Connect with us

MARKETING

The Rise of Web3 in Web Design: 8 Ways Website Development Will Change Forever

Published

on

The Rise of Web3 in Web Design: 8 Ways Website Development Will Change Forever

Are You Prepared for the Shift in Website Design with the Rise of Blockchain Technology?”

Let’s take a deep dive into the exciting future and world of web3 blockchain technology, and its impact on website design and development.

I’m going to provide you with real-world examples, and by the end you should have a clear and concise explanation of how decentralization, data management, and interactions will work in the future of websites.

I’ll be sharing what I’ve learned about the benefits of adopting these technologies, including increased security, website personalization, and user control.

If you want to stay ahead in the field of website design and understand the future of the industry then this article is a must-read.

The way we build websites now is changing!

The way websites are built now is inefficient and requires a huge knowledge base to build correctly. Most website platforms these days use some form of a WYSIWYG “WiziWig” style builder like WordPress, Squarespace, Shopify, and countless others.

Advertisement

We’ve come a long way from having a static website that had to have each page hard coded with html, css, and javascript, now anyone with a basic understanding of a computer can build their own website… at their own peril if they are inexperienced.

It’s taken over 30 years for websites to be as good as they are today, this direction is for the long term thinker who wants to be on the cutting edge of the industry and build their brand in a space that is extremely new.

Content Marketing Certification

Want to get certified in Content Marketing?

Leverage the tools and channels to predictably and profitably drive awareness, leads, sales, and referrals—EVERYTHING you need to know to become a true master of digital marketing.​ Click Here

You will need to learn the technology overtime and become proficient with the types of industries that are looking to build web3 websites and applications. There are already a few decentralized website and web app builders out there that are fully running on blockchain technology. 

Decentralized Web App Builder Example: ICME

One example is a company called ICME that has “world’s first smart contract marketplace and web3 no-code suite.” Their modules even offer the ability to integrate with web2 applications that support API Post Requests.

Their entire code base is built on a blockchain technology called Internet Computer, which is why I’m actually invested in their Cryptocurrency known as ICP on exchanges. It allows you to do everything from building landing pages, websites, blog posts, online stores, Linktree type pages, Store NFT’s and more.

Advertisement

I do see some existing platforms like WordPress evolving into a fully decentralized Web3 platform, that would dramatically speed up market adoption as they have such a huge knowledge base and community of creators, it’s just a matter of time.

The exact evolution of website building tools is yet to be seen, but what’s certain is that web3 and blockchain technology will play a significant role in shaping the future of the web. The sooner you start to adopt and learn this technology the further ahead you will be when the time comes to switch from the internet we know it to what’s coming in the not too distant future. 

Web3 Websites will be easier to build and customize with AI Tools.

The process of building websites in Web3 becomes much more intuitive and easy with the integration of artificial intelligence, with tools like OpenAI, you will simply give the program a prompt and give it a clear description of what you want your website to look like, say, do, and create.

This is where things will get fun for a designer and being able to let your creativity and artistic talent reach a level never seen before.

The need or demand for front end website programmers will change as less custom coding will be required, your website will be able to change visual elements and maybe more in the future with ai.

Web3 Websites are going to become very personalized experiences and brand centric.

Websites will collect data with consent(which is another point for later), that allows the user to have a completely customized user experience and interaction. Imagine a traditional website as a restaurant where the customers order their food from the menu and the kitchen staff prepares the dishes.

Advertisement

In this scenario, the restaurant manager is the central authority that controls the flow of information, the menu, and the preparation of the food. However, in a web3 and blockchain enabled website, this centralized authority is replaced by a decentralized network of customers, chefs, and kitchen staff.

With web3 and blockchain technology, website users can interact with the site in a more direct and efficient manner. Instead of relying on a central authority, users can participate in transactions and interactions on the website without intermediaries.

This eliminates the need for middlemen, making the process faster, more secure, and cost-effective.

For example, a user can easily and securely create their own profile, manage their data, and participate in transactions on the website. This level of user empowerment enables them to take control of their online presence and interactions, providing them with greater privacy and security.

The decentralization of website interactions through web3 and blockchain technology represents a shift towards a more user-centric and efficient web experience. It eliminates the need for intermediaries, providing users with greater control over their interactions, transactions, and data.

Web3 Data Management will become more secure.

Imagine now you are running a restaurant and you need to keep track of all the ingredients you have in stock, what dishes you serve, and the orders from your customers. In the traditional system, you would keep all this information in a single ledger book, written by hand.

Advertisement

However, with the integration of blockchain technology in your restaurant, this system of record-keeping becomes much more efficient and secure. Each ingredient becomes a unique item with its own blockchain record, and the orders from customers are recorded as transactions.

This decentralization of data management ensures that all the information is secure and can be easily accessed by any member of the team who needs it.

In the same way, decentralization will work for data management in website design and development. Instead of relying on a single central database to store all website data, this information can be spread out across multiple nodes on a blockchain network.

This means that website data is not stored in one central location, but is instead distributed across many different nodes, making it much more secure and resilient against hacking or other forms of data loss.

For example, user data such as personal information, preferences, and transactions can be stored in a secure and encrypted manner on a blockchain network like Internet Computer. This allows website owners to manage their data in a more secure and efficient way, giving users peace of mind that their information is protected.

The integration of blockchain technology in website design and development will lead to a more secure and efficient way of managing our website data.

Advertisement

Like William Mougayar said author of The Business Blockchain “In a world where data is currency, the blockchain offers a new model of trust and control.” By decentralizing our data management, website owners will know that all information is stored in a secure and transparent manner, promoting trust and confidence among users. 

Say goodbye to hackers once websites are on Web3.

There were 22 billion breached records in 2021 alone, the biggest reason behind that is due to the nature of Centralized servers and website platforms.  In Web3 security can be compared to a fortified castle, providing superior protection against outside threats and ensuring the safety of you and your clients or customers valuable information and data. 

Using blockchain technology, website owners will be able to offer a greater degree of security to their users, protecting their data and transactions from malicious actors.

This will be particularly important in fields such as finance and healthcare, where the protection of sensitive information is of utmost importance and required by HIPAA and other regulatory agencies. 

Just as a fortified castle protects its inhabitants from outside threats, web3 provides a layer of security to websites that is unparalleled by traditional web design.

The decentralized nature of web3 eliminates the need for a central point of control, making it much harder for hackers to penetrate. In addition, web3’s advanced encryption algorithms and blockchain technology provide a secure platform for website data and interactions.

Advertisement

In a traditional website, all data is stored in a central database, making it a prime target for cyber attacks. On the other hand, web3 stores data across a network of nodes, making it much harder for a single point of failure to occur. This eliminates the risk of large scale data breaches, as well as reducing the risk of individual data being compromised.

Finally, web3’s immutable ledger ensures that all website interactions are transparent and secure. This means that all transactions and changes made to the website can be tracked and verified, making it easier to detect and prevent any fraudulent activity. So if you want to protect your website and your clients website and their users from outside threats, web3 is going to be the way to go!

“Blockchain technology offers a level of security that was previously unachievable on the internet.” – Don Tapscott, blockchain expert and author of Blockchain Revolution

Automation will be effortless with Web3.

Blockchain Web Apps will have the ability to work together seamlessly, I see a future not too far off where ecosystems of dozens of programs are consolidated into one. Checking your social media posts, messages, your email, text messages, and website inquiries all in one place in just minutes. 

Automation when done properly removes friction and resistance from any area of your business that is a lower revenue generating activity. Your time is the most valuable thing you have and using automation tools is how you buy back that time.

With web3, websites will be able to automate many processes, reducing the need for intermediaries and streamlining operations.  

Advertisement

I want to give a few examples of ways we can Automate our websites with Web3. The first is dynamic pricing and inventory management: Web3 and blockchain technology will allow for automated and real-time pricing and inventory updates on our e-commerce websites, reducing manual labor and increasing efficiency so that you and your team can focus on higher revenue generating tasks.

The second is user authentication and verification: Web3 and blockchain technology will provide a secure and automated way to verify user identities, reducing the risk of fraud and making it easier for websites to manage user access and permissions.

I’ve already had to dramatically improve my knowledge around user verification after working with nearly a dozen blockchain brands since 2016. 

There are already QR codes being used to login to websites like discord and other utilities like Crypto Wallets. The last example is content delivery and distribution, Web3 and blockchain technology allows for the automated content distribution, reducing the need for manual content updates and ensuring that the most up-to-date information is always available on your site.

This will free up time and resources for more creative and meaningful work, and will help to reduce costs for both users and website owners. This is good for any business owner that wants to lower their bottom line costs while raising their top line revenue simultaneously by leveraging time at the highest level of efficiency possible.

When it comes to Revenue Web3 will give you maximum monetization potential.

In the world of websites, monetization is the process of generating revenue from a website. Traditional website monetization methods include advertising, subscriptions, and e-commerce sales. However, with the advent of web3 and blockchain, the landscape of website monetization is about to change.

Advertisement

For example purposes let’s use a loyalty program analogy, a loyalty program is a rewards system offered by businesses to incentivize customers to continue using their services. Similarly, on web3, website monetization will offer new ways for website owners to monetize their content and incentivize users to continue visiting their site.

One example of how websites on web3 and blockchain can monetize their content is through tokenization. In this model, websites can issue tokens that represent ownership of certain content or access to premium features.

Users can then purchase these tokens and exchange them for access to the content or features they are interested in. This creates a new revenue stream for the website and offers users an incentive to visit and engage with the site.

Another way that web3 and blockchain can monetize content is through micropayments. In the traditional web, micropayments are difficult to execute due to high transaction fees and slow processing times. However, with the speed and low cost of transactions on the blockchain, micropayments become a viable option for websites to monetize their content.

This allows websites to offer users access to small amounts of content in exchange for a small payment, giving users a more affordable way to access quality content they are interested in.

One of the best examples I’ve seen so far is how Tom Bilyeu has used NFT’s as a way for people to get access to his content which ranges from events, to video games, tv shows, education and a ton more his nft’s are cleverly called the “Founder Keys.” There are lots of perks that brands are giving to early adopters that support the web3 movement and help us move closer to a better, safer, and more balanced internet.

Advertisement

Websites can also create loyalty program-like systems that incentivizes users to continue visiting and engaging with their site.

As the web3 and blockchain ecosystem continues to grow, we can expect to see an influx of new and creative monetization models emerge, providing websites with new opportunities to generate more revenue, and their users and visitors with new and exciting ways to access and engage with your content.

Decentralization puts Consent into action.

As a designer, the websites or graphics I create that started from an idea, a conversation, or something i’ve experienced are valuable and belong to me, knowing that there are AI design tools that can take my 15 years of experience, and use it to create an even better version in seconds and essentially for free?

That’s a big NO NO for the creators and artists, in fact there is a movement happening right now about consent and how these big platforms don’t have the consent to use their art as reference for AI design tools.

I stand behind being able to give consent if your work is going to be used without your permission, if movie and music piracy is a federal crime shouldn’t companies stealing a designer’s work without consent a crime too?

I think so, and that’s why I’m so excited about Web3 and Blockchain. Being able to create smart contracts and public records of your creative assets is a huge step forward for creators and designers around the world.

Advertisement

Imagine a world where your designs are stored on a decentralized platform, accessible only with your consent. You can choose who can view your work, who can use it, and how it can be used. No longer do you have to worry about your designs being stolen or used without your permission.

With web3 and Blockchain, your work is protected by the power of blockchain technology, ensuring that your designs remain yours.

In this new world, you can also monetize your work in new and innovative ways. For example, you could offer limited use licenses for your designs, allowing others to use them for a specified period of time. You could also offer exclusive access to your designs, giving a select group of people the ability to use them in a unique way.

By giving you the power to control how your work is used, shared, and monetized, web3 decentralization empowers you to take control of your career and build a future that reflects your vision and values. Decentralization is a game-changer for designers and creatives alike. 

You get complete power of consent for your work to be used in any way, web3 decentralization empowers you to take control of your career and build a future that reflects your vision and values. So why not embrace this exciting new technology and start building your future today?

Interacting with Web3 Websites will be easier than ever.

Web3 website users will be able to customize a range of interactions on a website like content creation and sharing. Users will be able to create, share and consume content that aligns with their interests and preferences, without relying on centralized platforms.

Advertisement

Community building, users will have the ability to build and join communities that align with their interests and participate in decision-making processes, creating a more personalized and engaging online experience. 

Interaction with E-commerce, users will be able to buy and sell goods and services directly with one another, without the need for traditional payment processors, creating a more transparent, secure, and affordable online marketplace.

Users will be able to access personalized services and experiences based on their data and preferences, creating a more user-centered online experience. A good example is a pizza shop website that keeps track of the last purchase you made and gives you the option to re order it at a discount price.

Web3 users will have the ability to customize a wide range of interactions on the website, from content creation and community building, to e-commerce and data privacy, creating a more user-centered, personalized and engaging online experience.

The adoption of web3 and blockchain technology is poised to bring about a revolution in the world of website design. From decentralization to automation and from security to monetization, these technologies offer new and innovative ways to interact with the web.

As a designer, it is crucial to keep up with these changes and be prepared for the new opportunities and challenges that come with them. 

Advertisement

Web3 decentralization empowers creators by giving them control over how their work is used. Automation streamlines processes and saves time, while security measures are reinforced, giving website owners peace of mind. And with monetization options like a rewards program, website owners can explore new and innovative ways to earn revenue.

Overall, the future of website design is bright with the integration of web3, blockchain, and ai. Designers should embrace the power of these technologies to unlock new possibilities on the web and create better online experiences for everyone

“Unlock the power of web3 and blockchain to unleash your creative potential, embrace the future of website design, and build the digital world of tomorrow.” – Adrian Boysel


1675814445 466 The Rise of Web3 in Web Design 8 Ways Website

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

Unlocking Hidden Revenue: The Inbox Retargeting Methodology

Published

on

Unlocking Hidden Revenue: The Inbox Retargeting Methodology

Page conversion rates have ALWAYS been a problem. The simple fact is most people don’t convert even on the most optimized pages. 

What’s why traditional retargeting on ad networks has been so dang powerful. While retargeted leads come cheap, they still aren’t free. Worse, you’re back competing against your competition in the ol’ ad auction system.

For the last 6 years, I’ve been using a tactic called Inbox Retargeting to identify who lands on my key pages and directly reach out to them in their inbox.

No more ads. No more auctions. Just a targeted contact that showed they were interested, but didn’t quite take the leap yet.

Before I dive into the “What’s” and “How’s”, this tactic can only be used in the good ol’ US of A. If you aren’t in the states or don’t have clients in the states, you’re out of luck. Sorry!

How It Works

Inbox retargeting doesn’t take a lot of heavy lifting. I’ll share the strategy next but I wanted to start with some of the logistics.

Advertisement

DISCLAIMER: I am not a lawyer or coder, so keep that in mind if technical or legal questions pop up.

If you have a website, you have tracking scripts, e.g.,  GA4, the Facebook Pixel, Heatmap software, etc…

To get started with Inbox retargeting, you just need to be able to copy and paste two scripts on your site:

  • A collection script: This fires and tries to identify the visitor

A suppression script: You’d fire this on your conversion confirmation pages, you don’t want people who converted to land in your Inbox Retargeting campaigns.

1710795438 253 Unlocking Hidden Revenue The Inbox Retargeting Methodology

The tech works off of a database of contacts in the United States that are eligible for emails, so it’s completely above board with your ESP. However, you’ll want to do a few things before you start treating them like a regular member of your email list.

We initially tested this on one of our paid media campaigns. We already had a really strong campaign that we wanted to squeeze more leads out of…and boy did we.

We were driving traffic from Meta (Facebook for the OGs) to this landing page:

1710795438 272 Unlocking Hidden Revenue The Inbox Retargeting Methodology

This page converts at 58%. Yeah, that’s a humble brag…deal with it.

Even with a 58% conversion rate, we’re still missing out on 42% of the traffic we’ve already paid for. That’s kind of a bummer.

Advertisement

After we added the collection script to the page, they were able to capture a lot more leads. The conversion rate jumped from 58% to a very sweet 87% – that’s a 50% increase!

That was the impact on a single page, that’s when we knew it was time to go bigger.

The Strategy

Most of the tools out there, whether it’s Retention.com or Customers.ai, are going to charge based on the number of contacts. So it can get pretty easy to burn through contact credits if you run the script on every page you manage, your site and your clients’ sites included.

That’s why you’ll want to make sure to select pages that capture intent versus targeting all of your traffic.

ID Key Pages

Here are some of the pages you should consider adding the collection script:

  1. Campaign Landing Pages – If you’re paying to send someone to a page, the referring source piqued their interest. If they didn’t convert, you’d definitely want to follow up.
  2. Product Pages – If someone is viewing this page they’re evaluating a particular product they were interested in.
  3. High Intent/Value Content Pages – This could be your pillar content on your blog pages, podcast pages, or your top level service pages.
  4. Registration Pages – This is a subset of a landing page, but if someone got all the way to a registration or sigh up page, they’re a prime candidate for outreach.
  5. Cart Pages – People abandon carts all the time. If you weren’t able to catch their details during checkout, this is an ideal opportunity.

Effectively it’s any page where you’re pushing a specific action. While the above pages are the pages to choose from, a homepage is acceptable but will require a little more finesse when you follow up.

Map to Email Campaigns

Now that you’ve identified where you’re going to identify leads, you’ll need to map it to your automation tool.

Advertisement
Unlocking Hidden Revenue The Inbox Retargeting MethodologyUnlocking Hidden Revenue The Inbox Retargeting Methodology

GET CERTIFIED. Discover the proven plan for effortless, automated email marketing. Click Here

Most tools have a direct integration with your email service provider, but worst case scenario you may have to pass the data through a no code integration tool like Zapier.

Once you’ve worked out the digital plumbing, you’ll want to follow up based on the page the contact was collected on. Here’s how you should approach follow up:

  1. For Campaign Landing Pages – Give them the specific asset. They were interested in it, you’ve got their contact information, just hand over the goods. This builds good will at the start of the relationship.
  2. Product Pages – Send over the details of the product or product category they were viewing. This could be as simple as a reminder or you could build goodwill with a special offer or coupon.
  3. High Intent/Value Content Pages – Send over some of your best content or freebies that move people to the next phase of the Customer Value Journey.
  4. Registration Pages – Treat these like an “abandoned cart” type of email and get them to take that next step.
  5. Cart Pages – Same as “Registration Pages” but it’s, you know, an actual abandoned cart reminder. Similar to the product pages you could entice them to come back with a deal or coupon.
  6. Homepages – If you do run these on the homepage, you’ll need to do more of a reintroduction then transition to showcasing your best stuff.

Email Structure

The initial message you send needs to have a very specific flow. There are four critical things that need to happen when they open up your Inbox Retargeting message.

First, remind them about who you are and how they know you. This can be as simple as a, “Hey, thanks for stopping by…” message. Have some fun with it.

Next, you need to provide highly specific value based on their browsing intent. If you get this wrong, they’re just going to file your message under SPAM.

After that, you’ve got to set expectations with what they’re getting and now you’ll be communicating with them moving forward.

And Finally, you need to give them an EASY OUT. These campaigns have our highest unsubscribe rate, but that’s because we outright ask people to unsubscribe if they don’t want any additional contact.

Advertisement

Once you’e gone through this, you treat them like one of your regular subscribers with all your fancy ascension automations, content emails, and promotional emails.

Here are the email stats from one of our PPC Campaigns:

1710795439 568 Unlocking Hidden Revenue The Inbox Retargeting Methodology

With an average open rate of 53.87%, we know there’s a base line interest in the deliverable. The click rate is DANG good for messaging visitors who didn’t convert.

Sure the unsubscribe rate is a little high for this campaign, but that is intentional. We push them to opt-out in the first email so we don’t get dinged later with complaints.

The Payoff: An Additional 109k Last Year

I mean, who doesn’t want another cool 100 grand for adding a script to your website and writing a couple of emails? Here’s how the numbers work out:

Last year, we identified 3,714 leads using this method. IMPORTANT: When I was pulling these numbers, I realized we installed the code wrong on some pages and missed out on about another 2k leads…oops!

Our average lead cost was ~$7, so the leads themself were a $26,000 additional value. This alone would be a reason to use the tech.

Advertisement

BUT JUSTIN, did they convert?!

Yes!

We closed $36,000 in IPPC business from this lead source. For what we spent on those leads we’re looking at a 750% ROAS. Not too shabby.

The rest of the money we made was by selling this service to our clients. Since we run paid ads for clients, this method is a complete no brainer. We ran a pilot program and only offered this to a handful of clients last year, we averaged about 4k/month in sales.

We sold clients the leads at ~$2/lead for some of the niches we work in, that’s a steal. 

If you decide to sell this you need to make sure the client knows these are lower intent leads and will require longer term nurtures. If you follow the email strategy I shared above, you’ll be good to go!

Advertisement

Protip: Charge for building the follow up sequence! 

So that’s it! If you’re running your own business or are an agency owner, you’ve got to consider Inbox Retargeting. Though, I do have some bad news…

Not to be “Chicken Little” but this is starting to get way more attention, there are services popping out of the woodwork so this will become a table stakes method. So get ahead of this today.

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

What’s Media Mix Modeling? [Marketer’s Guide with Examples]

Published

on

What’s Media Mix Modeling? [Marketer’s Guide with Examples]

Privacy


By Emily Sullivan

Have you ever felt in the dark when it comes to understanding the real impact your marketing dollars are having across multiple channels? 

Determining where and how conversions are occurring is crucial in optimizing your budget to drive the most impact with your marketing budget. Media mix modeling (MMM) is an analytical approach used to gauge the effectiveness of various marketing channels in driving sales and conversions. This method allows us to decipher the true influence of advertising spend across diverse platforms by accounting for a myriad of factors, both within their control (like media channel spend, promotional strategies) and outside their control (such as economic conditions, competitor actions, and seasonal influences).

Advertisement

One of the key strengths of media mix modeling is its ability to incorporate long-term brand building effects alongside immediate sales impacts, offering a comprehensive view of marketing effectiveness. It helps in identifying which channels are most efficient, how different channels influence each other, and how external factors affect marketing performance.

Media mix modeling is a powerful tool for marketers seeking to optimize their marketing investments. By providing a holistic view of how various factors contribute to sales and conversions, MMM enables data-driven decisions that enhance marketing efficiency and business growth.

In this article, we explore how media mix modeling works, and how businesses can use analytics to drive smarter ad spend decisions.

What Is Media Mix Modeling?

Media mix modeling (MMM) is a type of analysis that measures the impact of media buys across multiple channels, showing the role various elements play in achieving a desired outcome—often a conversion or revenue KPI. With this information, marketing stakeholders are able to make specific adjustments to campaign spend to improve their progress toward reaching a given goal.

Media mix modeling can be used to address common brand marketing questions and pain points, including:

  • Which of our marketing efforts are having the biggest impact on reaching our goals—or, more simply—what’s working?
  • How big of an impact does seasonality have on our marketing performance?
  • How closely is our performance tied to promotional efforts? 
  • Are shifting consumer trends negatively or positively impacting outcomes?
  • Which specific mix of spend allocation drives the highest ROI?
  • How will these channels likely perform in the future based on their optimized spend allocation?

“Media mix modeling is a top-down , privacy resilient approach that evaluates how historical media activity, promotions, pricing, seasonality, and uncontrollable factors—such as economic activity—impact key business outcomes such as sales revenue. MMM is a scientific approach to attribution in the sense that it applies statistical methods to analyze and interpret marketing data, providing a systematic understanding of how different marketing channels contribute to overall business goals in the broader context of the market. The quality of insights derived from MMM heavily depends on the quality and granularity of the data used.”

— Annica Nesty, Group Director of Marketing Science at Tinuiti

Advertisement

MMM leverages aggregate data, and can measure both online (digital) and offline (traditional) advertising channel performance, including (but not limited to): paid media channels such as social media channels, traditional print advertising, linear TV advertising, and other performance marketing efforts, organic media, operational factors like promotions, external factors like seasonality, economic conditions, outcome KPIs such as sales revenue, new customers, and conversions. 

How Does Media Mix Modeling Work?

The MMM framework is a type of statistical analysis that uses statistical methods and econometric models such as a regression analysis. This econometric model helps analysts determine the strength of relationships between a single dependent variable and an array of independent variables.

Media mix modeling analysis measures the impact of your media spend today, and is also helpful in predicting the future outcome of your marketing investments on a given variable.

Example:

Let’s assume a scenario where our target metric, or dependent variable, is revenue, a critical indicator of business success. We aim to dissect the influence of various marketing initiatives on this revenue. These initiatives, our independent variables, encompass a diverse array of digital advertising campaigns, including those run on TikTok, Instagram, Snapchat, as well as broader Display and Streaming platforms.

The number of independent variables under scrutiny does not dilute our core objective. The mission is to measure the relationship between the marketing endeavors and the revenue they generate. This involves not only identifying the direct contributions of each campaign to revenue but also understanding the nuanced interplay between them by observing how changing aspects of those independent variables impacts the chosen business outcome

Advertisement

What can MMM Measure?

When using MMM to assess campaign success, marketers should leverage statistical methods and econometric models to get the most accurate picture possible. Data quality is essential in achieving an accurate media mix analysis, so take any needed time to clean your data before using it in your analysis. 

Key elements an MMM equation can measure include:

  • Base and incremental sales volume impact
  • Channel effectiveness and return on investment
  • Marketing spend saturation

Media Mix Modeling vs. Data-Driven Attribution Modeling

Like media mix modeling, attribution modeling also studies the efficiency of marketing strategies — but there are important differences.

Attribution modeling is a general term that refers to tracking engagement to better understand how specific tactics drive action at the user level. This modeling works well for analyzing specific customer touchpoints, focusing on elements like how a consumer converted, which creative on which channel led to that conversion, and what the expected ROI could be if more ad budget were shifted to that channel. 

Media mix modeling takes a higher-level, more comprehensive picture. This modeling isn’t designed to measure user-level engagement like impressions and clicks, rather its primary function is measuring the impact of an entire touchpoint on specific marketing objectives. 

Data-driven attribution modeling and MMM each have their own set of strengths. It’s not a matter of one being better than the other, rather one being better-suited to different types of marketing analysis. 

For example:

Advertisement
  • The precision of the data-driven attribution: Let’s assume you want to invest more spend in a social ad campaign during the holiday season. While MMM is an option for determining where to allocate those dollars, data-driven attribution excels in dissecting the intricate customer journey, offering a microscopic view of user interactions. For instance, if you’re keen on understanding the exact value of a single click from your social media campaign, Data-Driven Attribution can illuminate the path. 
  • The holistic perspective of the media mix modeling:  Media mix modeling, can consider the impact of offline actions and initiatives. Unlike the more narrowly focused attribution models, which might overemphasize the first or last touchpoint, MMM assesses the collective impact of all channels over time. This makes it an indispensable tool for strategic planning and long-term investment decisions in your marketing portfolio.

“Attribution modeling is based on a bottom-up approach while media mix modeling takes a top-down approach. Media mix modeling provides a long-term view of the marketing ROI of media activity, while attribution modeling evaluates individual-level activity to provide a short term view of marketing ROI.” 

— Annica Nesty, Group Director of Marketing Science at Tinuiti

Why Does MMM Make Sense for a Post-cookie/Post-IDFA World?

In the post-cookie and post-IDFA landscape, where privacy concerns and regulatory changes limit access to individual user-level data, media mix modeling has become a pivotal analytical tool. MMM’s emphasis on overall marketing spend allocation and its proficiency in establishing cause-and-effect models, address the challenges posed by the diminishing availability of explicit conversion information, providing marketers with a privacy-respecting and insightful approach to navigate the evolving digital advertising ecosystem.

An Example of Media Mix Modeling

With the right media mix model, a business can measure their past marketing performance to improve future ROI by optimizing the allocation of the media budget by channel and/or tactic, including: traditional and digital media channels, promotions, pricing, competitor spend, economic conditions, weather, and more.

Example:

An international ecommerce brand wanted to forecast their second-half of the year and create an optimal media mix to make their marketing dollars work smarter. A combination of client data, marketing data, and machine learning were required to create a powerful, custom media mix model. 

To build the model, the business used 2+ years of digital marketing and revenue data, analyzing it by market, tactic, and day. The data was then used to create model to assess future spend showing how changes in investment across channels could impact revenue and sales.

Advertisement
media mix modeling

The full digital media mix model gave the ecommerce brand a detailed analysis of where to optimize their spend across all digital marketing channels. 

One recommendation was to shift dollars away from social—which historically had been at or near 30%—to paid search. This recommendation came with another layer of insight: The brand realized they were overinvesting in awareness campaigns, and needed to invest more heavily in capturing current demand during the 2nd half of the year.

Results: Working with a robust media mix model, the brand was able to break down how much media spend was needed by each channel in order to achieve the 30% YoY revenue goal they targeted. 

The Benefits & Challenges of Media Mix Modeling

MMM helps you accurately connect all the dots, leveraging (ideally) a wealth of provided data, to understand how disparate aspects of marketing campaigns work together in helping you reach your business goals. 

Benefits of Media Mix Modeling

The benefits of MMM are multifaceted, offering marketers a strategic edge in navigating the intricacies of their advertising efforts. Let’s dive into each benefit in detail… 

Omnichannel Campaigns: MMM excels in providing insights for omnichannel campaigns, allowing marketers to understand and optimize the impact of their initiatives across various channels. This capability is crucial in today’s interconnected digital landscape, where consumers engage with brands through diverse platforms.

Improved Oversight Over Media Spend Impact: MMM provides a comprehensive view of the impact of media spend, enabling marketers to assess the effectiveness of their investments. This improved oversight ensures a clearer understanding of how each component of the media mix contributes to overall campaign success.

Advertisement

Media Spend Optimization: With MMM, marketers can optimize their media spend by identifying the most impactful channels and touchpoints. This data-driven approach allows for strategic adjustments in budget allocation, ensuring that resources are directed towards the avenues that yield the highest return on ad spend.

Effective Targeting of Audiences: MMM’s analysis helps in refining audience targeting strategies. By understanding which elements of the marketing mix resonate most with specific demographics, marketers can tailor their campaigns to effectively reach and engage their target audience segments.

Forecasting with Certainty: One of MMM’s strengths lies in its ability to forecast results with a high degree of certainty. This forecasting capability empowers marketers to make informed decisions based on predictive analytics, aiding in long-term planning and goal setting.

Reduced Reliance on Personally Identifiable Information (PII): MMM minimizes the reliance on personally identifiable information for analysis. This is especially crucial in an era where privacy concerns are more important than ever. 

Media mix modeling is a comprehensive and powerful tool, offering a range of benefits that contribute to a more effective, data-driven, and privacy-conscious approach to marketing strategy and decision-making. While there are many benefits to MMM, there are challenges as well. Let’s look into common challenges of MMM in our next section.

Challenges of Media Mix Modeling

MMM grows increasingly complex as the media landscape becomes more fragmented, and the customer journey more personalized. Whereas in the past, advertisers may have wanted to measure something as simple as the impact of a print ad in a Cleveland newspaper, today’s consumers are exposed to brands in a wide variety of locations and formats, from a subway transit poster to a Sponsored post on Instagram.

Advertisement

Working with high-quality data is important in any measurement initiative, but for MMM to work effectively, it also needs a lot of data to build a reliable model. For example, if you wanted your model to consider the performance impact of seasonality, it would ideally need at least three full seasons (three years) of data to consider in its analysis.

This makes media mix modeling a ‘long game’ initiative with infrequent reporting by its nature. Brands and advertisers who are more accustomed to daily or weekly updates may struggle with ‘waiting out’ the analysis.

Because it’s not designed to make considerations based on user-level data, instead providing aggregate insights, media mix modeling offers limited insights on brand impact, personalized targeting, and customer experience. However, advanced models are available that can provide highly granular insights, but traditional MMM provides aggregate insights.

Common Misconceptions About Media Mix Modeling

Media mix modeling, like many other analytics solutions, has also become a marketing buzzword that has generated its fair share of misconceptions.

Here are a few of the most common misconceptions around media mix modeling.

Media Mix Models Are Not Transparent

With large datasets and statistical analysis involved in media mix modeling, the methods behind the technique have been critiqued for their obscurity. If there is no perceived transparency in the process, how does a brand know if its media mix model is really accurate?

Advertisement

Any organization specializing in media mix modeling should provide a transparent approach, with deliverables such as outlines, milestones, and performance reports. Additionally, you may want to consider partnering with an agency that truly understands how media mix modeling aligns with your needs and expectations. Every business is unique and each media mix model is based on multiple factors.

Media Mix Models Do Not Provide Real-time Data

Today, results are often measured by the timeliness of their delivery, with the current digital marketplace allowing for almost instantaneous real-time data. Media mix models do actually provide compelling real-time marketing insights, perfect for evaluating new campaigns, new competitors, and assessing pricing actions or changes in promotional strategies. 

A powerful partner in media mix modeling will provide sophisticated tools and real-time approaches to satisfy your business performance assessments. Your partner should also be able to provide forecasting, simulation, or AI- and machine-learning-integrated models to suggest future movements. 

Media Mix Modeling is Biased to Offline Channels

Though media mix strategies do integrate and consider offline channels in their approaches, media mix modeling also considers all digital channels — including display, email, paid search, social, and more. Remember—it’s considering your media mix. If that includes ten different channels and you provide enough high-quality data for each, they will all be considered in your marketing mix analysis. 

In fact, as customers have become more intertwined with digital channels, media marketing models have adapted to go even deeper into the analyses provided by those channels’ respective insights to support better budgeting choices and customer segmentation reports. 

Conclusion: MMM Closes the Loop on Marketing Performance

In an ever-evolving digital landscape, MMM’s adaptability to the post-cookie/post-IDFA world positions it as an essential tool for marketers. As businesses seek to connect the dots, leverage data, and make strategic decisions, MMM is a crucial ally in the dynamic realm of mixed media advertising.

Advertisement

“At Tinuiti, we leverage measurement best practices such as MMM and incrementality to understand media effectiveness, predict future outcomes, create deeper insights, analyzing what-if scenarios to provide recommendations that optimize media performance. This helps brands understand what channels they should be investing in, how they should shift budgets (media mix), creating a high-level view of what channels are driving overall sales and ROI. Our goal here is to deliver growth for our clients by maximizing the return on investment through best in class measurement”

— Annica Nesty, Group Director of Marketing Science at Tinuiti

At Tinuiti, we know, embrace, and utilize MMM. Our Rapid Media Mix Modeling sets a new standard in the market with its exceptional speed, precision, and transparency. 

Our proprietary measurement technology, Bliss Point by Tinuiti, allows us to measure what marketers have previously struggled to measure – the optimal level of investment to maximize impact and efficiency.  But this measurement is not just to go back and validate that we’ve done the right things. This measurement is real-time informing what needs to happen next.

Curious about how we can tailor strategies to hit your unique marketing bliss point, including Rapid Media Mix Modeling? We’re eager to chat. Contact us today for details.

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

Email Ready to Send? Make Sure to Tick These Things off First!

Published

on

Email Ready to Send? Make Sure to Tick These Things off First!

Designing and developing an email campaign is a complex mechanism; a few things will inevitably escape your attention during the process. So, before you hit that send button, you must draw up a foolproof checklist to ensure every single component in your campaign is in its rightful place. Wondering what an ideal pre-flight checklist looks like? We’ve carefully compiled everything necessary in this blog. Read on to find out!

Subject Line and Pre-header Text

A subject line can make or break your emails. It’s the first thing about your email that reaches the audience, and if it fails to hit the right notes, you’ll have a tough time convincing your subscribers to engage with your emails.

What makes a subject line tick, you ask? Let’s take a look!

  • Your subject line should prioritize an economy of words; this will help you on two accounts- firstly, a crisp and to-the-point subject line increases your probability of catching the reader’s attention. Secondly, longer subject lines run the risk of being clipped on mobile devices, thereby spoiling the subscriber’s user experience. By keeping your subject lines concise, you eliminate this possibility.
  • Ensure your subject line clearly explains what readers can expect upon opening the email. The more guesswork your subject line demands of readers, the less likely they are to open your email.
  • Steer clear of using words that might be considered spammy. With email filters becoming more and more sophisticated, usage of any sort of contentious term in your subject line will result in ISPs flagging your email as spam.
  • Personalize your subject line. In a climate of increasingly crowded email boxes, personalization is one technique you simply can’t afford to overlook.

Besides fine-tuning your subject line, you also need to pay attention to your pre-header text. Building upon the context provided by your subject line, pre-header texts give readers an additional nudge to open their emails. Two crucial things that you must keep in mind while curating your pre-header texts are:

  1. It must exist only as an extension of your subject line; it must not try to introduce any new ideas on its own.
  2. It must be mobile-optimized.

Broken Links

Given that the links embedded in your email eventually facilitate a conversion, it is imperative that you thoroughly evaluate their health prior to delivering your emails. Broken links aren’t just bad for business; they also spoil a subscriber’s user experience.

Here are a few things you must check after embedding a link in your email:

  • This might sound trivial, but do check if the link you have inserted is the one you intended to or not; the only thing perhaps worse than having a broken link is having an irrelevant one.
  • Check that the link is redirecting the user to the desirable destination.
  • If the download of a resource is supposed to be triggered by clicking the link, check if that’s functioning properly; you wouldn’t want subscribers clicking umpteen times on your link only for it to return nothing.

Accessibility

Apart from acing your content and design, you must also work towards making your email campaigns accessible; people making use of assistive technologies must be able to engage with and comprehend your emails in an absolutely hassle-free manner.

Given below are a few measures that will help you make your campaigns accessible to all:

Advertisement
  • Organize your email content. Break down long paragraphs into small sections of 2-3 lines. Use bullets and subheadings wherever necessary. This will make it easy for assistive technologies such as screen readers to parse through your content.
  • Write descriptive alt texts for the images you’re including. Besides improving accessibility, alt texts also enable search engines to crawl your page more efficiently, thereby boosting your SEO.
  • Use semantic markup; this will help screen readers navigate your emails in a smooth fashion.
  • Try to stick to a single-column layout while designing your email template.

This email from AllTrails is an ideal example of an accessible template.

Inbox Preview

Different email clients render emails differently, even if only slightly. Hence, before sending out your emails, you must preview them across different environments and clients to check if they appear as desired. If you are designing your email for dark mode, too, it becomes that much more important to preview it before delivering.

Wrapping It Up

For your email campaigns to be able to drive maximum impact, they must be free of blemishes of all kinds. We hope the pre-flight checklist we shared above proves to be of help to you when you sit down to create your next campaign.

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