4 Key Insights from DMWF

Last week I covered the Digital & Social Marketing Conference in New York.

There were many amazing panel discussions on Digital and Social Marketing. My key takeaways were:

1. Influencer Marketing is growing and it is up to brands to get it right.

2.Brands need to use Social Listening to understand their Customers if they expect to grow.

3. Brands need to have two-way conversations with customers across social channels instead of just broadcasting one way advertising messages.

4. Creating and using infographics are great ways to engage an audience.

Additional Panels

How Content and Social Media will Evolve

https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2Fdgalantenyc%2Fvideos%2F10156788209472418%2F&show_text=1&width=267

How Gerber improved the Customer Experience to transform its Brand

https://www.facebook.com/plugins/video.php?href=https%3A%2F%2Fwww.facebook.com%2Fdgalantenyc%2Fvideos%2F10156785648807418%2F&show_text=1&width=267

How do you think Marketing will change?

Comment and share below.

 

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Sales Reps: Want to Boost your Sales? Study your Sales Data & Do the Math!

Math and Sales Data are essential to improve the sales efforts of Sales Reps. The use of Math and Sales Data can provide a wealth of insights in terms of how effective a businesses sales campaigns are doing. In my previous post, How to be your own Manager of Sales, I detailed how Sales Reps could track their own sales numbers using a Closing ratio.

“Closing ratio is calculated by taking the number of sales you make per day, dividing them by the number of sales calls you have made and setting it equal to X/100. Next set each of the proportions equal to each other, cross multiply and solve for X. For example, if I made 3 sales per day and made 30 calls per day; my closing ratio would be 10 percent. 3/30 = X/100 = 10%. Try this with your own sales numbers”

Our closing ratio can be further extended to examine the number of exposures it takes to convert a prospect into a customer. I will call this the Prospect to Customer conversion ratio. The prospect conversion ratio is a great way to examine your prior sales calls to determine how hard you will need to work to get the sale. For example, during my time as an Outside Sales Rep in NYC; it would take me as many as 10 exposures before I was able to convert some prospects into customers. Some times the number of exposures were as low as two or three or some were as many as 20. Typically, if I cold called and the customer never heard of my product it usually took about 10 exposures. To calculate this ratio for a particular customer,I would take the number of times I called on the prospect and divide it by 1. For example, if it took me 20 exposures to convert the prospect to a customer, I would divide 20/1 and my prospect to conversion ratio would be 20/1. If it took 10 exposures, the ratio would 10/1 for that particular customer. If you track your prior sales calls and examine the Prospect to Customer conversion ratio; you will notice a pattern in the number of exposures to sales in many cases.

However, this method will work in all cases. Remember, not all prospects are created equal. As a Sales Rep, you need to prove to prospects that you and your product are worth it’s purchase price. There are no free customers unless you are calling on a new start-up. In most cases, Sales Reps will need to take prospects from competitors.

Using both the closing ratio and the prospect to customer conversion ratio; will provide Sales Rep with invaluable snapshot insight into how they hard you need to work along with how effective they are in the field. If you are a Sales rep and you are not examining your call patterns, I guarantee that your Sales Manager is!

In fact, most Sales Managers use both the closing ratio and the prospect to customer conversion ratio to set sales goals and daily sales call requirements for Sales Reps. This Math and Data analysis is also used to help Sales Managers mentor their team.

As you can see, studying the data from sales calls and doing the math using ratios are power methods for Sales Reps to use to boost their sales.

 

How the Romney and Obama Campaigns use Big Data to Market themselves to Voters

Today is Election Day in the United States. There are many candidates who are up for election. However, the most followed race is the Presidential race between Barack Obama and Mitt Romney. These candidates have been selling and marketing their vision for America for many months. These candidates have been doing everything they can to get elected. Their campaigns resemble those of consumer products. These candidates send out direct mailings. They make in person appeals for your vote along with commercials.  Consumer product companies use these marketing techniques. Both candidates are using social media effectively. There is a big focus on which campaign is the most effective on social media. However, social media is a basic requirement for every marketer and politician to promote, sell and market their platform of ideas. Being that everyone is expected to be on Social Media channels, I think that big data and its use is a more interesting topic.

The Romney and Obama campaigns are using big data to reach out and market to voters. The candidates are using their websites to market to voters. According to a report that aired on Bloomberg West, Barack Obama’s site barackobama.com is placing 87 tracking cookies on people’s computers who access the site. Mitt Romney’s site mittromney.com is placing 48 tracking cookies on people’s computers. For those of you who don’t know, cookies are software that track what sites you visit online. Many marketing and retail companies use data obtained from cookies to market to their companies.  So what are the campaigns doing with all of this data? Both campaigns are using the data obtained from these cookies to create targeted ads to voters according to a Bloomberg West report.

In a race that is neck and neck, each campaign needs to pull out all the stops to win.  Big data that is obtained from these tracking cookies can help the candidates create messages to engage voters. Soon enough we will know who the winner is. No matter which candidate is your choice, remember to go out and vote!