The ABCs of Marketing ROI – Or How NOT to Sell a Luxury Travel System
And, by luxury travel system, I mean a pram.
For those not in the know, high-end pushchairs can easily retail for over £1,500. And the success of manufacturers like Silver Cross, Bugaboo and Stokke makes the sale seem almost easy.
Still need convincing? Brand titan Bugaboo boasts turnover exceeding £140M. None too shabby.
So let’s say you’re Bugaboo and you’ve got a UK-wide network of retail distributors that sell your product.
Well, it’s all well and good if other High Street retailers are spending oodles on marketing programmes that feature geo-fenced mobile LBA (location-based advertising).
But what if 80% of your market make their purchase online after 3-6 months of research, relying heavily on review sites, user forums, celebrity trends and recommendations
Then hyperlocal mobile ads – with proximity-targeted discounts that ping as prospects stroll past a sales outlet – are far less likely to drive significant revenue.
Now on the other hand, if you’re a High Street ice-cream retailer and 80% of your customer base is known to make brand neutral impulse purchase decisions based on weather, location and time of day, then that’s a whole other kettle of fish. Ping away!
THE LESSON | Match your objectives (and your metrics) to your customer journey.
Don’t do what works for a peer or a competitor. Do what works for your specific customers.
Work out how your most profitable client accounts, segments or buying personae purchase from you and then set marketing objectives that align with their core behaviours. Then choose the right metrics – the ones which describe, analyse or, even better, predict those very valuable behaviours.
For additional insights to improve your MROI, take a spin over through our archives.
Or give us a bell. We can help.