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Learn These 5 Models You Need for a CMOs Digital Marketing Campaign
A great digital marketing campaign begins with how people react to your products and services. Digital marketing technologies have revolutionized the way brands used to interact with customers.
Digital marketing strategies have become a basis for helping businesses connect and influence potential audiences at multiple touchpoints. The right digital marketing campaign can help you deliver a personalized experience, keep a check on ROI, and navigate your buyer’s journey.
The customer of today wants to research & browse fast. Customers assess brands, and if considerable brand integrity is there, they avail of your services. Customers also expect personalized content experience from you.
Through digital marketing, you can leverage all the accumulated data and facts to set a clear goal. You can understand your audience and derive a marketing strategy your business can attune to.
One size doesn’t fit all. There are several proven digital marketing models in the market. However, there is no uniform strategy. Some businesses want to focus on their brand building, while some want to enrich the customer experience.
It all depends on your company’s goals, internal factors, industry domain, customer segment, etc. One should note that several businesses don’t even use digital marketing for sales. They instead use it to boost its brand image and emerge as a solid player in the market.
This kind of strategy involves engaging with customers at every milestone of their buyer journey. Digital marketing can be many things, like building a spotless website experience, high-quality content to influencer campaigns, or nurturing strong customer relationships.
What is a digital marketing campaign?
A digital marketing campaign is an online marketing effort put forward by a company to drive engagement, conversions, traffic, or revenue. The campaign ties in with the company’s overarching goals and includes one or more digital channels in the efforts.
The goal in hand is not just to close one deal but also to attract lifetime customer value and earn loyalty. Digital marketing campaign examples can be seen here.
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Why do you need a digital marketing model?
The right digital marketing model can help your business with global reach, personalization, business openness, trackable & measurable results, lower cost, improved conversion rates, and social currency.
Your digital marketing campaign can adopt a model as it’s a preferred way to structure thinking while drafting marketing plans.
Always remember that not every business leader is the same. In the marketing funnel, you’d notice that leads present at the top of the funnel shouldn’t be exposed to the same content as the bottom lead is getting.
The right model can provide clarity to opaque business challenges. You can create your marketing strategy revolving around a digital marketing model for your business and effectively plan, optimize, and manage your marketing.
Let’s move ahead and know about the five most effective digital marketing models and frameworks which can help your business focus on target audience more effectively than ever:
The Pirate Funnel:
When it comes to segregating processes for a better understanding of your company, Pirate Funnel comes into the picture. Entrepreneurs can find Pirate Funnel handy if they don’t know where to start with their digital marketing campaign.
There are six metrics in Pirate Funnel called AARRR metrics. The acronym stands for Acquisition, Activation, Retention, Revenue & Referral. By understanding AARRR, entrepreneurs can have better insights about each stage of their business.
This is the first metric in the Pirate Funnel. The step encourages businesses to focus on their growth efforts. The acquisition is similar to lead generation.
Potential users can be acquired from channels such as social media, cold outreach, SEM, organic research, banner ads, etc. Acquisition determines the rest of the Pirate Funnel size.
Activation is when a potential lead tries your company’s offering, be it a product or a service. This metric marks the first experience of the lead with your product.
This is when your to-be customer starts to see the value your brand offers. If done well, you can have a long-lasting relationship with the customer. One should not mix acquisition with activation. Under the acquisition, you’re merely solving your lead’s question by providing content, whereas, under activation, you provide a hands-on experience or sample of your product.
When your customer finally pays for your service or product, that is the revenue metric. This is one of the most crucial metrics for marketing campaign success.
The moment your customer starts offsetting their customer acquisition cost (CAC) is when revenue starts coming in. One should understand that it is cheaper to ensure that the existing customer stays than to acquire a new one.
When your customers are satisfied, they can be retained for a longer time, and hence, more revenue can be generated.
Retention means that your customers are happy with your services, and they are coming back to try your products again. Retention can have a different meaning for different business types.
For instance, retention for an eCommerce would mean people are buying stuff more than once. At the same time, retention for a SaaS-based company would mean people subscribing to the software repeatedly.
To boost business growth manifolds, referrals are probably the best way?the metric works by measuring the number of new users brought by the existing users.
Customers drive word of mouth. Under the Pirate’s funnel, customer referrals are regarded as a blessing in disguise. The psychology is simple, when your customers tell their friends about your services, they are more likely to try your services.
BCG or Boston Consulting Group matrix is one of the widely used product portfolio matrices under digital marketing models. The matrix focuses on the analysis of the business unit.
The matrix helps businesses know about their brand management, portfolio analysis and management, product management, and more. It also helps them with appropriate resource allocation. BCG matrix is divided into regions, the first one being Cash Cow, Dogs, Question Mark & Star.
Cash cows region involves products or companies as a whole that has a very high market percentage but with slow growth.
These companies often generate a higher amount of cash to run their business. Unlike other models providing detailed analysis, the BCG model helps gather a quick overview of your services.
Dogs are the product portfolios that drain your resources. These are the products or services which have critically low market share and are present in the slow-growth industry.
The segment doesn’t provide cash flows to the organization but works as an incredible social benefit provided to the brand.
Businesses operating in high-growth markets with lower market share qualifies under question Mark. The products falling in this category require significant investment to make big in the market.
In short, a considerable investment might be required to get a sizable return. For instance, gaming companies develop and launch hundreds of games parallelly, hoping that at least one of those would make big in the marketplace.
These are the market-leading products and services which generate most of the return on investment (ROI). These are the most successful amidst other product categories.
However, these, too, require ongoing investments to sustain the market and stay relevant. These are the units that are a part of the fast-growing industry, and that, too, has a significant market share.
Lauterborn’s 4 C’s
Four C’s refers to customer wants & needs, communication, cost to satisfy, and convenience to buy. Lauterborn’s 4 C’s is a digital marketing model accurately orienting around consumers.
The model stresses majorly on consumer wants and needs. It also talks about the convenience of buying. Gone are the days when people used to go shopping during days. With the advent of online marketplaces, you are expected to sell products 24×7 and seamless user interaction.
The model further illustrates communication. From company to consumer, the model observes communication as a two-way dialogue. Customers can initiate communication through user-generated content.
Customer lifetime value model:
CLV or customer lifetime value is one of the primary metrics to track as part of a customer experience program. It predicts the net profit associated with the possible future relationship with a lead or customer.
The CLV model also helps in deriving a customer relationship’s monetary value by analyzing the current value of the cash flows from the customer. Businesses having a multi-year relationship with customers can benefit from the customer lifetime value model. The model can help you spot early signs of customer attrition.
CLV is measured by identifying touchpoints where the customer creates value, measures revenue at these touchpoints, and integrates records to project customer journey.
STDC model and digital marketing campaign
STDC or See, Think, Do, and Care is a digital marketing model that operates from a customer-end perspective and not from a company’s perspective. The model describes four different audience intent clusters.
The model talks about getting the message across your prospects or customers, it talks about getting the right message across and that too at the right time. See involves new visits, conversations, applause, and amplification.
Think involves goal value per visit, click-through rates, page depths, etc. Visitor loyalty, profit, conversion rate forms up the Do part while repeat purchases, customer lifetime value, likelihood to recommend sums up Care.
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Wrap Up on Digital Marketing Campaign
To prosper in today?s environment is all about return on marketing investment and marketers must dramatically improve the impact of every marketing dollar they spend.
If marketing dollars are not contributing to brand building, according to the new rules of marketing, just what are they contributing to? For many, the old saying, I know half my advertising isn’t effective? I just don?t know which half, is truer than ever.
Have something to say about your thoughts on digital marketing campaigns for CMOs?