The digital marketing puzzle just got really jumbled
Recent events have completely transformed how we behave in the digital world. Many of us are relying on online services to inform us, feed us, entertain us, employ us and educate us. Like a giant puzzle, the pace at which our world is changing means that we need to see the big picture and all of the parts at the same time.
Historically organisations have separated strategy (how and where we compete); data (who our customers are and how they behave) and marketing execution (how we find customers and turn them into raving fans) into separate silos. The need to run faster than ever before, demands a straight line between strategy, data and execution. Our multi-talented team at Hoist explains how we achieve this for our clients to exploit opportunities and protect revenue.
Strategy: Check the puzzle box. Are you building the right picture?
Is the picture that you imagined at your last strategy planning day now a dream or a nightmare?
We’re looking for trust, authenticity and human connection in a world where we can no longer shake hands. It’s OK to sell stuff during a crisis. You just need to do it with humility and grace. Emotions are running high – it’s hard to build goodwill and very easy to lose by presenting the wrong picture to your customers. Ask honestly whether you have something that can help others, that is easy and accessible. Now is not the time for making super-profits.
Data: Use data to check that your puzzle isn’t missing any pieces
With marketing, you don’t have the finished picture on the box to show you where and how the different pieces will eventually fit together. We make lots of assumptions about how our customers behave. Many of these have changed. You need to make sure that your ‘north star’ is pointing at the right customers, products and markets.
Traffic: how people find out about your business
You need to measure how well you drive traffic – how customers find out about your products and services. For many businesses, this is a mix of many different digital marketing puzzle pieces. Think of traffic like fuel. You need a constant supply of “fuel” or else your marketing will come to a screeching halt.
Conversion: your ratio of leads to sales
All the traffic in the world does nothing for your business unless you can convert it into leads and sales. For established online businesses that already have a steady stream of visitors, improving website conversion is likely the most significant leverage point to increase sales.
Customer value: how much it costs to get each customer
Customer value is often the X-factor in digital marketing, yet many businesses ignore it. Again, I’ll use an example so you can see how your customer value plays a role in your marketing.
Let’s say your conversion rate is 0.5%, and your average customer value is $100. That means, on average, one visitor to your website is worth $0.50.
That also means you cannot afford to pay more than $0.50 to drive a visitor to your website. If you pay more than 50 cents, then you’ll lose money. What happens if one of your competitors has the same conversion rate, but a slightly higher customer value of $150? Well, this competitor can afford to pay $0.75 and will inevitably be able to buy more traffic than you. Even though the competitor may have the same offer, a similar website, and the same conversion rate, they’ll dominate the market due to their higher customer value.
Tracking: your early warning system
Things are changing rapidly. You need to make sure that your radar is working. Without proper monitoring in place, then you’ll be flying blind.
Think of tracking like the dashboard of your car. Could you imagine driving if you didn’t have a speedometer or a fuel gauge? That would be stressful because you wouldn’t know if you needed to slow down or speed up. Plus, you would likely run out of fuel with no warning signs.
Proper tacking will guide your marketing decisions by telling you exactly where you need to focus.
Execution: Get the right mix of puzzle pieces
The Hoist team looks for the puzzle pieces that will make up the best digital marketing mix for our clients. Digital marketing campaigns need to be assembled one piece at a time to drive effectiveness, which in turn drives your revenue.
The right marketing mix for your business is likely to have changed. Now is the right time to run small marketing experiments to make sure that you have the right mix. Do you need to review your Google Ads campaigns? Are customers still searching for the same things? Are your shipping timeframes resulting in abandoned shopping carts?
A hint on what not to do
Hello, Email Recipient who purchased a from us at some point in the past, COVID-19 presents an easy marketing opportunity for us to remind you we exist! Just letting you know we are taking measures to protect our employees! Oh and you! Here is a 10% discount coupon for a set of steak knives.
Plan for Change: You need a roadmap to keep the pieces together
We’ve established that you need to have a fresh look at your marketing strategy, data and execution.
Everything in this world is temporary – the highs and the lows. The good news is that the world isn’t going to be ‘flattening the curve’ forever. Governments around the globe are spending up big, stimulating economic growth. Your marketing puzzle needs quickly pivot to what is happening right now with an eye to the future. Ask what does getting ready to re-start mean for your business? Are there new products and services that you can start getting prepared to go to market to take advantage of future growth? Those are the ones that you can use to make super profits.
Increase revenue by unjumbling your marketing puzzle
Digital marketing is a puzzle. We help organisations assemble puzzles, piece by piece so that you can see the big picture and the small details at the same time. Our team of multi-disciplinary experts draw a straight line between strategy, data and execution so that you can stay competitive in a changing world. Ask about our unique “skin in the game” success-based fee structure that maximises revenue and builds brand equity.
Hoist is a growth marketing consultancy making business relationships systematic. Our clients are resilient leaders seeking to build pipelines of happy customers. We analyse data, visualise concepts, plan horizons, develop products, control costs, design brands, automate sales and personalise experiences – fast. We prove ideas work, then manage and measure on-going.