MARKETING

The 8 Best Marketing Frameworks You Need to Know

Published

2 years ago

January 14, 2022

The 8 Best Marketing Frameworks You Need to Know

Marketing is a unique animal. With a combination of creativity, analytical thinking, taking data into consideration, and project management, a modern-day marketer must possess a great number of skills and have quite a few tools at their disposal.

Sure, you can delegate some of the work, but it also means you’re responsible for getting multiple people on the same page…some of which work in different states.

Rather than allowing your frustration to build, you can utilize tools that will make your job easier. More specifically, marketing frameworks. In this piece, we’ll discuss what a marketing strategy framework is, the benefits of utilizing one, the best marketing models out there, and how to decide which is best for you.

What is a marketing strategy framework?

A marketing strategy framework details how you’ll enact your marketing plan and deliver marketing content to your audiences in ways that will help you achieve your marketing goals. It’s often a template or visual representation of what you’re looking to accomplish.

You can think of it like this: you wouldn’t dream of approaching your marketing with a “throw spaghetti at the wall and see what sticks” attitude because it would be a disaster for your organization.

Instead, you’ll likely spend days, weeks, and maybe even months identifying your target audience, where they spend time and determining the perfect way to reach them and communicate the benefits of your product or service in a marketing plan.

Your marketing strategy framework takes this all a step further and, as mentioned above, ensures your marketing plan is successful because you’ll share content with your audiences at the right time in the most relevant channels that are more likely to drive results.

The Benefits of a Marketing Framework

A Marketing Framework does more than just keep you focused on the task at hand. As your company grows and your team grows along with it, you must find a way to communicate with every member of the marketing department, no matter where they work or what tasks they are responsible for.

Creating a marketing framework is the best way to ensure that everyone knows what they need to do and how they need to do it. Additional benefits of utilizing a marketing framework include:

Creating a home for templates, guides, tools, and assets that all marketers in your organization will need to access.
Establishing and communicating approved verbiage for the organization.
Improving marketing which then improves the growth and bottom line of the company.
Allows the team to compare different strategies and determine the best route.
Clearly communicate who is responsible for what and make it easier to transfer people from one role to another.
Save time by limiting “redos” – areas that are often susceptible to errors and therefore must be reworked.

In addition, your framework will help you predict your customer’s behavior and the revenue you can expect to see. As a result, it will help your team function more efficiently and produce more effectively.

The Best Marketing Frameworks

Marketing has probably been around since prehistoric days when entrepreneurial cavemen designed state-of-the-art spears and tried to sell them to their less “handy” counterparts.

Okay, that might not be true, but marketing has been a necessary aspect of business for a long time, and, over that time, savvy marketers have designed models and frameworks to make their (and your) job easier. Let’s take a look at some traditional models as well as some newer frameworks.

Traditional Marketing Models

1. 7Ps Marketing Mix

This widely used model considers the stages of business strategy, beginning at conception and taking it to evaluation. The Ps stand for:

Product: What’s being sold?
Prince: How much does it cost?
Place: Where will the product be sold?
Promotion: How will you communicate with your audience?
People: Who is involved in the production, promotion, and distribution?
Process: How will you deliver it to the customer?
Physical Evidence: How will you prove to customers that your business exists?

When you utilize the 7P model, you’ll have the opportunity to analyze and optimize every aspect of your company and your strategy to improve your business.

marketing strategy framework: The-7Ps-Marketing-Mix

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2. STP Marketing Model

The SPT model is a top-down approach that focuses on how a company addresses customers and helps deliver personalized (and relevant) messages to audiences.

STP stands for segmentation (dividing your audience into different sections), targeting (who will be the most receptive to your product), and positioning (how do you make your product the most appealing to that audience), and has helped many companies shift to utilizing social media to deliver content.

marketing strategy framework: stp approach

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3. Porter’s Five Forces

While most marketing frameworks focus on the product itself and the audience, Porter’s Five Forces looks at the outside influences that can affect profitability. These include:

Supplier Power, how many other suppliers exist, what makes them different, and how much their product costs.
Buyer Power, which is the customer’s ability to influence decisions made by the company.
Threat of Substitution, which is how your product compares to others on the market.
Threat of New Entry, which is any barriers you might experience when entering the market.
Competitive Rivalry, which is any other outside forces that affect how your product compares to the competition.

This model will help determine just how competitive your business environment is.

marketing strategy framework: porters five forces

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Now, let’s look at some of the newer models to hit the marketing scene. While they may not have been around as long as the more traditional models, they take into account the current marketing climate and often focus on start-ups.

Modern Marketing Models

4. Pirate Metrics or “AARRR!”

No, you don’t have to don an eye patch or adopt a parrot to use this framework. Developed by serial Startup Founder Dave McClure, Pirate Metrics allows you to see how a customer may travel on their buying journey and what areas you need to improve. AARRR stands for:

Acquisition: Where are prospects finding you? Facebook ads, blog content, a paid search, etc.
Activation: What step did a prospect take once they arrived at your website? Depending on the business, this could include signing up for an account, downloading a free giveaway in exchange for their email, filling out a profile, etc.
Retention: Once they’ve left your site, do prospects or customers come back? How often?
Revenue: How do you earn money from your customers? Consider reviewing metrics such as conversion rates, shopping cart size, and the LTV or customer lifetime value.
Referral: When customers are happy, they tell other people, and you end up with more customers. This lowers your CAC or customer acquisition cost because your loyal customers will attract new prospects for you.

marketing strategy framework: aarrr framework

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5. Lean Analytics Stages

Developed by Alistair Croll and Ben Yoskovitz, the Lean Analytics Stage framework combines aspects of many different models and is ideal for improving startup growth. There are five pillars to this model:

1. Empathy

During the product development stage, you’ll spend most of your time listening to customers, empathizing with their challenges, and taking in as much feedback as they are willing to provide. Once you have identified a problem you can solve to create your minimum viable product (MVP), you can then move on to the next stage.

2. Stickiness

Focus on engagement and retention as you work to create something that yields return customers. When you’ve got an engaged base and a low attrition rate, you can continue to stage three.

3. Virality

Before you try to attract customers through heavy advertising spending, focus on your existing customers. As your organic growth rates improve, you can move to stage four.

4. Revenue

Without money, you’ll be out of business quickly. Pay attention to your customer acquisition cost metrics to make sure your customers spend more money than they cost to acquire. Once you’ve reached your revenue goals, you can move to the final stage.

5. Scale

You’ve got explicit knowledge of your product and your market. Now, it’s time to increase the revenue from your current market and potentially enter into new markets.

marketing strategy framework: lean analytics model Image Source

6. The Hook Model

No, it has nothing to do with the Pirate Metrics we discussed earlier, but it does compliment the stickiness and virality we discussed during Lean Analytics.

The Hook Model was developed by Nir Eyal, author of Hooked: How to Build Habit-Forming Products. He believes that our most purchased and utilized products achieve that status because they become a part of habitual behaviors. As marketers, we can tap into that by understanding the cycle:

Trigger: The beginning of the cycle is often an external trigger like a push notification. However, as the cycle continues, negative internal emotions become triggers as we attempt to lessen these negative emotions with an action.
Action: The easier you make things to do, the more likely a person will do it. Habit-forming products make taking action painless and straightforward.
Variable Reward: The anticipation of reward is a strong motivator. Variability increases anticipation, making prospects and customers more likely to take an action that warrants a reward.
Investment: Creating an investment or “buy-in” for your customers makes it more difficult for them to step away from your product or service.

marketing strategy framework: the hook model

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7. The ICE Score

Sean Ellis, the Father of Growth Marketing, teaches the ICE score, a simple and quick way to evaluate potential channels for growth.

Rather than implementing a complex system, Ellis suggests asking three questions:

1. What will the impact of this move be if it works?
2. How confident am I that this plan will work?
3. How much time, money, and effort will be necessary to put this into action?

Asking yourself and your team these questions is one of the fastest ways to evaluate an idea and determine if you should move forward.

8. STEPPS

Developed by Jonah Burger, the author of Contagious: Why Things Catch On, STEPPS is a formula to create contagious content that has people talking and sharing.

Social Currency: Invite your customers to feel more like insiders. Humans are programmed to care what others think of them. This taps into that need to be seen positively by others and encourages conversation around your product.
Triggers: Frequently remind people of your product utilizing triggers and they’ll talk about it more.
Emotion: Highly emotional content is more likely to go viral. Taking that one step further, high arousal emotions like anger will be shared more often than low arousal emotions like sadness.
Public: When you make something public, you encourage people to talk about it and share it.
Practical Value: Provide value in the form of useful content, and people will be more likely to share it.
Stories: We are biologically wired to see the world through narrative. Creative stories that are easy to relate to and easy to remember, and they’ll also be easy to share.

marketing strategy framework: stepps model Image Source

Selecting the Best Marketing Framework for Your Business

While there are a variety of models available to you, they are not all created equal. There are a number of factors that will influence which framework is best for you and your organization.

In order to determine which framework to choose, you’ll want to examine the following aspects of your business:

What are the top priorities of the business?
What is the role of marketing within the organization?
How is success defined and measured within the marketing?
What is the marketing department capable of, and what improvements would you like to make?
Where would you like to see the most impact due to marketing efforts and what’s the easiest way to ensure that impact?

Over To You

Marketing is a difficult role no matter your product or service. You are in essence responsible for telling the world that your company has the cure to what ails them. Without you, the most amazing product or service ever created will never reach the hands of the people who need it.

As challenging as it is, there are tools you can utilize to take some of the difficulty out of your responsibilities. A marketing framework will help you stay the course, keep your team in the know and on the right path, and will ultimately help you better achieve your desired goals. Create a marketing framework today and make tomorrow easier.

MARKETING

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

Published

24 hours ago

April 22, 2024

Entireweb News Bot

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.

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.

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%.

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.

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:

The response that ChatGPT provided back is quite good:

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.

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:

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:

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?

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.

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.

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.

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:

Identify Your AI and Social Media Goals
Validate Your AI-Related Assumptions
Conduct Persona and Audience Research
Select the Right Social Channels
Identify Key Metrics and KPIs
Choose the Right AI Tools
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.

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.

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.

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?

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:

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.

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.

MARKETING

Advertising in local markets: A playbook for success

Published

2 days ago

April 21, 2024

Entireweb News Bot

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.

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.

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

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

MARKETING

Battling for Attention in the 2024 Election Year Media Frenzy

Published

3 days ago

April 20, 2024

Entireweb News Bot

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 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.

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 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.

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 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.

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.