What I found to be truly interesting about this chart is the third most effective tactic: posting content on company branded/managed blogs. In other words, the time I’m using to write this blog post would actually be better spent building one-to-one relationships with social influencers in our space.
Of course, because we believe so much in delivering true value to our readers, I’m sticking this one out.
But the chart does leave us asking a question:If building one-to-one relationships with social influencers is so important to a social marketing strategy, how do we do it?
If you’ve been reading this blog for just about any amount of time, you already know that landing page optimization is an effective way to increase the ROI of your website traffic.
But when most people think of landing pages, they think of pages tied to certain traffic sources. The most popular of those sources are generally PPC ads and email messaging.
But there are a few other opportunities to capitalize on your traffic with landing pages. Take a look at this marketing research chart from Boris Grinkot’s 2011 Landing Page Optimization Benchmark Report:
According to the chart, most marketers aren’t optimizing traffic from:
Social media sites
Now right off the bat, you might be thinking that the reason those traffic sources aren’t capitalized on has to do with the fact that most websites aren’t getting traffic from those sources.
However, this data only factors in marketers who have traffic from these sources.
So for example, of the E-Commerce sites that are currently receiving organic search traffic, only 31% of them are capitalizing on it with dedicated landing pages.
The fact that some marketers are dedicating landing pages to these particular sources of traffic is a good indicator that they are working to convert that traffic, but that most marketers are simply missing out.
This one chart signals that there is a tremendous opportunity to get ahead of your competition and start capitalizing on more of your traffic.
Get 41 more charts like this one…FREE
This is simply one insight from one chart in the Benchmark Report. If you really wanted to, I’m sure you could get a lot more out of this chart. You’re only limited by your own business intelligence.
For the next few days, the entire chapter from the Benchmark Report this chart is in can be downloaded for free thanks to a generous sponsorship from HubSpot. All you need to do to get your 41 free charts including Boris’ insightful analysis is click the link below, fill out the form on the landing page, and download the chapter.
Confession time…one of my favorite movies is the Will Ferrell classic, Elf. I love the scene where Buddy (the elf) sees a sign outside of a coffee shop announcing that it has “The World’s Best Cup of Coffee.”
It’s quite a value proposition and thanks to Buddy’s innocence (or ignorance) he barges into the shop and congratulates the entire staff for a job well done. The reason it’s so funny is because we know better. Even the staff at the coffee shop knows better. To believe such a claim is ridiculous.
Yet many companies still have trouble avoiding such preposterous value propositions in their marketing.
According to a recent incentivized survey done by MarketingExperiments (MarketingSherpa’s sister company), 120 out of the 275 (30%) total business plans we reviewed had no real value proposition. Another 60% were categorized as having only limited or substantial value. Only 10% were considered to have a strong, unique value proposition.
In all, on our scale of zero to five, 90% of those surveyed were at or under a two.
It’s an unnerving statistic given that a well stated value proposition has (according to our research) been proven to get better response rates on everything from business plans to landing pages.
So how do we craft a value prop that isn’t going to induce a side-splitting laugh in your audience?
Well, I have yet another confession to make…
I’m probably not the right person to ask. I honestly don’t have a lot of background with value proposition. But I DID recently attend a workshop on Landing Page Optimization with the Managing Director (CEO) of MECLABS, Dr. Flint McGlaughlin.
In it, he devoted a whole section to getting your value proposition straight. So I’m going to share what I learned there and share a little of my own commentary as well.
A true value prop isn’t dictated in a board room
According to Flint, the basic key to determining a strong value proposition for your company is understanding that a value prop is not usually determined, it is discovered.
It’s a simple shift in thinking that makes a huge difference. Sitting at your desk and trying to manufacture a shiny new value proposition that you think will sound good is usually pretty fruitless.
Prepare yourself for some hard thinking and investigation into the bowels of your company, as we explore four steps to discovering your value proposition…
1. Answer the question: If I am your ideal customer, why buy from you rather than your competitors?
Assuming it was true, “The World’s Best Cup of Coffee” could be an excellent value proposition. The ideal customer in this case is your typical Manhattan coffee drinker and the reason they should buy coffee there is obvious – it’s the best in the world.
Admittedly, this is an extreme example. Yet marketers make this mistake every day. You likely come across this marketing jargon-filled hype every day. Does a two-person B2B tech start-up really offer a scalable solution for Fortune 500 companies, for example? Just because you say it in your marketing material doesn’t make it true. And your savvy audience is well aware of this fact.
When you’re answering this question for your own value prop, it’s important to note here that you are putting yourself into your customer’s mind by answering as if you were them. So spit out the Kool-Aid and be a little skeptical.
2. Compare your answer with the claims of your main competitors.
Of course we all know that just about anywhere you go, there’s a coffee shop claiming to have the world’s best cup of coffee. Again, that’s part of the comedy of this scene.
If any of your competitors can say the same thing about their products or business as you without completely lying, you don’t have a strong value proposition.
While your mother probably told you how special you were, a unique snowflake unlike all the other kindergarteners in the world, the same can’t automatically be said about your product offering and company. Is it really unique? Or do people only buy from you on a lark or because they haven’t stumbled across your competitors yet?
3. Refine your value proposition until you can articulate it in a single, instantly credible sentence.
The problem with the coffee shop’s value proposition was that it wasn’t instantly credible. No one believes their coffee is the best coffee in the world because there’s no way to prove that.
Your value proposition must be instantly believable. A great way to do this is to add numbers to your value proposition. If that coffee shop had said something along the lines of, “9 out of 10 people preferred our coffee to Starbucks”…you’d be more likely to believe it.
Another strategy is to be as specific as possible. Let’s say you’re not quite there yet with the imaginary value proposition above. What if it said, “9 out of 10 people preferred our coffee to Starbucks in a double-blind taste test?”
The double-blind taste test adds a dimension of specificity that increases the credibility of the sentence.
4. In the end, you must test your value proposition.
No matter what you do to come up with a value proposition, there’s no way to guess what resonates the best with your audience. You need to test it.
Your value prop should be visible in every step of your sales process. Wherever you display it, test different phrasing, angles, and ideas to get deeper inside the mind of your customers.
The better you know what they find valuable, the better you can serve them.