Lead The Pack: Online Marketing Is More Than SEO And AdWords aaron / August 9, 2017
Where do facility managers go when considering a product, service, or company? They go online just like you do. That is the power of digital marketing, ensuring that customers can find what you’re offering, when they need and want it.
You need more
Search Engine Optimize (SEO) and Google AdWords are among some of the best digital marketing tools. However, more and more companies are using them, which means to get ahead of your competitors, you need them and a digital marketing strategy that does more. In today’s environment continuously updated content, a strong website, and active social media are musts for digital marketing. They show the customer you are an expert, trustworthy, knowledgeable, credible, reliable, approachable, innovative, and established, as well as present your product and service solutions. Digital marketing also costs a fraction of many traditional marketing methods such as newspaper, television, and radio ads. Plus, it’s usually more targeted with relevant results and ways to measure engagement. Gain exposure and a great reputation with digital marketing – a key strategy to drive up sales!
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Make Dollars On The Penny: Understanding The Customer Lifetime Value aaron / August 4, 2017
The customer lifetime value, or CLV, is one of the most important statistics in business. The CLV helps owners determine the revenue attributed to the entire relationship with a customer, present and future. It is a powerful statistic when looking at where to invest resources, especially when comparing the cost of marketing to an existing customer versus acquiring a new customer. Ultimately, it helps owners analyze marketing investments and new service offerings.
While there are many ways to arrive at the CLV, in the vending and micro-market industry, it is easiest to look at the average revenue from a location for a given time period and then multiply that number by the years the location is expected to remain a customer (based on projections or the average customer retention rate). For example, let’s say the account averages $5,000 over 4 weeks. In a year, that is $60,000. If you retain a customer on average for 7 years, that location is worth $420,000 over the lifetime of the customer.
The Role Of Quality Marketing In CLV
A key statistic to compare with the CLV is the cost to acquire a new customer, or CAC. This number can be found by first determining the money spent on advertising to and acquiring new customers, such as those associated with digital marketing, sales people, e-mail marketing, etc., over a given time period. Divide the cost by the number of leads that became customers over that time period. Although the cost per customer is often higher than marketing to existing customers, this doesn’t mean marketing to new customers isn’t worth doing.
The cost of a quality marketing services can pay for itself with just one new location. For example, say a digital marketing service costs $1,000 per month. That’s $12,000 a year and might make a bookkeeper question the expense. However, if the program adds even one new customer, it could more than quadruple sales when you calculate the CLV. Consider the following example:
Digital market campaign to attract customers Cost: $1,000 per month. For 5 years: $60,000
from campaign Revenue per week Revenue per year LVC (keep for 5 years)
Micro market account $1,000 $52,000 $260,000
Office coffee account $350 $18,200 $91,000
Vending account $500 $26,000 $130,000
Total gross LVC sales across all three accounts $481,000
That one digital marketing service delivered 8 times its cost in revenue. In the end, most business owners find that by using the CLV, they can invest a little and make a lot.
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Why you need video marketing for your business aaron / August 1, 2016
Great vending accounts only come along once every three to five years, so it’s important to put your best foot forward when these potential customers come calling. In the vending and OCS industry, a proven method for standing out amongst the competition is to create video content that demonstrates why your company is the right one for the contract.
Are you familiar with the phrase “A picture is worth a thousand words”? Well, a video is worth nearly two million words. Research suggests that it would take 1.8 million words to equal the immediate impact of one minute of video. Furthermore, studies show that viewers are 64 percent more likely to do business with a company after watching a video about their product. These people also remain on that company’s website for an average of two minutes more than those who do not watch a video.
Not only are videos more engaging to potential customers, but they are also the most effective use of your resources. Why waste your time writing millions of words when you could be creating videos that spotlight your strengths as a forward-looking, 21st century company? Instead, you can use all of that extra time on the things that already make your vending company successful.
When a new product, such as the micro market, is introduced, it’s especially important to use videos to convey the concept. Having prospective customers simply read about a new type of product can be risky, since they might get the wrong ideas in their head. Creating the correct impression is key. With a video about your micro market, you can show customers exactly what you’re offering and let them picture what one would look like installed in their office.
The micro market is the latest innovation in the world of automatic merchandising, offering more convenience and variety than a typical bank of vending machines. Rather than purchasing each item individually, the micro market customer takes any number of items from this miniature self-checkout shop and completes the transaction with a single payment at a designated kiosk. This new format allows for a larger focus on fresh, healthy foods, but everyone’s favorite snacks are usually offered, as well. Micro markets do not employ a clerk, so they’re ideal for secure, closed locations, such as the break room in an office building.
Sounds like an interesting concept, doesn’t it? Just think how appealing it would look in a video.
Check out our 3 sample videos below!
If you’re interested in getting a video made for your break room refreshment business give us a call at 866-699-8363.