Catalog Analytics in 2017

Catalog Analytics

Big data analytics technology continues to mature, finding its way into many applications. You may use these solutions for other marketing efforts, such as inbound campaigns, but your digital and physical catalogs also deserve some insightful attention. Here are a few ways you can use catalog analytics as part of your 2017 marketing strategy.

Predictive Catalog Trends

Predictive analytics examines your company’s data for historical trends and uses this information to provide insights into the best moves for your business in the future. For example, fashion retailers learn about the looks that are statistically likely to be hits for their audiences. They can incorporate these styles in their upcoming catalogs, giving them a head start on the market. This proactive approach also gives you more time to adapt to new market conditions if the predictions don’t quite match up.

Digital Catalog Optimization

You have many opportunities to gather useful data with your digital catalogs. A hotspot solution observes the way people interact with the catalog, showing you mouse movement, clicks and page scrolling. The visual report generated by this data provides a clear look at your hottest spots on the digital catalog. You can use these insights to optimize the flow of your digital catalog and test each element until you find a clear winner.

Catalog Segmentation

How much information do you have on your customers? You know what they look at on your website, their purchases and demographic data. This data guides you into the creation of customer segments. You can present the best selection of products and recommended cross-sells and upsells rather than using a one-size-fits-all catalog for your audience. An efficient catalog creation process makes it easier to adapt your workflow to accommodate multiple versions. Speed is an essential part of remaining competitive in the modern business world, even when you’re using more traditional forms of marketing.

Direct Mail Testing

How do you track the performance of your mailed catalogs? If you only compare the total number sent out against the revenue generated during that period, you’re missing out on essential information. Catalog analytics tools can show you the purchasing trends in specific geographic locations, the differences between your primary demographics and the number of customers who went multi-channel. You use a comprehensive way of determining whether your catalog campaign is successful and what you can do to improve it in the future.

Sources:

http://www.smartinsights.com/managing-digital-marketing/marketing-innovation/digital-marketing-trends-2016-2017/

https://www.iwco.com/blog/2016/06/01/millennials-and-direct-mail/

http://localvox.com/blog/digital-marketing-trends-2017/

6 Ways Catalogs Drive Revenue Today

How Catalogs Drive Revenue

Some companies assume that print catalogs have no place in a modern marketing campaign, but they couldn’t be more wrong. The typical catalog reader buys $850 in products annually, which can create a significant income stream. Here are six ways that catalogs drive revenue.

Integrated Marketing

Each customer touch point gives you another chance to convert it into a sale. You can get the most out of your prospects by coordinating your marketing efforts, so each channel works together. For example, a visitor requests a catalog and enters their email and physical address. Once the catalog arrives at their home, you send an email letting them know to find it in their mailbox. If they don’t take action for a few days, you can create a custom offer to encourage their first purchase. Catalogs drive revenue.

Developing Multi-Channel Shoppers

Multi-channel customers are more profitable than single-channel consumers. A catalog sent out to these customers gives you the opportunity to increase your touch points. You also gain additional data on the best performing products for your catalog buyers, which allows you to personalize them over time.

Brand Awareness

A physical catalog sits on the coffee table, desk or other prominent location in the house. Even if the recipient doesn’t open the mailer, you build brand awareness with each view. You also get the benefit of exposure to other people living in the same household.

Encouraging Repeat Sales

A catalog going out to your current customers keeps your company at the top of their mind. When they receive it on a regular basis, they will have your product information available when they’re ready for another order. On top of that, you also introduce your new items to potential repeat customers.

Increased Web Traffic

Many customers reference catalogs as they look through your website. They may reference related items when making purchase decisions or use it to remind them to visit your site.

Exposure to Full Product Line

Web browsers often go directly to the categories most interesting to them or searching for known products. Customers browse through a catalog from start to finish, which lets them view your entire product line.

Catalogs are a powerful tool in your marketing stack. Far from it being an outdated piece of collateral, it can be one of your best assets in business. Take a look at where catalogs can fit into your existing digital marketing campaigns, and enjoy the benefits.

Sources:

https://www.bigcommerce.com/blog/catalog-marketing

https://www.informs.org/About-INFORMS/News-Room/Press-Releases/Increase-Profits-by-Creating-Multichannel-Shoppers

https://www.entrepreneur.com/article/78538

11 Time Management Tips for Product and Marketing Managers

You have the best of intentions every time you head to work, but you wish you could get two or three more hours in a day to get everything done. The 24-hour cycle isn’t the problem – it’s a lack of time management. Here are 11 time management tips to get you back on track.

  1. Understand your team’s unique makeup. You don’t get the most out of your people if you use the same approach each time. Learn their strengths and weaknesses to optimize their performance.

  2. Empower your team. Give them the resources they need to make decisions and judgment calls throughout the project. You don’t need to make every call.

  3. Let technology do the hard work. Automate as much as possible so you have time for the tasks that need your direct attention. You shouldn’t need to go through repetitive tasks when many purpose-built applications can shoulder the load for you.

  4. Stop micromanaging. Your team isn’t going to do a great job when you look over their shoulders and get in the way during their work. Micromanagement shows a lack of trust, plus, it takes up time that you should dedicate to high-level tasks.

  5. Pick and choose your battles. You have limited resources to deal with the various dilemmas that occur throughout a project. Don’t step in every time. Dedicate your attention to your high-priority battles.

  6. Consolidate team communications. How many applications do you open before you find an important conversation? Bring everything together in a single view.

  7. Use meetings wisely. Companies waste a lot of time in meetings that have everyone bored out of their minds. Stick with short and sweet check-ins that have a compelling reason to pull everyone away from their tasks.

  8. Integrate data. Stop spending your time manually entering data from one program to another. Look for technology that streamlines this process.

  9. Act as the go-between for the team and stakeholders. One of your primary roles in product management is translating the stakeholders’ request into actionable information for your team. Don’t make them guess about what the end user wants.

  10. Stop working all hours of the day. If you force yourself to put in hours when you are feeling unproductive, you end up beating your head against the wall. Take on specific tasks, rather than look for a set time.

  11. Rest your brain. Recharging takes up some of your day, but a reset can help you achieve better performance when you jump back in.

Product information management requires a significant time investment, so use these time management tips to get the most out of every single day.

Sources:

http://blogs.atlassian.com/2015/07/product-managers-guide-release-planning/

http://www.mindtheproduct.com/2016/08/how-product-managers-can-make-meetings-great-again/

Customer Loyalty and Why it Matters

Customer Loyalty

Some of your customers purchase a few items and are never heard from again. Others come back for years and become familiar names. Customer loyalty is an important aspect of your business growth strategy. You spend a lot of resources marketing to potential buyers, but your current customers already have experience with your company. Increased revenue is the most obvious impact from customer loyalty, but there are many other ways it affects your organization.

Customer Advocacy

Happy customers enjoy the way your products make their lives better. They let their friends, family and social networks know when they encounter a company that delivers an excellent experience. These advocates bring up your brand in conversations and write online reviews to encourage others to discover you. When blog posts and social media statuses appear on websites, they’re one of the first commenters there.

Invested in Your Success

Once customers find a consistent and reliable brand, they can become heavily invested in your ongoing success. After all, they want uninterrupted access to your products. A painful search for a different company is the last thing they want to go through. When you send out surveys or need other assistance from your audience, these highly engaged consumers provide plenty of insightful feedback. They also tolerate certain mistakes that could drive a new customer away. They know that the problem is a momentary blip on the long-term relationship.

Good Reputation

Your company’s reputation brings many benefits when you have a lot of customers holding you up as a gold standard leader in your industry. Not only do you increase your brand awareness, but you also catch the attention of high-quality talent in the workforce. The millennial work generation often puts a lot of weight on a company’s branding when considering where to apply.

Consistent Cash Flow

Repeat customers often make purchases at regular intervals or have a constant lifetime value. This data allows you to make cash flow predictions for long-term planning, schedule your expenses based on the expected revenue and smooth out a sometimes erratic inflow. You can change your strategic decision making to a proactive approach, rather than scrambling to address unexpected situations.

You need customer loyalty if you’re going to succeed. Everything from your sales to your employee quality is impacted by the way you retain consumers. Incorporate strategies to build the long-lasting relationship between your brand and your audience to achieve these benefits.

Sources:

http://www.loyaltyresearch.com/insights/customer-loyalty-what-is-it-how-can-you-measure-and-manage-it/

http://www.forbes.com/sites/nicoleleinbachreyhle/2016/04/20/customer-loyalty-in-todays-modern-retail-world/#4b4c0b7d3008

10 Burnout Resources for Staying Fresh During the Holiday Season

Burnout Resources

Many business owners spend long hours working on improving their operations. If you find yourself shooting past the 40-hour mark on a regular basis or taking on too many tasks, burnout may be waiting right around the corner. Use these burnout resources to stay away from this situation, so you remain productive and inspired. 

1. Pomodoro App

This time management technique uses a 25 minutes on, five minutes off pace. You avoid extended stretches of unproductive time with frequent breaks.

2. Outsourcing Agencies

Don’t take on everything by yourself. You can only be proficient in so many things, and overextending is a bad use of your resources. Administrative assistants handle general business tasks, while skilled professionals handle your specialized needs.

3. Business Support Groups

Sometimes you feel better when you know that others struggle with burnout. If you don’t have an organized group in your area, try reaching out to people to act as your mentor.

4. Mindfulness

Are you overwhelmed with the amount of things you need to do to succeed in the business world? It’s easy to get caught up in future plans or worry about the decisions you make in the past. Learning mindfulness allows you to keep your attention on the present.

5. Task-Based Scheduling

Don’t hold yourself to a certain number of hours per day if you aren’t getting anything done. Instead, create a task list and work your way through each item.

6. Planned Disconnected Travel

Take time away on vacation and completely disconnect from business-related activities. Ideally, you find a place with limited internet access and cell phone coverage.

7. Process Automation

Take a hard look at the tasks taking up large periods of your time. Low-skill and repetitive processes often have ready-made software capable of automating it. Automation can be one of the longest lasting burnout resources

8. Multivitamins

You can’t grow your business if you end up getting sick due to stress. A multivitamin is an easy way to get essential nutrients into your routine, although you should also try to work in exercise and self-care time as well.

9. Therapy

Business ownership puts a lot of pressure on you, and it’s hard to avoid burnout without strong coping skills. Talk therapy can help you develop these mechanisms and improve your overall outlook.

10. Community Involvement

Get involved with a local cause or event to give back to your community. You build brand recognition with your neighbors, and you feel good about making a clear difference.

Burnout is a serious issue and can set your business back if it gets too bad. Use these tips to balance the stress that comes with the job, whether you improve your productivity or get recharged after some time away.

How Catsy Helps Productivity

Can software be one of the best burnout resources? Catsy is a team solution that helps your departments collect and publish product information. Giving access to teams improves accuracy and streamlines workflow through one source of information and catalog software. To learn more about how Catsy can save you time through automation signup for a demo at http://catsy.com/contact-us.

Sources:

http://pomodorotechnique.com/

http://www.inc.com/guides/growth/20792.html

https://www.theguardian.com/small-business-network/2015/mar/19/business-support-advice-resources-networking

https://www.entrepreneur.com/article/251162