Biz Tips: A beginner’s guide to foolproof marketing strategies

Biz Tips: A beginner’s guide to foolproof marketing strategies

GROWTH:

A beginner’s guide to foolproof marketing strategies

I’ve had millions of creative ideas over the years and consider myself as a heat pump for hot ideas in some ways (psych!). A book unread is of no meaning, a life not lived to the heart’s content is a mere shame and a creative marketing campaign not driving results/the right audience is a waste.

You should think again:

“Are my campaigns really driving any revenue?”

Modern marketing is no longer about vanity metrics.

You know, open rates, social shares, CTRs etc- stuff that’s pointlessly lying around and only tells you half the information, leading to a falsifying and blinding mirage for most rookie marketers. The point is, the actual story-the important data-the less obvious: touch points covered versus goal achieved is often overlooked.

Guesswork in the mathematical arena of analytics is a dangerous gamble, that for some reason, most people fall into.

It’s the most well-received natural honey trap birthed by nature. Like the one failed shot you took at impressing your 4th grade crush and embarrassing yourself in front of the entire class. Remember that? Guessing that she might actually be interested in you made you take a desperate shot at scoring, but instead the ball hit you right back in the nuts. It works the same with our customers on a daily basis. Don’t guess as to what they want, and certainly don’t try to impose on them- what I really mean is, avoid being presumptuous about the fact that your audience will definitely like the content you produce.

There’s one possible way out. I use something called a “marketing attribution model” (that’s a Wikipedia link, it’s a short read but very descriptive of the concept. I’ll be sharing some custom-made tools and other fun stuff in the next blog update).

For the readers who are couch-potatoes like me, here’s a short insight into what marketing attribution is:

I’m sure you’re aware of the recent trend of “telling stories” through each sale and through your brand, but how much have you observed that concept really? Marketing attribution acts like a mirror here and shows you the real answers: where your customer first met you and your brand, what motivated them to engage with your post/content, what really made them buy or try out your product, and in some cases, what made them so excited to collaborate/partner with your brand?

I’m assuming that since you’re reading this piece of writing, you have a fair idea as to what digital marketing is about. I’m talking of email marketing, webinars, landing pages and so on. So, let’s consider a use case here: you would’ve come across a website selling ebooks, and the man behind it would’ve used PPC (pay-per-click) to drive traffic and promote it. It’s done significantly well in terms of numbers and revenue, but how would you really know which channel has got the best results/contributed the most to the numbers? (most of these places opt for a multi-channel marketing strategy, FYI. This is the baseline assumption here)

Marketing attribution is what helps you map every stage of that interaction and defines the path from lead to buyer. Based on the intensity of customer interaction through each channel, you could probably do a weightage analysis and find out what works best and then map those basic touchpoints covered to the goals you wanted to achieve.

Here’s where you can start:

You can log into your Google Analytics account and then set your goals (this also serves as a guide, and tells you everything from creating a goal and runs you through the entire configuration process), and then use this model comparison tool to compare some standard attributions to “demystify” how customers are interacting with every tiny molecule of your brand. I’ll soon be sharing some handy PDFs that are more elaborate into this entire concept that will primarily cover the various types of marketing attribution models and how you can choose what’s best for your business.

Conclusive high-level overview: One for the incredibly busy executives and senior peeps

“If you assume anything about your customers, your customers will assume everything about you. And this is not in the good sense, beware.”

While browsing through the internet, I came across this case study by MMA where researchers found that CTRs and actual conversions have no relevance whatsoever. In simple terms, that means if you think your tactics are succeeding based on impressions, open rates etc- you follow a traditional attribution model that is a sure shot failure.

Buyers today are in complete control, and they know it better than you do. Internet has enabled this and also innumerable thought leaders to share their ideas, reviews and thoughts about a service or a product. Unless you embrace that you have to be 100% honest and open to them and take A LOT of time out to understand them emotionally- you will not succeed.

If you haven’t already guessed, today’s marketing is data-driven, customer experience focused marketing. It’s no longer generalized, it’s communicating the right note to the right people. That’s it. Rinse and repeat this and one day, your customers will propose to you. Understand consumer patterns, how they behave and react to certain things. Emotional intelligence is a key secret weapon smart marketers use.

Welcome to modern marketing.

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