An Entrepreneur’s Guide To Modern Marketing

Are your marketing campaigns not delivering the desired results? Here’s what you need to do to boost your ROI

I was working with a client recently and they were super frustrated about their business growth. When we deep dived in to the reasons for the poor performance, one thing that stood out was their approach to marketing.

They didn’t do enough, and they didn’t do it right.

Doing business without advertising is like winking at a girl in the dark. You know what you are doing but nobody else does

― Steuart Henderson Britt

Most entrepreneurs struggle with marketing methods because they don’t understand how it all works. Often their approach to marketing is fragmented and piecemeal.

If you don’t understand what you are doing, you’ll end up spending a lot of money and time on marketing activities that don’t have any significant impact on brand awareness or revenues.

And unless there are results… your marketing program isn’t working.

Image Source: Marketoonist.com (Tom Fishburne)

Like everything in business, marketing has to evolve too. You can’t rely on old methods and expect results.

MARKETING IN THE MODERN WORLD

Traditionally advertising relies on mass broadcasting across various mediums – TV, Radio, Print etc.

There is no way to track who engaged with your ad and what, if any, action they took based on it. There is no way to know if people who are seeing your ad today have seen it before.

Every ad has just one intention – either to sell or to brand – and there was no way to track which one will create a long-term client. You have to treat every customer as day one engagement and every ad is isolated, leaving not many avenues to weave a story.

Traditional marketing lacks an integrated approach.

On top of this, it is insanely expensive!

$1 spent on digital marketing = $14.4 spent on traditional marketing

Image Source:https://fi.co/insight/how-to-embrace-failure-as-you-transition-from-employee-to-entrepreneur

Thankfully, in the modern world advertising works very differently.

Image Source:https://www.quicksprout.com/retargeting/

Modern marketing recognizes that customer journey is not a straight line. Customers interact with your brand in various ways and on multiple platforms while selecting, buying, and using your product/service.

For example, 93% of online experiences start with search engines – investing in Search Engine Optimization (SEO) and Pay Per Click (PPC) campaigns can give you a huge visibility boost.

Digital marketing is your path to run integrated campaigns across the entire customer journey and increase conversions, create more awareness, and maximize ROI at a fraction of the cost.

TRADITIONAL
MARKETING

  • Mass Broadcast approach
  • One way messaging
  • Unclear ROI
  • Static placement that limits the ability to change message or location
  • High cost
  • Fragmented approach
  • Reaches offline audience
  • No feedback or data available for the campaign performance

MODERN
MARKETING

  • Tailored to a segment of one
  • Two way interaction
  • Measurable ROI
  • Dynamic with an ability to change on the fly
  • Low cost
  • Seamlessly integrated campaigns
  • Limited to people with Internet access
  • Immediate feedback on campaign performance that can be used to make changes even as the campaign is live

Companies are recognizing these benefits and pushing a larger chunk of their marketing budgets to digital mediums. For the first time in history, digital ad spending is set to overtake traditional media ad spending.

Image Source:https://techcrunch.com/2019/02/20/emarketer-digital-ad-forecast/

While there are many approaches to digital, I want to talk to you about one in particular. This approach has helped me boost engagement and drive revenues in my business.

CONTEXTUAL MARKETING

Have you ever noticed that ads on digital platforms are usually specific to the products and services you have looked for recently? I was looking for camping gear once, and after that on every website I visited I could see this ad for a tent – till I finally gave in and bought it.

That’s the beauty of retargeting or as some call it – remarketing.

It’s a great approach to send very specific curated messages to your potential buyer.

Today we all use devices with unique IDs and pixels. Every time you do something online, you leave a stamp saying, “I was here”; “This is what I am interested in”.

That’s great data for marketers.

If you knew what your customer, as an individual, is interested in – you can send them marketing messages that resonate most with them.

Let’s say your product is organic produce. Let’ say your TG reads an article about organic produce. With retargeting you can now send them content that helps them make a decision about purchasing organic produce and specifically your brand.

Retargeting creates the most optimized sales path ever.

You are actually talking to a potential customer in context of a conversation that he or she is presold to and preconditioned to engage more in.

Instead of random attempts at catching customer attention, retargeting gives you a specific course of action to drive maximum ROI. And you can do it before the lead gets cold.

According to research, your chances of re-engaging a lead see a 10x drop if you follow up more than an hour after your first interaction.

Pixel based retargeting allows you to target customers immediately after they navigate away from your site. That’s a huge advantage.

There are many ways you can trigger retargeting to either attract new customers or cross sell or upsell to existing customers based on their intent to buy. Here’s a great chart that outlines these triggers.

Image Source: https://www.quicksprout.com/retargeting/

While retargeting has amazing appeal to a marketer – it has the potential to quickly irritate the customer.

If you keep showing the same ad over and over again, you will alienate your customer instead of engaging them.

Which is where content comes in.

The backbone of all marketing strategies is content. If you don’t deliver what your audience is interested in, if you fail to keep it fresh and exciting and entertaining – no approach will work for you.

You need to create interesting stories, give hooks that your audience cannot resist, and reel them in with the appeal of what you promise.

CREATING A MARKETING MIX THAT WORKS FOR YOU

Retargeting, like any other marketing approach can’t work in isolation.

To make it effective you need to add it to a marketing mix – one that is aligned to your business needs. For example, if you cater to a very niche segment, perhaps email marketing and direct calling is a better route than social media marketing.

Here’s how you can ensure your marketing methods work for you:

  1. Map out your target audience and their journey – who are they and how do they buy products and services.
  2. Figure out which marketing approaches – traditional or digital – work best in which part of their journey
  3. Build a marketing campaign that’s integrated, flexible, and can be changed based on performance
  4. Ensure campaign content is refreshed periodically
  5. Collect data on campaign performance and use it to push things that have worked well and shut down non-performing ads and methods

What marketing approaches do you use in your business? How have they worked for you? Is marketing a key driver of your business growth? I’d love to know.

Every year we select a few entrepreneurs to work with us to grow their companies while reducing the number of hours they invest working “in” the business. If this year if your year, if this is the year you will love to see extraordinary success for you business, we would be curious to see if we could help.