Where are you spending the bulk of your marketing budget at the moment? Are you giving enough attention to developing a relationship with your prospects and customers, rather than just focusing on brute force acquisition above the line?
The classic marketing funnel model – Awareness, Interest, Desire and Action – describes the cognitive phases a buyer passes through before making a purchase. While it may vary in emphasis per phase depending on your business sector, it’s worth re-thinking the role of useful and engaging content in each of these phases, because better engagement will improve ROI.
Identify with your customer beyond the money transaction
More recently the words Loyalty and Advocacy have been added to the funnel – recognising the importance of peer-to-peer recommendation. Loyalty and Advocacy are not just built on one good product or service experience, they’re built on a good end-to-end experience throughout the funnel and after, reassuring your customers that you identify with them beyond the money transaction.
This isn’t far-fetched blue sky thinking. Red Bull started selling energy drinks with a focus on traditional TV advertising. But then it broke the brand communication rules by moving marketing spend into creating, sponsoring and distributing high adrenaline content. It has evolved into both an events business and a trusted and credible multi-channel media outlet – most recently bundling a print magazine with The London Evening Standard.
Discoverability is crucial to marketing success
A print magazine in 2016? When the whole world is going digital who would do such a thing? But the web, and app stores, are almost infinitely crowded: and discoverability is crucial to success. As Red Bull already has a strong digital presence, how do they add to the brand’s ubiquity? A magazine that’s circulated to hundreds of thousands of affluent city commuters is a pretty good way of doing so. Meanwhile Britain got a new national daily print newspaper, The New Day, as reported by Cathy Wood in a recent article for this site.
We service a number of clients who take similar approach: tangible assets have always been good investments, or so my accountant tells me.
And speaking of accountants, it even makes sense from a revenue point of view – get your content right and you can also begin to monetise it, turning marketing into revenue… Every FD’s dream: making you a valuable ally in the boardroom. And at Dialogue we don’t just create contents for brands, we also monetise it.
Re-balance your spend
Your fourth Marketing Must-do should be to use your new data-driven customer intimacy to re-balance marketing spend in 2016, driving better ROI from your above the line spend, by putting more thought, budget and effort into engaging conversion and advocacy content.
Have you reassessed your marketing spend for 2016? Share your thoughts with us on Twitter.