Connect with us

MARKETING

5 Digital Marketing Strategies For Manufacturers (Guide 2023)

Published

on

5 Digital Marketing Strategies For Manufacturers (Guide 2023)

85%of fabricators utilize marketing strategies for manufacturers to boost traffic, conversion rate optimization, and sales. If your business is still part of the 15% of the pie, it’s time to reconsider your business decisions for online marketing.

If you’re looking to increase prospective customers, widen your existing client market, and expand your revenue, you’re in the right place. In this post, we will be discussing how to set up your digital marketing strategy, 6 ways to execute it, and how you can evaluate your efforts to check if you’re on the right track.

By the end of this post, you’ll be well equipped, together with your marketing team, with the knowledge it takes to shift you from being part of the 15% to becoming one of the 85% who have leveraged digital marketing strategies to reach your business bottom line.

Let’s start by considering how you can set up your digital marketing strategy.

Setting Up Your Digital Marketing Strategy

When creating a digital marketing strategy, you need to set up initial jump-off stages before everything starts moving. This allows your sales teams to have a general overview of your plan, get well acquainted with aspects of marketing and from there, you can start going through the actual implementation.

Advertisement

A. Building Your Buyer Persona

First on the list is setting up your buyer persona for your sales funnel. A buyer persona is a representation of the ideal customers you want to target for your marketing campaigns. Without it, you’ll just be firing blindly into the crowd and possibly hitting unnecessary audiences at the same time.

Building your buyer’s persona requires you to rely on accurate and actionable data, so it will take much research, study, and information gathering on your target market from a previous buying journey. However, that’s not going to be much of a problem if you already have existing clients, as you can also use that as a baseline.

Here’s a list of some starting points you can go for when building your online buyer persona:

  • Age
  • Location
  • Interests
  • Challenges
  • Business Size (B2B)
  • Spending Capabilities

To gather location data, you can use web analytics to determine the source of your current website traffic. This is a great way to also check on other prospective sites for potential marketing campaigns in the future.

B. Deciding Your Strategy Goals & Tools

A solid strategy needs to have goals and the necessary tools to follow through to meet them. Your marketing goals need to align with your business’s organizational goals and corporate goals to make sure that you are hitting the right targets.

If your business plans to grow your list of clients by 25%, then you need to double that amount in lead generation and conversions on the marketing side.

Advertisement

Now, tools are an integral part of any strategy. If your marketing strategy involves showcasing growth statistics and profit revenues, the best tool to use is cloud accounting services. That way, you will have a reliable avenue for getting the necessary data in creating your marketing material.

Goals make your task attainable, efficient, and convenient – crucial factors in ensuring that your digital tactics are as ideal as they can be.

C. Inspect Your Current Marketing Channels

Creating your digital strategy doesn’t mean that you have to start from scratch. Gather data on what you currently know from your marketing assets. This ensures that you also have a streamlined marketing plan.

To get a better grasp on this, split your assets into three distinct parts:

Paid: Paid media primarily revolves around assets that you financially invested in like social media influencers or regular advertising (Google Ads)

Owned: Owned media is existing content that you created on the net like podcasts, videos, or even blogs.

Advertisement

Earned:  Earned media is what people have to say about you and your business. This category revolves around testimonials, reviews, special mentions, recommendations, and all that.

Once you’ve compiled all your existing assets, start going through them and filter those that will benefit your digital marketing strategy and those that won’t. That way, you ensure that you won’t have repetitive assets.

6 Ways To Execute Your Digital Marketing Strategy

Now, after you’ve collected the data and have achieved laying out your goals, tools, and assets, it’s time to start your digital marketing strategy. There are a lot of methods and ways that you can use to achieve your goals, and each one has its own respective benefits and uses.

1. Content Creation

The first step on the list is content marketing strategies. This heavily leans on creating blogs for your niche and it’s one way for you to expand on your digital marketing strategy to speed up the buying process for the internet traffic you get from organic search.

1672589707 30 5 Digital Marketing Strategies For Manufacturers Guide 2023

The more actionable the content is, the better chances you have in building authority. If you are an authority in producing high-quality manufacturing content, you’ll have more chances in gaining traffic and leads.

To get a solid idea of what an ideal blog should look like, take my favorite article about the best podcast editing software as an example. Study how they formatted the piece and how they choose the images to include (valuable not just decorative. They also added relevant links to make it easier for the reader to take action when a suggestion is made.  

Advertisement

But the benefits of this inbound marketing tactic don’t stop with visitors and research. It also helps in making sure that your existing clients or those interested in your services also grab more valuable information to nurture customer retention and customer loyalty.

Other than blogs, you can also create content like:

  • eBooks
  • Case Studies
  • Statistical Research
  • Product Specifications

In general, these types of content are great for manufacturing companies as they can provide more technical knowledge on the niche products you are selling. You can also use your buyer persona to mold and shape your content strategy to suit your target audience.

You don’t have to start with long-form content. You can do what this hotel review blog by Luxurymodo did where they briefly described the best hotels in a certain location to get tourists a quick idea of where to stay for their vacation.

2. Email Marketing

Email marketing is a tried-and-true method when it comes to digital marketing. It’s a no-brainer if you want to maximize your strategy’s potential. Email is still one of the most used digital communication methods, with around 4.2 billion users in 2022 alone.

1672589707 176 5 Digital Marketing Strategies For Manufacturers Guide 2023

In one study, manufacturing digital marketers found email marketing responsible for 75% of year-over-year improvements in their ROI. That’s actionable data and proof that email marketing is more than alive but thriving for the manufacturing industry.

Email marketing offers a huge potential for reaching your marketing goals faster when working alongside other digital marketing methods. Over time, you’ll generate hundreds of leads using the method. Make sure to create a data pipeline to streamline all necessary information to help you nurture leads, predict trends, and identify loopholes you can work on.

Advertisement

3. Social Media Platforms

Social media platforms are a great way to promote content and boost online presence. If you have existing blogs, videos, podcasts, or even awards, then social media is the perfect place to boost or repurpose these content types.

One thing great about social media marketing is that you’re not only marketing for possible clients but also talent.

LinkedIn, Facebook, and other social media platforms are great areas to attract potential talent. If you consistently update and post content related to business success, these are effective methods for gaining positive perceptions from both ends of the spectrum.

If your branding isn’t much of a good fit for social media platforms, hire brand designers as an added measure to create a much more friendly graphic of your images and other visual content to suit the themes of social media better.

Managing your social media accounts will get overwhelming as your audience increases. This can take up a lot of space on your already-full plate. When you get to this stage, it’s best to hire a social media assistant to manage all your accounts and ensure someone interacts with your potential clients and all your platforms publish content on time.

4. Video Production

Video content is a powerful tool for digital marketing but, at the same time, one of the most complex materials to get right. One statistic reports that video marketing generates the most conversions among all content types.

Advertisement

1672589707 210 5 Digital Marketing Strategies For Manufacturers Guide 2023

Producing videos and sharing them on video-sharing platforms can provide you with a much-needed boost in growing organic traffic to your site. If you go to YouTube, videos focused on inside looks at manufacturing are highly popular amongst viewers.

You can use this to your advantage as higher viewership means more authority translating to more interested clients looking into your products. Consumers will then start choosing you as their go-to guy for providing their needs.

To make things a lot simpler, split your videos into two separate categories: Promotional &  Informational.

Promotional content is where you just want views and clicks on your videos. This is where you create factory tours, how-tos, and insider looks.

Informational content is where you start going deeper into technical aspects. This is the part where you are talking directly to potential buyers and your target customers. Videos like product showcasing, testing, and even just sharing technical knowledge are valuable content.

Once you have enough of these 2 content types, you can leverage educational content.

Advertisement

Video production is undoubtedly a big booster when it comes to digital marketing for manufacturers, but it also can come along with specific costs. But if video production is done right, it’s certainly well worth the initial investment.

5. SEO (Search Engine Optimization)

In digital marketing, it’s hard to go through any guide without having to hear the term SEO mainly because it plays an integral part in putting content in the spotlight.

Ideally, you want your content to be on the first page, which means the top 10 results on search engines as 75% of people surfing the internet won’t make it past the first page.

If you want your content to get traffic and receive organic search leads, ranking on SERPs is the best solution. Getting there, on the other hand, is far from easy.

Keywords are the primary driving factor of SEO. That’s how your website and its content rank on SERPs. It’s the search term that people use to find you and what you want to do is make your content pop up whenever a user searches for that keyword.

One of the reasons SEO is such a tricky area to work on is that there is a lot of competition for high-ranking keywords. But like my favorite example, this blog from Dropship Academy, they successfully created a workflow for identifying keywords to work with and the content that comes with it.

Advertisement

Chances are, your business is not the only one trying to rank for a specific keyword, and you’ll have to compete for the rank; the higher you rank, the harder it gets.

Here are some factors that contribute to your ranking on search engines:

  • Content
  • Page Speed
  • Link-Building
  • Domain History
  • User Experience
  • Mobile Friendliness
  • Content Optimization

If you follow and work on your SEO based on these factors, you’ll get better rankings for your chosen keywords and drive traffic toward your content with this inbound marketing tactic.

1672589707 292 5 Digital Marketing Strategies For Manufacturers Guide 2023

6. PPC (Pay-Per-Click)

PPC is your traditional advertising method in the digital world. This means displaying ads on search engines (Google) or social media channels (Facebook, Twitter, Instagram).

You only pay whenever your ad gets clicked, so it is a viable strategy to use whenever you are trying to market yourself on the web.

This type of marketing is targeted so you can set some parameters to try and target the specific audiences you want, those who are already interested in your industry type.

Social media sites even go a step further as users can specify age, location, interests, careers, and other data sets for better targeting of demographics and audiences.

Advertisement

Evaluating Your Digital Marketing Strategy

Once you’ve started running your digital marketing strategy for at least a week, you should start seeing some initial results. Even if you don’t see any significant growth in traffic metrics or leads, that is still a result that you can measure and work on.

From there, you can start evaluating your strategy or marketing idea. It’s pretty much a performance review.

If you start getting traffic, you are on the right track; if you’re not, that just means something needs to change, or maybe your strategy requires a bit more time for the results to show.

The evaluation stage is significantly vital in the starting stage of implementing a digital marketing strategy because it is where you iron out the issues and improve your methods.

So, with that said and done, let’s talk about some metrics that you can use to evaluate your digital marketing strategy.

I. A/B Testing

One of the basic principles you can work with is comparisons, and that is exactly what A/B testing does. This method is particularly effective for different campaign strategies as you can determine which phrases, words, images, and methods are effective for your audience.

Advertisement

With A/B testing, you can test out page designs, exit-intent pop-ups, lead magnets, and all other tools potential clients interact with that affect their customer experience and purchase decisions.

II. Site Traffic

Improving site traffic can be one of your main goals. If your website is already receiving a certain amount of traffic, then implementing a digital marketing strategy will affect this metric.

You can use this to determine if your content is driving users to your site. If it’s not, then that’s a tell-tale sign that either something is wrong or you need to improve your content. Site traffic metrics are also an excellent method to identify which content is performing well and which are not.

III. Traffic Source

Another area where you can evaluate the effectiveness of your digital marketing strategy is the traffic source. If you are planning to increase your website traffic in a specific location, this is a great place to identify where most of your viewers are from.

The same concept can also be used if you are planning to expand your market visibility. An increase in traffic from multiple sources is a great way to identify potential markets for you to take advantage of shortly for expanding marketing campaigns.

Conclusion

Digital marketing for manufacturing is a viable solution for many manufacturing businesses that are planning to expand their visibility in the digital world. While it’s true that digital marketing isn’t an easy process and requires some investment and experience to do right; going through the planning, execution, and evaluation of a digital marketing plan is a step in the right direction.

Advertisement

Start by setting up your marketing budget and buyer persona, inspecting current marketing channels, and deciding what tools to use. With that, decide the initial platforms you’ll utilize for execution. After running your campaigns for at least a week, you can start evaluating your marketing efforts.

While you can work all of these on your own, it’s best to let experts analyze your business first and provide you with suggestions about the marketing tactics you should take. We at Zumvu can help you with lead generation, sales, marketing, automation, and customer management. Get in touch with us so we can put you a step closer to your desired bottom line.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address

MARKETING

How to Use AI For a More Effective Social Media Strategy, According to Ross Simmonds

Published

on

How to Use AI For a More Effective Social Media Strategy, According to Ross Simmonds

Welcome to Creator Columns, where we bring expert HubSpot Creator voices to the Blogs that inspire and help you grow better.

It’s the age of AI, and our job as marketers is to keep up.

My team at Foundation Marketing recently conducted an AI Marketing study surveying hundreds of marketers, and more than 84% of all leaders, managers, SEO experts, and specialists confirmed that they used AI in the workplace.

AI in the workplace data graphic, Foundation Labs

If you can overlook the fear-inducing headlines, this technology is making social media marketers more efficient and effective than ever. Translation: AI is good news for social media marketers.

Download Now: The 2024 State of Social Media Trends [Free Report]

In fact, I predict that the marketers not using AI in their workplace will be using it before the end of this year, and that number will move closer and closer to 100%.

Advertisement

Social media and AI are two of the most revolutionizing technologies of the last few decades. Social media has changed the way we live, and AI is changing the way we work.

So, I’m going to condense and share the data, research, tools, and strategies that the Foundation Marketing Team and I have been working on over the last year to help you better wield the collective power of AI and social media.

Let’s jump into it.

What’s the role of AI in social marketing strategy?

In a recent episode of my podcast, Create Like The Greats, we dove into some fascinating findings about the impact of AI on marketers and social media professionals. Take a listen here:

Let’s dive a bit deeper into the benefits of this technology:

Benefits of AI in Social Media Strategy

AI is to social media what a conductor is to an orchestra — it brings everything together with precision and purpose. The applications of AI in a social media strategy are vast, but the virtuosos are few who can wield its potential to its fullest.

Advertisement

AI to Conduct Customer Research

Imagine you’re a modern-day Indiana Jones, not dodging boulders or battling snakes, but rather navigating the vast, wild terrain of consumer preferences, trends, and feedback.

This is where AI thrives.

Using social media data, from posts on X to comments and shares, AI can take this information and turn it into insights surrounding your business and industry. Let’s say for example you’re a business that has 2,000 customer reviews on Google, Yelp, or a software review site like Capterra.

Leveraging AI you can now have all 2,000 of these customer reviews analyzed and summarized into an insightful report in a matter of minutes. You simply need to download all of them into a doc and then upload them to your favorite Generative Pre-trained Transformer (GPT) to get the insights and data you need.

But that’s not all.

You can become a Prompt Engineer and write ChatGPT asking it to help you better understand your audience. For example, if you’re trying to come up with a persona for people who enjoy marathons but also love kombucha you could write a prompt like this to ChatGPT:

Advertisement

ChatGPT prompt example

The response that ChatGPT provided back is quite good:

GPT response example

Below this it went even deeper by including a lot of valuable customer research data:

  • Demographics
  • Psychographics
  • Consumer behaviors
  • Needs and preferences

And best of all…

It also included marketing recommendations.

The power of AI is unbelievable.

Social Media Content Using AI

AI’s helping hand can be unburdening for the creative spirit.

Instead of marketers having to come up with new copy every single month for posts, AI Social Caption generators are making it easier than ever to craft catchy status updates in the matter of seconds.

Advertisement

Tools like HubSpot make it as easy as clicking a button and telling the AI tool what you’re looking to create a post about:

AI social media caption generator step 1

The best part of these AI tools is that they’re not limited to one channel.

Your AI social media content assistant can help you with LinkedIn content, X content, Facebook content, and even the captions that support your post on Instagram.

It can also help you navigate hashtags:

AI social media hashtags generator example, HubSpot

With AI social media tools that generate content ideas or even write posts, it’s not about robots replacing humans. It’s about making sure that the human creators on your team are focused on what really matters — adding that irreplaceable human touch.

Enhanced Personalization

You know that feeling when a brand gets you, like, really gets you?

Advertisement

AI makes that possible through targeted content that’s tailored with a level of personalization you’d think was fortune-telling if the data didn’t paint a starker, more rational picture.

What do I mean?

Brands can engage more quickly with AI than ever before. In the early 2000s, a lot of brands spent millions of dollars to create social media listening rooms where they would hire social media managers to find and engage with any conversation happening online.

Thanks to AI, brands now have the ability to do this at scale with much fewer people all while still delivering quality engagement with the recipient.

Analytics and Insights

Tapping into AI to dissect the data gives you a CSI-like precision to figure out what works, what doesn’t, and what makes your audience tick. It’s the difference between guessing and knowing.

The best part about AI is that it can give you almost any expert at your fingertips.

Advertisement

If you run a report surrounding the results of your social media content strategy directly from a site like LinkedIn, AI can review the top posts you’ve shared and give you clear feedback on what type of content is performing, why you should create more of it, and what days of the week your content is performing best.

This type of insight that would typically take hours to understand.

Now …

Thanks to the power of AI you can upload a spreadsheet filled with rows and columns of data just to be met with a handful of valuable insights a few minutes later.

Improved Customer Service

Want 24/7 support for your customers?

It’s now possible without human touch.

Advertisement

Chatbots powered by AI are taking the lead on direct messaging experiences for brands on Facebook and other Meta properties to offer round-the-clock assistance.

The fact that AI can be trained on past customer queries and data to inform future queries and problems is a powerful development for social media managers.

Advertising on Social Media with AI

The majority of ad networks have used some variation of AI to manage their bidding system for years. Now, thanks to AI and its ability to be incorporated in more tools, brands are now able to use AI to create better and more interesting ad campaigns than ever before.

Brands can use AI to create images using tools like Midjourney and DALL-E in seconds.

Brands can use AI to create better copy for their social media ads.

Brands can use AI tools to support their bidding strategies.

Advertisement

The power of AI and social media is continuing to evolve daily and it’s not exclusively found in the organic side of the coin. Paid media on social media is being shaken up due to AI just the same.

How to Implement AI into Your Social Media Strategy

Ready to hit “Go” on your AI-powered social media revolution?

Don’t just start the engine and hope for the best. Remember the importance of building a strategy first. In this video, you can learn some of the most important factors ranging from (but not limited to) SMART goals and leveraging influencers in your day-to-day work:

The following seven steps are crucial to building a social media strategy:

  1. Identify Your AI and Social Media Goals
  2. Validate Your AI-Related Assumptions
  3. Conduct Persona and Audience Research
  4. Select the Right Social Channels
  5. Identify Key Metrics and KPIs
  6. Choose the Right AI Tools
  7. Evaluate and Refine Your Social Media and AI Strategy

Keep reading, roll up your sleeves, and follow this roadmap:

1. Identify Your AI and Social Media Goals

If you’re just dipping your toes into the AI sea, start by defining clear objectives.

Is it to boost engagement? Streamline your content creation? Or simply understand your audience better? It’s important that you spend time understanding what you want to achieve.

Advertisement

For example, say you’re a content marketing agency like Foundation and you’re trying to increase your presence on LinkedIn. The specificity of this goal will help you understand the initiatives you want to achieve and determine which AI tools could help you make that happen.

Are there AI tools that will help you create content more efficiently? Are there AI tools that will help you optimize LinkedIn Ads? Are there AI tools that can help with content repurposing? All of these things are possible and having a goal clearly identified will help maximize the impact. Learn more in this Foundation Marketing piece on incorporating AI into your content workflow.

Once you have identified your goals, it’s time to get your team on board and assess what tools are available in the market.

Recommended Resources:

2. Validate Your AI-Related Assumptions

Assumptions are dangerous — especially when it comes to implementing new tech.

Don’t assume AI is going to fix all your problems.

Advertisement

Instead, start with small experiments and track their progress carefully.

3. Conduct Persona and Audience Research

Social media isn’t something that you can just jump into.

You need to understand your audience and ideal customers. AI can help with this, but you’ll need to be familiar with best practices. If you need a primer, this will help:

Once you understand the basics, consider ways in which AI can augment your approach.

4. Select the Right Social Channels

Not every social media channel is the same.

It’s important that you understand what channel is right for you and embrace it.

Advertisement

The way you use AI for X is going to be different from the way you use AI for LinkedIn. On X, you might use AI to help you develop a long-form thread that is filled with facts and figures. On LinkedIn however, you might use AI to repurpose a blog post and turn it into a carousel PDF. The content that works on X and that AI can facilitate creating is different from the content that you can create and use on LinkedIn.

The audiences are different.

The content formats are different.

So operate and create a plan accordingly.

Recommended Tools and Resources:

5. Identify Key Metrics and KPIs

What metrics are you trying to influence the most?

Advertisement

Spend time understanding the social media metrics that matter to your business and make sure that they’re prioritized as you think about the ways in which you use AI.

These are a few that matter most:

  • Reach: Post reach signifies the count of unique users who viewed your post. How much of your content truly makes its way to users’ feeds?
  • Clicks: This refers to the number of clicks on your content or account. Monitoring clicks per campaign is crucial for grasping what sparks curiosity or motivates people to make a purchase.
  • Engagement: The total social interactions divided by the number of impressions. This metric reveals how effectively your audience perceives you and their readiness to engage.

Of course, it’s going to depend greatly on your business.

But with this information, you can ensure that your AI social media strategy is rooted in goals.

6. Choose the Right AI Tools

The AI landscape is filled with trash and treasure.

Pick AI tools that are most likely to align with your needs and your level of tech-savviness.

For example, if you’re a blogger creating content about pizza recipes, you can use HubSpot’s AI social caption generator to write the message on your behalf:

Advertisement

AI social media generator example

The benefit of an AI tool like HubSpot and the caption generator is that what at one point took 30-40 minutes to come up with — you can now have it at your fingertips in seconds. The HubSpot AI caption generator is trained on tons of data around social media content and makes it easy for you to get inspiration or final drafts on what can be used to create great content.

Consider your budget, the learning curve, and what kind of support the tool offers.

7. Evaluate and Refine Your Social Media and AI Strategy

AI isn’t a magic wand; it’s a set of complex tools and technology.

You need to be willing to pivot as things come to fruition.

If you notice that a certain activity is falling flat, consider how AI can support that process.

Did you notice that your engagement isn’t where you want it to be? Consider using an AI tool to assist with crafting more engaging social media posts.

Advertisement

Make AI Work for You — Now and in the Future

AI has the power to revolutionize your social media strategy in ways you may have never thought possible. With its ability to conduct customer research, create personalized content, and so much more, thinking about the future of social media is fascinating.

We’re going through one of the most interesting times in history.

Stay equipped to ride the way of AI and ensure that you’re embracing the best practices outlined in this piece to get the most out of the technology.

New call-to-action

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

Advertising in local markets: A playbook for success

Published

on

Advertising in local markets: A playbook for success

Many brands, such as those in the home services industry or a local grocery chain, market to specific locations, cities or regions. There are also national brands that want to expand in specific local markets. 

Regardless of the company or purpose, advertising on a local scale has different tactics than on a national scale. Brands need to connect their messaging directly with the specific communities they serve and media to their target demo. Here’s a playbook to help your company succeed when marketing on a local scale.  

1. Understand local vs. national campaigns

Local advertising differs from national campaigns in several ways: 

  • Audience specificity: By zooming in on precise geographic areas, brands can tailor messaging to align with local communities’ customs, preferences and nuances. This precision targeting ensures that your message resonates with the right target audience.
  • Budget friendliness: Local advertising is often more accessible for small businesses. Local campaign costs are lower, enabling brands to invest strategically within targeted locales. This budget-friendly nature does not diminish the need for strategic planning; instead, it emphasizes allocating resources wisely to maximize returns. As a result, testing budgets can be allocated across multiple markets to maximize learnings for further market expansion.
  • Channel selection: Selecting the correct channels is vital for effective local advertising. Local newspapers, radio stations, digital platforms and community events each offer advantages. The key lies in understanding where your target audience spends time and focusing efforts to ensure optimal engagement.
  • Flexibility and agility: Local campaigns can be adjusted more swiftly in response to market feedback or changes, allowing brands to stay relevant and responsive. 

Maintaining brand consistency across local touchpoints reinforces brand identity and builds a strong, recognizable brand across markets. 

2. Leverage customized audience segmentation 

Customized audience segmentation is the process of dividing a market into distinct groups based on specific demographic criteria. This marketing segmentation supports the development of targeted messaging and media plans for local markets. 

Advertisement

For example, a coffee chain might cater to two distinct segments: young professionals and retirees. After identifying these segments, the chain can craft messages, offers and media strategies relating to each group’s preferences and lifestyle.

To reach young professionals in downtown areas, the chain might focus on convenience, quality coffee and a vibrant atmosphere that is conducive to work and socializing. Targeted advertising on Facebook, Instagram or Connected TV, along with digital signage near office complexes, could capture the attention of this demographic, emphasizing quick service and premium blends.

Conversely, for retirees in residential areas, the chain could highlight a cozy ambiance, friendly service and promotions such as senior discounts. Advertisements in local print publications, community newsletters, radio stations and events like senior coffee mornings would foster a sense of community and belonging.

Dig deeper: Niche advertising: 7 actionable tactics for targeted marketing

3. Adapt to local market dynamics

Various factors influence local market dynamics. Brands that navigate changes effectively maintain a strong audience connection and stay ahead in the market. Here’s how consumer sentiment and behavior may evolve within a local market and the corresponding adjustments brands can make. 

  • Cultural shifts, such as changes in demographics or societal norms, can alter consumer preferences within a local community. For example, a neighborhood experiencing gentrification may see demand rise for specific products or services.
    • Respond by updating your messaging to reflect the evolving cultural landscape, ensuring it resonates with the new demographic profile.
  • Economic conditions are crucial. For example, during downturns, consumers often prioritize value and practicality.
    • Highlight affordable options or emphasize the practical benefits of your offerings to ensure messaging aligns with consumers’ financial priorities. The impact is unique to each market and the marketing message must also be dynamic.
  • Seasonal trends impact consumer behavior.
    • Align your promotions and creative content with changing seasons or local events to make your offerings timely and relevant.
  • New competitors. The competitive landscape demands vigilance because new entrants or innovative competitor campaigns can shift consumer preferences.
    • Differentiate by focusing on your unique selling propositions, such as quality, customer service or community involvement, to retain consumer interest and loyalty.

4. Apply data and predictive analytics 

Data and predictive analytics are indispensable tools for successfully reaching local target markets. These technologies provide consumer behavior insights, enabling you to anticipate market trends and adjust strategies proactively. 

  • Price optimization: By analyzing consumer demand, competitor pricing and market conditions, data analytics enables you to set prices that attract customers while ensuring profitability.
  • Competitor analysis: Through analysis, brands can understand their positioning within the local market landscape and identify opportunities and threats. Predictive analytics offer foresight into competitors’ potential moves, allowing you to strategize effectively to maintain a competitive edge.
  • Consumer behavior: Forecasting consumer behavior allows your brand to tailor offerings and marketing messages to meet evolving consumer needs and enhance engagement.
  • Marketing effectiveness: Analytics track the success of advertising campaigns, providing insights into which strategies drive conversions and sales. This feedback loop enables continuous optimization of marketing efforts for maximum impact.
  • Inventory management: In supply chain management, data analytics predict demand fluctuations, ensuring inventory levels align with market needs. This efficiency prevents stockouts or excess inventory, optimizing operational costs and meeting consumer expectations.

Dig deeper: Why you should add predictive modeling to your marketing mix

5. Counter external market influences

Consider a clothing retailer preparing for a spring collection launch. By analyzing historical weather data and using predictive analytics, the brand forecasts an unseasonably cool start to spring. Anticipating this, the retailer adjusts its campaign to highlight transitional pieces suitable for cooler weather, ensuring relevance despite an unexpected chill.

Advertisement

Simultaneously, predictive models signal an upcoming spike in local media advertising rates due to increased market demand. Retailers respond by reallocating a portion of advertising budgets to digital channels, which offer more flexibility and lower costs than traditional media. This shift enables brands to maintain visibility and engagement without exceeding budget, mitigating the impact of external forces on advertising.

6. Build consumer confidence with messaging

Localized messaging and tailored customer service enhance consumer confidence by demonstrating your brand’s understanding of the community. For instance, a grocery store that curates cooking classes featuring local cuisine or sponsors community events shows commitment to local culture and consumer interests. 

Similarly, a bookstore highlighting local authors or topics relevant to the community resonates with local customers. Additionally, providing service that addresses local needs — such as bilingual service and local event support — reinforces the brand’s values and response to the community. 

Through these localized approaches, brands can build trust and loyalty, bridging the gap between corporate presence and local relevance.

7. Dominate with local advertising 

To dominate local markets, brands must:

  • Harness hyper-targeted segmentation and geo-targeted advertising to reach and engage precise audiences.
  • Create localized content that reflects community values, engage in community events, optimize campaigns for mobile and track results.
  • Fine-tune strategies, outperform competitors and foster lasting relationships with customers.

These strategies will enable your message to resonate with local consumers, differentiate you in competitive markets and ensure you become a major player in your specific area. 



Dig deeper: The 5 critical elements for local marketing success

Advertisement

Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

MARKETING

Battling for Attention in the 2024 Election Year Media Frenzy

Published

on

Battling for Attention in the 2024 Election Year Media Frenzy

Battling for Attention in the 2024 Election Year Media Frenzy

As we march closer to the 2024 U.S. presidential election, CMOs and marketing leaders need to prepare for a significant shift in the digital advertising landscape. Election years have always posed unique challenges for advertisers, but the growing dominance of digital media has made the impact more profound than ever before.

In this article, we’ll explore the key factors that will shape the advertising environment in the coming months and provide actionable insights to help you navigate these turbulent waters.

The Digital Battleground

The rise of cord-cutting and the shift towards digital media consumption have fundamentally altered the advertising landscape in recent years. As traditional TV viewership declines, political campaigns have had to adapt their strategies to reach voters where they are spending their time: on digital platforms.

1713626763 903 Battling for Attention in the 2024 Election Year Media Frenzy1713626763 903 Battling for Attention in the 2024 Election Year Media Frenzy

According to a recent report by eMarketer, the number of cord-cutters in the U.S. is expected to reach 65.1 million by the end of 2023, representing a 6.9% increase from 2022. This trend is projected to continue, with the number of cord-cutters reaching 72.2 million by 2025.

Moreover, a survey conducted by Pew Research Center in 2023 found that 62% of U.S. adults do not have a cable or satellite TV subscription, up from 61% in 2022 and 50% in 2019. This data further underscores the accelerating shift away from traditional TV and towards streaming and digital media platforms.

As these trends continue, political advertisers will have no choice but to follow their audiences to digital channels. In the 2022 midterm elections, digital ad spending by political campaigns reached $1.2 billion, a 50% increase from the 2018 midterms. With the 2024 presidential election on the horizon, this figure is expected to grow exponentially, as campaigns compete for the attention of an increasingly digital-first electorate.

For brands and advertisers, this means that the competition for digital ad space will be fiercer than ever before. As political ad spending continues to migrate to platforms like Meta, YouTube, and connected TV, the cost of advertising will likely surge, making it more challenging for non-political advertisers to reach their target audiences.

Advertisement

To navigate this complex and constantly evolving landscape, CMOs and their teams will need to be proactive, data-driven, and willing to experiment with new strategies and channels. By staying ahead of the curve and adapting to the changing media consumption habits of their audiences, brands can position themselves for success in the face of the electoral advertising onslaught.

Rising Costs and Limited Inventory

As political advertisers flood the digital market, the cost of advertising is expected to skyrocket. CPMs (cost per thousand impressions) will likely experience a steady climb throughout the year, with significant spikes anticipated in May, as college students come home from school and become more engaged in political conversations, and around major campaign events like presidential debates.

1713626764 529 Battling for Attention in the 2024 Election Year Media Frenzy1713626764 529 Battling for Attention in the 2024 Election Year Media Frenzy

For media buyers and their teams, this means that the tried-and-true strategies of years past may no longer be sufficient. Brands will need to be nimble, adaptable, and willing to explore new tactics to stay ahead of the game.

Black Friday and Cyber Monday: A Perfect Storm

The challenges of election year advertising will be particularly acute during the critical holiday shopping season. Black Friday and Cyber Monday, which have historically been goldmines for advertisers, will be more expensive and competitive than ever in 2024, as they coincide with the final weeks of the presidential campaign.

To avoid being drowned out by the political noise, brands will need to start planning their holiday campaigns earlier than usual. Building up audiences and crafting compelling creative assets well in advance will be essential to success, as will a willingness to explore alternative channels and tactics. Relying on cold audiences come Q4 will lead to exceptionally high costs that may be detrimental to many businesses.

Navigating the Chaos

While the challenges of election year advertising can seem daunting, there are steps that media buyers and their teams can take to mitigate the impact and even thrive in this environment. Here are a few key strategies to keep in mind:

Start early and plan for contingencies: Begin planning your Q3 and Q4 campaigns as early as possible, with a focus on building up your target audiences and developing a robust library of creative assets.

Advertisement

Be sure to build in contingency budgets to account for potential cost increases, and be prepared to pivot your strategy as the landscape evolves.

1713626764 197 Battling for Attention in the 2024 Election Year Media Frenzy1713626764 197 Battling for Attention in the 2024 Election Year Media Frenzy

Embrace alternative channels: Consider diversifying your media mix to include channels that may be less impacted by political ad spending, such as influencer marketing, podcast advertising, or sponsored content. Investing in owned media channels, like email marketing and mobile apps, can also provide a direct line to your customers without the need to compete for ad space.

Owned channels will be more important than ever. Use cheaper months leading up to the election to build your email lists and existing customer base so that your BF/CM can leverage your owned channels and warm audiences.

Craft compelling, shareable content: In a crowded and noisy advertising environment, creating content that resonates with your target audience will be more important than ever. Focus on developing authentic, engaging content that aligns with your brand values and speaks directly to your customers’ needs and desires.

By tapping into the power of emotional triggers and social proof, you can create content that not only cuts through the clutter but also inspires organic sharing and amplification.

Reflections

The 2024 election year will undoubtedly bring new challenges and complexities to the world of digital advertising. But by staying informed, adaptable, and strategic in your approach, you can navigate this landscape successfully and even find new opportunities for growth and engagement.

As a media buyer or agnecy, your role in steering your brand through these uncharted waters will be critical. By starting your planning early, embracing alternative channels and tactics, and focusing on creating authentic, resonant content, you can not only survive but thrive in the face of election year disruptions.

Advertisement

So while the road ahead may be uncertain, one thing is clear: the brands that approach this challenge with creativity, agility, and a steadfast commitment to their customers will be the ones that emerge stronger on the other side.


Disruptive Design Raising the Bar of Content Marketing with Graphic

Source link

Keep an eye on what we are doing
Be the first to get latest updates and exclusive content straight to your email inbox.
We promise not to spam you. You can unsubscribe at any time.
Invalid email address
Continue Reading

Trending

Follow by Email
RSS