What To Know About Modern Marketing Strategy
Modern marketing has made quite an impact on the industry. A lot more industries are looking to take to social media platforms to promote their businesses due to the target audience across social media being the largest in the world. Businesses can reach nearly every person around the world having social media and websites on their smartphones with digital marketing . Combine that with the reach of websites, blogs, and email marketing and you can reach over half of the globe to be your customers.
That is why you need to understand marketing and how to maximize your online business branding. If you don't, it could cost you your company and you will end up filing for bankruptcy .
Types Of Marketing
Digital marketing has been used to great effect across a lot of different platforms and especially across the different social media platforms where millions of us spent our spare time scrolling through them trying to keep occupied whilst having so much more free time due to the lockdowns. A lot of companies took to social media during the lockdowns or low budgets to post their adverts across the internet which got a lot of attention and new business with so many people passing through the different platforms and seeing the sponsored adverts which led many to visit the websites due to them being bored and curious to find something new to do with their time.
Marketing is probably the most important thing for a new and old business due to it helping you to be a success or not with there being so much competition out there now and the market is very saturated, so it is more important than ever before to make sure that your marketing ideas are better than rival companies.
Marketing does not come cheap but all the businesses that have turned to it have seen a dramatic increase in sales and new customers signing up to the platforms. Over the past few years, there have been more companies than ever before turning to market to help boost their business and this is only set to continue to rise.
Marketing costs depend a lot on your types of strategies, content channels, software (SaaS) programs, and advertising abilities. Content attribution is about what content works. Channel attribution is about where content works. Content is the ingredient, channel is the cooking method - and you need good ingredients and good methods to deliver.
There is reactive and proactive content creation. What kind of content creator are you? I view content creation through one of two lenses, reactive and proactive. A proactive creator is what we tend to think of when we think of content creation. You sit down at your keyboard or your notepad, the vast, empty expanse before you, and you start creating. You write, you draw, you paint, you compose - where there was nothing, now there is something. Your ideas come through pure, unblemished, exactly as you envisioned in your mind's eye. A reactive creator is someone who needs an input to do the same. Someone asks a question. A situation happens at work. A post passes by as you thumb through your feeds on your phone.
Whatever it is, like a spark landing in a pile of tinder, once alight, your creative powers engage and content emerges from the ashes. To be clear, neither type of creator is better than the other. The end product is content, hopefully good. Each is just a different process for getting to the destination. And we can be either kind of creator on any given day. Some days, we're inspired, other days, we need something to bounce off of. But generally speaking, we tend to have a higher level of comfort with one or the other. Here's where this distinction matters: if the content creation situation is a mismatch for your predisposition. A proactive creator put in a reactive situation is going to be endlessly frustrated. They may say I don't want to be answering other people's questions or responding to X influencer's blog post! Just leave me alone and let me do my thing!. They would find always being reactive, never getting to channel their ideas purely to be incredibly aggravating.
A reactive creator put in a proactive situation is going to be paralyzed by the empty page. They will say, What do you mean, just create something? Create what? What does the audience want to know about? What problems are we trying to solve? What is the angle here? The blank page, with nothing to light that spark, is less a canvas and more a prison. It's important to streamline your content towards what works best for your business and skillset.
I lean very heavily towards reactive content creation. I thrive in Q&A, in answering questions, in reading about something that leads me down a rathole of interesting side explorations. It is where I'm happiest. When I create presentations or trainings for people, I always ask for that spark, that list of questions people have as a jumping off point. I need that mental racquetball match to bring out my best. Can I create from the blank page? Yes. Is it my best work? Not on the first attempt, no - and possibly never, because that is just not how I work best.
Put me on stage in a fireside chat with questions, or give me an hour of presentation time with only 20 minutes of presenting and 40 minutes of Q&A, and I will deliver my best work. I know this about myself, and to succeed, I try to put myself in the situations that work for me. What works for you? If you, or someone you manage, doesn't know what kind of creation they are best at, then you run the risk of languishing in the wrong environment
Marketing Supply Chain
What is in your marketing supply chain? Something that occurred to me earlier this year was that marketing has a supply chain - and it is not the companies that make marketing technology. No, our supply chain as marketers are the suppliers that deliver the raw materials we work with to make our products. As marketers, our product is typically marketing or sales qualified leads that we give to our buyers - the sales process in our organization. Whether it’s an automated shopping cart doing ecommerce transactions or a sales representative calling leads or a retail store attracting walk-in prospective customers, our buyers take our outputs. And what’s our input?
What is the supply we buy? Audience attention. We purchase audiences’ attention from suppliers, and with our marketing operations, we refine that attention and pass the refined product down to our buyers. Sometimes we pay money outright for our raw materials, as we do when we pay to run ads. Other times, we’re bartering for our raw materials, as we do when we create content for organic search. Does that make sense so far? It aligns with what we call marketing operations, the execution of our marketing strategy to move our company forward and to serve the customer all along the customer’s journey to being a valued member of our community. Now, to be clear, this is not what the customer sees or experiences. This is what’s happening behind the scenes.
One of the questions people often ask about attribution analysis is, “So what? What does this tell us? What good is this information?” For example, here’s a recent attribution analysis from my website: Current attribution Click for a full size view When we talk about attribution reports, we often talk about what is working, how to know if our marketing is working. Consider this mindset shift though: An attribution report is an analysis of your marketing supply chain. Instead of telling you only about your marketing performance, an attribution analysis also tells you about the state and health of your marketing supply chain.
More importantly your masterful marketing may not be responsible for a supplier underperforming. For example, in the real world, if all your company’s goods are stuck on a cargo container ship stranded off the coast of Los Angeles, all the marketing and sales efforts in the world won’t restock your shelves. In fact, they may make things worth by creating demand for which you don’t have supply to fulfill. Likewise, when you look at your attribution reports, you are seeing what suppliers are sending you the attention of audiences. You see what your raw supplies look like - and with that mindset, you know which suppliers themselves might be in trouble if you’re not getting enough supply.
For paid ads, advertising networks have done a great job of convincing us as marketers that any problems are our fault - bad creative, bad setup, etc. And that’s certainly not out of the question; we have all see our share of bad ads . But ad networks themselves don’t talk about the quality of their supply, of the quality of attention they sell to us - and yet that’s what an attribution report is also telling us. The next time you look at an attribution analysis, remember this key point: you are not just looking at your marketing performance. You are looking at the quality of marketing suppliers in your supply chain.
Once you think of attribution that way, your mind is open to thinking about where else, what other suppliers you could swap in to get the same raw materials your marketing needs to generate the products your buyers - sales - are waiting for.
Marketing Mastery Conclusion
It was a hard time for many businesses to stand out due to so many rival brands doing the same as them so it was an interesting time to see what digital marketing ideas companies would be coming up with next to make sure that they stood out from the rest of the businesses in their industry. Digital marketing has shown to be a great way for companies to bring in new business and to also keep existing customers and businesses interested in their services.
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