Posts Tagged opportunity costs
If you’ve ever done CRM or database marketing, you’ve used R-F-M to target customers. It stands for Recency, Frequency and Monetary. When evaluating customer value, you take into account the recency of the last transaction, the frequency in which they transact and the overall monetary value of that relationship. To the would-be corporate bloggers out there, I would submit that figuring how to write a blog isn’t that different.
The first two are pretty easy to grasp…
RECENCY – If I come to your blog and it hasn’t been updated in 6 months – I assume you’re not actively engaging anyone and that your thoughts in this dynamic environment are probably yesterday’s (or last year’s) news.
FREQUENCY – The best and most viewed blogs are updated regularly. They are indexed more often and probably getting better search traffic. A reader likes frequent content because that’s usually indicative of it’s relative freshness. It also tells me here’s someone who’s going to notice if I respond.
Now here’s where you might feel the urge to disagree…
MONETARY – This is probably the hardest concept to grasp for new bloggers. While a blog doesn’t exactly have a monetary value, consider the time spent reading as a cost to your customer; consider the opportunity cost of consuming content in a world of virtually infinite options. Don’t be fooled into thinking your content is so compelling that viewers will read it at any [opportunity] cost.
If this is a struggle for you, remember this…
1) A blog is a not a case study or white paper. Tone down the academic speak. You have two minutes to impart the gist. If someone wants more they’ll download the case study or contact you (that’s the point after all, isn’t it?).
2) Stay on point and within a few hundred words. There shouldn’t be multiple disparate points. If you have more to say, break it into bite-sized nuggets to keep them coming back for more. Recall the very definition of LOG – to enter a record, singular.
3) A blog is not a corporate billboard. If people want ads, they’ll find the nearest woman’s fashion magazine. Blogs aren’t for hawking products or solutions – they should be focused on needs, problems or other resonant topic.
Even as I’m writing this I’m coming up on 400 words so I’ll end with this thought…
People choose blogs similar to the way marketers target. We can’t target everyone, just as customers can’t consume everything.
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- max on Playing to customer emotions in B2B
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- Kris Kaneta on The schizophrenic marketer
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