Not all consumers are great prospects for your brand. An effective marketing strategy leverages first-party data to understand the opportunity within your customer base and drive all marketing efforts. It should also revolve around answering these 5 key questions:
#1: Who should I be targeting?
On average, the vast majority of your revenue is generated by only 20% of your customers. Your first goal is to identify who these people are and find more people like them. The easiest and least expensive way to identify these people is through a managed CDP. By targeting your best customers and prospects, you can achieve greater budget efficiency, better ROAS and increase revenue.
#2: What should I be saying?
Start by creating a full-funnel approach to marketing. This includes a communication strategy with messaging developed for each touchpoint along the way. Build a plan that starts at the top of the funnel and leads your best prospects down a meaningful path to purchase. How you communicate and what you say will depend on where potential customers are in the purchase funnel.
Awareness Phase: Ensure that you introduce the brand, product or service in an eye-catching and memorable manner. Deliver messaging and creative that captures audiences, gets them excited, and entices them to engage with the brand. This content should delight or inspire to not only generate awareness, but also prepare audiences for the next tactic.
Consideration Phase: Now that your audience has exposure to the brand, and your product is top of mind, messaging should shift focus. The goal in this phase is to inform. You should speak more directly and encourage discovery by asking your audience to take an action. Fuel the decision-making process by driving audiences to a landing page where they can obtain more information about the brand or product.
Purchase Phase: In this final phase, lead with action and be deliberate. Ask your audience to select your brand or product over the competitive set with messaging that reinforces what they already believe about the brand or product.
It is also important to remember that when you’re utilizing multiple channels to reach your audience, ensure that communication is cohesive, and all messaging reinforces the brand positioning.
#3: What channels should I be utilizing?
Addressable marketing refers to the ability to use media to target specific individuals, or households, rather than segments or third-party cookie pools. Addressable media helps you create that one-to-one conversation with your customers and those identified as your prospect audiences. It allows you to be more targeted, create a better experience around the messaging and control spend. However, not all channels are conducive to addressable tactics.
Connecting advertising directly with consumers can be done in a number of channels but not all channels are right for every brand or every campaign. Although addressable marketing helps reduce wasted media dollars, addressable tactics can be more expensive than traditional segmentation or “spray and pray” methods.
Start with your audience and analyze their media affinity and their media consumption. What channels are they most likely to use, where do they spend the majority of their time and how do they prefer to receive communication from advertisers? Other considerations may include budget and availability of creative assets.
#4: When should I be communicating?
Now that you know who you should be targeting, what you should be saying and the channels to utilize, you need to determine when you should be communicating. Think of prospects like any other new relationship – when you meet someone, those first few touchpoints will not only leave a lasting impression, but they will determine the course of your relationship in the future. If you reach out too frequently, you might be perceived as pushy or desperate. If you wait too long between your communications, you might lose your opportunity to make a connection.
Develop a communication cadence that is mindful of when and how you speak to your audience — the communications flow. There are several things to consider when developing a cadence. How well does your audience know your brand or product? How much conversation already exists and what will it take to break through the clutter and gain share-of-voice? What is the story you’re trying to tell, how relevant is it to your audience?
If you have a newer brand or product with a lot of competition, you might need to increase frequency to cut through and leave a lasting mark. If you’re dealing with a smaller audience, or a niche product, you may not need as many touchpoints to get your point across. Watch the actions that are being taken on your ads. If you’re seeing a lot of negative responses or opt-outs, you may be communicating too frequently. If you’re not seeing a lot of brand recognition or engagements, you may not be communicating enough. When you see drop-off, your audience may be growing tired of your message and it may be time to change up the messaging.
Ultimately, the key is knowing your audience and communicating relevant information. Watching your advertising and how the message is being received is crucial. When you think about message delivery in terms of what’s working best for your audience, you set yourself up for success and more likely to have a positive interaction from your communications.
#5: How much should I be spending?
There are many factors to take into consideration when you are creating a budget for a marketing campaign. First, decide what is the primary objective of your campaign. Do you want to increase awareness by 10% by the end of Q1? Grow revenue by 15% by the end of the fiscal year? From there, based on your average conversion rate and/or your average order value, identify how many people you need to reach to achieve your goal. Finally, assess the costs to run each channel for your desired reach.
With the right strategy, you can stop wasting time and dollars trying to reach everyone, everywhere and start focusing on what/who is driving your business. If you’re not sure how to answer any of these questions, we can guide you through this process and make recommendations that will help you achieve your specific goals.