Loading...
Answers
MenuIs there a way to measure the "return on relationships"?
I'm trying to figure out how to describe the value of meeting with people in person. I know how important building those relationships are, but I would like to explain it in a way that feel more concrete than, "met 7 people today, I think they really like us now..."
Answers
In our new book, Entrepreneur's Guide to The Lean Brand, Jeremiah Gardner and I tackle how relationships build passionate customers. In our view, products should fulfill a utility promise -- this functionality solves a that specific problem. But fulfilling the promise can only create 'satisfaction.' (Not always true, but generally.) It's the relationships between company and employees with customers that potentially creates 'passion,' which is required for scalable growth.
So how do you measure passion? Probably not in one particular way. Some combination of things like Net Promoter Score, Must-Have Score; social-media campaigns that measure participatory behavior; increase sharing of content; increase in viral-coefficient (OK for non-network effect business < 1!).
Early on, the best way to establish relationships is by meeting customers in person, in order to understand them deeply and develop empathy. Hypothesize 'what behavior can I expect from a customer with whom I've developed a relationship?' Measure whether that behavior is occurring.
If it's a direct sales relationship (a lead), then you should absolutely measure it. If it's a relationship building thing where there is no direct sale, then I wouldn't measure it directly. You have to decide over time which meetings (and with whom) are worth it. I wrote about exactly that (and how I use Clarity to solve it) here:
https://medium.com/@clayhebert/the-new-way-to-say-no-6a7d29282c1d
"Relationships" are hard to define, and therefore conjure some tangible, measurable unit.
Some relationships produce fruit quickly, others need to be tended to for many years or decades.
If you are simply looking for an equation where 7 people will produce "X", look at your historical numbers to understand your conversion rates and average customer value.
This question is a bit nebulous, so feel free to book a call and we can talk in more detail to really get your question answered.
Related Questions
-
What is the most creative way to introduce myself (and therefore my service) to 100 key decision-makers without selling or pitching anything?
You've answered your own question. Reach out to your prospects with the question, such as "How would you...". Ask what people want then give it to them if you can with integrity and thoughtfulness.DI
-
How did Snapchat boast a solid user base within a short period of time, compared to Facebook and Twitter?
I've been in the picture messaging space for a while now with my apps Lutebox (voted one of London's top ten most loved apps) and now Click Messenger. I've written a few articles about the space including a recent post about the Future of Mobile Messaging. Snapchat started out as an app called Picaboo, which pretty much did what it does now (prior to the latest update with chat and video calling). They quickly rebranded but saw a little uptake in user numbers and had quite low downloads for several months. Then around Christmas 2011 one of the founders' mom had told her friend about the app, who told her kid and her kid basically then spread the word throughout their high school in L.A. That was what really blew up their download numbers as it spread across teenagers at local high schools. As far as I know they didn't advertise in the early days, relied solely on word of mouth. Also it is assumed that they have a solid user base. Comparatively speaking, their user base may be in the low tens of millions, which may a great base of users, but nowhere even close to being as big as Facebook or Twitter. I'd be happy to speak about this in more detail or about the picture messaging landscape and what I believe to be the future of mobile messaging.AA
-
How to promote a paid iOS app to increase downloads ?
Your best bet to get traction quickly in USA is to advertise on mobile ad networks. You may need to advertise on CPM/CPC basis instead of CPI if you have a paid app so make sure you understand your user lifetime value and watch conversion rates closely so you don't overspend. That said, depending on what your niche/vertical is, there are many other ways to market non-gaming apps.SR
-
What are average profit margins in Ice Cream store business?
Hi! I am owner of an ice crean chain with 45 stores in Chile. We have stores in shopping centers, streets and also karts that you can put in events and parks. The average cost margin of ice cream (depends on the amount of materials you use in producing the ice cream) is around 40%. This is italian gelatto where you serve the ice cream without a specific measurement so your costs can vary due to the size of each portion you serve. About the brand you should focus on your unique value proposition and what kind of ice cream you are selling. We import the pastry from Italy and the fruits and milk from our country. Your ROI depends on your sales price and costs. If you focus on high market ice cream you can charge high and keep costs down.MF
-
What are some tips for boot-strap marketing to gain awareness and website visits for a start-up?
There is a tremendous amount of buzz surrounding content marketing and its need within a brand’s overall marketing strategy. Doing content marketing is much more than publishing on your blog occasionally and posting your thoughts on social media. “Do stuff and maybe it will work” is not a strategy, it is a gamble. A risky and expensive one, at that. Even so, many brands have yet to create an effective content marketing strategy. What does such a strategy look like? Where are the examples of brands doing it well? Here, I will show you examples of an effective content marketing strategy and offer ways for you to craft your own for your business. What is Content Marketing Content marketing’s purpose is to attract and retain customers by consistently creating and curating relevant and valuable content with the intention of changing or enhancing consumer behavior. It is an ongoing process that is best integrated into your overall marketing strategy, and it focuses on owning media, not renting it. This generation of customers are taking drastic steps to avoid marketing messages. As consumers, we use DVRs to skip television ads, pay internet radio subscription fees to avoid commercials, mentally block out — or use plug-ins to avoid — internet click ads, and gloss over road-side billboards, rendering them useless and ineffective. So how are marketers supposed to combat this shift? Education. Consumers are still buying and making purchases, but the way they go about making a decision has changed. With all of the world’s information at their finger tips, savvy consumers are doing enormous amounts of learning and self-education before stepping into a showroom or talking to a salesperson. Knowing this is a huge opportunity for brands. If you know consumers are looking for information, be the source of that information. Not with sales-y content that puts your priorities before theirs, but information that the buyer really wants and needs. The Marketing and Sales Departments must align to create a buying path for this new era of consumers that provides authentic and transparent information about a product or service (the mission of Marketing) and closing the sale (the mission of Sales). Content marketing closes this gap by using brand-created educational content to satisfy the prospective buyer while helping the sales team convert anonymous visitors into buyers. Thought leaders and marketing experts from around the world, including the likes of Seth Godin and hundreds of the leading thinkers in marketing have concluded that content marketing isn’t just the future, it’s the present (see the video below on the history of content marketing): http://www.youtube.com/watch?v=9OHgMMpGLzk The key ingredient to using content to attract new customers is in the advanced planning. The strategy. What is a Content Marketing Strategy A content marketing strategy is a roadmap; a “User’s Guide” to how your brand will do the following: - Meet the customer at their specific point within their buying cycle - Align the customer’s needs with your knowledge and expertise - Use your brand’s assets to meet these objectives Business-to-Business marketers who have a documented content marketing strategy are 66% more likely to consider themselves effective compared to only 11% of those without a documented strategy. A content marketing plan helps you see the end-game before you have even started. Further, it gives a clear, articulable vision for your entire team and keeps you on track throughout the campaign. Just like New Years resolutions often fade into a foggy memory, our intentions are good – but we allow resolutions to fail. To be successful in any strategy, we need to be intentional. For proper sales and marketing alignment, and for the success of your bottom line, you must have a plan in place. How to Start Your Content Strategy The framework of a content marketing strategy is fairly straight forward: - Who are you targeting? What are their needs? - How are you going to reach them? (Attract new and nurture existing) - What content do you have now to get started? - What is your plan to develop and share more - How will you measure your efforts 1. Personas Take some time to consider who you are targeting. Are they male or female? Does it matter? Do they have a career? Children? Are they affluent? Coupon cutters? What are their goals? What happens if they do not reach them? Is their a monetary penalty for them? Will meeting this goal further their career? Will it make them happy? Clearly defining your targeted personas will save you a lot of time, energy, and money as you continue your business. With this person in mind, your content marketing strategy will begin to fall into place and you will feel that you are having a conversation with this “person”, rather than blindly throwing stuff out there. 2. Outreach Content marketing and social media are often used synonymously. This is a mistake. Content marketing is a broad method of marketing whereas social media is a tool that complements getting your content seen. Imagine your website as your online hub, where all of your brand-controlled content resides, your social media profiles are spokes that lead back to your home base. Social media has the power to reach incredible numbers of potential customers, influencers, existing customers, and even the opportunity to convert customers from competitors. Social media, in and of itself, is not content marketing. It is one of your outreach tools. 3. Available Content Next, take stock of materials you have on hand already. Many of us sit in offices filled with brochures, flyers, handouts, manuals, and documents loaded with helpful information, but we do little to extend that information to potential customers on the web. Make a list of the content available to you immediately and start identifying which persona is most aligned, where they are within their sales process, and what pain point they are currently facing. Getting started, you can use what you have on hand. But I recommend expecting this low-hanging fruit to run out. You should plan on developing your own, unique content. For a number of reasons, search engines reward fresh, unique content. Further, your prospective customers will be looking for information that is not available everywhere. Your unique perspective and “voice” (the tone in which you talk, the way you communicate, and what you share) may be the first experience a prospective customer has with you. This is the beginning of a long business relationship. 4. Schedule and Share Your Content After you have compiled your educational materials, grab a calendar. I recommend looking out 3-4 months to start. Mark holidays, special events, and milestones. Working backwards, prepare your marketing message for these campaigns. For example, one client of ours hosts 4-5 annual sales. They all surround major US holidays (New Years, President’s Day, Memorial Day, Labor Day, and Thanksgiving/Black Friday). By knowing this, it is easy for us to prepare everything from banner ads, Pinterest images, blog posts, Facebook Status, videos, and even newspaper ads (don’t shoot the messenger). Once you have those events marked, consider a “theme” of the week for those 3-4 months. With that theme, and your personas in mind, write out the following for each week: - 2 Blog Posts - 8-10 Facebook updates - 20-30 Twitter updates - 4-5 product photos for Pinterest - 3-4 Instagram ideas - 1 Video By no means is this list all-inclusive. It is a starting point to get you thinking about how to plan content. To get a specific content marketing plan designed for your brand, I need to interview you and understand your goals, personas, and timeline. 5. Analytics Finally, how are you going to measure your work? Remember when we set up our goals earlier? Were you specific in identifying how many leads you want to generate? “Get more leads” is a horrible strategy, better is “Gain 50 new leads by September 1st” or “increase from 6% conversion rate to 12% conversion rate” These types of goals are easily measured and tracked. Do you have a mechanism in place to measure, monitor, and gauge your efforts? Further, do you have the right people on your team to help you know what is working and what is not? Can you explain why certain marketing dollars are generating a return on your investment while others fall flat? Final Thoughts Just like runners know the course of the race before they start, your brand should know the route you will take to your finish line. Having a strong content marketing strategy in place will ensure your team is setup for success. I'm happy to help and provide more specifics. All the best, -ShaunSN
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.