Branding done right not only helps you keep customers, but also turn customers into loyal, raving fans. The fact of the matter is, your existing customers can be your biggest untapped asset when it comes to increasing sales, and also reaching potential new customers. So, it stands to reason that you need to stay at the forefront of their minds to reap the benefits. Research shows that consumers are willing to pay more for nationally recognized brands. Despite having similar products and services to competitors offering a discount, a surprising number of consumers are willing to pay a premium for credible, recognizable brands.
Consumers who nickel and dime every day of their lives will gladly wait in line AND pay a premium every time a new iPhone hits the market. Being at the forefront of brand recognition in your market increases the barrier to entry for competitors who come after you. So my question to you is, what are you doing today to convert the majority of existing traffic on your website? Both marketers and business owners make lot of assumptions about their campaigns, products and target audience. But very few take the pain of actually testing their assumptions. These assumptions can be something like creating the best user experience or knowing your target audience too well, which is generally not the case.
The rule of thumb is test, refine and test. Failing early in testing your assumptions and failing fast will help you not to fail often later on. Failing often is just too expensive in any business and can even put you out of business esp. Hack, even calculate ROI of all of your meetings, business travel and lunches.
There is always an opportunity cost when you choose to do things yourself in which you are not an expert or when you hire someone who is not an expert. Why you should not end up with mediocre campaigns and mediocre results or face failure if you choose to do everything yourself or make a hiring mistake? In the startup world, this opportunity cost is often the difference between success and failure. The business owner thinks he is saving money by not hiring an expert.
But he is actually losing on all those potential sales which he would have got only through the expert. Hiring an expert may not be profitable at first but in the long run, is the best bang for your buck. Not only you will recover your entire hiring cost sooner or later but you will also make lot of money on top of that and you will continue to do so for a long period of time. Do you want to Learn Web Analytics in 4 Weeks?
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It will teach you how to leverage the knowledge of attribution modelling in order to allocate marketing budget and understand buying behaviour. My name is Himanshu Sharma and I help businesses find and fix their Google Analytics and conversion issues. If you have any questions or comments please contact me. What is your share of earned media? Sometimes we receive a large amount of budget from traditional media that had previously been invested in brand awareness. This is not a problem. Public awareness of a brand is extremely important for its longevity and should not be taken for granted.
It is work that needs to be carried out daily, especially in a changing world where everything moves fast, where new competitors are carving out a place for themselves, and the rules of the game are constantly changing. Do you sincerely believe that brands like Red Bull calculate their ROI after executing a stunt like sending Felix Baumgartner into the stratosphere?
We could even go so far as to ask you when was the last time Red Bull talked about their product. The same thing goes for Coca-Cola and the millions of dollars they spent on their ultra-inspirational Super Bowl ad in Having an excellent performance or a high ROI for certain short-term initiatives looks good for example, through SEM or remarketing.
Consumers make purchasing decisions based in part on their emotional reaction to brands. Design This is the ultimate anti-open office Co. Consumers who nickel and dime every day of their lives will gladly wait in line AND pay a premium every time a new iPhone hits the market. The second version, released a year later, cut the core interactions down to one simple screen and had plenty of lively touches, such as an animated share menu created with input from Pixar. What is your share of voice online?
We are wrong to think that these initiatives are all you need to continue to see good results. Short-term thinking slowly kills your brand: What can you do now that will contribute to your performance in six months, two years, five years? When we come off too promotional, we hurt our brand perception and are essentially telling consumers that all they have to do is wait to get a better price for our products.
The time has come to refocus our efforts around the user. Advertisers have data, a lot of data, maybe even too much data. Segmenting your messages is becoming more and more essential: Listen to your clients, and they will tell you what they expect from your brand. More so, low funnel initiatives are limited by a certain volume.
We need to think further ahead, see the bigger picture. How much will these new customers bring in? What actions do you have in place to promote retention, loyalty and purchase frequency? Our industry is constantly changing and the business world is more and more demanding: