Friday, June 13, 2008

Andy Beal's Marketing Pilgrim

Andy Beal's Marketing Pilgrim

The Impact of Video on E-tail

Posted: 13 Jun 2008 10:37 AM CDT

There were a few presentations from Internet Retailer about video that piqued my interest. Dave Witzig from ShopNBC discussed the impact of video on their highly successful ecommerce site and made some very strong statements that should be of interest to everyone.

1) Product videos should be your focus. ShopNBC has 6,000 1-3 minute product videos (representing half of their total SKUs). Focus on these videos primarily before going into other areas.

2) Customers that watch videos convert at twice the rate of customers who do not. Yes, you heard that right. That being said, he did not say what percentage of customers watch videos.

Because of the growing broadband penetration, video is becoming more and more mainstream. In fact, Witzig said that watching video online is now the fastest-growing form of consumer entertainment.

Remember that results will vary based on the demographic and your product. If your demographic is older, it still may be too early for you to jump onto this bandwagon. However, for some of you, now is the time to start thinking about this enhancement to your business.

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The Mother of All MarketingSherpa Guides: B2B Lead Generation Handbook

Posted: 13 Jun 2008 10:06 AM CDT

It seems like MarketingSherpa churns out a new handbook every month. While I look forward to reading each of them, the one I’ve look forward to the most is the new 2008 B-to-B Lead Generation Handbook.

It’s a monster of a handbook–531 pages–but every page is packed with vital information for any marketer in the business-to-business space. Here’s what’s inside:

  • Beginning with pre-campaign research and preparation, the handbook takes you through all of the elements that go into campaign strategy.
  • Using real-life examples that verify their effectiveness, choose from the variety of tactics that are now available to all B-to-B marketers.
  • Find out how to create content B-B prospects adore.
  • Go through all of the prove steps for lead qualification, cultivation and measurement.
  • Bonuses include tips on how to make the Sales Department your best friends while at the same time getting CEOs to appreciate marketing.

I know what you’re thinking. Andy, you can’t possible read all of the MarketingSherpa guides! You just post about them and then add an affiliate link.

Not true!

The B2B Handbook has my full attention, especially as I’m tackling that type of audience with my own Trackur service. There’s advice on promotional tactics (using webinars and free trials), marketing channels (email, direct, PR, and, of course, SEM), prospecting, content creation. and lead generation. There’s even an entire chapter dedicated to helping you convince your CEO of the value of marketing! (You’ll need that, with the downturn in the economy)

If you’re a B2B marketing veteran, don’t buy this book. However, if you’re just getting started, or need a handbook that you can give to your staff, then you must own this guide.

Marketing Pilgrim readers save $200 off the normal price! And, don’t forget, MarketingSherpa guides come with a risk-free guarantee–so you have nothing to lose!

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Pilgrim’s Picks for Friday the 13th!!!

Posted: 13 Jun 2008 09:46 AM CDT

OK, be very careful when reading today’s Picks. Today is Friday 13th, and I don’t want anyone to accidentally poke their eye out, because they were careless. ;-)

Rumor Mill: Google Acquiring Digg

Posted: 13 Jun 2008 09:16 AM CDT

It seems Digg can’t avoid rumors that it’s up for sale. The social news site has been the subject of acquisition rumors for more than two years now.

According to ValleyWag’s rumor, Google is the latest company sniffing around Digg.

…we hear [Google’s Marissa] Mayer is pushing hard for an acquisition of Rose’s Digg, for a price below $200 million…A source familiar with the talks says Google and Digg reached an agreement last month; it’s not clear whether the offer was verbal or a formal termsheet. So why the delay? One possibility: Digg may have been exploring whether it could hire a rock-star CEO and raise more money.

Why would Google want Digg? Well, a couple hundred million is nothing to Google. Even if Digg users were to abandon ship, Google would have its hands on valuable algorithms and data on what makes a news story popular.

Of course, I can save them the cash and tell them.

What makes a story popular on Digg? Apple, Google, Linux, Nintendo, or anything promoted by a social media marketer. ;-)

Pilgrim’s Update: Save 34% off Andy’s new book - Radically Transparent: Monitoring and Managing Reputations Online

Bringing Down the House (of Lords) on YouTube

Posted: 13 Jun 2008 09:00 AM CDT

If you’ve ever watched C-Span, you might have accidentally caught coverage of the House of Commons–where the UK’s Prime Minister gets many “hear, hears” and “hurrumphs.”

If you’ve ever turned to the channel while the House of Lords is on, you probably immediately fell into a coma–until someone switched the channel to something more interesting like the National Paint Drying Championships.

Well, that “happening and hip” House of Lords feels it’s a little misunderstood. So, in an effort to reach a younger audience and explain its value, the House of Lords has commissioned a series of YouTube videos.

I applaud the initiative, but I still fell asleep halfway through this video…

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Facebook Catches MySpace; MySpace to Get Botox

Posted: 13 Jun 2008 08:47 AM CDT

Do you believe in simple coincidences? If you do, then you’ll believe that MySpace’s announced facelift has nothing to do with the fact that Facebook has just caught up to its global audience numbers.

TC has comScore data charting Facebook’s unstoppable worldwide growth and how it has now matched MySpace’s 115 million monthly visitors number (although still behind MySpace’s US audience numbers).

In no response whatsoever, MySpace plans to rollout a major new look on June 18th. The company has announced that its homepage, navigation, profiles, search, and MySpace TV player will all get a new look.

"This is more than a facelift; we’re changing the way people interact with the site and with brands," MySpace said, adding that a major advertiser had signed on to take over the US MySpace homepage on the first day of the relaunch.

Now we just have to wait and see how well the MySpace community reacts to the changes. As Facebook knows, making even small changes can result in a minor riot from your user base.

The Young & the Profitless: The Season Finale!

Posted: 13 Jun 2008 08:29 AM CDT

After a season of twists and turns, The Young & the Profitless comes to a dramatic season finale…

When it became clear that Brad (MSFT) was not the guy for Stacey (YHOO), she found herself in emotional turmoil, wondering what to do next. Grant (GOOG) was waiting in the wings, but Stacey couldn’t quite tear herself away from Brad’s charms.

After weeks of Brad trying to convince Stacey that she should “give him the milk for free, without him having to buy the cow” Stacey finally announced that she would have nothing more to do with Brad.

After placing a break-up announcement on (Nonofyour)BusinessWire, she called up Grant and told him that he was the guy for her.

The planned 4:30pm announcement was pushed back to 6:30pm, because Cap’nCrunch.com had leaked the announcement–Stacey and Grant were not going to be rushed! When they finally appeared together, to make their announcement, their friends and family were somewhat skeptical of their intentions.

A ten year marriage, renewable after that? A pre-nup that allowed either one of them to annul the marriage and marry someone else instead? A special provision in case Brad came up with a bigger engagement ring than before? And, most shockingly, both parties could “see other people” and even marry them too!

Is the marriage a sham? Will Brad make another move for Stacey? Will the local judge approve a polygamous marriage? Will they adopt a baby from an African village?

Set your DVR’s for the next season of… The Young & the Profitless.

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Google to DOJ: Why You Should Approve Yahoo Deal

Posted: 12 Jun 2008 06:03 PM CDT

Google is wasting no time trying to convince the Department of Justice that it should approve its deal with Yahoo.

Here are the reasons, just posted to the Google blog (emphasis is Google’s)…

  • This is not a merger. Rather, we are merely providing access to our advertising technology to Yahoo! through our AdSense program.
  • This does not remove a competitor from the playing field. Yahoo! will remain in the business of search and content advertising, which gives the company a continued incentive to keep improving and innovating. Even during this agreement, Yahoo! can use our technology as much or as little as it chooses.
  • This does not prevent Yahoo! from making similar arrangements with others. This arrangement is not exclusive, meaning that Yahoo! could enter into similar arrangements with other companies.
  • This does not increase Google’s share of search traffic. Yahoo! will continue to run its own search engine and advertising programs, and the agreement will not increase Google’s share of search traffic.
  • This does not let Google raise prices for advertisers. Google does not set the prices manually for ads; rather, advertisers themselves determine prices through an ongoing competitive auction. We have found over years of research that an auction is by far the most efficient way to price search advertising and have no intention of changing that.

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Breaking: Yahoo and Google Announce Agreement

Posted: 12 Jun 2008 05:42 PM CDT

A couple hours later than expected, Yahoo and Google have finally announced a non-exclusive advertising agreement.

Yahoo began a small test of Google advertising in April and was quickly impressed with the results—but then they left us hanging, waiting for an announcement for nearly two months.

Yahoo’s press release reassures us that they’re not abandoning the Panama paid search platform:

The agreement enables Yahoo! to run ads supplied by Google alongside Yahoo!’s search results and on some of its web properties in the United States and Canada. The agreement is non-exclusive, giving Yahoo! the ability to display paid search results from Google, other third parties, and Yahoo!’s own Panama marketplace.

Under the terms of the agreement, Yahoo! will select the search term queries for which - and the pages on which - Yahoo! may offer Google paid search results. Yahoo! will define its users’ experience and will determine the number and placement of the results provided by Google and the mix of paid results provided by Panama, Google or other providers. The agreement applies to paid search and content match and does not apply to algorithmic search. The agreement also applies to current partners in Yahoo’s publisher network.

Yahoo emphasizes the benefits to users and advertisers, the &c., but also highlights the primary motivation driving the deal:

At current monetization rates, this is an approximately $800 million annual revenue opportunity. In the first 12 months following implementation, Yahoo! expects the agreement to generate an estimated $250 million to $450 million in incremental operating cash flow.

Hm… Not quite $44.6B, but not too bad.

Google’s press release also emphasizes that Google and Yahoo will work on integrating their instant messaging clients.

Andy adds: Here’s what stood out to me…

  • Yahoo will select which keywords and content will display Google paid search results.
  • Yahoo expects to see an additional $250 million to $450 million in revenue over the next 12 months.
  • If Yahoo gets acquired in the next 24 months, and the deal is terminated, it will pay Google $250 million, less any revenues earned by Google.
  • Yahoo and Google have agreed to make sure their instant messenger technology is interoperable.
  • The deal will not close for 3 and a half months, to allow for any DOJ review.

Yahoo Done Talking with Microsoft; Google Deal Today?

Posted: 12 Jun 2008 03:13 PM CDT

A day most of us thought would take longer to come than election day: Yahoo has officially announced the end of talks with Microsoft:

With respect to an acquisition of Yahoo!’s search business alone that Microsoft had proposed, Yahoo!’s Board of Directors has determined, after careful evaluation, that such a transaction would not be consistent with the company’s view of the converging search and display marketplaces, would leave the company without an independent search business that it views as critical to its strategic future and would not be in the best interests of Yahoo! stockholders.

Part of the reason the talks were called off was because Microsoft was unwilling to pay $33/share anymore: “Microsoft representatives stated unequivocally that Microsoft is not interested in pursuing an acquisition of all of Yahoo!, even at the price range it had previously suggested” (Ahem, $34.375, Mr. Icahn?)

Microsoft has also issued a statement.

paidContent.org reports that Yahoo shares are down 13%—but after East Coast market close, we can expect a big announcement.

TechCrunch reports that Yahoo and Google will finally announce their search deal today at 1:30 PST (in about 15 minutes) after an enthused response to a short test two months ago. Stay tuned to find out if it pans out! (Edited at 2:10 PST: no news yet on Google’s or Yahoo’s press pages…)

Think the two are related?

Andy’s Update: Microsoft just loves to have the last word.

Thanking Our Advertisers; Old and New

Posted: 12 Jun 2008 01:23 PM CDT

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Thank you advertisers!

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Pilgrim’s Partners: Learn More From Your Web Form Submittals. Collect valuable marketing data w/ each submittal. Best Contact Form - Recommended by Andy Beal!

Social Marketing Thoughts from Internet Retailer 2008

Posted: 12 Jun 2008 01:01 PM CDT

Even though I am home, I will continue to write about the Internet Retailer conference over the next few days. Today, here are some thoughts about social marketing trends.

It is clear that internet retail is currently in love with the concept of marketing socially. If I heard one presentation about social marketing, I heard thirty. Of course, most of them were almost useless because here is a little secret. There are not many retailers selling hard goods that are having success with social marketing.

For example, many so-called experts continue to talk about Second Life. Give me a break. If you have twisted views about sex, go to Second Life. If, on the other hand, you want to sell product, do something else. There are no success stories that I know of where online retailers have created any real business in Second Life. Most people in Second Life have something very different on their mind if you know what I mean.

Customer reviews? Yes, there is actionable data to support getting them on your site. But Facebook apps, social shopping networks, and widgets? You probably should spend your money elsewhere.

Thankfully, some presenters at the conference were honest enough to admit that social marketing is largely hype–at least for the time being. I cannot predict the future. Part of me thinks social marketing will eventually work while the other part of me thinks it is doomed to failure because customer buzz can too easily be faked by retailers and the noise is going to grow exponentially.

Social marketing is probably most useful as a branding tool, and I do not want to underestimate the importance of that. And yes, there have been dramatic success stories such as BlendTec’s YouTube videos. However, don’t overestimate your chances for duplicating that success, and don’t underestimate the work.

I would not say not to spend any time on social marketing; it can be fairly effective if your demographic is young. However, I would take it very slow, and assume that the results will likely not be dramatic–at least not right now.

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