Consumer preferences have evolved over the last two decades of our existence and have been evolving ever since the fundamentals of marketing were put in place. These preference have often lead to dynamics behaviour from consumer and challenges for brand manager to cope us with method of identifying, tracking and measuring direct and indirect marketing investments.
In our previous blogs we wrote about the importance of a Lead Management System (LMS) and its relevance for Brand Managers, in this write up we want to cover how do you monetize your investments.
Often referred as the thumb rule; marketing investment returns are measured basis conversions. “But all businesses cannot have an absolute belief in this thumb rule, since it’s not a one size fits all modus” says Akil (Co-Founder & CEO – Altius). He adds that, “The way consumer behaviours have evolved to looking at an experience in every stage of his interaction with service providers, so should the cycle of managing leads.
We as providers suggest our clients to nurture their lead management cycle thereby evolving lead management systems on an ongoing basis. Our live implementations of LMS product and call center do bring us to an important conclusion that traditional method of correlating total sale value for an F&B unit to the marketing expense was replaced by measuring occupancy and later improvised by slot wise occupancy. Similarly, monthly sales volume in FMCG was replaced by Customer Lifetime Value by marketeers as a method to measure their returns on marketing spends.
We recommend that Brand Managers should look for a Lead Management Solution or System that offers customisability in capturing data, flexibility in retargeting data and scalability in re-engineering lead management cycles. We can elaborate, discuss or debate on each point but dynamics would always draw you for looking at monetizing returns in best possible manner; consumption, visibility, credibility, loyalty or a combination of either. Akil (Co-Founder & CEO) helps us conclude by summing it up as, “Nurturing Lead Management Solution over a period of time allows you to stay focussed and productive instead of trying to put all your energy in re-engineering a long term monetizing model for your marketing spends.”
Our take would be while the fundamentals of marketing will always remain intact the dynamics of consumer evolution would keep you busy in building the right monetization model for your marketing investments. Let your Technology Partner take the lead here and work with you in nurturing your Lead Management Cycle.
This blog was written with excerpts from Akil Mahimwala; who is a successful technologist and has consulted and implemented technology advancements for more than 50 contact center, PSUs and Corporates over the last two decades.