Ep. 232- TRICKS to SAVE Marketing BUDGET DOLLARS!💸and DATING ADVICE?💕! Ask Us ANYTHING

Summary

Podcast Summary: Do This, NOT That: Marketing Tips with Jay Schwedelson | Ep. 232

Overview

In Episode 232 of "Do This, NOT That! - Marketing Tips with Jay Schwedelson," presented by GURU Media Hub, host Jay Schwedelson delves into effective strategies for optimizing marketing budgets and tackles an unexpected segment on dating advice. Released on December 4, 2024, this episode combines practical marketing insights with a lighthearted approach to unconventional questions, providing listeners with actionable tips and engaging discussions.

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1. Trimming Marketing Budgets: Strategies and Insights

Jay begins the episode by addressing a pressing concern from Bobby in San Diego, who seeks advice on reducing marketing expenses while concentrating efforts on the most promising buyers. Jay offers a comprehensive approach, dividing his advice into business-to-business (B2B) and consumer marketing strategies.

• Targeting Companies with 2-100 Employees ([02:15])

  Jay emphasizes the importance of refining target audiences based on employee size. He warns against the common mistake of targeting businesses with "0 to 100 employees," explaining that a significant portion of these are sole proprietorships or entities unrelated to active business operations.

  "When you're targeting the small business category, you don't want to target 0 to 100 or 1 to 100 in terms of employee size. You always want to target 2 to 100 to eliminate those companies that are really not set up to be companies." ([03:10])

  By focusing on companies with at least two employees, marketers can avoid wasting resources on businesses unlikely to convert.

• Eliminating the 'Never Opened' Segment of Email Databases ([04:00])

  Jay identifies a common inefficiency in email marketing: the "never opened" segment. He notes that approximately 10% of any email database falls into this category, often comprising inactive or throwaway addresses that hinder deliverability rates.

  "People that have never opened, they're literally boat anchors. They're crushing your deliverability." ([04:30])

  Jay recommends purging these inactive contacts to enhance the overall effectiveness of email campaigns.

• Profiling the Top 20% of Customers ([05:00])

  Instead of analyzing the entire database, Jay advises marketers to concentrate on the top 20% of their customers who generate the most revenue or engagement.

  "I would profile your top 20% of your database in terms of revenue, spend or customers... because that's really your ideal customer." ([05:25])

  This focused approach ensures that marketing efforts are directed towards the most valuable segments, maximizing return on investment.

• Utilizing Data Such as Email Domains ([06:00])

  Jay also highlights the significance of leveraging subtle data points, such as the type of email domain, to refine targeting. He cites a study by Credit Karma indicating that individuals with Gmail addresses tend to have higher average credit scores compared to those with Yahoo addresses.

  "People with a Gmail address have a higher average credit score than people with a Yahoo email address." ([06:10])

  Incorporating such insights can help marketers further filter and prioritize prospects, ensuring campaigns reach the most promising audiences.

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2. Tackling Ridiculous Questions: Dating Advice

Shifting gears, Jay addresses a unique and unexpected segment where he provides dating advice based on listener questions. Kristen from Nashville poses a question that diverges from the usual marketing topics.

• Kristen's Question ([06:50])

  Kristen inquires whether she should attend her date's office holiday party after only one date.

  "Jay, I went on one date with this guy. It was fine, not amazing. And now he wants me to go to his office holiday party with him. Should I go?" ([06:55])

• Jay's Response and Reasoning ([07:00])

  Despite lacking formal credentials in dating, Jay responds candidly, leveraging his marketing expertise to analyze the situation.

  "The answer is no. Because he's using you, in my opinion." ([07:05])

  He reasons that attending the party serves the man's interest in presenting a socially acceptable image by not attending alone, rather than fostering a genuine connection.

  "He's using you... He doesn't want to show up to the party alone and look like a loser." ([07:15])

  Jay concludes that attending the party after a lukewarm first date is premature and suggests that it's too soon to deepen the relationship in such a setting.

  "That's too much, too soon. That's my advice." ([07:25])

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Conclusion: Key Takeaways

Episode 232 of "Do This, NOT That!" offers valuable marketing insights focused on budget optimization and effective targeting strategies. Jay Schwedelson's advice on refining target audiences, purging inactive contacts, profiling top customers, and utilizing nuanced data points equips marketers with actionable tactics to enhance their campaigns' efficiency and effectiveness.

Additionally, the episode's foray into dating advice adds a unique and entertaining dimension, demonstrating Jay's versatility in addressing a broad range of listener inquiries. Overall, listeners gain both strategic marketing knowledge and engaging content, making this episode a well-rounded addition to the "Do This, NOT That!" series.

Transcript

[A]

Welcome to do this not that the podcast for marketers. You'll walk away from each episode with actionable tips you can test immediately. You'll hear from the best minds in.

[B]

Marketing who will share tactics, quick wins, and pitfalls to avoid.

[A]

Also dig into life, pop culture, and the chaos that is our everyday. I'm Jay Swedel. Let's do this, not that.

[B]

We are here for Ask Us Anything from the do this not that podcast presented by Marold. This is our short episode where all week long we get in questions, we get in word questions, we get in totally ridiculous questions. We try to tackle one of each. And we still have our tips episode at the end of the week. And if you want to submit a question, just go to jschwedelson.com and there's a button that says podcast another one that says ask us anything. And we love getting questions. So let's jump into it. Let's do our work question first. We got a question from Bobby from San Diego. Bobby, what do you got? All right, Jay, we are trying to trim marketing budgets and focus in on most likely buyers. Any tips to eliminate a waste in our efforts? All right, well, I'll give you some business to business and consumer ones. First off, one that I think that most business marketers don't realize when they are doing any kind of targeting relates to employee size. A lot of times when business marketers are doing any kind of a campaign, they'll be like, all right, I'm targeting companies that are 0 to 100 employees. Let's say you're going after the small business market. That's a really big fail if you're doing that. Why? Because in the United States, according to the Census Bureau, there's 33 million businesses in the country. And the issue is that over 10 million of those companies are sole proprietorships that have zero employees, meaning they were set up for estate planning trusts or for real estate purchases or for whatever. But these 10 million businesses, for the most part, they have nothing to do with actually running real businesses. They have no employees whatsoever. And that's a big chunk of the businesses that you might be targeting. So when you're targeting the small business category, you don't want to target 0 to 100 or 1 to 100 in terms of employee size. You always want to target 2. The number 2 to 100 to eliminate those companies that are really not set up to be companies. Another big waster in marketing, whether you're a business marketer or consumer marketer, is what I call your never opened segment of your database. So on average, whether you're a business or consumer marketer, your email database, roughly 10% of your database, has never opened an email from you. And you could check that very easily ever. Now, a lot of people don't want to get rid of people in their database if they haven't opened in a while. And that's a whole other episode to have. But people that have never opened, they're literally boat anchors. They're crushing your deliverability. And the issue is they're not real addresses. They signed up with your list with a throwaway address. So looking at your database and looking at people who have never opened, I would eliminate those addresses completely because there's no good from them. And it's going to make up roughly 10% of your database. And the other things I would think about in terms of targeting is if you're going to profile your database, figure out who your customers are to use that for your targeting. Don't profile your whole database. I would profile your top 20% of your database in terms of revenue, spend or customers or whatever it may be, because that's really your ideal customer. It's not your whole database. It's the top 20%. I think it's another mistake that marketers made and it takes you down, you know, a rabbit hole of false information for the future. And then the last one is think about everything you know. If you were promoting an expensive, let's say, consumer product, right, your database or who you're marketing to. Email addresses are not all the same. For example, did you know, according to Credit Karma, that people with a Gmail address have a higher average credit score than people with a Yahoo email address? So little things like that can factor into your targeting tool. It's not always who's the best person to target, but you want to eliminate segments of people that you're targeting. So that way you're only targeting the best possible prospects and customers. All right, before we get into the most ridiculous of all ridiculous questions, I want to let you know this podcast is exclusively presented by Marigold. That is my email sending platform. They are awesome. I send out billions of emails. Consumer business and it doesn't matter if you're small, medium or large, they're amazing. They're a roll up of Sail through and my Emma and Campaign Monitor and Cheetah Digital, they have a new loyalty guide. You need to have loyalty marketing going on in 2025. It is where it's at. It is driving massive performance. And they have this new guide, the Loyalty program optimization guide, which digs into the fact that 70% of people are willing to pay more for brands that they love. And people love your brand.

[C]

Right.

[B]

You just need a loyalty program to download this thing. You go to jschwedelson.com Marigold it is free. It is awesome. It is new. The loyalty program optimization guide. Jay Schwedelsen.com Marigold all right, let's get into the ridiculous question. You know, something that's very strange is that we get in all sorts of questions and I've never tackled one category of questions is because I have no, I shouldn't be talking about, but here we go. We get in a lot of questions about dating advice. I don't know why anybody wants my advice about dating, but I'll give it to you. We got a question today from Kristen from Nashville. Okay. And first of all, my credentials. I've been married for over 20 years, so I'm way out of the game. I know nothing. And my kids think I'm clueless. I don't know how it works anymore. Like, you know, oh, they opened my snap. They didn't open my snap. I don't understand what they're talking about. But you want my dating advice. All right, here we go. Kristen, what is your question? Jay, I went on one date with this guy. It was fine, not amazing. And now he wants me to go to his office holiday party with him. Should I go? I am so not an authority on this. We get so many of these in, by the way, it makes me laugh. All right. Should you go to the holiday party if you only went on one date with this guy? The answer is no. And I'll tell you why the answer is no. Because he's using you, in my opinion.

[C]

Right.

[B]

He doesn't want to show up to the party alone and look like a loser.

[C]

Right.

[B]

If he shows up with you, then, oh, look, he's dating somebody. He has a life outside of work. He's not the epic loser that everybody thinks he is at work. So he's literally using you.

[C]

Right?

[B]

So it's not, in my opinion, a good second date. It's also not fun, Right? You're going to go there. This is this person. This is that person. You're going to be like, who cares? You're not going to really talk to him.

[C]

Right.

[B]

And if it's one thing, if your first date was incredible, if you had the greatest first date of all time, that's a different story. Okay? Because he just wants to then spend time with you. But if the date was just whatever. And now he wants to go to his holiday party. I don't know. I think that's weird. Too much, too soon. That's my advice. And if you want to submit questions, go to J schwalson.com clearly we'll talk about anything here. Hey, do me a favor. Leave this podcast a review. It helps, really helps with the algorithm. I would appreciate it. You are awesome. And check out certifiedguru.com, the world's largest free email certification program we're launching this week. It's only for people on the wait list. Go to certifiedguru.com you're awesome. See you later. You did it.

[A]

You made it to the end. Nice. But the party's not over.

[B]

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[A]

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[B]

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[A]

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