate sales NOW. Do I like the heavy-handed RTV approach? Tough times...
Copyright | emarketingprofs | All Rights Reserved
The blog for e-marketing and e-business professionals
Copyright | emarketingprofs | All Rights Reserved
Bridging the Confidence Gap
A Web Manager must work to understand future trends in their customer’s industry by researching, surveying, attending sales calls, and understanding that some customers are further along the educational spectrum than others, and therefore must be marketed to in varying approaches and styles. When speaking of the Customer Education Spectrum, it must be understood that customers go through many stages before ultimately buying from a particular company.
A Web Manager must work to understand future trends in their customer’s industry by researching, surveying, attending sales calls, and understanding that some customers are further along the educational spectrum than others, and therefore must be marketed to in varying approaches and styles. When speaking of the Customer Education Spectrum, it must be understood that customers go through many stages before ultimately buying from a particular company.
First, they must realize that they have a problem or a need that needs to be solved or fulfilled. Once this is done, the customer will conduct their initial research, usually online or by asking colleagues and friends. After this, they will attempt to narrow down their choices and make contact with the organizations that most closely match their perceived need. The companies that are selected are still under much scrutiny by the potential customer. They must still work to bridge the confidence gap that the customer feels. The customer still wonders if this company is really the right one to solve their need. The problem is that often times, the customer is towards the end of the buying spectrum before they even contact the company. So it is even more important that companies have a solid presence and external perception, as well as a unified marketing and sales strategy so that it is not sending out conflicting evidence on why this customer should chose it in which to conduct their business. Therefore, understanding and creating that value to the customer is one of the most important rolls of the Web Manager.
Another important role of the Web Manager is to understand the value proposition the Web brings to its company. A good Web presence can bring increased business to the company through greater leads, new sales and sales growth with existing customers. Increased customer loyalty is also an important aspect of a company’s Web presence. The Web can help a company grow in existing markets as well, by integrating intelligent software applications that allow marketers to use cross-promotion and up-selling to target new segments within existing markets or bringing relevant buying information into the fray for new titles within an existing profitable account.
Some critical steps that a Web Manager must take to begin successfully implementing a Web campaign are making sure that the site functionality is good and user-friendly, understanding and preparing the marketing techniques and campaigns that are to be used, organizing the sales chain and methodology of the organization, and having an unbiased view of the corporation’s internal realities such as time, money, personnel, the ability to meet goals, keeping track of leads, sales, customer feedback and business networks. Without these things in place, the Web Manager cannot successfully drive a technology-enabled company. In our next post, we will discuss how the marketing mix has changed and what you need to know about it.
Copyright | emarketingprofs | All Rights Reserved
The blog for e-marketing and e-business professionals
Copyright | emarketingprofs | All Rights Reserved
Profile
![[info]](http://l-stat.livejournal.com/img/userinfo.gif)
emarketingprofs- emarketingprofs
Syndicate
