The Basic Crafting of a Marketing Survey

Feedback both positive and negative is essential to improve the performance of any business or marketing campaign. One of the most effective methods implemented by businesses to obtain feedback is surveys. These customer feedback surveys enable marketers to tap into the minds of their customers and come up with better alternatives to achieve marketing goals.

The structure and format of a survey plays an important role in the success of the survey. These factors greatly affect the accuracy of the result and the response rate of the survey. A marketing survey should be clear, precise and to the point. Structuring a survey can sometimes be a daunting task without a proper strategy. Here’s what you need to craft an effective marketing survey that will get you maximum responses and accurate results.

Use a healthy flow pattern

Arranging questions in a logical sequence is the key to crafting an excellent marketing survey. The questions should flow freely; otherwise the survey might look like an inquisition to an outsider. A motivating introduction with information on why the survey is being conducted is the biggest “call to action” that you can use. While sequencing the questions, you should always start with broader questions and continue to narrow down to deeper issues as the survey progresses. This helps in easing a user into the survey. Make sure that you reserve the last spot in the survey for sensitive information such as demographic data unless you are filtering your respondents by one of these sensitive parameters.

Simplicity is the ultimate sophistication – Leonardo Da Vinci

Complicating things might work well in an academic report but not for a customer survey. People are taking time out to respond to your survey and that time must be valued. Complicated questions may simply put off your customers and even though you may get responses, they may not be very accurate as many of your customers may not understand the questions. Also keep your surveys short; too many questions take much time to respond, and as a result many may leave a survey half done.

Randomize your sequence

Randomizing your sequence has got nothing to do with disrupting the flow pattern discussed earlier. The flow must always remain the same (broader areas to narrow sensitive areas). But you need not keep talking about one area and then go on to the next; feel free to mix and match. People usually get influenced by a previous answer when responding to questions pertaining to the same area. Randomizing ensures that this does not take place. Randomizing keeps the survey interesting and ensures that you get a correct response to each of your questions.

Analyzing Your Performance With The Right Online Metrics

 

Online marketing has really come of age and offers lots of advantages and easily blending with the dynamics of the market. OLM also has a number of easy tools, to address the specifics of marketing and advertising. The entire marketing process can be suitably tracked and analyzed. This all can be done with the help of various key performance indicators, measured with the online metrics.

For a marketing campaign to succeed various contributing factors have to be consistently measured, assessed, refined and metrics put in place to assess any changes in the campaign. And even though, each one of these metrics comes with its own level of importance in the campaign, there are some that have to be used without fail, by any business engaging in the online marketing.

The first one amongst these equally important metrics is the Return on Investment metric, which helps to assess the revenue generation by any campaign and its feasibility thereafter. The incremental sales indicator also helps to track the contributions from various efforts to the generation of revenue individually. Each factor gets analyzed for its net worth. These metrics gives the details of incremental sales generated by each initiative. And having calculated their individual worth, one can also assess their engagement score, that is to say, how these efforts perform in terms of capturing audience interest. Whether they encourage the users to resort to action, to covet the products and services being promoted and if so, how effectively they perform the task.

While the engagement score indicates, as how well the efforts resulted with the prospects, responses can also be tracked using another metrics called the social interactions. From Twitter, to Facebook to the more recent Google+, the interactions across the platforms can be easily quantified and analyzed. Just like traffic sources that can be analyzed for details like repeat visit, having a referral visit, or a search generated visiting lead, referring URLs and so on, is available for your analysis as well.

The time and money invested in developing online metrics is well worth the effort  and can be accomplished with a click of the mouse. And whether, your efforts are actually getting converted into the desired actions from the consumer’s end the data is there to be analyzed and acted upon with conversion rate and goal completion based metrics.

While, the internet is getting flooded with thousands of sites on a regular basis, search engine support cannot be overlooked, either from the performance point of view, or from the analysis point. There is a complete set of metrics that work solely on the search engine performance analysis. They deal with all the phases involved from the key word generation to traffic generation. Thus, metrics have simplified the whole gamut of collecting, interpreting and analyzing the data from the various online marketing initiatives, many times over. The reports can be generated, with a click or two and then, the suitable follow up plans, can be put into action.

The advent of interactive marketing has brought with it a far better capability of measuring the success of any online campaign when measured against traditional marketing methods. You should make sure you take advantage in utilizing all of these tools when engaging your online initiatives, you’ll be glad you did.

 

 

The Lifetime Value of a Customer

Every entrepreneur, big or small, dreams of having that one more customer. So a loyal and repeat customer is critical and more than anything else, loyal customers reflect well in the overall balance sheet of the business.

Just, how well they reflect can also, be calculated with the simple lifetime value metric. It not only, tells the amount of earning that one can expect from a repeat customer, it also helps to plan the use of resources, wisely. The repeat customer’s lifetime value can be calculated by a simple formula:

Average value of sale * Number of repeat transactions * Average retention time in months or years

This helps put a monetary worth to every customer of the company and is a great help to the financial and marketing department of the company. If the lifetime value of the customer is more than what it costs to earn new customer, it is considered to be a profitable overall investment.

The retention activities can be planned around allowable acquisition costs when the cash flow is an issue or around investment acquisition cost when the cash flow is easy. What your investment will be and what will be the returns on that investment has to be carefully calculated, before all of this exercise. And carrying out this exercise is always beneficial.

With the knowledge of the lifetime value of the customer, it becomes easier to plan the discount schemes that can be shared with the customers. It also makes you more observant of the cash flows that you are dealing with.

At any time, if it becomes unfeasible to support a discount schemes, they have to be canceled  This way you can also keep track of the various managerial strategies and see, if they are having a constructive and positive effect on the business. Other than, planning the optimal investments and strategy analysis, it also helps in getting loyal customers at a lower investment. And that loyal customer is the best advertisement in itself.

Word of mouth publicity works wonders like no media ever can. It puts the long term sale strategy in shape. Although at times, the lifetime value theory can overlook  the immediate short term sales goal,  the benefits of this knowledge, outweigh a single shortcoming.

Being ready with the statistics regarding the value that the customer adds to the business,and  can help forecast the future revenues, the remaining customer association years, and cost of delivering the products.

The knowledge of the customer lifetime value or CLV is something that no company can afford to overlook with customer loyalty and retention being the buzzword in corporate circles. But, it must be carefully and constructively used to further the ends of the business.

Loyalty scores much higher on the executive, to-do list. For a loyal customer translates into a retained customer, gradually.