Assumptions can be a dangerous territory — especially when it comes to being relevant with your customers.
When a brand has a large gap between purchases, keeping customers engaged becomes a consistent concern.
The team at the Kentucky Derby faced that issue when they decided to use the weekly newsletter to identify and validate customer segments.
“When we look to grow a brand like the Kentucky Derby, that breadth of engagement is really core to our growth path,” Jeff Koleba, Vice President of Marketing and Programming, Kentucky Derby, said in this session from MarketingSherpa Email Summit 2015.
To solve this issue, Jeff and Kate Ellis, Marketing Analyst, Kentucky Derby, decided to begin segmenting and directing content directly towards the customers who wanted it most. Within its established customer personas, the Derby focused testing on three segments:
Social content interests
Once they set up segmentation and supported it with relevant content, the team began optimizing for maximum engagement.
The next time your marketing team gets together for a meeting, take a look around the room. Then, imagine if your team lined up and every odd-numbered person was asked to step out and have a seat at a nearby table.
The idea is not that half your team has now become prime contestants for “The Hunger Games: Marketing Edition.” The goal of this exercise is to show some of what I recently learned from the MECLABS Value Proposition Development online course by placing a little visual emphasis on the findings in the chart below:
Click to enlarge
In the MarketingSherpa 2012 Website Optimization Benchmark Report (free excerpt at that link), when CMOs were asked, “Are you confident that each member of your marketing team can clearly and succinctly state your company or product value proposition?” nearly half of the survey’s respondents were not confident that each member of their marketing team could state their organization’s value proposition.
This data also suggests that if you’re not confident all of your team can effectively express your value proposition, then maybe you should take a moment and ask yourself …
“Can I clearly and succinctly state the core value proposition of my organization or the product that I am marketing?” (Take another moment to write down the answer to that question before reading further.)
If your value prop resembles any of the following:
“We empower your software decisions.”
“I don’t sell products and services; I sell results — my guarantee.”
“We help people find their passion and purpose.”
“We are the leading [insert your service here] provider.”
“Get found online.”
“This site has what the person is looking to find.”
Then you should know two things:
Your value proposition is most likely underperforming and could be improved significantly.
You are probably not alone (according to the 48% at least). Other members of your team are likely just as confused as you are when it comes to value proposition.
So today’s MarketingExperiments Blog post will hopefully demystify some of the confusion that surrounds value propositions, while also providing you with a few insights you can use to get started on crafting a stronger value proposition that you can put into your testing queue.