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Posts Tagged ‘Value Proposition’

Value Proposition: Lessons from interviews with 50 business leaders

June 22nd, 2015 No comments

Marketing automation. Programmatic ad buying. Email personalization.

Advancements in marketing technology can power a successful brand, if …

… and it’s a big if …

… they are used to communicate an effective and authentic value proposition.

At Email Summit 2015 I sat down with Jose Palomino, Founder and CEO, Value Prop Interactive, and author of Value Prop — Create Powerful  I3 Value Propositions to Enter and Win New Markets, to discuss what value proposition means to your business.

 

The value proposition is “the core or central truth about whatever the offer is,” Palomino said. “And, most importantly, [the value proposition] answers this question — ‘why should anyone care?’”

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Landing Page Optimization: An overview of how one site increased leads by 155%

June 15th, 2015 4 comments

Simple, direct and bare. When your company and process is known around the world, a blank page with little competing content can not only work, but it can work really well.

Simplicity is key. Take a look at Google’s homepage:

 

What about new visitors? Imagine coming to this page for the first time, with little to no context of the company. What is this company? If I type something in that text box, for example, where will it take me?

Simplicity is not always a key to effective website optimization.

Leaders must grow comfortable with paradox and nuance. Clarity does not equate with simplicity.  Simplicity does not equate with easy.” — Flint McGlaughlin, On the Difference between Clarity and Simplicity.

Simplicity is the reduction of friction, but clarity is the optimization of the message. A simple message is not necessarily a clear message.

Take a look at a test we ran with a physicians-only social network that allows pharmaceutical companies to conduct survey research and promote products to their audience. The goal of this A/B split test was to identify which microsite would generate the most total leads.

Check out the control below. Can you find the value proposition?

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Website Analytics: How to use data to determine where to test

May 28th, 2015 6 comments

At MarketingExperiments, we use patented heuristics to evaluate websites, emails and other digital mediums. 

Often people think that a heuristic evaluation is a purely qualitative approach to a problem. This can be true, but when you combine quantitative analytics with the qualitative knowledge you increase the power to make meaningful change.

This post will show relevant metrics for three of these elements that any marketer — from beginner to advanced — can use to discover opportunities for improvement.

 

Step #1. Look at the qualitative elements of your website

Often people just ask for data dumps. To make matters worse, they want it in a very short time. On top of that, most data scientists use purely what they are comfortable with: numbers.

To add context and save time, you must evaluate the site to see where you should focus your data analysis.

Put yourself in the customer’s mindset and go to your site. If you own creative or design, try to remove those biases as best as possible. What makes sense to you or feels like the right amount of information may be completely overwhelming to a customer who isn’t familiar with your product or industry.

 

Look for things that are broken, functions that are clunky, images that don’t make sense or add value and difficulty in completing the conversion. You must objectively look at all the pages in the conversion path and be familiar enough with them to make sense of the data that you pull.

Pull data to illuminate the points you saw to give validity to the theory. Key heuristic elements and data help prove the problem.

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Process-Level Value Proposition: How marketing can leverage the value it creates

May 18th, 2015 No comments

If I am your ideal prospect, why should I buy from you rather than your competitors?

This is the essential value proposition question, and many major business decisions must be made to truly discover and deliver on your company’s value proposition — from the CEO down to the intern.

But today, let’s focus on the small stuff to raise this question for you …

 

What minor changes can you make right now to deliver a better value for your customers?

Once you have the big stuff taken care of, once marketing has communicated (and sometimes even created) value, sometimes the little touches make all the difference. They are the tipping point to help your ideal customer decide to choose your product or service instead of your competitors’.

Let me give you an example.

 

Really, they’re more than just stickers

My wife and I needed to buy some Mother’s Day cards, so we stopped by Deerwood Village, a shopping center near our house. As soon as we swung into the parking lot, we were confronted with three choices right next to each other that all likely offer Mother’s Day cards:

  • Publix (a grocery store)
  • CVS (a drug store)
  • Hallmark Gold Crown store (a gift shop)

We decided to buy the cards at the Hallmark store, and a simple but profound thing happened at the checkout. The cashier handed us stickers.

But, they weren’t just stickers. They were a signifier.

When she was done ringing us up at the cash register, she said, “Wait. Let me give you some of these to put on the back of the envelopes.”

With that, she reached down and counted out four gold crown stickers.

  Read more…

How to Construct a Customer-Focused Remarketing Campaign

May 14th, 2015 10 comments

To start, think of a consumer on your ecommerce site.

They scroll through the carefully selected featured content on your site. For some reason, something on the screen catches their eye, and they click through to one of your product pages. Their eyes rest on the framed image of your product and travel through the concise product description.

After a few seconds, their mouse hovers over that all-mighty CTA: “Add to Cart.” They click …

… and then they leave. Just like that, one of your customers has fallen out of the funnel, abandoning their cart as well as their possible transaction with your company.

Speaking as an editor at MECLABS Institute (MarketingExperiments’ parent company) and as a consumer for over 20 years, I feel comfortable saying that we customers are a fickle crowd. In the few minutes and steps it takes from adding a product to the cart to actually checking out, a million different things can happen to prevent purchase.

Marketers need to be ready to battle everything — from customer frustration with the purchase process to simple distraction.

Thankfully, an abandoned cart does not have to mean a lost transaction. A cart abandonment email campaign can be an excellent, though underutilized, way to reconnect with your lost customer and potentially make a purchase.

According to MarketingSherpa’s 2012 Email Marketing Benchmark Report, when asked what types of automated emails their organization deploys, surveyed marketers ranked “Shopping cart abandonment” as dead last at 11%. However, 51% of surveyed American adults found these emails to be helpful.

Here are three tips to help you save your next ecommerce sale.

 

Step #1. Make your checkout process simple and transparent

This first step is a little counterintuitive for this blog post, but it’s essential. In an ideal world, you would never need to utilize a cart abandonment campaign because your customer would never abandon their cart.

To cut down on the number of abandonments and create an easy and pleasant checkout experience, you need to keep seven things in mind:

  • Be upfront about shipping costs and information
  • Relieve customer anxiety (especially when it comes to secure payment methods)
  • Make checkout available to all customers, not just registered users
  • Continue to present value throughout the checkout process
  • Make the whole process quick and easy
  • Employ persistent carts

My colleague, Lauren Pitchford, Senior Research Manager, MECLABS Institute, wrote a great guide about creating the best checkout experience possible, which really explores these aforementioned ideas in-depth.

 

Step #2: Determine if a cart abandonment campaign is right for you

Like I mentioned before, this isn’t an ideal world, and customers are going to leave cart items. This is where a cart abandonment email campaign can really be beneficial.

These emails serve several purposes, two examples of which are:

  • Reminding customers about the wonderful merchandise they clicked away from
  • Serving as a point of communication between your brand and the consumer

But it’s important to remember that these campaigns aren’t an ecommerce panacea.

A recent Chart of the Week from MarketingSherpa (sister company to MarketingExperiments) explored what customers thought of cart abandonment remarketing.

 Q. What are your views of reminder emails that tell you when you have an item in your online shopping cart that has not yet been purchased?

Read more…

How to Avoid Losing the Value of Your Value Proposition

When a customer comes to a page or an ad, one of the primary questions asked in their subconscious is, “If I am your ideal customer, why should I buy from you, rather than your competitor?

The answer to this question is, essentially, your value proposition.

However, what happens when you’ve formed a perfect value proposition, but it’s not giving you the results you wanted? You’ve filled out the worksheets, read all the articles on value proposition and followed all the rules you know. So, how is it that you’ve done everything, seemingly right, but it’s still not working?

For a quick example, let’s imagine for a moment that you’re reading through an online article. As you’re reading, you see the following advertisement on the side of the page with the caption, “Let’s look at the world a little differently.”


When we look at this ad, the first thing we see is the text in all caps; “Retired old man intercepted on his way out of the bank.” Below that is a confusing image of what looks like a diagram, followed by, at the very bottom of the page, what appears to be the value proposition: “Open happiness.”

The customer is left with the question: What can I do here?

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