When the tide goes out – make sure you’re wearing a swimsuit.
Tuesday, October 14th, 2008“It’s only when the tide goes out that you learn who’s been swimming naked.” Warren Buffet’s famous axiom is in all too frequent use in these times of financial Armageddon but it still remains a useful one for online marketers as they trade through these exceptional conditions.
A great deal is made online of differentiating functionality and experimenting with new features, which is great if your main objective is brand differentiation. However spend too much time tinkering with your costume as the tide goes out and you won’t have any water to swim in at all – if you’ll forgive the extended metaphor.
The place to focus budgets right now isn’t on developing brand differentials through experiential marketing, but on the conversion funnel.
In the midst of the financial crisis that enveloped the country during the second week of October 08, We carried out an email campaign for one bar and restaurant chain that generated over 5000 new enquiries within three days, representing a huge leap on prior performance. The reason – well the offer was great but the campaign allowed customers to easily make their enquiry and because of this, it was quite literally like turning on a tap within their eCRM system.
Of course the communication process has to be good and automating large personalised campaigns is never easy, but the investment will pay off several times over if it’s done well.
So even while the tide is going out, some savvy operators online are seeing large percentage increases in their online trade simply by focussing on customer service delivery and loyalty schemes for their existing and new online customers; in measurable campaigns that add to the bottom line.
