Marketing Strategy

Browse our Marketing Strategy articles featuring Marketing Strategy agencies latest strategies and insights on marketing strategy. Topics include marketing strategy, finding the right marketing strategy for your business, setting up strategy blueprints, qualitative analysis, Business Canvas, and many more.

The customer lifetime value (CLV), an often overlooked metric by CMO’s

The customer lifetime value (CLV), an often overlooked metric by CMO’s 1024 429 Maryam

As a CMO, you understand that the customer is the lifeblood of your business. You also know that it’s important to focus on acquiring new customers and retaining the ones you have. But what if there was a way to focus on acquiring customers who will bring value to your business for years to come? Introducing the concept of customer lifetime value (CLV) can help you do just that.

 

What is customer lifetime value?

CLV is a measure of how much profit a business can expect to earn from a customer over the entire course of its relationship with the company. To calculate CLV, you need to know three things: the customer acquisition cost (CAC), the average lifetime value (ALV) of a customer, and the churn rate (the percentage of customers who leave your business each year).

Once you have those figures, you can use this formula to calculate CLV:

CLV = CAC x ALV ÷ (1-churn rate)

Knowing your CLV can help you make more informed decisions about where to allocate your marketing resources. If you find that your CLV is lower than your CAC, it might be time to rethink your marketing strategy. On the other hand, if your CLV is higher than your CAC, you can be confident that investing in acquiring more customers will be profitable for your business.

 

Factors that affect customer lifetime value

There are many factors that can affect a customer’s lifetime value. Some of these include:

  • The type of product or service offered
  • The price point of the product or service
  • The customer’s age and occupation
  • Their geographic location
  • How often they purchase from you
  • Whether they are referred by someone else

 

How to increase customer lifetime value

There are also several strategies CMOs can use to increase their CLV:

  1. Invest in marketing initiatives that encourage word-of-mouth referrals. Referred customers are more likely to be loyal and buy more products and services from you
  2. Offer incentives for customers to purchase more often. This could include loyalty programs or discounts for repeat purchases
  3. Tailor your marketing messages to appeal to specific segments of your audience. If you know which demographics are most likely to generate high CLV customers, invest in marketing campaigns that are specifically aimed at them
  4. Increase your investment in digital marketing channels such as paid search, retargeting, and email marketing. These channels have been shown to be effective at driving high-value customers
  5. Use data, customer segmentation and predictive analytics to identify which customers are most valuable to your business. This will allow you to focus your marketing efforts on acquiring more customers like them.

 

The customer lifetime value (CLV) is a metric that measures the potential profit a business can earn from a single customer over the course of its relationship with the company. Although to track customer behavior and identify trends. This will help you determine which marketing initiatives are most effective at attracting high-value customers.

CLV should be a key metric in every CMO’s arsenal. By understanding your CLV, you can make more informed decisions about where to allocate your marketing resources and focus your efforts on acquiring customers who will bring long-term value to your business.

If you’re a CMO, these articles could be useful for you:

GDPR, a marketer’s nightmare? How to get your marketing analytics stack GDPR compliant?

GDPR, a marketer’s nightmare? How to get your marketing analytics stack GDPR compliant? 1240 520 admin

May 25, 2018, is a date that will live in marketing history. On that day, the EU’s General Data Protection Regulation (GDPR) went into effect, establishing strict new rules surrounding data privacy. The regulation has far-reaching implications for any company that processes the personal data of EU citizens, and that includes many of the most popular marketing technologies. As a result, marketers must take steps to ensure that their tech stacks are GDPR compliant.

 

The good news is that there are a number of steps you can take to get your marketing tech stack GDPR compliant. First, make sure that all the technologies you use have been updated to reflect the GDPR’s requirements. Many vendors have already released patches or updates that make their products compliant. Second, review your data collection and processing procedures to ensure they meet the GDPR’s standards. Third, create a data retention policy that complies with the GDPR’s requirements. Finally, make sure you have a process in place for handling data requests from individuals. By taking these steps, you can help ensure your marketing tech stack is GDPR compliant.

 

 

GDPR compliant analytics tools

 

Google Analytics is the most popular website analytics tool on the market. However, it is not GDPR compliant. If you are looking for a GDPR friendly Google Analytics alternative, there are a few options available. One option is Matomo. Matomo is an open-source analytics platform that is self-hosted, meaning that you own and control your data. It is also GDPR compliant. Another option is Clicky. Like Matomo, Clicky is self-hosted and GDPR compliant. Both Matomo and Clicky offer similar features to Google Analytics, so you can continue to track your website traffic without sacrificing your privacy.

According to the website dasprive.be, a Belgian non-profit organization that lists all GDPR compliant tools, the following tools are also to be considered GDPR compliant alternatives to Google Analytics:

 

 

We’re used to Google Analytics being free, but a lot of the alternatives only have a very basic free option. If you are a data hungry marketer, you’ll most likely want to get a paid version of one of the analytics tools.

 

At The Growth Agency, we have experience with Plausible, Matomo and Piwik Pro and we will be testing the other Google Analytics alternatives on our different in-house domains, so we can consult our clients in the best way possible. Most of our corporate clients have a year or more to become fully GDPR compliant, but we recommend them to install one or more GDPR compliant analytics tools as soon as possible. Why? This way they can run in parallel with Google Analytics and we have time to figure out which tool fits their needs in the best way. 

 

GDPR compliant collaboration tools

Slack, Google Workspace, Microsoft Teams, Gmail, Outlook, WeTransfer,.. Chances are we just mentioned quite a few of your daily tools, right? 

Unfortunately, all of them are not compliant with GDPR. It will be a tough job for corporates and smaller businesses alike to get their employees to adopt new tools, that will likely not be as user friendly as the ones we’ve been accustomed to.

 

GDPR compliant email providers, outlook and gmail alternatives:

 

ProtonMail and Tutanota are two email providers that offer GDPR-compliant services. Both protonmail.com and tutanota.com provide end-to-end encryption of user data, meaning that only the sender and receiver can read the data being exchanged. This ensures that your data is protected from prying eyes, whether you’re sending an email to a colleague or sharing files via email attachments.

In addition, both ProtonMail and Tutanota allow you to set expiration dates for messages, so that your data is automatically deleted after a certain period of time. This is a useful feature if you’re working on a project with a limited lifespan or if you simply want to ensure that your data is routinely purged. Both tools offer two-factor authentication for an extra layer of security. With two-factor authentication, even if someone knows your password, they will not be able to access your account unless they also have access to your second factor, which could be a code sent to your phone or generated by an app on your phone. 

 

GDPR compliant messaging / chat tool, Slack and Teams alternatives:

 

Slack and Teams are tools that we almost can’t imagine business life without nowadays. Remote working made them even more popular and widely adopted.. Both are not GDPR friendly.. If you want to look for an alternative messaging tools, matrix.org is a popular open-source messaging and chat tool that is designed to be compliant with the General Data Protection Regulation (GDPR).

matrix.org is used by a variety of businesses and organizations, including the European Commission, the UK National Health Service, and the German Federal Ministry of the Interior. matrix.org offers a variety of features that make it an attractive alternative to Slack and Microsoft Teams, including end-to-end encryption, support for a wide range of platforms, and a commitment to open standards. matrix.org is also free to use, making it an appealing option for businesses and organizations that are looking for a GDPR-compliant chat tool.

 

How marketers can brace themselves for GDPR

 

When looking at different tools, it’s important to establish two key factors.

  1. Where is the company headquartered? The company should have their HQ in Europe and not in the US.
  2. Where is the data stored/ where is the tool hosted? The tool’s hosting should be in Europe and not in the US.

 

Please note: this is not legal advice. We urge marketers and companies to consult with a lawyer to define the best path to GDPR compliance for their company.

 

At The Growth Agency, we will be testing more GDPR friendly marketing tools over the coming weeks. If you want to stay updated on this topic, please subscribe to our newsletter!



Increase data and agile maturity

Increase data and agile maturity 2480 1040 admin

Any organization looking to increase its data and agile maturity should start by creating a data maturity model. This will help to identify where the organization is currently at, and what areas need improvement. Once the data maturity model is in place, it's time to develop an actionable strategy for increasing data and Agile maturity. This strategy should be tied to business goals, and should be led by a senior executive such as the CMO or the CEO. By taking these steps, organizations can increase their data and Agile maturity, and position themselves for continued success.

Increase data & agile maturity summary

Above is an accompanying graph illustrating the five levels of data maturity and agility within an organization. It assists decision-makers in determining where their organization is at and what it would take to move to the next level. The data maturity model has five different levels: datafied, data-driven, insights-driven, hyper-personalized, and predictive. In order to move from one stage to the next, organizations need to have an actionable strategy that incorporates data governance, dataOps, data literacy, and analytics. Moving to a higher level of data maturity requires making data a core part of the business, which can be a challenge for many organizations. However, with the right mix of people, process, and technology, it is possible to make the transition and reap the benefits of being a data-driven organization.

There are different data maturity models that organizations can use to assess their data management practices. One data maturity model is the Agile Data Maturity Model, which has four levels: ad hoc data, managed data, governed data, and optimized data. Organizations at the first level, ad hoc data, have data available within the organization but it is not exploited. The data is used only in a very ad hoc way and decisions are based on intuition, not on data. The data is managed in silos and often each unit manager in the company uses data differently. To move to the next level, managed data, organizations need to develop an actionable data strategy that is aligned with business goals. This strategy should be based on an understanding of how data is currently being used and what could be improved. Once the strategy is in place, organizations need to put processes and tools in place to start collecting and managing data more effectively. This will require some investment in technology and training for staff. However, the benefits of having better data will far outweigh the costs. As organizations move up the agile data maturity ladder, they will be able to make better decisions, improve operational efficiencies, and drive growth.

Level 1


Ad hoc data and agile maturity

First level is ad hoc data and agile maturity. Meaning that you have data available within your company, however, it is not exploited. The data is used only in a very ad hoc way. Accordingly, decisions are based on intuition, not on data. The data is managed in silos and often each unit manager in the company and full-funnel different business units uses different types of data.

No one really knows which data is correct. This is what we call a firefighting database; usually managed in spreadsheets and not in a dashboard or similar. As well there are often no complete funnel measurements, with the result that you don’t really know where or why the dashboards are.

Level 2


Opportunistic and data management

On the second level, it’s opportunism and data management. At this level of your company, there are already some attempts to formalize requirements and measures. Progress, however, is often hampered by culture. There are a few initiatives ongoing, but without a clear structure.

At that level, we often face organizational barriers, maybe IT barriers, different management stuff and different tools. In fact, there’s no design direction within the company. Strategy is not achievable.

It’ s decided again on the basis of intuition, it’s not really effective at this stage too. Data quality efforts are already in place. while measurements are still being made at different levels.  For business units, this is often the case.

Level 3


Systematic data maturity

Now we are dealing with an achievable strategy. The vision begins to be formed and also communicated and used throughout the organization.

Agile and Data use is even now picking up. Internal data sources are linked. Both are integrated, and possibly linked to third party data as well. Finally, information infrastructure is in place.  

Business leaders are progressively turning into Data and Analytics Champions while leadership data is now formed. Thus, we’ re at level three, systematic and data maturity.

Level 4


Competitive data maturity

Now that the data is systematized and mature, we move to the next level: competitive data maturity, we shift to a phase where executives become data leaders. Data champions communicate best practices throughout the organization.

While initiatives are picking up, a Chief Data Officer is appointed. He or she is responsible for  making data driven decisions. So a lot of times when business units need to access data or need to have data insights, they turn to their Data Champion as well. 

We understand, therefore, that data and analysis are the fuel for performance and innovation. Moreover, they link programs and units together and program management is progressing.  We ultimately see how return on investment is based on data.

Level 5


Transformational of data maturity

It’s the Holy Grail. Few companies have reached this level so far, but it is certainly a source of inspiration. Such companies are the ones where you see that data and analysis are at the heart of the business strategy. So, a business strategy is based on data and data also influences marketing investments, afterwards strategy and execution in turn are aligned between business units. Business strategy is continuously improving and data-driven.

Such companies therefore have an outside perspective. They have achieved a Data Officer whose role is mostly to be a member of the board of directors as well. Therefore, it is someone who is critical to the strategy, so they use predictive analytics in all business units. Everyone applies the same KPI. 

 As we can see now, information and data are a strategic asset for the company. On this basis, they are one step ahead of their competitors as well as their business strategy is based entirely on that data.


Conclusion

This is a brief overview of how we classify companies based on data and agile maturity. And as a growth agency, our primary goal is to help companies move through these different levels.

Realistically, moving from one level to another takes companies about a year, even several years, for some companies. This will differ according to the infrastructure, company age, whether the different business units are managed, and so on.

Are you looking for ways to grow your business? Do you have a data-driven marketing strategy? At our company, we help ambitious businesses use data to create and execute growth experiments. We offer business intelligence and consulting services to help companies increase their revenue. Our team of data-driven marketers and consultants can help you develop a growth strategy that works. We can also provide advice on how to use data in your marketing efforts. Contact us today to learn more about our services.

an animated person choosing an answer in a lead generation quiz

Creating a Lead Generation Quiz. An Ultimate Guide

Creating a Lead Generation Quiz. An Ultimate Guide 1240 520 admin

Why Do Lead Generation Quizzes Work So Well?

Lead generation is a top priority for all marketers. Using interactive content is not only an effective way of educating users but also an engaging method to pull them into the conversion funnel.

Nowadays, customers, both businesses and end consumers, are becoming increasingly demanding in terms of speed, customization, and overall quality of the experience. 

By using the questionnaires as a lead generation tool, you can not only segment new leads, but also make personalized recommendations and customize your future campaigns.

Quizzes as a lead generation tool are a win-win success device: they provide your audience with a fun and interactive experience and possibility to gain free, valuable information. At the same time, you are getting valuable insights from your prospects that can help you improve your marketing campaigns in the future. 

Building a quiz has many benefits; it can help you understand what your leads are interested in, their preferences, learn more about them and even their position in the customer journey. But not only that. You may also educate your prospects and push them to consider your product or service as the right solution for them. Moreover, the entertaining and attractive format of a quiz helps to combat the usual reluctance associated with submitting information and filling out forms. 

Let’s recap the benefits of a lead generation quiz:

    • Engagement – quizzes are an engaging way to convince prospective customers to fill out your lead capture form;
    • Virality and reach – quizzes can be easily shared;
    • Applicable anywhere – quizzes work well for both B2Bs and B2Cs;
    • Universality – it can be tailored to work for any business;
    • More insights – quizzes provide valuable data to segment and get to know your audience better;
    • More trafficdriving relevant traffic to your website and into your funnels;
    • Free Attractive Value – quizzes are great at educating and warming up your potential customers.


How Does a Lead Generation Quiz Work?

Let’s take a look at the following example of a lead generation quiz:

  1. Let’s look at the following example from The Growth Agency: The quiz is called “How Data Driver is Your Company?”
    1. Its purpose is to:
      • capture contact information from quiz takers and
      • direct them to the specific content page
      • identify each lead’s characteristics
    2. The quiz opens full screen to provide an immersive experience.
    3. The reader is presented with a series of questions with images representing each answer for a quick and visual way, to move on through the quiz efficiently.
    4. After the prospect is done with the quiz, an opt-in form appears, asking to provide the required contact details (name, email, etc,) they must fill these in to see the results.
    5. The “terms & conditions” and “opt-in for marketing emails” checkboxes are presented.
    6. The reader is shown the results of the quiz with CTA links that drive them further into your funnel. 
    7. Then comes the series of follow-up emails or next steps in your marketing funnel.

How to Make an ultimate Lead Generation Quiz

Step 1.

Choose a quiz-generating platform. We recommend:

Step 2:

Start with a title. Use the most engaging formats, like:

  1. Personality/lifestyle quiz
  • “Which (Blank) Are You?” 
  • “Which (Blank) best fits you?” 
  • “Find out your (your product, e.g., perfume, type of house, etc.”)
  •  “Find out the best type of (your product) for you
  1.             Knowledge assessment quiz
  • Check how much you know about (a topic relevant to your customers and business)”
  • “How well do you know (a topic relevant to your customers and business)”
  1.             Scoring quiz
  • “How ready are you for (your product)?”
  • “Answer these X questions and we’ll tell you what next steps you should take as a (e.g. business owner)”

Fill in the BLANKS with either products relevant to your business or the groups of customers you serve.

Step 3.

Ask specific, high-value, educational questions, which will allow a potential customer to reflect on their current situation and learn some  new things and perspectives. The quiz should help your target customer take a few steps forward to getting closer to solving a problem and then linking the solution to your product or service.

Step 4.

Use Images, Videos, and Audios to illustrate the answers and help people flow through your quiz smoothly, enjoying the experience. 

Step 5.

Make the quiz easy and short, from 5-10 questions with 4-6 answer choices, with a mixture of short and long answers, as well as a selection form. Remember that people will ignore a quiz if they’re not interested in the topic, or if the quiz is too long. The time to complete a quiz should be under 5-10 minutes.

Step 6:

Make your prospects feel like they’re having a conversation with a friend. Formulate your quiz questions as if you were talking with them in person, using pronouns, like “you, I, we”. 

Step 7.

Make an opt-in form to capture email leads. Tell people they’ll receive the quiz results (in an email or downloadable pdf form) into their email inboxes. Around 56% of people will convert at this stage. If your prospects have already invested at least 2 minutes answering your quiz questions, they are more likely to share their details and be curious about the results. 

Step 8.

Add a less noticeable “Skip this Step” option at the bottom. You don’t want people to opt-in just to see their quiz results and then unsubscribe immediately.

Step 9.

Send people different emails depending on their quiz result with personalized information for each outcome. Tease the quiz takers with extra tips that will help them improve and stimulate them even more. Other incentives may include exclusive gated content like a webinar or an eBook, a coupon, store credit, a gift card.

Step 10. 

Keep the results 3-5 sentences short. Keep the results interesting and engaging! Whether you share it in the form of an email newsletter, an article on your website or a downloadable ebook, the prospects are really looking to get some good value here – so make sure you deliver. If your lead magnet is good enough, they might want to share it with their friends and family, who in the future could turn into even hotter leads!

Step 11.

Via a clear CTA, direct people to a relevant page on your website or into your funnel.

Step 12.

Send a follow-up series of emails for each of the quiz results within certain intervals. The purpose of these emails is to capture the leads that might have slipped through the funnel without taking action and to qualify your leads better, so make sure you’re providing some good, interesting value here, and don’t forget about the CTA’s!

Best practices are:

Email #1 (right away) can contain the quiz results again with more details. It will also give you a chance to include other relevant content you want to point people to and interesting Call To Actions directing people further into your funnels.

Email #2 (3 days later) can contain the descriptions from the other results from your quiz and other relevant links to your website.

Email #3 (4 days after the second one) can contain suggestions, recommendations. Now you can start digressing from the initial result topic and establish yourself as an area expert.

Email #4 (3 days after the third one) can contain more advice based on the quiz result and offer to have a meeting/webinar / free course registration or customer feedback.

Step 13.

Promote your quiz when it is ready a) on your website as a popup b) on your website as an announcement bar c) on Facebook as an ad.

Read more about how to boost your growth.

Referral marketing

Boost your revenue with referral marketing in 2022

Boost your revenue with referral marketing in 2022 1240 520 admin
“Tell your friends about us and you’ll both get 30% off” “Invite your friends, get a discount of up to 50″  “Give 20% and get 20″  – these offers sound tempting and encouraging to many customers. They are all examples of referral marketing.  Below you will read about the benefits of referral marketing, mistakes to avoid, top referral marketing tools and types of rewards.

What is referral marketing?

Referral marketing is a strategy used by enterprises to encourage their current customers to recommend their services or products to their network in return for some incentives.  This strategy has many benefits that we are going to discuss below.


8 Benefits Of Referral Marketing.

1. Referral marketing reduces your customer acquisition cost drastically.

All marketers seek to reduce the cost of acquisition for their customers, or CAC, and increase the company’s revenue. This is the permanent objective of any business that wants to survive and continue to make a profit. A well-thought- through referral marketing program allows companies to increase their conversion rates, grow revenue and prolong customer’s lifetime value.

Referral marketing statistics

2. Referral marketing makes your ROI skyrocket.

While gifts and discounts are not very costly for your company, they can become a good investment in advertising compared to other ways, such as traditional paid advertising. Moreover, you can experiment with different types of rewards and incorporate your referral campaign into your loyalty promotion program, which will further optimize your costs.

3. Referral marketing wins the trust of your customers.

Recent consumer surveys show that people tend to trust their other people’s recommendations more than regular advertising. According to Nielsen Global Online Consumer Survey, 9 out of 10 people trust the recommendations of their friends. Apparently, people are more likely to buy goods or services advised by someone they trust. Not only are they more likely to make a purchase , but they also spend more and stay loyal to your brand for longer. Look at some convincing statistics below:

Referral marketing statistics

4. Referral marketing boosts customer retention enormously.

97% of marketers prioritize customer retention over acquiring new customers. Although the likelihood that a customer will return varies from sector to sector, your current customers are more likely to purchase from you again and again. That is why it is essential to give them an additional reason to do so. 

Customers participating in referral programs are more likely to remain loyal to your company. As attracting new consumers appears to be more costly than retaining current customers, this is often one of the main benefits of referral marketing.

5. Referral marketing expands your reach to thousands of potential customers. 

 Referral marketing allows you to expand your reach, using your clients as ambassadors for your brand.  What is more, there are almost no restrictions on your customer recommending a friend or a colleague a good product or service. Since many people have a wide range of friends, the referrals of clients will also allow you to expand your client base with minimum expenses.

6. Referral marketing wins top quality customers with higher lifetime value.

Referred customers have already received a positive impression of your company because you  have been recommended to them by a peer.  Customers referred by a friend, family member or colleague have a 25% higher lifetime value, compared to other clients.

7. Referral marketing gathers a huge amount of valuable data.

Modern consumers value individual experience.  By tracking consumer behavior, you can give your clients the benefit of personalization. It also gives you a good idea of the general market trends that can help your brand become better at meeting or even exceeding your customers’ needs. It also helps you to target a more relevant audience which will increase your conversion rates. Gathering data is made possible by using such referral tools which automatically aggregate and structure information.  Referral marketing platforms allow you to track and orient your most loyal clients to receive awards and provide more personalized interaction.

8. Referral marketing raises brand reputation and awareness dramatically.

Referral marketing can help clients learn about your brand and improve your overall reputation. 85% of modern consumers consider joining authentic, honest brands that have a strong voice and positive influence. By empowering your customers to tell your story, you get a powerful resonance in the consumer market. By identifying, empowering and rewarding your most loyal clients you make them feel appreciated and valued.


Having trouble carrying out your referral marketing strategy? 

Here is why your referral campaigns might not be working:

1.Your clients might not be aware of your shiny new referral program.

To ensure that you communicate about your referral campaign effectively, use every touch point with clients. In addition to offering the program to active brand advocates, add references to your referral scheme to any or all of the following locations:

  • Your website ( several pages)
  • Your Social Profiles
  • Your Email Signatures
  • Automatic Emails 
  • Landing page
  • Newsletter
  • Thank you pages
  • Pop-ups on customer pages

Do not forget to ask clients how they found out about the program. This will not only show you the channels you need to focus on, but will also open up new opportunities and reveal critical areas of the program.

2. Your referral program is a real pain in the neck  for your customer.

If you ask your customers to do something for you, make it as simple and clear as possible. They won’t bother to refer you to anyone if they see they have to fill in multiple forms, use complicated referral links and make any other effort.

The look and feel of each referral programme should be transparent, coherent with its brand, and work in synergy with the brand’s other advertising and marketing programmes. Landing pages or platforms that look different may confuse or even repel your customers.

Don’t hesitate to check the usability of the referral program and ask your friends or family to test it. Ask those people to give honest feedback to the program and point out the areas which need improvement.

It is important to show your clients how to share your referral program links. Don’t assume that your customers know how to share their referral link when they sign up for a referral program. It is always best to guide them through the process. You can create a picture guide or an explainer video showing how to share the link:

  • as a post on social media and on your profile
  • under your YouTube or Facebook videos and in the comments
  • in an email to friends, family and colleagues
  • on the  website or blog and so on.

3. Staff don’t know or understand how exactly your amazing referral program works.

Your staff should be aware of your referral marketing program to explain it to customers. Everyone should understand the referral program, and first and foremost your customer service team members should be able to guide customers through the process and its benefits.

4. Your customers are not crazy about your product.

If your product is not appealing to customers even magic will not make it work. Referral marketing is for companies who have satisfied customers, good products and are confident about their reputation. Before implementing a referral program, fix all the issues with your customer service and product quality. 

Customers will tell you if they are happy, in the form of ratings, public  and social media reviews and direct messages. If they don’t tell you, think of ways to get their feedback and how to fix a broken customer recommendation system. Add NPS (Net Promoter Score) to the list of KPIs to track to identify and please  your most loyal customers and potential brand advocates.

5. Is your customer service lacking?

Excellent customer service plays a major role in the success of a business. It is also the best way to introduce referrals. Ignoring customers’ concerns, comments and questions in emails and on social media will make them feel unvalued. Your dedication to your customers will make them pleased with your service. Sincere and helpful attitude will always give you a competitive advantage.  Take the example of Axa France  which managed to reduce negative comments on the AXA France Facebook page by 53%.”

Exceeding your customers expectations in customer service should be your priority. When your customers have a good experience with your company , they have a desire to talk about your brand. That’s when you can capitalise on their positive experience and introduce your referral programme. By exceeding your customers’ expectations every time, you will gain a powerful competitive edge and stand out from your rivals. Going the extra mile in customer service doesn’t have to be expensive. They can be offered a gift, discount or branded merchandise.

Read about: 12 Tips, Tricks, and Strategies to Redefine the Ultimate Customer Experience

6. Are you offering enough incentives to your customers with your referral program?

Your referral programmes will hit the brick wall if customers are not interested in your offer. Remember that most people want to do as little work as possible. A poor referral bonus, non-motivating bonus will not make them recommend you.

If you have a referral scheme in place, but the engagement is low or close to zero, this is one of the first things to check. Conducting AB tests with different incentives might be a solution until you find a winning combination. Get inspired by the best referral programs and more importantly keep an eye on what your competitors offer.  


Referral rewards and incentives to skyrocket your revenue

Why do you need an incentive in a referral program?

Of course, your most loyal customers will refer you to anyone without being rewarded. But always going an extra mile and exceeding their expectations by rewarding their efforts is something you will be remembered for. 

In general, reward bonuses tend to increase the likelihood of referrals. It gives customers a good reason and pushes them to choose you and to share your brand with others. So instead of passively waiting for your referrals you can scale them and make them more reliable. An important decision to take is who is going to receive the rewards. The rest will be done by one of the referral marketing tools that you will choose to automate the process.

There are a few options for a good referral program incentive:

  • existing customer
  • potential customer (referee)
  • both of them.

If you offer a bonus to an existing customer, chances are high that they will be more inclined to refer  you to others since they receive something for their job. It can also strengthen your relationship with customers and increase retention rate  as well as overall brand loyalty. On the other hand, potential customers may see a double bottom here and doubt the sincerity of existing customers.  In any case this type of bonus is best for new companies with affordable products who are growing their business and brand awareness. 

Offering a bonus to a potential customer, increases the chances of someone to get converted. This way you are increasing your odds of them moving forward in your sales funnel. However, if you leave the existing customers without any incentive they will not actively refer to your business. It might just not be at the top of their mind. Yet, this model is good for subscription business models, frequent or luxury purchases businesses. Rewarding new customers is also popular among SaaS or service companies.

Rewards for both, or a double-sided referral program gives both parties the reason to join you. You do not harm the reputation of your advocates by making them seem self-serving and increase the effectiveness of the whole process. However, some companies simply can’t afford to give out too many rewards at the initial stage. Moreover, tracking the incentives from both sides can multiply their work.

Popular types of rewards

After choosing the recipients, it is time to choose the type of rewards. To make the right choice you should take into consideration the type of your business, kind of products you sell, how often purchases take place, who your customers are and  what rewards would be the most motivating for them. 

This is a list of the most popular rewards for referral programs.

  • Discounts
  • Cash
  • Points
  • Free subscription
  • Donations
  • Gift cards
  • Contests or Giveaways participation
  • Exclusive Event
  • Product Upgrades, etc. 

Top referral marketing tools to use in 2022.

The best way to simplify the workload incurred by putting a referral program into practice is automation. Using special referral marketing tools will simplify your life in many ways. 

The top features from referral marketing tools are:

  • quickly build your own referral program using templates;
  • customize the templates so they go with your brand;
  • implement the software without external help;
  • track and monitor everyone using the referral program;
  • experiment with different reward structures;
  • run several referral campaigns at a time;
  • Prevent frauds;
  • Perform A/B testing;
  • See analytics, etc.

 These are the top referral marketing tools of 2022:

Referral marketing tools will guarantee smooth implementation and running of the campaign as well as a seamless customer journey.

Depending on your budget, desired features, platforms you are using and integration complexity you can choose the  referral marketing tool that is most suitable for your business. The main differences between the tools can be found in the price and packages they offer, fraud prevention option, availability of such features as reports and analytics, possibility of running several campaigns, customer support quality and sales volume requirements. 

Read about The Best Customer Journey Growth Hack of all Time

Convinced to start? Or do you want to speak to one of our experts? Get in touch with The Growth Agency to discuss how referral marketing can increase your revenue.

The Truth Is in the KPIs: The What, Why, and How of Marketing Analytics for Growth

The Truth Is in the KPIs: The What, Why, and How of Marketing Analytics for Growth 1240 520 Tanguy De Keyzer

According to the Deloitte CMO report, 38% of marketing leaders consider driving growth their top challenge. 

It’s no wonder then that marketing analytics play a larger role in business strategy than they have in the past 6 years. 

Smart business owners like you are using marketing analytics strategies to grow their revenues. If you want to join them, this guide is for you.

Want to know how you can start saving money and time with data-driven growth marketing? Keep reading for the what, the why, and the how.

What is Marketing Analytics?

Marketing analytics is a cost-effective way to determine how well or how poorly your marketing campaigns are working. 

When used correctly, marketing analytics can inform your advertising strategies and ground your choices with objective data. You can key in on the behaviors of your target audience to understand their buying patterns. 

Consumer behavior is highly important today since the digital world has changed the buying process. More dynamic than ever, big data can help break down a complex customer into understandable behaviors. 

Best of all, you can quantify those behaviors to help you make smarter marketing decisions. 

Measuring Success

A marketing analytics strategy aids in growth marketing, which is the focus on both company growth and customer retention. But in order to determine whether your strategy is working, you need a way to measure its success. 

This is where RCQ comes in– reach, cost, and quality. 

Reach refers to how well a particular marketing effort touches your target customer. Cost is the price per reach. Or, in other words, the cost of targetting and converting a customer. 

Quality means the quality of engagement. For instance, your company may rank a sale as higher quality engagement than a share and a share as higher quality engagement than a comment or like. 

Data Functions

Marketing analytics have nearly endless functions with all the new technology coming out these days. The industry is projected to reach $4.4 billion globally by 2023 for this very reason. 

But with so many analytics tools on the market, it can be difficult to decide which functions are vital to your business. Segmentation, funneling, and integration of channels are three functions any marketing analytics strategy should include. 

Segmentation is the ability to break down an audience into its component parts. While you have a broader target audience, there will be smaller groups contained within that audience.

Segmentation allows you to focus in on individual buyer behavior you might not see from the bigger picture. 

Marketing funnels have been around forever but their role in marketing is changing. Instead of using funnels primarily to generate brand awareness, funnels should be used to target different forms of traffic depending on the consumer’s place in the buying stage.

Funnel customers from cold to warm to hot traffic using different analytics-informed strategies for each group.

Integration is the ability to use multiple channels to target customers. These channels might include:

  • Email
  • Digital ads
  • Traditional ads
  • Social media feeds
  • Website

But it’s also important to be able to break down each channel by individual analytics. That way, you can more easily assign credit for conversions and analyze each channel’s performance. 

Why You Need Marketing Analytics Strategies

So you know what marketing analytics are. But you may be wondering why you should care. What can analytics do for your business that innovation and creativity aren’t already doing?

Marketing analytics are data-based, which means using them will help your company make decisions backed by reason. And why do you want to make reason-backed judgments?

Because marketers who have an analytics-informed strategy are primed to increase growth, maintain retention, and improve MROI. 

Increase Growth

When you understand your buyers’ behaviors, you understand how to mold the buyers’ journey.

This is in part possible because of customer-level reports, which offer deep dives into an individual buyer’s behavior. You can then create a visitor profile to which future customers can be compared. 

Instead of creating an abstract buyer persona alone to reach out to, you’ll have a real person to tie that persona to. Your business will better understand each individual within your consumer market and how best to target them.

The result? A better growth strategy in the long term. 

Maintain Retention

Your goal as a business isn’t just to convert sales. It’s also to retain customers and clients for the future. Part of this is understanding more than just what converts the most customers. 

You should also understand why a marketing effort converts. That way, you’re more set up to serve your audience in the long-term. 

Improve MROI

Marketing return on investment (MROI) will improve with the use of analytics. 

You’re wasting thousands of dollars on channels that just aren’t working. But how can you know when your current strategies aren’t set up to show you what isn’t making its MROI?

Marketing analytics:

  • Cut back on wasted efforts
  • Show what’s working
  • Quantifies how well things are working or aren’t 

Keep in mind, though, that both the idea generators and the data analyzers should be in communication. Companies that make analytical approaches the core of their business see MROI decrease two-fold over those who outsource their analytics. 

How to Use Analytical Metrics for Growth

Using metrics for growth hinges on your ability to implement them successfully. 

You can use data to understand buyer behavior instead of just conversion rates. You can visualize places where you’re losing customers and re-focus on helping buyers in every stage of the purchasing cycle.

You can identify new submarkets to expand into. And you can use analytics to track website visitors, conversion funnels, and even automated emails.

But if you don’t utilize all this data to inform your actions then you won’t see growth. 

So how do you transform metrics into growth strategy? Here is our 5 step guide to utilizing marketing analytics in your business. 

1. Define Your Goals

The first question you should ask is what are the business needs? After all, how will you know your marketing efforts are working if you don’t have goals to measure them against?

You can start by defining your key performance indicators (KPIs). KPIs are metrics that help you measure your progress toward or away from your goals. 

For instance, your KPIs might be to improve conversion by 20% before the end of the year. Another indicator might be to retain 40% of your customers through a re-targeting email campaign. 

Whatever your goals may be, make sure they each have two things in common. Your goals should be measurable and they should be specific. 

An immeasurable goal might be to make customers happier. How would you quantify their happiness? And what purpose does customer happiness serve your overall marketing goals?

Specific goals are those with numbers, statistics, or percentages. That means setting a goal to increase brand awareness is not specific enough.

You want to say how many more people you want to reach this quarter than last or define a new demographic you want to reach plus how many individual people constitutes successfully reaching that new audience. 

Analytics come in when defining your baseline. They also matter for creating reasonable objectives that you can actually achieve.

2. Do the Research

When it comes to marketing, the success of your efforts often hinges on your ability to understand your audience’s behaviors. That’s where market research comes in. 

Market research is a combination of analyzing your own efforts, your competitor’s efforts, and the buyer’s behavior to make smarter decisions. 

You can do this a number of ways. 

First, you might consider polling your audience. Polls and quizzes are popularly used on social media and can be an extremely direct way of researching your target customers. 

You may also want to use keyword research. Google Trends is helpful for this. But so are hundreds of other companies that offer free and cheap keyword research tools.

When performing keyword research, ask yourself:  

  • What keywords is your audience using?
  • What keywords are your competitors using?
  • What keywords are not being used currently that you could use going forward?

Keywords can help improve your brand visibility. They also help with search engine optimization (SEO).

Finally, identify the kinds of sales your competitors are doing. Then, do similar promotions but better. This also includes researching industry prices and identifying what products or services may not be converting because of cost.

3. Run A/B Tests

Now that you have your goals and you’ve gathered your intel, you can start running A/B tests. These experiments throw two different but related strategies into a ring and see which one comes out on top.

For example, you may want to test two different types of copy on your social media ads to see which better converts cold traffic. The first ad campaign (A) tests out short and sweet copy that explains your brand promise. The second (B) tests out copy that tells a brand story.

You can run A/B tests for content formats, copywriting styles, different CTAs, images, platforms, and more. Also, the longer you run your A/B tests, the more data you’ll have at the end. And, as with all scientific experiments, the more data you have the better. 

You can also use A/B tests to measure different advertising channels against each other. Marketing-mix modeling breaks down spending by channel. That way, you know which channel is making the most MROI and which channels you should shave back efforts on. 

4. Measure the Analytics

Once you’ve run your A/B tests, it’s time to gather the data and find out what’s working.

Tools like Google Analytics can help you out. For free, you can see:

  • The number of website visitors per day, month, and year
  • Which regions in the world contribute the most traffic to your business
  • What devices your audience uses to interact with your brand 

However, this data means absolutely nothing if you don’t translate the numbers into action. Analytics software can help you out with this. There are tools to help convert data into actionable insights to drive growth, retain customers, and improve your MROI. 

You can easily convert some results into directly related insights. Less direct traffic, for instance, usually equates to low brand awareness. Meanwhile, engagement is a direct correlate to campaign ROI. 

The data informs you about your efforts. In this case, you would want to re-focus your marketing strategy on improving brand awareness through more paid ads and increasing engagement with a stronger CTA. The next step would be to take action and perform a new A/B test. 

5. Shave off Excess

The purpose of all this is to grow your business, your customer base, and your revenues. Using your newly acquired data, your final step would be to feed funds to the marketing efforts that are working and cut back on channels that aren’t.

But when one of these streams begins to underperform, it may be time to shave back your efforts there to refocus your energy on higher performing channels. 

Attribution modeling can help with this because it’s the ability to attribute a conversion to the specific marketing effort that should receive credit for it. These tools also help assign dollar amounts to individual activities, campaigns, and results.

The attribution model also serves as an aid for the team and management to more easily visualize successes. 

If your business can accurately identify which efforts are earning their MROI, all your marketing efforts will get easier. 

Marketing Analytics Companies for Hire

Transitioning to and maintaining a data-driven strategy for your marketing efforts can be difficult. But it doesn’t have to be.

As long as you follow this guide and find the right marketing analytics company for your business, you’re bound to have a fruitful year. 

Looking to hire an agency devoted to growing your MROI? The Growth Agency was made for companies like yours. Find out more about our services and get a Growth Proposal to find out what we can do for your business. 

What Questions Should CMOs Be Asking About Growth Marketing?

What Questions Should CMOs Be Asking About Growth Marketing? 1240 520 Tanguy De Keyzer

With 1/3 of CMO budgets going to marketing technology. Having a campaign that delivers results is crucial. 

That’s why many organizations are turning to growth marketing. It is a more focused, data-backed approach to strategy. With more success than traditional marketing. 

Adopting a new system can be concerning. 

But, CMOs who know which questions to ask. Will feel more confident in deciding if a growth marketing strategy is right for them.

So, think you’re ready to integrate a growth marketing strategy? Here are the questions you should be asking.

What Are Your Goals? Is Your Current Marketing Strategy Supporting Growth?

Seventy-four percent of CMOs have little to no confidence in their current technologies. They don’t even think the tech tools they use align with their overarching goals. 

A successful marketing strategy is reliant on one key thing. The alignment with an organization’s business goals.

That includes every department’s goals. Like human resources, recruitment, and sales. 

It’s nearly impossible to expect one area of a business to grow. If it doesn’t work harmoniously with all the other parts.

That’s why growth marketing is such an excellent solution. It gets every department on the same page. All moving together with the entire organization upward. 

Think of a company like a small machine. The machine first needs a purpose (goals). Then multiple parts (departments) to work together to support that goal. 
This mindset is especially important for growing companies. Who need to meet growth milestones.

Reflection Point: Has your organization communicated its overarching goals to the marketing department? Does the current marketing strategy support these goals? What about the other departments in the company? Are everyone’s strategies moving towards a singular goal? Are there ways each department could better serve each other?

Is Your Current Strategy a One-Size Fits All? Or Customizable to Your Needs?  

Many companies often find themselves committing to templated marketing strategies. Designed in the interest of the agency serving them, not in the best interest of the company itself.

This is apparent when you feel like the social media networks you’re on don’t make sense for your business. Or you’re not feeling the benefits. Or like a strategy really aligns with your goals.

These strategies are often based on industry standards that work for most companies. But, what’s standard does not always engage every type of audience.

Why should an organization pay a “standard” fee? If it only provides a fraction of the desired results? 

This is why starting with growth strategy is so important.

A growth marketing strategy is experimental. But is backed by data.
This rules out what an audience actually responds to, versus what it does not respond to.

Over time this fine tunes a marketing strategy. It better places time and resources. Into the areas proven to drive results. 

Reflection Point: Are you carrying out tactics purely because you think you should be?  Not because they are actually wielding results?

Could Automation and Tools Help? 

There’s a tool for everything in today’s world of automation. But before jumping on the bandwagon. It’s important to take the time to analyze which tools will actually be beneficial to you.

Not doing this will just waste time and assets.

Choosing how to rate a tool, comes down to the company’s overarching goals. The right growth marketing strategy will use tools that make processes easier. Not more difficult. 

Here are some of the core tasks in a marketing department that can be easily automated:

  • Lead nurturing. Automation can make the process of cold emailing and maintaining relationships simpler. It gives marketers more time to focus on more management and creative projects. Making processes more effective.
  • Inbound lead generation. Instead of manually sifting through contact lists and social media profiles. Automation tools can do the work. 
  • Automated customer journey. These tools connect all your digital assets. They allow a marketing team to analyze them, and to see how they work together. 

When the right tools are utilized teams will feel a sense of relief. Processes will seem to go faster, and there will be more time for a team to focus on other undertakings. 

According to McKinsey, demand for higher cognitive skills like creativity will grow by 20% by 2030.

Having the right automation tools in place to carry out monotonous tasks. Will set a team on the right track for customer’s needs now and in the future. 

Reflection Point: Do you currently use tools? If so, do they seem to distract your team? Or make them work more efficiently? If you don’t currently use a tool, which tedious tasks could automation improve? 

Are You Getting the Leads You Should? Growth Marketing Can Help

When it comes to your lead strategy. Red flags aren’t always easy to see.

It’s not always as clear as, not getting the desired number of leads equals failure.

What good is reaching a quota if none of the leads are resulting in sales?

The quality of the contacts is more important than quality. You want to target the right decision-makers. In the right target audience.

This is where growth hacking comes into play. The right growth marketing strategy will be experimental. It will many different avenues for obtaining the right leads.

Until the correct target market is reached.

The right growth strategy will take an in-depth approach. To focus on specific buyer personas in the right stage of the customer journey. 

Reflection Point: Is your current lead strategy generating organic traffic consistently? Are you utilizing your website as a source for leads? Are you building relationships with the right buyer personas? 

Are You Really Utilizing Data in the Best Possible Way?

The possibilities of data seem endless and promising.

But data is no good if it isn’t managed, and the right metrics aren’t analyzed.
If a business isn’t utilizing data at all. There’s no clear way to define success and failure. 

A data-driven growth marketing strategy pulls data from many sources. It encompasses SMO, SEO, and other metrics to create a clear picture of the state of marketing.

This helps create an actionable plan that promotes company growth.

Implementing a data-driven strategy can benefit an organization in a few key ways:

  • Direction. A strategy that only utilizes trial and error can have a team running in circles over time. Data reveals achievements plainly. Without direction, it can be impossible to know if a strategy is growing in the right direction.  
  • Market Segmentation. Data helps to understand and connect with customers on a deep level. Knowing the customer makes it easier to see what problems a business can solve for its target market. Market segmentation helps identify groups within an audience and better serve their needs.
  • Action: Data makes goals better defined, more measurable and trackable.
  • Improved Conversion Rates. Data makes it easy to count how many downloads a product has had. How many emails were opened. How many new followers you gained during a social media campaign. And how many customers have submitted their contact information on a website. Analyzing these can reveal which conversion rate optimization (CRO) strategies you need.
  • Greater ROI. Tracking ROI for assets like content and social media is challenging. It takes a skilled marketer to understand exactly which metrics are meaningful. And how to calculate what is actually reeling results. Tracking the right data is the only way to understand ROI. 

Reflection Point: Does your current marketing strategy have clear, trackable and measurable results? Is ROI elusive? Is your team able to analyze what is working and what’s not? 

Are You Providing the Right Support to Reach Your Goals?

The only way for a growth marketing strategy to succeed. Is if it has a champion in the executive boardroom.

As discussed earlier, marketing, sales, recruitment, human resources, and other departments are connected.

The marketing department shouldn’t be a little lost island. All alone somewhere within your organization.

It needs to be part of the bigger conversations. To promote sustainability in business.

Before attempting any new marketing method. Decision-makers must ask themselves if the current infrastructure supports growth. Are you ready for the changes you seek?

Consider these things: 

  • Does executive leadership support the marketing departments efforts? 
  • Is the marketing department staffed correctly? Are there enough people with the right skills to carry out future strategies? 
  • Does the budget realistically support the rate of growth desired? 

Reflection Point: Does your framework support a growth marketing strategy? Do you need to restructure? Are there new roles that need to fill? Old ones that no longer serve your goals? What Will a Growth Marketing Strategy Look like?

What Will a Growth Strategy Look like?

If you’ve chosen to move forward with a growth marketing strategy. The next step is to choose the right guide for the journey.

Here’s what to expect after you’ve chosen an agency.

  • An in-depth audit of all the current marketing initiatives. CMOs can expect to provide a lot of different types of information during this process. Not only simple information like logins and passwords. But reports, historical documents, budgets, branding information to name a few.
  • The goal is for the marketer to completely understand the current state of marketing. Where successes and failures have been. Where improvements can be made in the processes and product. 
  • Realistic, measurable and trackable goals will be set. After a thorough phase of research and communication has concluded. Goal setting will be the next step.
  • Expect an initial, collaborative meeting that may result in a handful of revisions.
  • Before a final set of objectives are finalized by all executive members. 
  • The science experiment begins. As learned in elementary science class, a hypothesis is nothing without tests to back it up. The next step will be a slew of campaigns and tactics. Some will be fruitful.
  • Some will not be. But by the end of the experimentation period, it will be clear what works and what doesn’t. The key to experimentation is giving the experiments time for catalysts to erupt. 
  • Results reviewed. After months of experimentation and campaigns. Data is analyzed and compared. A clear view of which marketing avenues lead to the desired target audience and results. 
  • Optimization. What works is now the focus of the growth marketing strategy. Along with finding new ways to make it work even better. 

Reflection Point: Is the process above the one you can support? What would need to happen to get to this point? 

Growth Hacking Questions Answered

Now that CMOs know what questions to ask themselves. It’s time to do the asking.

If you’re ready to really get serious about switching to a marketing strategy that better allocates assets and wields results.

These are the key ways a growth marketing strategy will help a company.

  • Growth hacking will focus on the organization’s current marketing budget, yielding more results. 
  • A growth strategy will be data-driven. With trackable, measurable and realistic goals that will clearly document successes and failures. 
  • The right infrastructure and support system must be in place for a growth strategy to work. 

Still, need a growth hacking pro? Ready for a manager or consultant to take over the growth marketing strategy? 

Need a team of scientific marketers? At The Growth Agency. We use data-driven marketing strategies to help businesses reach their goals.

Talk to a TGA Strategist to see if you qualify for a free growth audit! We also have a lot of playbook results that can be implemented inside the articles. These results will be written by our team.

Request a FREE growth marketing proposal today.

Everything You Need to Know About Creating a Digital Marketing Budget

Everything You Need to Know About Creating a Digital Marketing Budget 1240 520 Tanguy De Keyzer

Did you know that total digital ad spending will reach $129.34 billion this year? In other words, it’ll surpass traditional forms of ad spending by almost $20 billion and represent 54.2 percent of all US ad spending

When it comes to the ROI marketers saw, content still remains king. In fact, 20 percent of digital marketers ranked it their top activity in terms of commercial impact for their business. 

Rounding out the top five after content were AI and machine learning, big data, social media marketing, and marketing automation. Where do these activities fit into your current marketing budget? 

If you enjoy creating a digital marketing budget about as much as visiting a novocaine-free dentist, you’re not alone.

Fortunately, we’re here to take some of the pain out of the process. Read on for a complete guide to crafting a digital marketing budget that’ll give you more bang for your buck. 

The Problem When It Comes to Digital Marketing Budgets

Having a solid marketing budget isn’t a luxury or an optional function. It’s essential to your business’s marketing success over both the short and long hauls.

Yet, many small companies fail due to the lack of a firm budget. And many massive companies fail because of no flexibility within theirs. How do you avoid this conundrum?

By crafting a budget that maps out every attempt to strategize, develop, and sell a service or product. Yes, this process proves tedious and labor intensive. But it also allows you to discover new opportunities for growing your business.

Here’s where it gets problematic, though. You see, most businesses don’t make new budgets this way. Instead, they rely on one of two worn-out methods that yield poor results.

The Wrong Methods for Budget Planning

What are these faulty methods, and why should you avoid them? They involve:

  • Designing a budget based on estimations
  • Fabricating a budget based on the previous year’s financial snapshot

The first method bases major spending decisions on a series of speculations that may never come to fruition. In other words, you might as well hire a fortune teller to help your company do its budgeting. 

And the second form of budgeting exists in the past. It thwarts a company’s ability to grow and adjust according to changing markets and new technologies. 

Both approaches prove disastrous for a company. They can lead to too much spending in the wrong areas and not enough in others.

How do you avoid this nightmare?

By implementing a digital marketing budget based around specific goals over the long term. This involves creating an overall marketing strategy. Let’s dive into how devising a marketing strategy works.

What’s Your Overall Marketing Strategy?

Before you begin diving into the nuts and bolts of a digital marketing budget, you have to know why you’re doing what you’re doing. You also need to have a clear concept of what your overall objectives look like.

In other words, you need a master strategy.

Now, while this sounds like something from an episode of “Game of Thrones,” don’t let the wording intimidate you. Your master strategy will help you align your company’s overall marketing goals with those of your company’s growth trajectory.

Why does this prove so important?

Because most digital marketing strategies tend to occupy space in a few marketers’ brains without ever being shared with the entire group. As a result, execution proves poor and uncoordinated.

And members of the team may feel frustrated or unsure of their role. Instead, you’ve got to articulate your overall marketing strategy in a written format that can be shared and discussed with every level of your team. 

This includes employees at the marketing, sales, and executive levels. Only then, after everybody’s on the same page, can you cooperate to ramp up growth in a realistic and attainable way.

After all, if you want to grow sales by 25 percent, spending a measly five percent of your budget on marketing won’t cut it. When everyone knows the big picture, it’s much easier to make the little parts of that picture fit into place. 

Your Overall Marketing Strategy 

What goes into this overall marketing strategy?

It should include all of your marketing activities from public relations and classic advertising to video marketing and search marketing.

And don’t forget the heavy hitter, content marketing.

Incorporating your digital marketing strategy within the larger context of your marketing strategy also represents a crucial component of the puzzle. After all, the internet’s now the place where everyone goes, including your potential customers.

What does this actually look like on paper? A master strategy should be organized as a hierarchy for ease of use and legibility.

How to Create a Marketing Master Strategy

Start with your overall strategy at the top and then divide this into subcategories such as “brand strategy” and “competitive positioning.” You’ll also need columns for “distribution channels” and “pricing.” 

From there, list the tools that you have to meet your marketing objectives. These will include subcategories such as:

  • Messaging
  • Design and Copy
  • Websites
  • Recruiting
  • Identity
  • Vendors

You get the picture.

You’ll also want to map out your plan for customer acquisition using subcategories and columns. This might include three subcategories to denote different marketing venues: 

  • Traditional marketing (e.g. events, telemarketing, publicity, traditional media, direct mail)
  • Digital marketing (e.g. email marketing, social media, online advertising, SEO and SEM, content marketing)
  • Marketing management (e.g.sales management, business development, customer retention)

When you organic these methods and objectives as a hierarchy or flowchart, you make the information more digestible to employees throughout your company. So, keep it simple and highly visual for best results. 

Get a Handle on Your Company’s Financial Data

Once you’ve laid out your marketing process in a clear, well-defined way, start assigning numbers to it. Of course, you can’t do this until you understand your company’s current financial outlook. 

You need to know exactly how much your company makes. Since profits can vary from month-to-month, always go with the minimum earnings figure. Consider any profits beyond this minimum as revenue you can’t count on.

Now calculate your company’s monthly expenses. Again, these will fluctuate. But you want to go with the highest number of expenses. That way, you’ll avoid overestimating the budget. 

Once you’ve figured out your lowest revenue and your highest expenses, examine the numbers carefully. Use this to determine your company’s disposable income. 

Of course, you may want to use every last cent of that income for your next marketing campaign. But remember, other departments rely on these funds, too.

Now, depending on your company’s current objectives, your marketing budget might get allocated 75 percent of that excess cash. Or, it might squeak by with a measly five percent.

Either way, you need to know exactly what you’re working with.

Start Plugging in Those Digital Marketing Budget Numbers

Alright, now you have a clear set of objectives and strategies. You should also know how much money gets dedicated to your marketing efforts. The next step involves building a budget around that figure.

In other words, it’s time to start allocating your own funds. That way, you have a clear handle on how much money you’ve been given and how it should get used. Here are some examples of a marketing budget breakdown.

With a small marketing budget, you’ll need to keep it simple. Your best bet remains sinking the majority of your budget and effort into local advertising and print ads. 

For medium-sized budgets, you can throw in a few additional marketing items such as online advertising. And for the largest budgets, television and radio ads could bring significant added value. 

Of course, the suggestions above should be altered based on what you’re selling and what your ideal customer looks like. Don’t take them as gospel. Instead, use them as a marketing budget example for your own enterprise.

Why Your Company Needs a Social Media Presence

But here’s one thing that holds true no matter the size of your marketing budget. You need a social media presence. 

Why? Because 95 percent of young adults now follow brands via their social media channels. And by the end of 2018, social media channels boasted more than 2.5 million users!

Social media marketing allows you to reach a far wider group of customers for relatively small monetary expenditures. It can also give you more equal footing with companies of all sizes and budgets when done right. 

Social media represents an excellent way to bring in a consistent flow of new leads while introducing your company and its services and products to new markets around the world.

It remains a crucial driver for more leads, customers, and growth. And if your company isn’t growing, it’s dying. Don’t let it wither on the vine.

Of course, if you have a new channel that you’ve added to your company’s offerings, then you’ll need to allocate more funding to get it up and running. Keep this in mind as you set aside money for social media. 

Ready to learn more about what social media can do for your company? Check out our comprehensive guide to successful Facebook ad design.

A Marketing Budget Sample

Taking a look at what other companies are doing in your industry can give you a better idea of what your digital marketing budget should look like. But you may feel surprised by some of the numbers.

After all, digital marketing as an industry now ranks $30 billion bigger than television advertising! We can break these numbers down even further to get a sense of what a sample marketing budget might look like. 

Companies spend on average 12 percent of their profits on marketing. But some industries spend significantly more than others.

For example, education companies spend about 18.5 percent versus two percent for the construction and mining industries. That said, your average industry falls between six and 11 percent.

Best Practices for Building Your Budget

Whether you’ve been allocated six percent of your company’s earnings or 11 percent, follow these general rules of thumb as you hone your budget. 

Make sure that you diversify between strategies and channels. Like an investment portfolio, the five percent rule works well. Don’t put all of your marketing eggs in one basket, or they just might get crushed.

You should also reserve around 10 percent of your budget for experimentation. Do this with the overriding goal of improving ROI. If you can’t tolerate the thought of 10 percent, then kick it down to six or eight percent.

But no matter what, maintain some type of budget flexibility when it comes to trying innovative and unprecedented marketing tactics. Otherwise, you’ll never happen upon new and better marketing strategies. 

After all, marketing is far from an exact science. Sometimes it requires a little guesswork or a leap of faith based on your understanding of your ideal client and what motivates them.

Trim the Fat and Think About ROI

At the same time, review what you’ve done in the past. But don’t get nostalgic.

If you find an area that’s underperforming, cut it ruthlessly. If it doesn’t work, get rid of it. Period.

Always keep your eyes open for ways to trim the fat. Spending less to achieve the same results increases your ROI. It also liberates funds for new areas of your marketing budget.

Finally, keep tabs on your ROI. While calculating these figures can get complicated, you need a ballpark idea of how each of your strategies is performing. That way, you can quickly assess what’s fab and what’s flab and make decisions accordingly.

Your Digital Marketing Budget

But what happens if your digital marketing budget gets cut at some future point? Then, select your highest-earning ROI strategies and list them. Do everything you can to protect them while sacrificing what remains. 

That way, you’ll remain financially solvent yet continue to attract lots of new leads and customers. The bottom line remains building your budget on a solid foundation of fundamentals so that you can deal with any budget amount thrown your way.

Looking for more ways to ramp up your leads and increase your conversions? Read on to learn more about how data can improve your marketing strategy

Data-Driven Company: A Complete Guide to Data-Driven Culture

Data-Driven Company: A Complete Guide to Data-Driven Culture 1240 520 Tanguy De Keyzer

Learn how your company can adopt a data-driven culture and transform into a data-driven company by embracing data governance, analytics, and strategies.

As the forerunner of your own company, you probably know very well how an organization relies on data in making daily decisions.

For sure, your company has lots of it. Left with all those data every day, you begin to ask yourself, how do I make use of all these data effectively? Having a data-based company means exhausting data in every aspect of the organization.

By that, it means including the concept of data management in considering its pool of talent, the creation of its company values, and in the overall attainment of its goals.

Organizations that give high value to data analysis and insights for their clients. The clients that don’t appreciate how most of those same data attached to their own business culture could easily find themselves making resolutions in seclusion.

Place Data in the Centre of Decision Making

Do you have a data analytics team? If you don’t, it is time for you to organize one. If you do, are they the only ones seeing and analyzing those data?

Your organization may not effectively utilize data for decision making. Make data centered decisions throughout the departments. This will help to see everything that’s running in the organization in a wider picture.  

This is the reason why all companies from different lines of businesses rely on data in making every decision. 

From its minor to major business decisions, more companies have learned that investing in data management is of utmost value. Data and analytics should be the pulse of every organization if such organization is looking at the future.

Align Your Company Culture: Maximize Insights

Creating a culture where everyone, especially you as the leader, understands and/or appreciate how data brings worth to business marketing initiatives. This will guarantee that your internal/external processes and culture are aligned with maximizing insights.

Acquiring the best value from all your data means that you, at your level, should first trust it yourself. Then, you need to give employees the time and space to appreciate and get familiarized with it.

That process begins with those at the top, those people who should pilot this new process before it gets disseminated among all the staff.

When decision making is data-driven, business or department focus group discussions improve. This is due to the fact that valuable information about the company’s performance, resource utilization, process efficiency, etc. are easily accessed and analyzed. 

A Data-Driven Team 

Focus on and support hiring on the right talent.  Build a culture that gives credence to data science and management. You’d be surprised at how much benefit it will be bringing to your organization.

A data-driven staff is of the utmost demand in today’s workforce market. It has been reported that in the US alone, by the year 2018, they would experience a shortage of up to 190,000 of workers who are able to do data analysis. This brought about the extended rise in business process outsourcing.

Nowadays, numerous companies in the US depend on outsourcing their business not just for its financial benefits, but for the increasing demand for such skills. If we are to rely on the US alone they could be losing a 60% gap of workers who are able to analyze data and the actual supply. 

That means, hiring the right workers, especially those capable of the same, is important. When hiring, always look for those candidates who are comfortable with skills related to data analysis.

Moreover, individuals who embrace data are open to what it can teach them.  This is a very important trait for other inputs such as customer and managerial feedback, qualitative research and user testing. Thus, promoting feedback driven culture as well.

Value the Attitude/Willingness to Fail

Despite the importance of data in business decision making, the same should also be done based on an all-inclusive view of your company’s business aims, rather than on number analysis alone.

If your organization is making its decisions based only on numbers and figures, you are disregarding your staff’s intuition. You are ignoring their field experiences with both their experienced successes and/or failures.

Those kinds of input are indispensable additions to your quantifiable analysis. Although, even with more data insights and instinctual employees, errors can and will always occur. It is inevitable.

No success is achieved in a vacuum. Establish a culture that makes people feel comfortable with failing without being complacent.

Since success depends ultimately on everyone’s drive towards the same goal or outcome, establish an aura of confidence wherein failure is part of the expectations but the goal is a success.

Nurture a Company Culture

Deciding to establish a data cased company is the first step. A data-driven enterprise needs to sustain. The following are tips on how to nurture and sustain a data-driven culture:

Support Professional Development

First, find out your employees’ current competencies. Conduct company-wide testing to assess where your employees from the top to the bottom fare on data-based knowledge.

Then, create an action plan. Identify those who are in dire need of training. To save on training costs, it is best to train a few of your high potential employees and have them train their colleagues in the future. It is always a best practice observed among successful companies.

Then, create opportunities for professional development and continuing education. Technology requires an update and so does knowledge thereof.

What you’d want is an organization that focuses on best practices and advances in data and marketing sciences. Establish active links with leading data and marketing sciences organizations, such as the Data and Marketing Association (DMA).

Take note that continuous product knowledge improvement should work two ways; both inside and outside.  Allow some of your employee to train their peers with things learned from outside sources. This way, you are able to develop your own pool of training talents and save on costs.

Constantly Test Internal Processes

Conduct testing of internal processes and protocols. This would ensure that each employee involved in the utilization of such a system is aligned and comfortable with it.

This should run from the top to the bottom. Systems testing also allows for focussed group discussion on its practicability, efficiency, and effectivity. It also tests compatibility with the team’s desired business outcomes.

This isn’t possible without the management’s support and commitment. This should be clear within the company. This way, everyone has a view that the organization as a whole is moving in one direction.

Stay Up-to-Date

Being innovative also means looking beyond your company. Like I stated before, it should work both ways. 

This also applies to systems update. Invest in your own research and development team and see to it that they make use of outside references as well. Looking at varied sources of knowledge can widen your list of strategies.

Develop links with some of the leading educational institutes and professional organizations. This will help to stay on top of current and innovative developments. These linkages can also help you attract future talents. Widen your network.

Data Privacy and Security

One of the things that are crucial in establishing a data-driven organization is the mitigation and prevention of potential risks.  What you’d want is high-quality risk protection for your company’s data files.

Part of its establishment and implementation has to do with proper calibration and alignment among all concerned employees.

Everyone must be fully trained on the standard procedures and the consequences of not adhering to such security measures.  

Lead by Example

When you are part of the workforce, it is a common stigma among the front-liners that management and all those people on top don’t have basic knowledge on the front line system. 

You might have had that experience when the floor is undermanned. Some members of the management/supervisory team had to go down and get their hands on deck.

It usually becomes an interestingly hilarious day; your supervisor/manager keeps asking you on what to do due to the fact that they are no longer familiar with the systems in your level.

We’re sure it made you feel a bit superior to them for a moment; having to know things that they don’t. Well, such situations teach us one thing; never underestimate the value of each employee.

It also teaches us another valuable lesson; systems update without the higher ops even testing and knowing how they work. How would you feel if, during that time, your manager comes down, get his/her hands on deck and is able to work with the system just fine? It builds respect.

Knowing the system allows you to lead better. It’s used as leverage for your employees to provide you with feedback and suggestion regarding the system. This is what we meant by the decentralization of decision making.

An Integrated Approach to Strategy Making

After establishing the utilization of data, there is no exact strategy to integrate it.  Please take note that although data is utilized in many ways, they come in the form of facts. 

These facts serve as valuable tools in arriving at certain business decisions. Tools are utilized by us, not the other way around. Adopt an integrated approach; people, technology, and strategy.

Organizations are primarily made up of people. People within your organization are your greatest assets. The company’s success is highly dependent on people from the outside; your clients and customers. In adopting strategies, see to it that your strategies are people-centered both from the outside and inside.

A date driven company must be a data-based company for the benefit of its people. Take for example, in analyzing numbers and figures based on the company’s performance for the past year. Never detach its interpretation on your employee’s experience. 

They are the forerunners, they run the system and deal with the clients. Facts brought by numbers must be coupled with employees experience and intuition.  

A Better Customer Experience

Finally, it all goes down to better customer experience.  It’s based on their experience of your company’s product, or directly with your employees, depending on your line business.

If you are able to identify this before your competition does, you owe that to certain factors:

  • Better data gathering and analysis of employees
  • More open participation of your employees in identifying data that reflect your product’s opportunity for improvement
  • Their willingness to reach out and provide suggestions

Among all the three we have mentioned, all are dependent on employee experience. This is, therefore, the best investment and focus when creating data based company strategies.

Facts must be met with human experience and creativity. When your organization is able to integrate this view in its own culture, there is no other direction that you are going to but success.

If you find this article informative, you can also check certain cases wherein customer and employee experience are used to improve the company’s strategies.

See how we can help you with agency growth strategy services

Success is within your arms reach. All you need is the right people to help, and the desire to succeed. A growth strategy service could be exactly what your business needs to improve turnover, retain clients and up your marketing game. 

Contact us today to devise a strategy to grow your company.

Building an Effective Social Media Campaign for 2020

Building an Effective Social Media Campaign for 2020 1240 520 Tanguy De Keyzer

Facebook is the most popular social network for small businesses. 86% of small businesses have Facebook pages and 46% of them have Instagram accounts.

While social media isn’t the only important form of marketing to engage in, it’s one you’ll need to pay attention to in 2019 if you want to arm your company with the right tools for success.

However, there’s more to a great social media strategy than simply setting up a Facebook page for your business. What else should you be doing to ensure social media success? Keep reading.

Understand the Effectiveness of Social Media

Maybe you’re new to this whole social media thing. That’s okay. Social media isn’t that hard to get the hang of, but to truly understand it, you’ll want to know how it works for businesses.

Some of the most important facts to consider for social media for beginners are that:

  • Social media helps drive targeted traffic.
  • It helps you gain insight into your target audience.
  • You can build brand loyalty.
  • 40% of Internet users follow social media accounts of their favorite brands.
  • People spend up to 40% more with brands who engage with them on social media.

Understanding these types of statistics will help you understand just how to harness the power of social media. If you know how to take advantage of the power, you’ll see more effectiveness across the board.

Review Your Social Media Efforts

What have you done in the past in regards to social media? This is a good time to take a step back and look at what’s working and what’s not. Some metrics to take a look at include:

  • How have you built your audience in the past year?
  • Are you connecting with people in your target audience?
  • Are you active on the social networks that people in your target audience use?
  • How does your social media strategy compare to that of your competitors?
  • Are you achieving business goals by using social media?
  • Are you growing your business in a way that you want and need to be?

Answering these questions will help give you a good idea of what you need to do in order to prepare to optimize your strategy.

Make Sure You’re On Social Media

If you’re new to the social media game, then this means you’ll want to start by creating accounts. You can still answer the questions above, but try to think about what you want to achieve.

How do you want to build an audience? Who are the people you want to connect with? What platforms will help you reach these goals?

It helps to set a goal for each social media platform you plan to use. Writing out this mission statement will help you optimize your campaigns and stay focused on the goals for each.

In general:

  • Facebook is great for advertising to a specific target audience and increasing direct sales. It’s also great for customer service due to the Facebook Messenger option that allows clients to easily get in touch.
  • Instagram is great for promoting and sharing company culture. Behind-the-scenes videos uploaded to Instagram Stories and short tutorials help you connect with your audience on a more personal level.
  • Twitter is great for communicating with your audience as well, but it’s less used for sales and conversions. If you’re present on Twitter, you’ll want to make sure you’re interacting on a regular basis with your customers.

Revisiting your social media campaigns will help you understand which platforms to use and how to craft a mission statement around each one. Once you’ve got that covered, you’ll want to take another look at your target audience.

Redefine Your Target Audience

You might have created an idea of what your ideal customer looks like. But, you’ll want to do it again.

Your company changes and so do your needs and marketing campaigns. This means that it’s a good idea to redefine your target audience at least once a year.

During this process, be sure to think about things like:

  • What is your product or service? Who is it designed for?
  • Who are the customers who currently use your product or service? What are customer profiles that they might fit?
  • Who are your direct competitors targeting?
  • Get specific with your demographics. Think about income level, education level, marital status, and even occupation.
  • Factor in the lifestyle of your ideal customer. When are they online and what are their purchasing behaviors like?

Answering these questions will also help you get a better idea of what you’re selling. If you find that your target audience isn’t large enough, then you’ll know that you can tweak your product or service.

If you’re able to answer all of these questions, then you’ll know how to create a great social media strategy for business that works. The content you’ll be creating will be attractive to all of the right people. This will lead to conversions and more sales.

Plan Yearly Social Media Goals

Now that you know what social platforms you will be on and what kind of people you’re going to target, you’ll want to clearly lay out your goals.

What are you looking to get out of social media?

No campaign is going to be successful if you don’t have a solid understanding of what you want to get out of it. To do this, you’ll want to track meaningful metrics. No beginners guide to social media would be complete without discussing the SMART principle.

This principle means that your social media goals should be:

  • Specific
  • Measurable
  • Achievable
  • Relevant
  • Time-Related

Plan yearly goals that keep these principles in mind. Then, you can move on to measuring more specific metrics.

Track Meaningful, Specific Metrics

Every business is different. The metrics that you want to track might be different from the metrics that are important for another type of business.

Consider taking a look at what your company truly needs to get out of social media. This might include a few things.

Increased Brand Awareness

Brand awareness is a great metric to measure for companies that are just getting started. When you’re building a business you’ll want to build awareness around your brand first, right?

The goal when measuring brand awareness is never about sales or conversions, so if you’re measuring this then don’t expect to be focusing on building sales.

However, you will see an increase in interaction with your target audience and you’ll see more people understanding who you are and what you’re about.

Improved Traffic

Again, increasing your traffic is a little different than converting visits into sales. If all you’re looking for is a little more foot traffic to your website or eCommerce store, then measure this metric.

Increase website traffic might inherently increase sales and conversions, but that shouldn’t be the main goal. Instead, focus on optimizing your campaigns to push visitors to wherever you want them to go.

This means that if you want people to visit your blog, make this call-to-action clear in the Instagram or Facebook post.

Increased Brand Loyalty

Once people are aware of your brand, you’ll want to foster deeper connections. Instagram and Snapchat are great for this as they allow you to post more personal and behind-the-scenes content that builds trust.

In the marketing world, people call this relationship marketing. You can accomplish this type of marketing by using the help of brand ambassadors, amongst many other techniques. However, the end goal is to form deeper relationships with customers and build trust that converts them into lifetime clients.

Other Meaningful Metrics

If you’re just getting started, it can be helpful to track other things like hashtags or customer comments. Are more people commenting and interacting with your posts? Is there a new hashtag that promotes your brand and its purpose?

If you can answer yes to these questions, it means your efforts are working. If you aren’t quite sure how to answer these questions, then go back and test more campaigns!

A/B testing can be great here, and many platforms provide you with the opportunity to test multiple posts and campaigns at once.

Facebook Ads, for example, will allow you to test multiple images and texts to see how they perform with the same audience. Tools like these are especially helpful when you’re creating your voice.

Take a Look at Competition

As part of this type of competitive research, you can also take a look at brands you love! See what they’re doing and what kind of content they post.

There’s no harm in creating campaigns that are similar to other successful social media efforts you’ve seen from others. If it works, it works.

Take a look at what their audience is sharing and commenting on. Are they particularly drawn to a certain type of content? Do they interact with video more than text?

These are things you can consider when developing your own social media strategy.

What you’ll likely notice in your research is that successful brands maintain a consistent voice and style. If your competition is doing great, it’s probably because they’re consistent.

Consistency is key and it will also help your audience understand what to expect from your brand. If they know what to expect, they’ll continue to follow you and look forward to the value you provide them with.

If you’re providing quality and value throughout all of your social media posts, you’ll find that your campaigns are naturally more effective. Soon, you won’t have to mirror your campaigns after others’ success. You’ll have your own, clear voice that people love and trust.

Follow a Content Publishing Schedule

Once you’ve got all of the details worked out, you’ll be ready to publish your social media content. Great! But, when?

Nothing can crush a well-planned social media campaign like poor execution. So, go and get yourself signed up with some sort of social media planner. To make the most of this tool, you’ll want to create a posting schedule and plan your content wisely.

While you can purchase actual programs that help you with this, you can also go the DIY route and organize a social media calendar. List the times and dates of when you’ll publish your content on each platform.

Take the time to really plan this out. Include everything from social media posts to blogs and even set aside time for responding to comments and questions on your posts.

Then, you’ll want to plan your content so that you’re not publishing the same thing all the time. Typically, experts suggest that 50% of your content should drive viewers back to your blog. 25% of what you post should be from outside sources that help increase SEO efforts.

The rest will feature a mixture of company culture updates and lead generation. Selling tactics come into play here as you’ll need to keep that in mind when creating your messaging.

Make sure you’re posting at the right time. Sunday, Thursday, Friday and Saturday are the best days. Publishing in the morning and around lunchtime are both great ways to ensure that your content gets seen by people as soon as it goes out.

Constantly Tweak Your Social Media Strategy

Take advantage of the analytics available to you and use them to constantly tweak your social media strategy.

No matter how you choose to use your data, you’ll want to ensure you’re always working towards improving your social media content.

Need some additional help? Contact us today to find out how we can work with you to build your marketing strategies and put you on the right track for long-term growth. You’ll receive a free proposal based on your needs.

We’ve helped Nike, Unilever, and other large, international companies. Let us do the same for you.