This month we learn about CMO survey results, digital marketing attribution and how to handle losing a long-standing client professionally.
Hello there, and WELCOME to the OCTOBER 2016 edition of Media SALES Monthly.
Education, CPG and transportation companies are feeling the MOST optimistic about economic growth in SOCIAL MEDIA the next 6 months. But those in consumer services, manufacturing and service CONSULTING fear we’re in for a SLOW-DOWN.
Overall, surveyed business leaders rate their optimism at nearly sixty-four percent, a DROP from what they indicated six MONTHS ago. The latest CMO Survey from Duke’s Fuqua School of Businesses indicates that business leaders will INCREASE their marketing budgets by more than SEVEN percent in the next YEAR.
Participants in this survey say they’ll CUT TRADITIONAL ad expenses another 1.3% in the next twelve months, a LOWER cut than they made in the past SIX months. They’ll BOOST DIGITAL ad spending by almost ten percent, the LOWEST increase they’ve made in the past FOUR years. However, SOCIAL MEDIA is STILL growing, albeit not as much as predicted five years ago. It accounts for nearly TWELVE percent of the ad budget. The most popular forms of social media include social networks, micro-blogging (including Twitter), and video/photo sharing.
Share these stats with your CLIENTS as you help them determine their media mix for the upcoming year.
[SEGMENT TWO: SELLING DIGITAL]
In the commonly used ‘LAST CLICK’ model, DIGITAL marketers attributed all ROI value to the LAST channel a customer used to reach them – perhaps a display ad took a buyer to their website, which led to a purchase.
But, what if this customer … say … researched a product on the MANUFACTURER’S site, then sought REVIEWS from GOOGLE, followed by seeing a RE-TARGETED ad on FACEBOOK. And then finally bought after seeing a re-targeted DISPLAY ad while reading a blog? ALL of these influenced the customer.
But without tracking, marketers often give the FINAL display ad ALL the credit. A TechCrunch.com post says it is now possible to trace the digital PATH of a buyer. Algorithms will take into account ALL possible channels a marketer has invested in. Some attribution models even take BOTH TRADITIONAL and DIGITAL formats into account.
All of these attribution models cost money to deploy, so many smaller marketers aren’t ready to make this kind of investment. If your media company is acting as a re-seller for a marketing attribution services provider, start talking with your LARGER clients about how this type of modeling can help them OPTIMIZE their media mix.
[SEGMENT THREE: SALES TIP]
The loss of a long-standing client in B-to-B sales is never a good thing, but the way you MANAGE it right off the BAT can stop a bad situation from getting even WORSE. Lindsey Stein gives a few tips on how to handle it in her article, “You Lost a Longstanding Client. Now What?”
- Be COURTEOUS.
Don’t LASH OUT. Even though you’re losing this business, it left you with good EXPERIENCE and maybe even a good public recommendation. If you do anything LESS than thank them and wish them well, your reputation may be negatively affected.
- ASSESS the Situation.
When a client leaves, it may have NOTHING to do with you PERSONALLY. However, you should never ASSUME you know the reason for the separation. Take the time to sit down and LEARN why it was that your client moved on.
- Shake It OFF.
At the end of the day, remember that you only lost ONE client. Focus on your EXISTING clients, look for NEW ones and DON’T DWELL on what’s lost for longer than needed.
That’s it for THIS edition of Media Sales Monthly. I’m Doug Lessells.