The Dangers of Attaching Your Brand to a Celebrity Spokesperson

The Dangers of Attaching Your Brand to a Celebrity Spokesperson

 Good Endorsements… Gone Bad

It takes years and patience to build a world-class brand with a huge following. But who has time for that these days? If you’re all out of good marketing ideas, you can just hire somebody famous to be the face of your brand!

Be sure to pick somebody who’s at the top of their game. Somebody with a zillion followers on Twitter or Instagram. Tiger Woods, maybe, or Lance Armstrong. Or Olympic champions – they’re a sure-fire bet, right?

Even better if they’re the feel-good story of the moment. South African amputee sprinter Oscar Pistorius captured the hearts of millions by moving from Paralympic competition (where he’d won three consecutive gold medals) to competing in the 2012 London Olympics, the first double leg amputee to qualify for the biggest running competition in the world.

It was a great story, and Nike jumped on board with an ad campaign featuring several athletes with a voiceover that spoke of athletes’ bodies being their weapons. A print advertisement featuring Pistorius read “I am the bullet in the chamber.” The next year, in 2013, Pistorius was charged and later convicted of murdering his girlfriend with a 9MM pistol. Oh, the irony!

Nike has been bitten by celebrity endorsements before; past ads have featured Lance Armstrong (doping), Michael Vick (dogfighting), and Tiger Woods (caught cheating on his wife multiple times), and trust us, the list goes on from here.  

Nike Shoes

It doesn’t matter if you have the most wholesome product in the world – you can still fall prey to bad celebrity endorsements. The “Got Milk?” campaign (you know the one, famous people with cute milk mustaches over their lips) dropped R&B performer Chris Brown in 2009 after he pleaded guilty to violently assaulting his former girlfriend Rihanna. Not a good look for the moo.

One essential feature of celebrity brand endorsements is that they appear genuine. No one wants to see the marketing hacks making sausage behind the scenes. So if you find a celebrity willing to spontaneously declare her love for your brand online, take the time to teach them the basic skills of cut and paste.

Here’s the caption that went with model Naomi Campbell’s Instagram post showing off her new pair of Adidas: “Naomi, So nice to see you in good spirits!!! Could you put something like: Thanks to my friend @gary.aspden and all at adidas – loving these adidas 350 SPZL from the adidas Spezial range. ✊ @adidasoriginals.”  

Cut and paste fail, Naomi!

Lori Loughlin of Full House and Hallmark Channel fame and her fashion designer husband Mossimo Giannulli plead guilty to bribery charges in a widely- publicized college admissions scandal in 2019. Loughlin and Giannulli paid $500,000 to have their daughters gain admission to USC as members of the rowing team, a sport which neither girl had ever participated in.

Loughlin’s daughter Olivia Jade had a promising and lucrative career as an online influencer, working with brands Dolce & Gabbana, Marc Jacobs, Sephora, and Amazon. Most dropped her like a hot potato after the cheating scandal became public, even though her mother was the culprit. (Loughlin lost her Hallmark Channel gig as well.) It’s good to remember that celebrities also have families who can do bad all by themselves.

Finally, if your brand invests in sponsorship, please ask the celebrities connected with it to play along. Soccer megastar Cristiano Ronaldo of Team Portugal cost Coca-Cola about $4 billion in market value after a Euro 2020 tournament press conference. Coca-Cola had a sponsorship agreement with the Union of European Football Associations, and the league had placed two bottles of the soft drink prominently at the podium in front of Ronaldo in a classic product placement move. Unfortunately, Ronaldo believes in healthy living and a clean diet. He looked visibly distressed by the bottles, giving them the stink eye before moving them out of the camera frame and holding up a bottle of water. He held the water bottle up and said in Portuguese: [Drink] “Water!”

Coca-Cola’s share price dropped by 1.6% to $55.22 soon after the press conference. The market value went from $242 billion to $238 billion — an expensive lesson in how celebrity endorsements will always be, a double-edged sword.

The practice of celebrity endorsements will continue for brands, and most of the time, the relationship will evolve just fine. However, understand that people have a bad habit of behaving badly in inopportune times. If your brand is caught in the middle of a public relations disaster, it could get ugly.

You’ve been warned.

About Atlas Rose: Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-533-5007.

Should You Cut Your Marketing Budget?

Should You Cut Your Marketing Budget?

Should You Cut Your Marketing Budget in Tough Times?

Almost all businesses go through cycles when times are good, and other times of…PANIC MODE!  Perhaps it’s when you lose your biggest customer or have a supply challenge or experience a full-blown recession like in 2008.  

When you’re faced with more adversity than you care to have, it’s prudent to spring into action and look at every dollar leaving your organization. It can be tempting to completely strike out the marketing expense because unlike your other expenses, where you receive a good or service, in exchange of your dollars, the marketing expense can be a bit unclear. Which of your marketing is working? Is it working at all?

While it’s true, slicing marketing expenditures from your budget might provide some immediate relief, it also accelerates your downward spiral and could be a death sentence. 

Kevin Miller, fractional CMO with Atlas Rose offers his perspective. “We’re not naive about the need to trim expenses relating to marketing if no other option exists. However, rather than eliminating it all, consider taking a deeper dive and operate with a scalpel rather than a chainsaw.”

He’s referring to the many smaller expenses that contribute to the overall marketing engine of a company. “The first thing we want to do is to take care of existing relationships. These are customers that love you and you love them back. Because they are considered promoters, they make repeat purchases and express their satisfaction to others. We don’t want to abandon them. We’ve found that if the situation calls for it, we’ll ask for their continued support during a tough time. If they can push up their timeline for a purchase, or take on more stock, it may just be the lifeline the business needs.”

Next, if you still need to make cuts, cut the general branding dollar but keep your money on direct lead collection marketing.. Your CMO (if you have one) should be able to communicate where the best and most direct ROI channels exist in your marketing plan. It’s not that general branding doesn’t work, it’s just that it’s a longer game and the path to a direct sale isn’t as definitive. 

Understand that not spending precious dollars on marketing and advertising does eventually have an effect. It’s the same reason you still see Pepsi and Coca-Cola battle it out even after 100+ years. Even a half percent of market share is worth millions of dollars. If either one of them stopped advertising, it wouldn’t take long for one brand to cede hard-fought market share to the other. Once that momentum is lost, it can be hard to regain.  

Companies of all sizes are flocking to fractional chief executives.

Miller’s best advice is to slow down. Take a deep breath and work with your marketing team to justify essential expenditures. Making knee-jerk reactions is dangerous. The best moves are calculated and methodical. Once business returns to normal levels, you’ll be able to take more measured risks with your marketing dollars. The extra scrutiny may even have a positive effect on your business and cause sales to increase. 

 

 

About Atlas Rose: Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-5233-5007.

 

Do You Need a Rebrand or Refresh?

Do You Need a Rebrand or Refresh?

Do You Need a Rebrand or Refresh?

t’s the go-to move for creative agencies; enticing clients to spend money. For many, it’s included in the very first pitch. Change the logo, change the website and redo everything. After all, it’s the easiest way to generate billable hours! But is it the right thing for your company?

A brand refresh can be as simple as updating your logo, adopting a new slogan, redesigning collateral materials, and a fresh coat of paint in the office. It may include new colors, but it’s primarily cosmetic and doesn’t change how you do business. 

However, a rebrand goes much deeper. It’s everything a brand refresh is and more. It means remodeling stores, revisiting mission and vision statements, and even leadership changes. The purpose is to more closely align with customers, avoid market confusion, and create a new personality. 

As an analogy, a brand refresh is makeup and a rebrand is plastic surgery.  With either, it’s a good idea to revisit your mission and vision. If there are any changes to be made, this is the time. 

When is a good time for a rebrand or refresh?

Sometimes a refresh is called for when the “look” becomes outdated and you want to be more in line with the times. It can be tricky because you want to create a brand seen as “current” but also not one that chases trends. Be careful to make changes in increments. Don’t leave any confusion that you are the same company customers have always done business with. In this example, you see how Pepsi has updated its logo over the years.  

Notice how they made a significant change in 1945 by adding the “wave” and red and blue colors. Since that time, (with exception of 1951-52) they have kept the image logo familiar with only small variations. In 1953, they dropped the “cola” in the name because customers were abbreviating the name anyway. They had achieved enough brand recognition where they had the luxury of simplifying the name.

Another great example is FedEx. In 1971 the name and logo were chosen to closely align the startup with the government. It conveyed trustworthiness, credibility, and the ability to reach far corners of the US. 

By 2000, the name had served its purpose and the company sought to distance itself from the negative association of the word “federal.”

Today, the FedEx logo is known for its brilliant use of negative space. If you look closely between letters E and X, you’ll spot a white arrow. The company says it stands for speed, accuracy, strive for perfection, and perseverance in achieving goals. 

Yet another more relatable example is from Atlas Rose’s client, Plus Delta. I am their fractional CMO. Previously known as PlusDelta 314, I suggested that they drop the ‘314’ from the name because it served little purpose. The owner had emotional ties to the name, but I pushed back. PlusDelta is a great name. It’s perfect for a company that consults on change management. The meaning of plus delta is ‘adding change.’ When I saw the URL was available, the decision became a no-brainer. The name is strong enough to stand on its own. There is no reason to keep 314 at this point. As marketers, we’re always looking for ways to make things simpler and faster to understand. 

Sometimes a deeper Rebrand is called for.

By 2019, the premium coffee market was red hot. Starbucks had proven that Americans were willing to pay $4 or more for a cup of joe. Competitor, Dunkin Donuts had a stronghold on the coffee to go market for years but were ceding new ground to the Seattle startup. 

Also around that time, Dunkin Donuts was evolving from the coffee and donut shop to specialty sandwiches, desserts, and other creative menu options. Soon, their business didn’t match their company name. They were more than “donuts” so a rebrand was in order. They are still working with franchisors to remodel 12,871 stores and change signage. For them, it’s an expensive, but necessary maneuver. 

Other reasons to rebrand exist too. 

 

For years, Old Spice was the brand of shaving cream and cologne your grandfather wore. The brand had outlived its customers and the market was shrinking. Proctor and Gamble knew to attract younger millennials, they needed to do something drastic. Beginning in 2010, they launched a massive campaign, including millions of dollars in advertising. The campaign was far-reaching and went way beyond a refresh. It included social media, new packaging, and even a new character spokesperson. Old Spice was now fun, entertaining, and masculine. It was a roaring success.

From this:

To this:                   

There can be bad reasons to rebrand too like if a new management team wants to make their mark or the company owner is just bored. Branden O’Neil, of Atlas Rose, CEO of Atlas Rose tells clients that change for the sake of change isn’t a good enough reason for a rebrand or refresh. If it still works, keep it! There are advantages of keeping familiar marks and crafting language that stands the test of time. Brand recognition is the biggest.

Is there anyone reading this that doesn’t recognize McDonald’s “golden arches?” Not likely. That’s exactly why McDonald’s will likely never move away from the likeness they’ve invested in since 1961.” 

Healthcare company Johnson & Johnson hasn’t changed their logo since its inception 130 years ago. Why? Because there hasn’t been a reason to.

I recommend getting some outside perspective before you make a major decision like a rebrand or refresh. Sometimes you’re too close to the brand to think about it objectively. Keep an open mind and listen to legitimate business reasons to make the strategy shift. If the reasons aren’t strong enough, keeping the status quo is the right decision. What isn’t acceptable is being hesitant or slow because you fear the work involved. Outsourcing this task along with a full strategy review can be the best effort and money you can spend.  

Change can be good. Or not. 

 

About Atlas Rose: Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-5233-5007.

 

What Is A Real Deal CMO

What Is A Real Deal CMO

What Is a Real Deal CMO?

It seems like everyone’s an expert nowadays. Enter the era of the electronic resume (LinkedIn) and you can adjust your job titles at will. Of course, everyone is gunning for the job they want so stretching the truth is tempting to do. 

If you were really a marketing coordinator, maybe you self-label yourself as the “marketing manager.” 

If you were really a marketing manager, modifying your Linkedin profile to indicate “Marketing V.P.” really is about the same right? 

 Well, not even close. We in the biz call those people marketing imposters.

While little white lies on your computer screen don’t seem like a big deal, it could be a big problem for the business owner that hires talent ill-equipped for the job. 

So, if you need Chief Marketing Officer Level support for your growing company, who should you hire?

  • The former head of digital media for XYZ corp?
  • The social media marketing lead for the largest company in the industry?
  • The head of content creation and automation for North America?

Answer: none; Not because these wouldn’t be great additions to the team, it’s because they chose a different and specialized path to hone their marketing industry skills.

A true CMO is something entirely different.

A CMO is someone that loves strategy. They think differently and have a vision of how individual parts and tactics work together to achieve a goal. They’re highly intelligent and are up to any C-level decision. Expect them to be an extension of the CEO and maybe even assume that role someday. 

Here’s what they’re not

Every organization and marketing plan calls for tacticians. These are people skilled in a particular segment of marketing. It might be pay-per-click advertising, copywriting, or web development. A CMO can’t do these things for you – but they know people who can. For decades they have been developing relationships with the most effective vendors and people in the industry. 

A CMO understands their capabilities and knows what success looks like, but they haven’t spent thousands of hours invested in executing the finer details. They think on a higher level.

The CMO is a trusted member of the executive team and someone the CEO, CIO, and CFO lean on when making decisions. For a growing business looking to scale, it’s a critical skill set to have. 

But there is a catch. CMO’s can be expensive. 

 

Source: Salary.com

 

When you include benefits, competitive CMO salaries soar to $312,040. Ouch.

Even if that’s a figure you can get comfortable with, you better hope you make the right hiring decision. If you get it wrong and onboard the wrong person, it’s very, very painful. You may not realize you made the wrong hire for a year or longer. If you have to terminate them, the consequences are horrific. 

  • Time lost. Your company could have grown
  • Competitors gained ground
  • Lost Salary 
  • Opportunity costs
  • Stress on your team
  • CEO embarrassment
  • And the list continues…

But is there a better way? There may be. 

You may be able to share a successful CMO with another company. The concept is called fractional executives and it is already well proven for CIOs, CFO’s and others. It’s now available for the marketing function of a business. You get the full benefit of an executive team member, for a fraction of the cost. It’s been gaining traction because there is much to gain for business owners and little to lose. 

Business owners and CEOs can interview a handful of CMO candidates and choose the one that they have the best rapport with and possesses relevant industry experience.

Need a CMO with industry experience in e-commerce, healthcare, outdoors, SAAS, or others? Chances are, there is someone out that that is perfect.   

One company in the space is Atlas Rose. They have CMO’s already on the payroll outsourced to clients. The company arms these strategic thinkers with the tools they need to be most effective. 

Using a CMO in this way takes most or all of the risks out of the hiring decision and because the salary is split with other companies, it’s affordable too, starting at just a few thousand dollars per month for most companies. In Atlas Roses’ program, they include a dedicated marketing manager that makes sure no day-to-day details fall through the cracks. 

Real deal CMO’s aren’t built overnight. Finding a great one to align yourself with could mean the difference between existing in mediocrity or excelling to be the top player in your industry.  

If you decide to go it alone, proceed with caution and look at those LinkedIn profiles with a critical eye. 

 

 

About Atlas Rose: Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-5233-5007.

 

Don’t Be Fooled by Vanity Marketing Metrics

Don’t Be Fooled by Vanity Marketing Metrics

Get real numbers from your Marketing Company.

 

 

There’s an old adage that says “Half of my marketing works, I just don’t know which half.” It’s a cynical comment about the mystique of the business marketing function. Its origins pre-date the digital age, but the saying still holds true for many businesses.

 

 

Thankfully, because most marketing happens in a digital form nowadays, it is far more trackable.  Competent marketing companies justify their efforts by showing their clients metrics that prove their worth. But which metrics matter?

 

 

The marketing leadership company, Atlas Rose shows their client a dashboard every week that tracks all-important ROI. “Not all metrics carry the same importance for the client,” says Branden O’Neil, CEO, and founder of Atlas Rose. He gets animated when asked about the metrics that some marketing companies report back to their clients. “Clients can’t be expected to know everything about marketing, that’s why they hire experts, but when these experts report back misleading or ‘vanity metrics’ it gets me fired up. It can falsely paint a picture.”

 

 

When asked which metrics he considers vanity, he clarifies:

 

 

Pageviews

 

 

Pageviews can be an indicator of the effectiveness of paid search campaigns and organic web traffic, but to see increasing page views and think the marketing is working is false. If this activity isn’t translating to action (complete form fills, phone calls, emails) then it’s useless.

 

 

Conversions

 

 

SEO companies can be guilty of this. First, let’s define a conversion. In the marketing world, a conversion is someone that has successfully been attracted, indicated their interest, and has qualified themselves. When this person completes this process, it is known as a marketing qualified lead or MQL. It’s at this point, the lead is turned over to the salespeople for closing.

 

Anything less is not a true conversion. SEO companies sometimes call traffic delivered to the “contact us” page of a site, a conversion. The problem lies when this data is reported as a “win.” That’s not necessarily true if they stop their tracking there.

 

Push back if that’s happening to you. Demand full accountability to know where a lead is coming from, what got their interest, and how you can replicate more. The good news is, all of this is trackable. Our clients have access to arOS, a proprietary system where clients can see what MQL’s they have, where they came from, and at what point in the sales process they are.

 

 

There’s no ambiguity. We know what brought them in, what documents they opened, what emails they were sent, and how engaged they’ve been.

 

 

“All digital marketing is trackable, you just have to set up the right systems”– Branden O’Neil

 

Geographic Noise

 

 

When looking at Google Analytics, you may be encouraged and find it interesting that your company is attracting attention from around the globe. Are prospects from China, India, or Russia interested in doing business with you? Maybe, but for most companies, probably not. More than likely it’s from spammers or bots trying to hack your systems.

 

 

Make sure you’re drilling down to understand where your traffic is coming from. Is it organic, social media, or paid search? Understanding this will help you allocate budgets better.

 

 

Atlas-Rose-Marketing-Omni-Channel-Marketing-1

 

 

Branded or non-branded?

 

 

Users have different intentions when they visit your website. We like to pay particular attention to this “user intent.” If a user already knows about your company and dials up your website to find your phone number, that’s branded traffic.  Another example is if your clients need to visit your site regularly to access an online portal. Conversely, if a new visitor comes to your site and has never visited before, that’s unbranded traffic and arguably even more valuable. When new prospects enter your marketing funnel, the revenue pie grows.

 

 

While both are good, be careful not to be fooled by putting too much emphasis on returning users.

 

 

Ad spend

 

 

I rarely want our ad spend to go down. While that may seem foolish, it’s not. Don’t let your SEO or marketing company gloat about how much they have caused your spending to go down. I haven’t met a business owner yet that isn’t willing to spend one dollar to earn ten. I want company owners to say spend MORE money IF you can show me it’s working.  The “if” is the tricky part. Your marketing company should accurately be able to tell you what your cost per customer acquisition is. If they can’t complete the loop and answer that question, you’re most certainly wasting marketing dollars somewhere.

 

 

 

Social media

 

 

Social media should be part of any modern marketing strategy, but be careful not to have it overweighted. Relying too heavily on Facebook, Instagram, LinkedIn, or others means your business is at the mercy of their algorithms and their willingness to show your content to the right audiences. Think of it as renting your audience. You don’t own or control it.

 

 

Sure, getting likes and page comments is good, but it hardly defines success. A random “thumbs up” doesn’t do much. Avoid going down a rabbit hole and chasing “followers.” It’s very difficult to get good results this way. Better to let it develop organically.

 

 

Influencer marketing

 

 

This is a fast-growing marketing technique that is evolving quickly. One example is paying a YouTuber to endorse your product or service. Just because the influencer talked about your company for 45 seconds in their 10-minute video that was watched 25,000 times, it doesn’t mean it translated to significant sales. To be clear, we love the strategy, we just want to see it trackable with a unique link.

 

 

Technology has progressed to where you don’t have to be left wondering which marketing tactics are working. Hold your vendors accountable to show you the data that matters so you can spend wisely and cut out the portion that isn’t producing.

 

 

 About Atlas Rose: Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-5233-5007.

 

How Successful CEOs Measure Marketing Success

How Successful CEOs Measure Marketing Success

DO YOU KNOW THESE METRICS?

When done right, a company’s marketing effort can get confusing. It can leave you scratching your head and wondering what’s actually working. Are you spending too much or not enough? How do you forecast for the future? Are you getting your fair share of wins compared with your competitors?

As a busy CEO, what information should be considered critical to know? And what metrics should be reported to you?

To understand how all of these pieces fit together, we consulted marketing leadership company, Atlas Rose.

Brett Kozimor, Chief Marketing Officer for Atlas Rose, advises executives to take a deep breath. He explains, “First, understand the end goal. The most effective marketing professionals in the world have a dashboard where they can quickly understand the health of marketing systems. Thousands of data points are fed into systems which then compile and summarize performance in real-time.”

While that may sound complicated and difficult, Kozimor stresses that it’s actually pretty simple. “Most of the data generated by marketing departments already exists in a digital form. And you can access great platforms for free that will help you distill data into actionable metrics.”

You might look at social media engagement, click-through rates on Facebook ads, or the cost to acquire a new customer from Google Search. In the pre-internet days, advertising data was subjective–or, at best, hand calculated and prone to errors. Not so anymore. Today, we have all the data we need. We just need to get it to our fingertips quickly and understand what it means.

“The numbers are the truth. We simply need to organize and interpret them to make informed decisions.” – Brett Kozimor

To compile a mountain of marketing data, Atlas Rose partnered with software developers to perfect what they call the Atlas Rose Operating System (arOS). Their CEO clients who use it can instantly assess the health of their organizations. arOS is used as a company-wide tool combining sales, operations, fulfillment, marketing, and other departments. Because the whole team enters data and uses the same system, you can trust the information compiled is accurate and keeping your departments running at peak efficiency.

Need to know what metrics to track? Here are a few of our go-to’s at Atlas Rose:

WEBSITE LEADS/EMAIL SIGNUPS

Every organization defines a lead differently, but all companies should have a website that converts interest into action. That could be an instant chat, email, phone call, or form fill.

Tracking this metric indicates how the user experience and traffic generation are working together. A healthy contact list is the lifeblood of your business. Not everyone is ready to take action immediately, but if you nurture them to the sale, they will choose your brand over another.

LIFETIME VALUE

Every company needs to know the lifetime value of a customer relationship. The methods to calculate this vary, but it can be as simple as plotting on an excel sheet or entering search parameters in a custom-made software tool.  This metric is important because leadership needs to know how much to spend to acquire new customers. Once these numbers are understood, projections about the future and how much it costs becomes easier.

RETURN ON AD SPEND

All digital paid search campaigns through Facebook and Google should be set up to track conversions. From there we can determine if a sale was made. Ultimately, the return on ad spend number tells us how effective a specific campaign was. The CEO doesn’t need to know the details but does need to understand that for every dollar that was spent, it yielded X amount of business either in product sales or lead value generated.

CUSTOMER SENTIMENT

It can be argued that customer sentiment is the most important metric of all. It determines how often a repeat purchase is made and how it relates to your reputation. In 2003, the Net Promoter Score was created and it has only grown in popularity. Customers are asked with just a single question how likely they are to recommend the company. The response can range from 1-10 with lower scores signifying detractors and higher numbers suggesting promoters of the brand.

CONVERSION RATE

A conversion can be something other than a sale. For e-commerce companies, it could be getting to a checkout page or learning the identity of a website visitor. An example of a conversation rate would be if your site had 19,000 website visitors and 3,500 took the desired action. Your conversion rate would be 18.4%.

COST PER CONVERSION

The costs to earn a conversion vary greatly between B2C and B2B focused companies. The cost per conversion metric wraps up the entire marketing spend and tells management how much money it takes to earn a new customer. Typically in e-commerce businesses that figure is much lower than in business services. In B2B, the customer engagement is longer and the average invoice is greater. Therefore, a higher cost per conversion can be justified.

AVERAGE ORDER VALUE

Average order value can be particularly useful for companies that take orders online. It’s calculated by taking the total sales divided by the number of orders. For example, if your total sales for the month were $48,500 and you had 235 customers, your AOV for the month would be $206.28. This metric can be useful when calculating pricing and upsell strategies. 

Branden O’Neil, Atlas Rose president cautions not to be fooled by what he calls “Vanity metrics.” That is the number of impressions or page views on a “contact us” page. Keeping track of these as standalone metrics means very little and should not be included on the management dashboard. However, these same numbers could be an indicator of another problem or opportunity that exists. Marketing managers should be ready to explain how these numbers relate to the overall marketing effort.  

Creating systems to compile and report data is simply a tool for the CEO and senior leadership to make decisions. While every organization wants to move fast, O’Neil and Kozimor agree that it takes time for marketing answers to reveal themselves. For that reason, they consult with clients to never make big decisions with less than 90 days worth of data. The only caveat is for enterprise-level clients that collect large amounts of data.

Moving at a calculated pace and being deliberate gives management confidence to move forward with data-driven decisions.

About Atlas Rose:Atlas Rose is a Christian led marketing leadership company focusing on bringing executive-level help to small and medium-sized businesses. By offering fractional CMO’s integrated with their client’s leadership team, they effectively impact the company culture and mission. The result is a predictable, measurable, and effective lead flow for just a fraction of what a full-time marketing department would cost.  They can be reached at info@atlasroseco.com or 762-5233-5007.