How do you value brand and reputation?

Posted by Christopher S Penn on Mar 11, 2010 in Advertising, Marketing, Metrics | 7 comments

Here’s a question for all the folks who say that brand and reputation are important. How do you value brand? How do you value reputation? How do you know when your efforts at branding and reputation are paying off?

This is something that folks who are community managers like Amber Naslund and DJ Waldow struggle with daily. What value do companies need to put on their efforts?

Here’s a relatively simple (and remember, simple != easy) way to get started in measuring the impact of brand in financial terms, in hard numbers that you can wrap your head around.

First, you need to know the value of a lead that you generate through marketing. Let’s say you have a product like World of Warcraft that costs $15/month. The annual value of that customer is $15 x 12 months, or $180.

Cut that $180 by your retention rate annually. If 90% of your customers remain loyal for a year, then a lead is worth 90% of $180 or $162.

Now cut that by your sales conversion rate. Let’s say that of every lead that walks in the door, 10% become customers. A lead, then, is worth $162 x 10%, or $16.20.

On your web site, go plug this into Google Analytics under Goal Settings.

Now, assuming you’ve got Goals configured correctly, every time someone becomes a lead via your web site, you assign their conversion a value of $16.20. Analytics does a whole bunch of slicing and dicing to help you assign values to all the different pieces of your web site, too. We’ll discuss that another time.

Let’s set a baseline, then, for what brand and reputation mean. If you have a great brand and great reputation, people will look for you, yes? People will seek you out based on your brand and reputation and presumably be primed to buy from you if your brand and reputation are strong, right?

Head to Google Analytics’ Traffic Sources. Go to Keywords. Switch the view from the standard to your Goal Set. You should now see the search terms people used to find your web site along with the conversion rate and per visit Goal Value in your view. Look for your brand name:

Look especially at the difference between the generic search (line 1) and the brand name in terms of conversion rate and goal value. The brand here is worth 3x what the generic search term is worth.

Now click through to just that brand name keyword’s data, switch to the longest timeframe you have, adjust the settings to monthly view, and look at the macro trend. If your brand and reputation matter, if they are of value, then you should see increased conversions over time as more people seek out your brand, seek out your name, find your web site, and convert:

You can see that in this case, brand does matter. More people are getting to the example web site and converting, based on having searched out the brand name in a search engine. This is one way of judging the value of your brand and reputation – brand power makes people search for you, and reputation (and value perception) makes people convert.

Bear in mind this is a raw baseline for measuring the impact of your brand. We didn’t take into consideration people who just call up one of your sales staff or type your domain name in directly. What I’ve described above is more of a diagnostic snapshot of your brand than a whole, holistic view of your brand’s value – but it’s enough to get you started. It’s enough to give you a baseline on which you can make judgements about the effectiveness of your branding and reputation.

Make sure your community managers have access to your analytics so they can see for themselves the value of their efforts. If they’re truly boosting the value of your brand and reputation, you’ll be able to see it grow over time.

Oh, and in case you were wondering, DJ’s doing a great job with Blue Sky Factory’s brand and reputation as an email marketing company. I can’t display our data because of NDA stuff, but the important lines are going in the right direction – up.

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What photography can teach you about marketing focus

Posted by Christopher S Penn on Mar 10, 2010 in Advertising, Marketing, Photography | 11 comments

Take a look at this photo of the coffee stand here at the office:

It’s bland. It’s boring. It tries to cram everything relevant into one picture so that customers don’t miss anything. It’s taken by someone who knows little to nothing about photographic composition, so it’s shot square on with no sense of depth, perspective, or anything. It is, in other words, a typical photo.

That photo is your standard, typical marketing campaign. This is what most marketing is – a long feature list of stuff, much of which may not even be helpful if you don’t already know what the product is. There’s no clear benefit to prospective customers, much of it is confusing, and because it’s so boring and bland to look at, your customers’ mental ad blocking software bounces your campaign out before they even get a chance to investigate.

Here’s the same coffee stand, the same location, with a slightly different look:

Look how much is missing. All of the extraneous features are gone from the photo. In place of “cram everything into one photo”, we see an intense focus from a radically different perspective. The lens blurs out all the details that aren’t really helpful anyway, and leaves just one or two things in focus. The change in perspective lets you see the coffee stand in a different perspective that you normally would, and makes for a more compelling photo.

This is what your marketing can become. Look at that photo. What’s the central focus – the features of the coffee stand and all the different things you can do at it? No. The central focus is the benefit to the prospective customer – a cup of coffee. The background hints at all your different options, but doesn’t overwhelm you with long lists of stuff.

What could your marketing become if you took away the endless feature lists, if you stripped down your campaigns to focus on just one benefit, if you went at that one benefit from a different perspective than what the committee of marketers usually comes up with? What if you took the risk of focusing only on what was essential – the benefit to the customer – and put away everything else?

It’s not easy, either in photography or in marketing, to take away until only the essence is left. It’s counterintuitive, especially when you have a great product or service that has tons of features and really cool aspects, to want to exclude most of them from the customer’s first look. The rewards, however, make it worthwhile – a much more compelling photo that draws in the eye, and a much more compelling marketing campaign that draws in the customer.

What will your focus be in your next marketing campaign? Whatever it is, I hope you take the risk, take your shot, and show the world just the essence of what you have to offer.

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Renewing faith

Posted by Christopher S Penn on Mar 9, 2010 in Awakening | 22 comments

What do you do when you’ve lost faith?

Perhaps it’s lost faith in your religion, in the spiritual practices that once brought you comfort..

Perhaps it’s lost faith in yourself, looking in the public or private mirror, seeing less of what’s supposed to be there.

How do you recover your faith? How do you rebuild that energy, that belief, that conviction, the passion that drove you to impossible ends, forcing the very gossamer clouds to crystallize into bridges to the stars through your will alone?

Losing faith is losing light, losing illumination, losing your way. All seems to be darkness around you. Confusion, despair, depression, forsaken. We hope for a helping hand or someone else’s light, and for a short time, a friend may help us find the path, but darkness inevitably returns. How do you find the light that you know used to be there?

Faith, light, and hope come from within us. We lose our faith when we lose our will to search, to quest, to seek out more, to be more than we are and closer to who we can be. An apathetic jeweler who loses the will to polish a gem ends up with a pile of only rough stones, barely hinting at their potential glory. A carpenter who has lost their way builds only small huts instead of grand palaces fit for emperors. So it is with all of us.

But how do you re-ignite that fire, that light? Where do you start when all is darkness?

With a single match and a small pile of tinder, the same way you start any fire. You go back to your basics. The wonderful thing about having lost faith is that you’ve already discovered the process by which you create it. You don’t have to reinvent the wheel, just build a new one – and build it better, tempered by the experiences and wisdom of your previous efforts.

Back to the basics. Back to what you know, back to what you are proficient at, even if you don’t believe in yourself, your skills, your friends, your anything. Back to the beginning of the trail, back to the plain white belt around your uniform. That’s the wonderful beauty of the basics. You don’t have to believe. You merely have to do.

From the basics, you build momentum. You pick up that camera more frequently and take more shots. You write those blog posts a little sharper, a little fresher. You pray a little harder and share a little more with every parishioner. You polish those gems a little more crisply, build a little bit taller with every time-tested basic you know by heart.

From dimly glowing embers on a pile of tinder, you add kindling. You practice and execute your basics over and over again, seeing the results, feeling the comfort that familiar ground and old friends bring. You add twigs, sticks, branches, then logs, until the fire is rebuilt.

Before long, your fire is brighter and hotter than it’s ever been. The way is lit again for you, the furnace ready to forge your victories once more. You dare to believe again, this time better, stronger, wiser, more focused, more ready. The light inside of you illuminates the pitfalls ahead more clearly. The anvil and forge you burn away impurities with will make even stronger tools to guide your will.

At the end of the process of rekindling your faith, you may even notice that the light blazing inside of you is lighting the path for others to find you. Pass them some embers, and see where their faith will take them.

May your light shine ever brighter.

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5 Easy Ways to Win at Pasta

Posted by Christopher S Penn on Mar 7, 2010 in Foodblogging | 29 comments

You’d think for a product that just requires boiling that pasta would be instant win for virtually nearly every cook. Not so. Here’s 5 easy things you can do to make better pasta.

1. Your iPhone/iPod Touch/Crackberry likely has a timer function. Use it. Read the pasta box. See where it says how long to cook it? This usually a range. Set your mobile device’s timer for the lowest number – if it says “al dente perfection in 9-11 minutes” set the timer for 9 minutes. When the time is up, do a quick test. If it’s not tacky/chewy, it’s ready.

2. Using a tomato sauce? Take a few heaping spoonfuls of the sauce and add it to the water before you start cooking the pasta. This gets flavor introduced into the pasta itself, rather than just throwing a big heap of sauce on at the end. You can use less sauce this way, too, and still have tasty pasta. I tend to use half a cup or so.

3. For the first 30 seconds the pasta is in the boiling water, stir it relentlessly and quickly. This will do more for your pasta than nearly anything else.

4. Use a lot of water in a large pot. Most bad pasta comes from being cooked in a tiny pot with insufficient water.

5. Boil your water. By boiling, I mean 212 degrees Fahrenheit, 100 degrees Celsius. Yeah, I know you’re in a hurry and you want to get dinner on the table fast, but getting the pasta in the water before it’s boiling just leads to bad pasta. Boil your water. Easy way to tell? If you stir the water, the bubbling doesn’t stop for more than a second at most.

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Friday fun: what's on my iPod for productivity

Posted by Christopher S Penn on Mar 5, 2010 in Advertising, Marketing, Music, Sales | 3 comments

It’s Friday. Let’s have a little bit of fun. One of the things that makes me productive during the workday? The right audio. Sometimes the audio is training, most of the time it’s good tunes. Here’s some of what’s on my iPod while the day is flying by. You’ll notice that for the most part, I avoid anything with words in it – instrumental rules the day for cognitive psychology reasons. Few people can effectively process more than one language stream at a time, so listening to words in a song can conflict with trying to write words on the page. Hence, most of the music is instrumental.

Full disclosure: Of course everything is affiliate-linked for commissions. Did you expect otherwise?

Music to work by

The Epic Score folks have some of the best music in iTunes for coding, drafting, and writing. If you need to boost your own sense of urgency, Action & Adventure is the recipe for you. If you need dramatic copy, Epic Drama fits the bill.

If you’re a Blizzard fan (i.e. Warcraft player) one of the best albums to get, hands down, is the Echoes of War symphonic set. Echoes of War are all the familiar Starcraft, Warcraft, and Diablo themes you know and love, arranged and performed by a full symphony orchestra.

Volume 1:

Volume 2:

The soundtrack to Wrath of the Lich King is pretty good by itself, btw.

Looking for something a little slower paced and different? The Tibetan Master Chants album with Lama Tashi puts karmically useful sounds in your head, as various sutras and mantras are chanted. If you like that chanting kind of background ambience, this will deliver.

Finally, if you need a hefty dose of heroism, John Ottman’s Superman Returns delivers.

Brain Food

If you’re in any kind of organization that sells something, I consider Tom Hopkins training to be Sales 101. Yeah, some of it comes across as cheesy, but for a novice salesperson who needs any kind of framework to start being minimally effective, Hopkins’ system is as good as any. Way back in the day when I was a technical recruiter, my firm sent me to his Boot Camp at the price of $3,750. Nowadays, you can get pretty much the same content for $18. Listen and learn.

If you’re trying to wrap your head around new media and social media still, there are very, very few books as good as Mitch Joel’s Six Pixels of Separation. He narrates his own audiobook (which I view favorably – I’d rather hear the author unless they have a terribad voice) and it’s worth it if you don’t have the time to read the book.

Gear

There isn’t a day when I don’t use my Bose headphones. They’re awesome for travel, sure, especially on noisy airplanes, but they’re also awesome in the office for filtering out all the background crap that is subtly taking a toll on your brain via your ears. Air conditioning, fax machines, noisy coworkers and hallway conversations, laptop fans, all that ambient noise – it takes its toll. Using these headphones rocks, plain and simple. They’ll cost you an arm and a leg but if you do any kind of work that pays you more for more productivity (via bonuses, commissions, etc.) then these headphones will pay for themselves easily and quickly.

Hopefully this set of resources will help you squeeze more juice from your day too!

Get this and other great articles from the source at www.ChristopherSPenn.com! Want to take your conference or event to the next level? Book me to speak and get the same quality information on stage as you do on this blog.