Marketing Trends: Why OPM Should be Your New BFF
The marketing world has always been flush with acronyms. So many that marketer Jeff Bullas was able to compile a list of about 149 of them. Seems each new trend comes along with a diverse set of buzz-worthy terms: ROI, SEO, CMS, CRM, PPC, SAAS…
The real challenge in this for marketers is not only remembering this alphabet soup, but learning how to effectively use all the shiny new tools created by the digital and social marketing boom of the last 10 years. Click-to-call ads, Facebook lead ads, programmatic buying, SnapChat filters, the list goes on and on. There is so much out there and it is changing so fast that new technology will pop-up before a campaign will even launch. Google’s search volume for “Digital marketing” over the last decade tells the whole story:
This change in format has also altered the way consumers engage with a brand. For example, in August of 2016 Cosmopolitan told the Wall Street Journal that their SnapChat Discover Page was seeing six million views per day. This is a huge part of their engagement model and it’s clear that consumers engage everywhere online, not just a website.
A Trend of Agility
This evolution is what takes us to the latest marketing acronym: OPM.
Online Presence Management – or OPM – is defined on Wikipedia as “the process of presenting and drawing traffic to a personal or professional brand online.” Think of OPM as a structured mindset that allows marketers to break free of the traditional regimented campaign and focus on the diverse needs of the brand. OPM is not tied to the “deliverables” and is driven by the results. While brand awareness and brand affinity are still very relevant, the days of “set-it-and-forget-it” and “spray and pray” are truly gone. Now that just about anything can be measured, we can always strive to improve our results. And with that comes a need to be agile.
Proving OPM’s value
Freed from the binds of segmented, channel based solutions, marketers can now deliver something that no one can argue—measureable results. Once a defined goal has been chosen, OPM delivers results that are monitored by measuring action from brand awareness to anonymous website visitor and all the way to confirmed sale.
The Secret Sauce
The tactics of OPM can be diverse, but the road map is pretty straight forward.
- Define your Audience
Get into the minds of your customers. What are their pain points and barriers for entry? Use that information to drive your marketing strategy and help them to do business with you. Build that consumer persona and treat it like a member of the family.
- Brand Matters
According to Adweek, 81% of consumers conduct online research before making a purchase. Breed top of mind awareness and top of mind preference on both online and offline media. That’s right, offline brand building drives online marketing.
- Drive Traffic
More traffic = more potential customers.
a.25,000 visits @ 5% Conv. Rate = 1,250 leads
b. 50,000 visits @ 5% Conv. Rate = 2,500 leads
- Content + Social
Create a customer service centric marketing plan that makes it easy for your prospects to work with you and amplify that message on social. According to MarketingProfs, 76% of B2B marketers are doing just that by budgeting for more content in 2016.
- Optimize Conversion Points
As traffic to online inventory rises, deploy more ways for prospects to reach out to you. Look for “low-commitment” ways to allow prospects to engage and watch the rate of return grow. A/B test and test some more to ensure the conversion rate is growing.
a. 50,000 visits @ 5% Conv. Rate = 2,500 leads
b. 50,000 visits @ 8% Rate = 4,000 leads
- Marketing Automation + CRM
The digital marketing boom has paved the way for dozens of great automation tools that include or sync to a Customer Relationship Management (CRM) platforms. This hub will connect marketing and sales teams towards achieving a common goal. That’s a powerful combination.
- Prove ROI
Tangible results are what drives OPM. Agree on a goal and repeat steps 1 through 6 until the goals are achieved. A sample formula for this might be:
a. 4,000 leads at a 50% close rate = 2,000 customers
b. 2,000 customers at a lifetime value of $4,000 = $8.0M in potential revenue
C-suite demands results
The digital marketing and big data revolution has turned the marketing world upside down in recent years. The Wall Street Journal reports that the average CMO’s tenure has slid to 44 months in 2015 – a direct result of the changes in the industry. Companies are under pressure to prove the value of every dollar spent and, in some cases, wind up hurting themselves by focusing too much on new tech and not enough on long-term value.
The good news? An integrated strategy that leverages both evergreen and immediate results takes the best of what traditional and digital has to offer.
That’s why OPM is our new BFF.