Weekly Roundup #27
We welcome you to our Weekly Roundup #27 where we share the latest and most interesting happenings related to all things digital. If you enjoy these and would like to receive them automatically, simply subscribe. Feel free to share this roundup with your friends! Now let’s get to the meat of the Roundup.
Reminder: Webinar on Data Driven Marketing
In less than two short weeks, our very own Jesse and Darwin will be presenting the power of data driven marketing in a webinar. These two have worked with clients such as Billabong and Roblox and know the ins and outs of Data Driven Marketing. Are you looking forward as much as we are? Then don’t forget to sign up to save your virtual seat! We can’t wait to see you on the 21st of April!
Maximize ROI with Market Segmentation
Being aware of who your ideal customer is can be crucial in order to achieve sustainable growth. Not only does a segmentation allow you to personalize your marketing messaging to targets, but it also maximizes your ROI since you spend your marketing budget on prospects on which you have been able to gain a deep insight of. In our most recent article we address the different types of segmentation as well as its benefits.
Account Based Marketing is here to stay
Account based marketing is more than just a short fad. It is already a significant part of marketing strategies and will grow even more important. Like you have probably read in our step by step article on Account Based Marketing, mass marketing strategies no longer satisfy current consumer demands any longer. Personalization is key now. And the interesting part of Account Based Marketing: There are trends within that trend that have even more potential to be fruitful for marketers.
New Stats reveal: Facebook, YouTube still most popular social media platforms
Despite losing some of its shine of the late 2000 and early 2010’s, Facebook has been able to cement its position as the most popular social media platform, according to the Pew Research Center. Another very noteworthy takeaway is that the use of Reddit, TikTok and Snapchat have been on the rise, especially among adults under 30 and teenagers. A trend that is of significance for marketers.
What else happened:
Amazon share of digital ad spend in the US has reached 10% for the first time:
NASAs helicopter “Ingenuity” survives first night on Mars:
Spotify quietly deletes controversial episode of The Joe Rogan Experience:
Is the Clubhouse app really worth $4bn?:
How to Maximize ROI With Market Segmentation
If you try to please everyone, you’ll end up pleasing no one. In today’s digital landscape, you need to go beyond the one-size-fits-all marketing campaign. You need to focus on highly targeted, personalized marketing to deliver more value to your customers. This will also result in higher quality leads for your sales team, and therefore, better marketing ROI. In the following post, we will detail how market segmentation can help you maximize this ROI for your business.
What is market segmentation?
Market segmentation is the process of dividing your target market into smaller groups based on shared characteristics. By dividing your target market it becomes easier to tailor your message and create personalized, value-packed experiences for your potential customers.
Meeting the needs of your target market segments through personalization can be a crucial driver of growth and efficiency. According to a study by Epsilon, 80% of people are more likely to do business with a company that uses personalization tactics. Additionally, increased personalization can reduce customer acquisition costs by 50%. It also increases revenue by up to 15%, and improves marketing ROI by 30%. Market segmentation helps you to create these personalized experiences.
There are four main types of market segmentation:
Demographic segmentation is the creation of segments based on demographic data, like age, gender, occupation, salary, etc.
Psychographic segmentation goes beyond primary demographic data, dividing your audience based on their attitudes, lifestyle, values, and interests.
Behavior segmentation is based on what your audience does rather than who they are. Using purchase history, website visits, social media engagement, and other measurable interactions, you can segment based on behaviors.
Geographic segmentation looks at location to make your messaging and content more relevant. It’s also meant to help you avoid advertising to people who are not in your region.
What are the benefits of market segmentation?
If you’re wondering if segmentation is worth the effort, the answer is loud yes. Market segmentation empowers your marketing and sales initiatives. Its benefits can be further summarized by the following categories.
Aligned Marketing Messages
With so much competition for attention, messaging needs to cut through the noise. Market segmentation helps you create content that’s aligned with each segment’s needs and interests.
Google, Facebook, and other advertising platforms have precise targeting capabilities. They enable you to reach the people most likely to engage with your business. However, to leverage these powerful targeting capabilities you must know your audience Market segmentation helps you do just that. By doing this you will improve campaign effectiveness with meaningful ads and relevant content.
You can better identify which leads result in sales and focus your marketing efforts on those segments. If your messaging is too broad, sales teams will waste time on low-quality leads. Creating targeted content helps attract the people who are most likely to convert to customers.
Market segmentation allows you to address your audience’s pain points, highlighting that your business understands their needs. The more you align your content with your audience’s needs, the stronger the bond will become. When you can provide relevant, valuable experiences at every touchpoint, you increase the chances of conversion and brand advocacy post-purchase.
How to approach the segmentation process?
The segmentation process can be broken out into four steps.
Step 1: Analyze your current customers
As a first step, take a deep dive into your existing customers. Analyzing your past sales and conducting internal market research can reveal patterns and insights to help identify audience segments.
There are many different ways to conduct this research. For example, you can mail questionnaires to existing customers, call your contacts at your best accounts, or send surveys to gather the data you need.
Your research should answer the following questions:
- What are our clients’ hobbies and interests?
- Are they willing to recommend your business? If not, why not?
- What are their pain points?
- What would they like to achieve with product/service?
- Do they feel the current product/service is lacking something?
It’s important to gather feedback from happy customers, but also from those dissatisfied with your performance. This will provide a range of data to help you identify the customers who are the best fit for your company and insights on how you can improve the customer experience.
For behavioral segmentation, you can use analytics tools to see how different segments engage with your website.
Step 2: Identify your ideal customer
Knowing what your ideal customer looks like makes it easier to focus your marketing and sales efforts on the right audience segments.
Using the data collected in the first step, create an outline of your ideal customer. The outline should cover everything from primary demographic data and pain points to social media engagement and behavior.
The more detailed your ideal customer profile, the more effectively you can create hyper-relevant sales and marketing initiatives.
Step 3: Find target segments
The next step is to use the ideal customer profile to find target segments. You can use demographic, geographic, behavioral, or psychographic data to find patterns in your customer base for segmentation. You may find that geographic or demographic data shows that your customers share several characteristics that you can use to inform marketing and sales, for instance.
For psychographic segmentation, you will need more in-depth data collected from customer surveys. This type of segmentation can take more time, but it can also provide the most valuable target segments.
Step 4: Test, measure and tweak
Now that you know who you are targeting and what they find engaging, you can develop a campaign concept and start testing. It’s essential to start small and use concept testing to trial your ideas before scaling campaigns.
As a result, you gain valuable feedback without dedicating too many resources. After testing your campaign, analyze the results to see what worked and what needs improving. Keep in mind that the ability to be data-driven is one of the top advantages of digital advertising. It is vital to increasing your campaign’s effectiveness and success.
In conclusion, today’s consumers expect personalized experiences and market segmentation helps deliver on those expectations. Similarly, it can help you increase marketing ROI, attract quality leads, and position your brand as one that values its customers.
Remember, market segmentation isn’t a one and done strategy. As a result, you need to adapt and be flexible throughout the process. This outline should help you navigate the shifting needs of your customers and maintain your competitive advantage.
If you want to see how market segmentation can help your business get more qualified leads and more sales, schedule a free consultation. Our team of marketing fanatics here at Ogno is ready to assist you.
Weekly Roundup #25
Hi! Thanks for tuning into our 25th digital marketing Weekly Roundup! We’ll sum up some of our favorite links and insights of the past week so that you can stay in touch with all things digital marketing.
If you’d like to receive our weekly roundup automatically, simply subscribe to our newsletter, we’ll take care of the rest. Feel free to share this article!
Webinar: Data Driven Marketing
Ever wondered how you can take advantage of all the marketing metrics that are available? Don’t forget to sign up for our webinar on April 21st! Our very own experts Jesse and Darwin will discuss data driven marketing and its benefits to your business and ROI, providing you with actionable tips to implement. Click here to save your (virtual) seat! We’ll see you on the 21st!
Marketing Mix: The Seasoned Principle That Aged Like Fine Wine
The marketing mix principle is not new, we all know that. But it’s a principle that stood the test of time. In our most recent article we address the 4 P’s of marketing (Product, Place, Price and Promotion) and how they are more relevant than ever. Even in today’s digital landscape.
Social Media Ad Spend grew globally amidst pandemic
The pandemic has shown how resilient the digital marketing community can be. After a short dip at the very beginning of the Covid lockdowns, ad spend came roaring back within a few months and was back to 2019 pre-pandemic levels by November 2020. The digital transformation has aided businesses switching to online buying options as well as in-app purchases. Due to this, ad spend on social media is likely to increase in the future.
Twitter to launch “Brand Bracket” competition
Similar to the current on-going March Madness Basketball competition in the US, Twitter is set to launch a brand bracket competition, designed to determine the best tweeting business on the platform.
Looking to create a visual brand experience? Visme is an easy-to-use, intuitive tool to create infographics and visual documents. It allows beginners as well as experienced visual designers to showcase their brand.
Other things going on:
Facebook launches “TikTok-like” Rap Tool called “Bars”:
Vessel blocking the Suez canal causing shipping rates to skyrocket:
Google started testing a feature that automatically detects products in a video and displays them:
Looking to increase your engagement on LinkedIn? Find out how here:
Marketing Mix: A Seasoned Principle
Marketing mix is a term that has been around for over half a century. In fact, every marketer who has ever thought about how their product fits their audience has used a marketing mix method.
Acknowledged in the business world as the pillar of marketing, the model consists of 4Ps: Product, Promotion, Place, Price
So, how has digital marketing affected the age-old marketing mix? This article lays bare how this seasoned principle was able to age like fine wine.
Origins and Today
Invented in the 1960s by Philip Kotler, the 4Ps of marketing have been the go-to strategies for profitable business organizations.
Kotler defined a marketing mix as a collection of marketing tools that a business organization uses to carry out and achieve its goals in the target market. Hence, every business should integrate at least four elements into its marketing strategy to ensure success.
As they say, change is inevitable, and marketing mix is no different. What used to work during the inception of the concept cannot work in the current digital era. The demand for change gave birth to what we now know as digital marketing.
There is a need for personalization. You should create better experiences and build relationships with your customers. Digital marketing involves using various methods and channels to analyze marketing strategies and determine what is applicable in real-time.
Research shows 71% of customers get frustrated when their shopping experience is not personalized. In fact, 90 percent of consumers in the US consider marketing personalization appealing.
The 4 P’s of (Digital) Marketing
The 4Ps of marketing (product, place, promotion, and price) have since become a vital part of digital marketing. Although various revenue streams have changed how some elements work, the initial concept of a traditional marketing mix still abounds.
Research thoroughly when determining the right product to introduce in a given market.
With the availability of smartphones and computers, your research process can be seamless, especially when collecting data from potential customers. Check the products that consumers demand online. That will save your time and effort. And it can help you increase sales.
You also need to create a strong unique selling proposition (USP). Make it easy for your audience to understand how your product will be valuable to them. Product benefits and features should be clear and unique enough for your business to differentiate itself from the competition.
With digital technology, consumers can quickly check and compare prices online before purchase.
High prices can push them to look for the same product or service elsewhere. In contrast, lower prices cut into your profit margin. It is therefore important that a business seeks the perfect balance between the two.
In a case where some variables can influence final sales, it is not advisable to display product prices.
Market share, product quality and branding, consumers’ perceived value of your product, competition and initial input cost are all factors that influence pricing.
You can create routine pricing alternatives that target different audiences. In case a country and/or state has specific tax rules that affect your product’s overall cost, you can adjust prices real-time to cater to the users in those locations.
Online suppliers and e-commerce websites can easily cut down overhead costs associated with brick-and-mortar businesses. For example, if you’re selling downloadable products or a software, you don’t have manufacturing or transport costs. In turn, you can adjust your pricing accordingly.
Where will your customers buy your products? Will you sell online? Will you do it offline? Or both? Whatever the choice, each option comes with its own challenges you must handle for smooth operation.
Digital marketing has made “place” in the marketing mix more complex considering the different customer experience choices. For instance, a study found that 92% of shoppers were influenced to buy products from companies that have shopping cart recommendations on their websites.
Platforms that include emails, online forms, and social media have improved relationships between companies and their customers, altering how modern businesses work.
For example, you can introduce insightful recommendations using popular Q&A platforms like Quora, respond to consumers in real-time on Facebook, and use platforms like Yelp to respond to negative criticisms from the users.
Availing products to consumers at a place and time appropriate to them gives you a competitive advantage. You can modify and control user experience by using the digital avenues within your reach. Ideally, you are using several digital marketing channels to display your products online. It’s also advised to assign each strategy a weight in order to assess which one is most pivotal for your current goals.
Traditionally, businesses used to promote their products via print media, outdoor advertising, and radio. Others would heavily rely on free-standing inserts in packaged goods and coupons in newspapers to promote new products.
Today, marketing is conducted digitally and is driven by analytics. This makes it easier for you to measure your success. There are lots of different ways to digitally promote your product or service on. These include the use of SEO, PPC, Social Media Marketing, Content and Email Marketing.
These marketing tactics’ effects can be measured and thus help you to continuously test and optimize your marketing mix efforts.
By using key performance indicators (KPIs) you can measure your effectiveness in reaching your business goals. Once you have solid data, tweak your efforts to improve your outcomes. Cart abondonment rate, traffic, conversions, Click-through-Rate and Average Order Value are all examples of KPIs that you should track to determine the effectiveness of your marketing mix.
Today’s customers are more aware, demanding, and intelligent when buying products and services. They want quality products at the lowest possible cost.
As such, you should find an effective way to scale up your actions. This helps maximize your customers’ value without compromising on your profit margins.
With the entry of digital technology, the traditional marketing mix has incorporated the latest tools in its four components. These include response analysis, recommendations engines, customer profiling, and transactional messaging.
The business environment is getting more competitive by the day. Only those that step up to the challenge in terms of marketing will be able to weather the storm. Ogno’s marketing expertise can help your business stay ahead of the pack and further enhance your outreach.
Weekly Round-Up #23
Hi! Thanks for tuning into our 23rd digital marketing Weekly Roundup! We’ll sum up some of our favorite links and insights of the past week so that you can stay in touch with all things digital.
If you’d like to receive these roundups automatically, simply subscribe to our newsletter.
B2B Lead Generation Strategies That Will Make Your Business SOAR
In B2B marketing, lead generation is all about strategies that help convert a target audience into a customer through a sale. A B2B marketer will identify and initiate an interest of a target audience. Our most recent article addresses actionable tips B2Bs can take advantage of in order to maximize their lead generation efforts.
Brave to launch its own search engine
The makers of the Brave browser are now in the midst of developing their very own user-centric search engine, called simply “Brave Search”. What sets it apart from other search engines? It has an independent indexing system, which does not collect people’s IP addresses.
A social platform for ambitious people: Meet ChekMarc
While Twitter and LinkedIn dominate the casual and professional social spheres respectively, ChekMarc intends to cater to the ambitious and career-progressing folk. Users are divided into two roles they can take on: Explorers, catalysts or both. Sounds like a very promising platform to us!
2021 – The year of new social media marketing rules?
We’ve heard it a gazillion times: “2020 was a year for the ages” And it’s very true. Means of communication have shifted to the digital realm and 2021 looks to build upon it. This survey has found the most relevant changes social media marketers need to take into consideration in order to go with the flow set by social media users.
Other interesting happenings:
A Facebook study has revealed that more than half of consumers do not feel culturally represented in online ads.
Google My Business has upgraded its reporting capabilities. You can now see how customers have found your business
Gaming platform Roblox went public on March 10th
Google announces more SERP changes
B2B Lead Generation Strategies
Let’s face it; what sense would a business make without leads? A business without leads means no customers, no profits, no ROI, nothing. But how can modern Business-to-business marketers get lead generation right? The correct implementation of B2B Lead Generation Strategies is key here.
Living in a time when we are constantly bombarded with emerging technologies and new insights, buyer behavior has drastically changed. This ever-changing landscape has seen B2B marketers hard-pressed to re-strategize their lead generation formulas.
Thanks to the explosion of content addressing their needs, the modern consumer is increasingly getting educated. As such, it is time marketers ditched the old ways of B2B lead generation like bombarding potential leads with one-size-fits-all emails. These have since been milked dry and no longer resonate with the modern consumer.
What is B2B lead generation?
In B2B marketing, lead generation is all about strategies that help convert a target audience into a customer through a sale. A B2B marketer will identify and initiate an interest of a target audience.
By capturing vital information about a potential customer and feeding it into the sales funnel, a B2B marketer will already be on their way to mastering their leads generation. Simply put, any channel that helps spur interest in a business, brand, or website can be classified as part of lead generation.
Effective B2B lead generation strategies
If you could get lucky enough to have a chit-chat with a hard-working B2B marketer, they would tell you about how challenging their job gets on a daily basis. Getting leads at a time when the industry is awash with misinformation, mystery, and mistakes is not child’s play.
Even with these, there is a ray of hope for a suave B2B marketer. Especially one who agrees to play by the tune that the wheel of change presents. Here are some effective lead generation strategies a modern B2B marketer can adapt to weather the storm.
There is nothing as convincing at making a potential customer feel you are talking to them directly. The modern consumer is sick and tired of the usual, general marketing gibberish that does not resonate with them.
82% of people feel more favorable about a company after reading customized content.
Content marketing is all about a personalized touch. This will help cultivate a deeper connection and lead to meaningful relationships between the business and potential customers. You cannot apply the all-in-one approach any longer. You can do this with all types of content, be it video, written posts images or email marketing.
Personalizing content does not mean addressing your potential leads by their first names or stalking them across the web. It all boils down to studying the consumption behavior of your target market. This way, you get an idea of what to do or say to create interest and spur some action.
Tune your social media presence
What is B2B marketing without social media? Research shows that companies that embrace social media for their marketing efforts are two times more likely to generate B2B leads and achieve more click-throughs. To add to that, these companies also convert their high-intent target audience with more ease.
However, it is not just social media presence that does the magic. It all boils down to the strategies you put in place to help achieve the interactions needed and get the connections desired.
Social media may not be the holy grail of leads, but it does matter for a suave B2B marketer who understands how to use it right. According to research done by Placester, social media has good potential as a strategy to generate leads. Still, it ranked lower than other strategies.
Why is this so? Well, this all because most B2B marketers are doing it wrong. The B2B industry can reverse this trend by doing the following:
1. Directing social media audience to your website: Lead your potential social media customers to your landing page. Capture them with email sign-ups and free offers.
2. Sending engaging newsletters: Don’t send them general emails that nobody reads. Make sure your emails fit the promise you gave on social media. Keep up the level of engagement so that they can easily follow through on the call-to-action and into paying customers.
3. Making CTAs your companion: It is much easier for a potential customer to respond to a CTA on social media thanks to the personal connections that will have been created before this.
Record your visitor’s steps
Traffic is nothing if it does not convert to a sale. You want to understand your visitors’ actions, and the best way to do this is by using website diagnosis tools.
Some notable lead generation tips like Mouseflow and Hotjar come in handy for this course. They help answer why you are not getting the desired results despite the high traffic. This, in turn, helps improve your Conversion Rates Optimization (CRO) efforts. This way, you can conveniently do A/B tests and makes tweaks as desired.
Ride on the power of online reviews
A study by Nielsen shows that 70 percent of consumers trust online reviews and would visit the reviews or testimonials page before making any purchase. This should be a wake-up call for B2Bs to create a testimonials page on their website.
Besides improving your local search ranking, online reviews help build consumer trust and ultimately improve conversions.
Use of whitepapers and e-books
White paper and e-books are a hint to potential customers that you are an authority in your niche. This helps build trust in your products and services. With this, conversion becomes seamless as long as you put in enough work on our research to improve your content’s credibility.
Importance of landing page quality
Besides the homepage, your landing page is the doorway to your business, and you do not want to take chances with its content. For potential customers, first impressions last, which should be enough to focus your efforts on improving your landing page’s quality.
A landing page helps you start a screening and qualification process for your potential customers before moving them down the sales funnel. According to HubSpot, B2B marketers have been more successful at creating leads by sending them to specific landing pages rather than the home page.
Landing pages also come in handy for data collection purposes. It helps improve your data-driven marketing endeavors. Through this data-driven marketing, you get vital insights regarding the preferences and behaviors of your potential customers. This way, you can then easily create an automated campaign to specifically touch on their pain points.
Whichever angle you approach lead generation for your B2B business, it is not going to be a walk in the park. It calls for tact and strategy beyond the obvious. With the above tactics, you are assured of a roadmap that will ultimately keep you above the competition.
Remember, it is not just about being on social media, having a landing page, or creating white papers. It all boils down to how unique you approach these factors and tailor them to your specific target audience.
Data Driven Marketing: You can’t manage what you can’t measure
The saying goes: “You can’t manage what you can’t measure”. It stands just as true today as ever. I mean, just think about it: It’s pretty hard to determine if a strategy is successful or not if there are no defined metrics or Key Performance Indicators (KPIs). Today’s modern customer demanding personalized and relevant experiences, the so-called “spray and pray” tactic can no longer be applied. In this article, we will highlight several data driven marketing strategies that will help your business increase its return-on-investment (ROI) when it comes to marketing and in doing so lay a foundation for a data driven marketing strategy.
What is it: Data Driven Marketing
Data Driven Marketing is a marketing principle that analyzes data from customer interactions, campaigns, third parties etc with the goal of gaining insights into the behaviours and preferences of the customer. It aims at enhancing the customer experience by learning what makes them tick and working it into your marketing strategy. It simplifies the process of creating automated campaigns. This allows marketers to focus their time on the creative side of their business. Data driven marketing is one of the more transformational and revolutionary marketing occurrences in a while. Ultimately, data driven marketing’s aim is to optimize companies’ marketing efforts and increase return on investment.
Why you should use it
A data driven marketing strategy has many benefits. For one, ad spend and marketing messages are optimized based on facts. They will be shown only to the appropriate targets for the marketing campaign. While a one-size fits all marketing approach might work for some big brands, those are outliers and it is more beneficial for your business to make your marketing efforts to be more granular so that it resonates better with your different clientele. The younger generation especially appreciates personalized marketing content. Over half of millennial consumers (age 18 to 34) consider themselves less interested in a brand’s products and services if its content isn’t relevant to them.
Your audience has preferences that guide their thinking and behavior. Marketers like yourself can steer these. Content and marketing tailored to your specific customer segments builds a lasting bond between you and your clients. That’s why it’s imperative to generate data and using it to your advantage by applying it your future marketing campaigns.
Collect and Segment Datasets
The collection of data might seem like the main contributor to getting to know your audience. But the data also needs to be representative of your customers. You have to know your clientele inside out. Once you do, you can trust and proceed to manage your gathered data. The data will be ever-changing. This means you need to keep an eye on it throughout and develop a short term plan, as well as a long-term strategy.
Obviously, not every member of your target audience holds equal value to you. Different customer groups exist within your wider target audience, and it’s up to you to define those segments. There are lots of different ways to divide your audience. The most straight-forward practice is to divide your customers by demographic, but you can also divide them by other psychographic factors such as values or interests.
It can also be useful to prioritize segments. Segmentation will allow you to target each customer group at a specific time with their specifically preferred content. It is particularly important with email marketing, social media marketing, and of course, retargeting, which we’ll dive into next.
Retarget your audience
You may already be using effective forms of online marketing such as content marketing, paid search, or social media ads. However, retargeting is an important complementary strategy to add to these. Retargeting, also known as remarketing, is a form of online advertising that helps you keep your brand in front of potential customers after they left your website. The majority of websites only convert 2% of web traffic on their first visit. Using retargeting, you can nurture your previously bounced traffic into conversions. Here’s a stat that will help drive the point home: retargeting ads are 76% more likely to be clicked on than a regular old display ad.
So how do we go ahead and retarget potential customers then? A good initial step is to use copy that combats their initial sales objections. The implementation of cookies allows businesses to gain an insight into their traffic’s behavior and preferences. Remember, these people already were on your website, they just did not convert. Now you can use a retargeting ad to convince them of your brand and get rid of their final hesitations. If you’re not completely certain about what objections your potential clients might have you can always get in touch with your sales colleagues. Since they are “on the frontlines”, so to speak, they will probably have invaluable insights into the concerns and no-go’s that prospective customers voice. Another way to determine pain points that your customers believe to have with your product or service is to scour through reviews about your business.
While retargeting campaigns have huge upside, setting them up can be a challenge which is why it makes sense to get in touch with an expert.
Fear of missing out (FOMO)
Another tactic that you can use to capture the valuable attention of prospective clients is to use discounts and limited time offers. Comparison shopping has changed dramatically since the advent of the internet. Now shoppers can compare prices in rapid succession in order to find the best deal. You can mitigate this with a deal-sweetener such as a limited time offer or discount. Using these subtle techniques, the prospect’s fear of missing out (FOMO) is triggered and interest in you and your services will be reignited.
Compared to traditional marketing, data driven marketing is proven to increase clicks as well as conversions. Ranging from the initial collection of data via cookies, to the retargeting phase, be sure to follow through with this transformational marketing strategy as it will be hugely beneficial for your business.
What the heck is Growth Hacking
Chances are you’ve been hearing more and more about growth hacking over the last few years. Every corner we turn in the marketing sphere, someone claims to be a growth hacker. They are likely promising you things like a triple digit growth percentage a year. But what’s actually behind this revolutionary tactic? In this article we will pop the lid off of the confusion around the term growth hacking and present you with some actionable tips to put into action, whether you’re a startup or an already established business. But first, let’s talk about what growth hacking is.
What is Growth Hacking?
If you’re not a complete novice in the marketing field, you have probably picked up on the term growth hacking. Growth hacking is the process of attracting, engaging, and retaining customers. It is focused on relentless experimentation and a focus on the unique, changing motives and preferences of your customers. Basically, it’s following a long to-do list of marketing tactics with high potential for traction. However, instead of being a fixed role, growth hacking is somewhat of a mindset. From developers to conventional marketers, theoretically everyone can be a growth hacker, as long as experimentation and brand expansion are the focus of every action and reaction. Every business has thought about hiring a growth hacker, since presumably every company would like to further grow.
How Growth hacking has changed marketing
Growth hacking is a relatively new concept, but evidence of growth mindsets date back to the mid 20th century and it wasn’t always digital. Think of McDonald’s and its meteoric rise to prominence. McDonald’s used the fact that in the 1950’s highways were being built in the US at rapid speeds and understood that this would bring with it an opportunity to advertise their brand to hungry people in a hurry (they’re ideal targets). They proceeded by placing a banner for their products at freeway exits in order to maximize the number of eyes on what they were offering. This paid off in spades. This was an early, unconventional way of growth hacking. They thought outside the box, identified an opportunity, moved quickly, tested it and measured results. Ever since, McDonald’s has been prominently displayed on most exits.
Growth Hacking in the current age
When you think about the McDonald’s example you can see that they were connecting with people at the right time and place (specifically those looking for something to eat on a new journey). Today, unlike in the 50s, we have something much more efficient and measurable than ads on highways–the internet. Modern day growth hackers consider every avenue that has the potential of becoming a new source of traffic. For example search engines–the highway of the internet– act as an avenue for people to best answer their problems. Growth hackers can see this clearly and quickly find a way to position their company as the solution that helps searchers improve their lives. This, like the satiated highway travelers, leaves them happy and grateful to have encountered the company when they did.
When drawing up a growth hacking strategy consider areas where your customers might be looking for products in your niche. Furthermore, questions such as “Can this product or service expand rapidly?” “Is it scalable and do I have the infrastructure in place to scale?” should arise. If the answer to these questions is a resounding “Yes” then congratulations, you can proceed with growth hacking.
Traditional Marketing vs. Growth Hacking
Traditional marketing is focused broadly on selling a product or service. It taps into more traditional tactics like advertising, PR and sales enablement to advance the business. Growth hacking on the other hand is dedicated to, well, growth. Everything a growth hacker does has a hypothesis to test and a goal of growing the business. When looking at Traditional Marketing vs. Growth hacking, you can also see them as long term and short term tactics respectively. One does not replace the other, but rather support each other in building a successful and agile marketing function. It’s important to balance your business between a long term marketing plan and short term marketing strategy.
Growth hacking encompasses experimenting with and implementing strategies that are focused on efficient and rapid business growth. Growth marketing is hyper-focused on conversion and revenue. Meanwhile, traditional marketing has many measures of success. It is especially useful for businesses that are starting to grow as it empowers them to test and repeat to find traction channels. Both startups and established businesses can take advantage of growth hacking.
Growth Hacking for Startups
By definition, startups are young companies that are itching to grow. In the startup phase, a business emphasizes addressing their ideal customer. The battle for a small market share often seems very overwhelming. Startup companies always have to try new things to build a customer base that doesn’t cost more than they can justify spending to the investors.
You have probably heard of SMART goals. It’s absolutely imperative that your business sets itself Specific, Measurable, Attainable, Relevant and Time Based goals. Make sure to set targets that are not vague and where your input and its effectiveness can be measured. In addition to that, they should also not be unrealistic to complete within the time frame you gave yourself.
As an example, simply saying “I want to have 100 paying customers for my app” is not enough. Instead aim for “I want to have a revenue of $10,000 each month by the end of the year. This goal is specific, measurable and very achievable.
A classic actionable first step of growth hacking for startups could be to create an email list. Offer an E-Book or a checklist where the user is required to enter their contact info to download the file. Once you have gathered email addresses of your target customers, then you can inform them that once your product or service has been launched.
Another tool that startups can use is to try to collaborate with a more established company that will advertise your product or service on their platform. Using their reach, your startup can then grow its initial audience base rapidly. Back in 2013, Dropbox used this exact trick. They collaborated with Samsung, offering everyone that purchased a Samsung phone that year 50GB of free storage on Dropbox, where a regular free account only offers 5GB.
Growth Hacking for Established Businesses
There is a misconception that growth hacking is only for startups. That’s false. Established business that have already gained traction and built a solid customer base can also find benefits in growth hacking.
Since established businesses have the ball somewhat rolling, they are usually much more risk averse. They have already built something that works and are therefore somewhat hesitant to deviate from their success formula. However, this way of thinking limits your business and prevents you from tapping into further growth. If you’ve already come so far as a business, chances are it will not collapse if you tweak and test new things. The potential unrealized gains of growth hacking could be endless.
In the case of an established business, the most sensible way of proceeding with growth hacking is to choose a small subset of your customer base where you can implement A/B tests. You would then introduce small changes to your ads, landing pages and social campaigns to see how this small subset responds to them and whether there are more conversions. Make sure to only make changes to one of these channels initially so that you know which tweaks had an effect.
The implementation of data and analytics is critical for growth marketing. A growth hacker needs to incorporate and analyze their actions analytically and draw conclusions from there. Key Performance Indicators (KPIs) such as Click Through Rate (CTR) and conversion rate will greatly help. They help you measure the effectiveness of your tweaks. However, it is advisable to hire an agency to do the growth hacking for you, compared to doing it yourself. The effectiveness is greatly enhanced with the knowledge of industry leading experts.
Growth hacking in practice
So how does growth hacking come into effect? The AARRR framework sums it up brilliantly.
In this phase, it’s critical to find a cost effective channel to showcase your product or service to your target audience.
This is the step where you need to convince your target audience to actually use your product or service.
Doing successful and sustainable business is not a one and done thing. You have to build a relationship with your target audience in order to keep them coming back to you.
Word-of-mouth marketing is one of the most effective methods of gaining traction amongst a customer segment. As a business, it is crucial to encourage your satisfied customers to promote your brand to those around them.
Ideally, if you follow these steps, you should be able to grow a sustainable revenue stream and conduct business in the short as well long-term.
Growth hacking is an interesting trend that gives us glimpses into the future of internet based companies. It is applicable for both startups and more established businesses who have already figured out a blueprint for their business processes. Both of these types of businesses can implement the AARRR technique in order to facilitate their growth hacking ventures. While growth hacking can achieve amazing results, it is also crucial to keep a balance between traditional marketing in order to achieve long-term sustainable growth. Sean Ellis coined the term growth hacking and summed it up best: “Growth is not just a concern of sales and marketing, but of product, engineering and support too. It is this organization-wide commitment to growth that ultimately sets these companies apart.”
Digital Branding: what is it & how to use it
A brand is the most important asset in your marketing toolbox. Ultimately, it is a manifestation of your value proposition and the soul of your business. However, a brand can be at times difficult to define. It takes time and resources to build a healthy brand, and today, that includes both offline and digital branding.
You might be thinking “Why should I invest in digital branding?”. Well, if you think about it, more people are spending time online than ever before. Time spent online has more than doubled in the last decade. To add to that, over 90% of U.S. businesses were using social media for marketing purposes in 2020. And this number is set to increase even further. Does your digital brand help you stand out? Is it telling your story in a way that really sticks? If you’re unsure, we got you covered. Read on.
In this article, we’ll outline how a digital branding strategy differs from a digital marketing strategy, what the benefits of having a strong digital brand are and how to implement it in order to fully harness its potential. The idea behind building a digital brand is to convert first-time buyers into long lasting customers. These customers exhibit brand loyalty and become the ultimate marketing tool: the fan who is so happy with your product that they promote it by themselves. In the long run, after each product is discontinued or sold out, what sticks with you is the brand. Is it memorable? Does it invoke positive emotions?
What is digital branding?
Digital branding is how you bring your brand to life online. Let’s start from the beginning.
Branding has been a major component since the beginning of marketing. Think of Gillette for example: First introduced 120 years ago, it dominates the shaving market to this very day. In large part, this is because its brand is so recognizable and trust-invoking. Gillette has been using digital brand ambassadors to further promote their products digitally across different channels and cement themselves into customers’ brains. You know you’re buying quality when you buy a Gillette razor.
A strong brand, digital or otherwise, needs to resonate with a company’s audience answering the “Who?”, “What?”, “Why?” questions with consistency across your marketing channels. Digital branding is about ensuring that what makes you unique (your USPs) are clear for potential customers no matter where they encounter your company. When an online visitor understands your business immediately, the opportunity for conversion increases.
When talking about digital branding be sure to consider how it fits into your:
- Social Media
- Search presence
More on those later.
What’s the difference between Digital Marketing and Digital Branding and why you need both to succeed
Digital Marketing and Digital Branding might be two peas in the same integrated marketing pod, but there are important differences. Branding can be seen as the why and marketing as the how.
Digital Marketing encompasses all the different tools and tactics used to bring people in, such as search engine optimisation (SEO), search engine advertising (SEA), email marketing, affiliate marketing and many more. It actively promotes your product or service to your potential customers in order for them to conduct a purchase. With Digital Marketing, you shouldn’t neglect one aspect of your marketing plan for another, but instead allocate your resources across your digital marketing strategy and implement all your marketing efforts alongside each other.
Digital branding is more focused on defining and emphasizing the value that a company or organization provides, whereas digital marketing is more directed towards pushing a product or service based on how good it is. Without digital marketing, branding would be a struggle and without digital branding, digital marketing would not be sustainable.
Digital marketing is a way to get your customers’ attention, whereas digital branding helps you keep their attention and enabling them to closely relate your offering.
Benefits of Digital Branding
But why is branding so important? Using branding, a company is able to differentiate itself from its competitors and increase trust in prospective customers. You’re missing out on tons of sales if you don’t establish your brand on the internet.
Now going back to the present moment, branding often takes place digitally.
A strong digital brand can create a life-long bond between a company and its customers.
There are some very prominent examples of companies that were able to successfully implement branding. For instance, Apple and Tesla were able to distinguish themselves from the competition with their innovative products. The Apple brand personality is about lifestyle; imagination; liberty regained; innovation; passion; hopes, dreams and aspirations; and power-to-the-people through technology. Meanwhile, Tesla’s differentiator is its cars’ sustainable nature as well as its link to iconic CEO Elon Musk.
Having a digital brand in place helps an organization spread quickly on various online platforms, such as your own website as well as social media. A digital brand would ensure that the end-user receives messaging in a unified manner, enhancing the trust in your business. We live in a viral world and possessing the ability for your content to go viral and spread rapidly will help put you in front of more pairs of eyes.
One huge aspect of digital branding is brand marketing and more specifically: consistency. The consistency that having a strong digital brand warrants, is the result of having a unified approach when it comes to marketing your company. Certain people like social media, other people don’t. Another sample of people like it when a company sends an email newsletter as a gesture, others don’t. Some people search from their desktop and others are glued to their phone while they search. The point is that your business needs to stay on-brand within all of these channels to reap optimal results. If you’re able to do this, your customers will not only be drawn to your content but they will literally be fans and will further promote your brand for free by using word of mouth.
Your messaging should be recognizable and aligned in order to be associated with your brand. Consistency is crucial in developing trust amongst your customers. An example of having a consistent approach to your marketing efforts and thus increasing your digital brand would be posting content or sending newsletter to customers in regular time intervals. The customer then knows that you know what you do.
Visuals and Intangibles
Furthermore, imagery, your logo, graphics and tone of voice also need to be kept consistent. Imagine being a luxury brand and then sharing high-end photography 90% of the time and blurry, out-of-focus photos for the remaining 10% of the time. Or even worse: having typos and grammar errors in your copy. Depending on the niche you’re operating in, a playful or more serious tone may be applicable. Just make sure to stay consistent. Your clientele will end up not trusting you if you are wishy-washy and you end up losing them. It’s crucial that your optics mirror that of your business, industry and target audience. If a company is confused about its identity, then so will its customers.
One of the easiest and most cost effective ways to do brand marketing is to build trust online. Ogno can assist you in accelerating your digital presence and aligning your brand with your marketing efforts in order to be more cohesive.
Where to include Digital Branding strategies
Now that we have established what a digital brand is and what its benefits are, it’s time to dig further into how you can implement this into your own strategy.
No one likes to visit a home page and then not know what they actually just looked at. Having a homepage that doesn’t clearly describe what you offer will leave the visitor confused and exiting without having made a purchase. Kudos to you for getting traffic to your homepage but you also need to establish some brand trust in order for the visitor to complete a desired action, aka a conversion.
Here’s the thing: while your customers will spend the majority of the time on the homepage, most traffic will probably go to a targeted landing page. Imagine clicking on an ad and being directed to a page where it is not clear what that company actually does. Now you spent all that time working on your value proposition on the homepage, but prospective customers are still not converting, because the landing page is not yet clear. So make sure other pages on your site are in cohesion with your landing page or homepage.
Your social media
As we have mentioned earlier, your social media presence needs to be adapted to your website’s and overall marketing’s messaging. Around 78% of small business owners use social media to attract customers, while 63% of customers say they are more likely to use services of a company with an informative social media presence. ASOS posts regular content on their Instagram page and makes sure that it’s edgy and inspirational at the same time. Make sure the tone of voice as well as the frequency of posts relatability of content is on-par, as these factors will validate your brand to potential customers on social media and ultimately leapfrog your competition.
In order to use content to develop your digital brand identity you need to possess a deep understanding of your audience, your offering, and your organization. In order to understand that you need to know what keeps them up at night. The objective of this is to develop content that tells your story and engages your customer base in a meaningful way. So make sure that every time your content is consumed, it is consistent(!) in appearance, use, size, scope, color, feel, etc. Your content must convey personality more than ever before. Developing consistent content allows your audience to build a memory structure around who you are and what value you have to offer.
Your Marketing Channels (SEO, SEA)
Lastly, and perhaps most importantly, digital branding needs to be incorporated into your marketing strategy. This means you need to rethink your marketing efforts and determine if your digital brand is helping or hurting your marketing so far. SEO is one of the tactics your business can use to establish a stronger digital brand. SMEs especially cannot neglect the importance of SEO. Optimize your pages and content while keeping your brand in mind. In addition to that, having a well-thought out brand identity is critical when it comes to driving traffic using paid ads. Having solid ad-copy is a game-changer. It can literally be the difference between losing a lead or ultimately closing a deal. So make sure you showcase your digital brand as best as possible within the ad.
Consistency is key when it comes to branding. Your brand needs to be compelling and make the consumer believe like they are part of the company on its journey. What kind of story are you telling? There is a reason why the top brands are where they are. They understand the importance of being the same business to every consumer. With these tips and tricks, you will be able to create a digital brand and distinguish yourself from the competition.
Marketing Strategy vs. Marketing Plan
Due to the COVID-19 pandemic change has been brought about at unprecedented speed. Consumer trends that were picking up steam ahead of the crisis have been further accelerated. This forced marketers to ask themselves marketing strategy vs. marketing plan? One thing is certain, people’s priorities have changed. Businesses need to adapt their marketing plans as well as their strategies to meet consumer needs.
The pandemic is only temporary but the behaviours picked up are here to stay. Around 75% of people using digital channels for the first time state that they will continue to use them when we return to “normal.” With people choosing to go digital at an all-time high, companies need to reassess how they market their products and services and adjust to secure a stronger market position.
Marketing Strategy vs. Marketing Plan
It’s more important than ever to have a clear vision of where you are headed and how you will get there. That’s why businesses need both a marketing strategy and a marketing plan.
A marketing strategy summarizes your marketing efforts in order to distinguish your business from the competition, whereas a marketing plan is a roadmap with particular activities that will get you there.
The strategy ensures alignment behind a shared vision and that everyone understands the target audience and the value proposition. Once the strategy is established, the marketing plan details how SEO, SEM, social media, and other marketing channels will help you to achieve the vision.
Every marketing plan should therefore have achievable and timely goals that contribute to the success of the marketing strategy.
With 2020 being such a turbulent year, many businesses are reassessing their marketing plans. However, the marketing strategy remains the same for most. Over 60% of marketers are altering their short-term media strategy (marketing plan) On the contrary, only 9% are actually adapting their long-term goals (marketing strategy).
How Can You Address Necessary Changes in the Marketing Plan?
The global pandemic has opened a lot of eyes and has shown how rapidly things can change. It has also shown how important it is to be agile and flexible to trends in consumer behavior. An economic slowdown is around the corner. The rapid development of digital technologies means innovation and new competitors are a constant threat.
Keeping a close eye on your business market is vital in order to anticipate change and quickly adapt your marketing plan. You can use official government impact assessments, local authorities, and market reports to find out about changes to your specific market.
It’s also essential to always have an eye on your competitors and your internal business and marketing performance. If you fail to meet key performance indicators (KPIs), you need to determine why that is before you can effectively respond. Competitive analysis can help you to find out how other businesses in your industry have changed their marketing plans. Then you can determine if there is an opportunity to gain a competitive advantage.
The key to success and long-term growth and profitability is how you predict and react to change.
Reallocate Your Budget
Most businesses are sensibly looking at how savings can be made. However, now is not the time to cut marketing budgets entirely. Making excessive cuts can cause long-term damage to growth. According to several studies from the 2008 global financial crisis, companies that decided to scale back on sales and marketing activities during the recession saw 3x less growth than their competitors in the following years.
Instead of scaling back on all marketing and sales activities, business owners should evaluate marketing campaigns. Following this, they can make informed decisions based on return on investment.
The Growth Share Matrix is an effective framework for analyzing the success of your marketing campaigns. It can help you make informed budget allocation decisions. You can find out how to create a Growth Share Matrix for your business’ marketing efforts by reading our guide.
It’s easy to fall into a short-sighted view of individual campaign success rather than viewing your marketing activities as a whole. The Growth Share Matrix framework helps you see the bigger picture by comparing your marketing initiatives. It also shows you how they contribute to your short-term goals as well as long-term growth. With these insights, you’ll be able to adapt your marketing plan and determine which channels deserve more or less budget.
Adjust Creative Content to Match the Present Demand
COVID-19 has massively disrupted creative content publishing schedules. As the lives of consumers have changed, so have their priorities. Audiences are not thinking about the same things as in pre-pandemic times. Businesses need to make sure the content they publish matches the current circumstances and consumer demand.
The international cycling equipment brand Ekoï is an example of how companies can pivot their content strategy to match the present demand. Ekoï offers a range of clothing and equipment for road cyclists and mountain bikers around the globe. We are all aware of social distancing and lockdown measures introduced in different countries. Consequently, the Ekoï marketing team adapted their content output to different audience segments’ needs.
For countries under strict lockdown measures, Ekoï switched its promotion to indoor cycling equipment. They also created live virtual training streams in order to help their audience through the lockdown and maintain a community connection. Conversions are down for lots of businesses. But by taking steps to build brand trust using your creative content, you will be in a better position when demand returns and sales increase.
Investigate Changes in Media Consumption and Adapt Marketing Channels Accordingly
Not only have consumer priorities changed, but so have their media consumption habits and the use of digital channels. The pandemic has caused a considerable increase in the amount of time that is spent online. Global online content consumption has doubled in 2020. The average time spent per day consuming content across TV, phone, and digital media is now 6 hours and 59 minutes.
If businesses are able to determine where their audience is spending time online and adapt their marketing channels accordingly, they can win out hugely. Many companies have been forced to cut budgets. Therefore, Paid Ads have become cheaper, despite there being more traffic on the internet. A Rakuten Advertising survey shows 44% of online publishers expect year-over-year traffic to exceed pre-pandemic levels over the Christmas period. With consumers spending more time online, there is an opportunity for businesses to capitalize on cheaper advertising costs and larger audiences.
Take a look at Victoria Plum, the UK-based online bathroom retailer. It’s a prime example of a company that has adjusted its marketing plan to changes in media consumption. By increasing its display advertising budget, Victoria Plum has been able to capitalize on cheaper advertising costs and increase website traffic. While sales are down across the industry, they will be better positioned to retarget site visitors when consumer spending increases.
Rather than making a hasty knee-jerk reaction, business owners should adjust their short term marketing plan. By doing this, they will also support their long-term marketing strategy.
Keeping Pace With the Consumer
The previous 12 months have seen consumer trends expected to evolve over the next decade suddenly become the new normal. With all of the uncertainties of 2020, one thing is clear: Businesses need to adapt their marketing plans to meet the needs of their customers if they are going to succeed.
Now is the time to be data-driven in how you allocate your resources. Cutting budgets and letting your online visibility slip is not going to help with short-term or long-term profitability. While some competitors stagnate, there’s an opportunity for businesses to bring themselves closer to the consumer and forge lasting relationships that fuel growth. If you need help adapting your marketing plan to the new consumer dynamic, check out how Ogno can help you grow your business sustainably.