We catch up with George Collins from Leads Navigator to have a deeper look at what it takes to build a brilliant value exchange programme. We look at why quality - as always - is they key, the long term nature of such programmes, and how it can be used an extra form of qualification.
We also get you some simple and actionable tips that anyone can use should they be interested in running their own value exchange programme.
This article is adapted from an episode of the B2C Lead Generation podcast. Links to catch the entire show can be found at the bottom of the page.
Let’s start simple. Can you clarify exactly what we mean when we say Value Exchange?
George Collins: Yeah, sure. So, when we look to engage with consumers what we’re essentially asking them to do is exchange their personal details so we can call them or send them some further information as a follow up as part of a buying journey.
So “Value” in that sense is, if you give us your personal details we’re going to give you something in exchange for that. It might be some high quality content, downloadable content, specific to their needs or it might be a physical item. Typically organisations may offer something like a pin badge or a tote bag or something like that, as the piece of value.
So in simple terms that is the exchange, people give their details knowing that they will receive a phone call and as a way of saying thank you for that we give a piece of value.
In a wider sense, we have something we refer to as the ‘consumer journey’ which is essentially a series of mini conversions to increase somebody’s intent or somebody’s engagement with a particular brand or organisation. And so the value journey, therefore, is about starting somebody from a cold relationship and in incremental stages start to build the value and start to nurture that relationship over time. So there is also another sense of value in there from an organisational perspective, from a lead buyer perspective, from a client perspective, in terms of the type of value they are getting out of consumers.
For people looking at building a brilliant value exchange programme, can you offer some tips and ideas they find valuable?
1 - MAKE IT ENGAGING
From our perspective, the campaign, the piece of value that’s being exchanged, has to be genuinely interesting. If it’s too broad - such as typical pin badges and tote bags - then in our opinion you’re garnering and nurturing the wrong kind of relationship.
It also needs to be engaging to new audiences. We’re massively focused on growth and building new relationships for clients. New consumers. And so it has to appeal to brand new audiences.
2 - THINK ABOUT EXPERIENCE
You need to think about the experience a consumer will have. How difficult is it for a consumer to engage with it? Do they get it? Is it Interesting? And then also the actual journey they have to go on. If it’s massive or complex they will probably fall out of love with it quite quickly. And because we’re dealing with cold audiences it needs to just be very simple.
3 - EDUCATION IS KEY
Your campaign needs to educate the consumer. Whether they become a lead, whether they become a sale, we are also trying to use this as a brand awareness piece. So, if the item or the value exchange can educate then the consumer becomes a part of the solution. Whether they choose to become part of the solution immediately in a monetary way or later remains to be seen, but it’s starting the journey and educating consumers.
4 - FOCUS ON THE LEVEL ON INTENT
We massively believe in this whole idea of data should represent a real human, we massively buy into that. Once you have that, if you can understand the individual you can increase the level of intent of a consumer. And therefore, when they receive a phone call or they receive an ask or they receive a request for sale, it shouldn’t be a surprise.
I think if you can take those four points, those elements, you’ve the basics for a pretty strong value exchange programme.