The level of informational noise overshoots everywhere and in everything. Things will only get worse. What does it mean for all of us? Reaching your target audience (TA) will be more difficult and more expensive each year. Regardless of how your product or service is useful and popular, this becomes more complicated. Advertising becomes more costly while the pay-off decreases. People who we target build barriers from us.
Considering all these factors, would you still like to launch a new project or optimize the existing one? In this article we will talk about things that should be taken into account and questions which you must ask yourself in order to increase your chances for success.
“No tactical successes may compensate strategic miscalculations”
Unfortunately most people ignore this issue. Start from determining your TA.
You need to clearly know who to sell and for that do not limit yourself with socio-demographic definitions. There have to be one or a few factors which join your audience together. Refine the portraits: describe a specific person, their habits and needs, their problem, and compare it all with your solution. At a start, the more your TA is limited, the better. When you get stronger, it makes sense to scale. However, always stick to your message and positioning; never undermine the core of the TA. Don’t make a fatal error by pleasing everyone at once. Clear segmentation optimizes the process of promotion, allows avoiding extra expenditures and get a bigger pay-off in return for the invested resources.
This one should flow from the segmentation. You need to be different, stand out, be special in whatever you do. Otherwise you won’t survive. Here’s a video about a clear differentiation on a very conservative and competitive market:
Work out your differentiation, work it out to such an extent until it’ll be completely obvious that you’ve got something really special going on!
Form the product image in the minds of consumers. Don’t confuse it with differentiation – this is the actual story about something real! Positioning may play the role of a megaphone for differentiation. Positioning is relative and there is certain beauty in it so learn how to take advantage of it and use it accordingly. Here’s a video about it:
You should pay due attention to this matter because it is a foundation of all the advertising communications – extremely clear position of a company and its message. The message can be different for a start-up though. But for a brand it is extremely important to launch with a certain positioning and stick to it. If a year later you do something else, people will simply stop trusting you.
“Correct sequence of questions and answers to yourself is the key of getting the desired result”
Then you should ask yourself a number of enlightening questions and search find sincere answers to them. The most important one is to look into the mirror and ask yourself: “Am I creating something valuable, something which is going to bring benefit to the world?” The remaining minimum of the issues is as follows:
Does the project have a dedicated leader who is ready to burn with ideas and will light up anybody around?
How are the things going with scaling and capacity of the market?
What are the project goals?
What is the key competence of the project?
Which technologies will be used for realization?
№5 Porter’s 5 forces analysis
Don’t forget to work this model out for your particular project:
Market power of suppliers.
Appearance of new market players’ threat.
Substitute products appearance threat.
Market power of consumers.
I won’t describe every paragraph, but will only emphasize the importance of this particular model even though it still has certain disadvantages in the modern society. It’s crucial to always keep in mind that you need to guard against any dependencies: from the government, from the consumer, from the supplier, from the partner, from traffic resource. If you don’t have any competitors it’s a reason to become alert. Maybe there is no market as well and nobody needs your project. Unless we are not talking about the blue ocean or some innovation.
№6Four components of Digital Marketing
Quality advertisement and SERM.
Analytics at all stages.
High level of customer retention.
They are like 4 wheels of a car where each one is crucial, otherwise the car won’t move. Or even if it does, it will be dangerously unstable.
Proper website is convenient, it doesn’t cause too much “friction” and it’s intuitively clear. You should refuse of everything you can. There is only one chance to make a first impression. Within seconds the user makes a decision whether to stay on the website or leave. Effective design plays the crucial role in this case: elements harmony, air presence, accuracy, style appropriate to the brand and business goals and properly selected fonts.
Advertising is communication with customers. Realize which level of communication you are at right now and move on. Conventionally these levels can be divided into 4:
◊ One: “buy- buy”
We practically do not communicate with customers: make the most advantageous offer here and now. Most often fixed assets are invested into such an approach and many companies drown in it. Meanwhile this works worse and worse for the same reason – market flooding. In this case traffic is the bottom line – the more the better. Communication is single, loyalty is absent.
◊ Two: Building long-term communicationbased on profit.
Special offers, loyalty programs, attempts to involve through competitions etc. It still works; the loyalty is low until someone else offers a better discount.
◊ Three: values broadcast.
Inform everyone why we do the project and how the company helps customers and the world to become better. Create company’s image that a person knows before they turned to it. At this level not every customer will run away from you because someone else offered to save a few bucks. Loyalty is growing.
◊ Four: Online media level.
Become an expert — a sort of master to whom everyone turns for a piece of advice, because the information is actual and the resource is reliable.
Sales get integrated into an educational and informational component. The matter of traffic attraction leaves the pore plan. This is the place where people buy from you because they want your product or service and not because yours is cheaper, better or faster etc. CPO decreases.
Your future depends on how you are able to do it, which level and what part from it you would like to automate. Not from the effective use of advertising channels as many people think. Because channels rise in price every year, and it is high time to bid on something else. You can start straight off from level three. Level four won’t fit everyone as well. Please, don’t try too hard to search “the most effective promotion approach”. The effectiveness of advertising doesn’t depend on WHAT you do, but on HOW you do it. Any type of ads (if it’s suitable for your kind of business at all) can be efficient. If you squeeze more out of it and work professionally, intensively and brightly! With that using a combination of two or more of advertising channels, we get a pay-off from every channel more than if each of them were used at the same time separately. Percentage of synergy may reach 15% and more. Don’t forget to monitor your reputation on the web and take timely actions if necessary.
“Research reports are a” look in the rearview mirror
Analytics is in fashion. But don’t go to extremes as there is no sense to collect data if nothing is done based on it. Another extreme is to change the color of a button three times a month. Such tests and their results are not exactly representative, and you can repeat the test in two months and get a positive result. Make significant changes and receive appropriate results.
Last but not least – the online marketing component is the high level of customer retention. Basically it is achieved due to the convenience of the website, but majorly because of the unconditional customer orientation. It is always easier than overcoming new barriers. And people like it. Demonstrate respect and support. We are all lack of attention, so let’s give it to those who pay us. When a customer feels sincere care – they return. Your client has to stay with you forever.
If you outsource your Digital Marketing, you need to understand correctly which tasks your contractor may solve, and which they can’t:
bring targeted traffic
hold analysis and provide recommendations
organize business processes
organize and control service
create an economic return
website quality doesn’t affect the promotion
you can pay 6 months ahead and then return to the result
contractor knows best the goals of my website
Of course this is not all what contractors can or can’t do, but it will give the correct line of thought on this issue. The main point is the presence of a constant and committed project manager on your side. There is a good reason why we gave online marketing so much space – it deserves exactly this much attention.
Eugene Risov is the marketing Team Lead at Acceptic Ltd, a Ukrainian company specialized on Dedicated development teams for companies from the USA, Europe, and Australia. “The project must answer on the 3 questions at least: “What kind of problem it is solved?”, “For whom?” And “How it is possible to earn?”. If there is no response to any of this questions – the project cease to exist sooner or later.”– believes Eugene.