MARKETING

3 Ways To Know If Brand Awareness Gets Your Marketing on Base

Published

11 months ago

May 16, 2023

How should you measure the value of brand awareness?

I’m asked that frequently by B2B marketers, but they aren’t really asking how to measure it. That answer, of course, involves analytics.

What they want to know is how to connect brand awareness efforts to business value. (And they equate value with more revenue or lower costs.)

It’s tricky.

Connecting brand awareness to revenue or expenses is not unlike figuring out how a baseball player’s statistics relate to the team’s wins. So many other things must happen that pinning wins on a player’s batting average involves a tenuous connection at best.

The value of brand awareness comes from influencing the customer’s perception of your brand. To measure the impact, you’d need to track how your efforts improve that perception over time. And then, even more specifically, you’d need to connect how that improved perception translates into actual business value (e.g., cost savings or revenue).

Connecting brand awareness to the bottom line is like figuring out how a baseball player’s statistics relate to the team’s wins. It’s tricky, says @Robert_Rose via @CMIContent. Click To Tweet

Getting up to bat comes first

The very nature of “brand value” presents a challenge. “Brand” is your idealized version of what your company stands for. You hope “brand value” marks an important waypoint on the customer’s journey. However, “awareness” only begins the path to that destination.

Your natural inclination is to connect the starting point with the endpoint. You want people to know about, engage with, and believe in what your brand stands for. However, becoming aware of a brand doesn’t immediately change people’s perception of how trusted or valuable the brand is to them.

It’s not that you can’t connect brand awareness to cost savings or revenue (brand value). It would be easy to do the math: X number of new website visitors = Y amount of increased revenue.

However, that simple equation gives too much power to the initial investment in achieving awareness – and too little to any other experience between awareness and purchase.

More realistically, at the highest level, more positive brand awareness equals a greater probability of cost savings or revenue. Brand awareness, following the baseball metaphor, gets you more times at bat. That increased frequency will probably equate to more hits. And more hits provide a greater probability of more wins.

Brand awareness gets your company more times at bat, and that increases the likeliness of more hits, says @Robert_Rose via @CMIContent. Click To Tweet

So the question becomes, “OK, then how do we measure that greater probability?”

Now, you can architect useful measurements.

Setting objectives is first base

Start with an objective – a goal. Agreement on the objectives matters (e.g., increased leads, higher quality leads) more than the accuracy of the analytics. You also must agree on what will define progress toward that objective. I’m a huge fan of OKRs (objectives and key results) as a designed way of setting marketing objectives and measuring success.

However, at this point, you may throw up your hands. “But, yeah, that’s the problem, Robert. You just told me that connecting revenue to brand awareness is problematic. Clearly, I don’t want to start with that as my objective. But what objectives will help me show a greater probability of achieving more revenue or savings?”

Good question. Let’s work backward. Instead of setting objectives, start with pragmatic things you can (or at least should be able to) measure around brand awareness value. Then, consider the objectives that might be supported by those methods of measurement. Finally, see if you can connect them to a higher probability of revenue or savings.

Instead of setting objectives first, start with pragmatic things you can measure around brand awareness value, says @Robert_Rose via @CMIContent. Click To Tweet

I’ve seen these three simple measurements for brand awareness value work with my clients.

Growth in traffic and engagement

To measure brand awareness, look at the traffic to your website, thought leadership content hub, or both. You also can distinguish and segment between organic and paid traffic, campaign ID, or distributed content channels.

Perhaps, you value traffic that comes organically higher than branded search times. Or maybe you only count traffic from branded advertising. Or it could be traffic from content, thought leadership, your brand name, etc. To pick the right metric, refer to what agreed-upon success looks like for your company.

You can see how arguing (and mutually agreeing on) an objective with those measurements becomes easy. The metrics might be time on site, bounce rate, pages viewed, or (my favorite) the best next action from this traffic (e.g., newsletter subscription, more content viewed, shares with social networks).

You can see how it becomes easy to argue (and mutually agree on) an objective with those measurements. For example, it could be:

“Our efforts demonstrably increased searches for our brand name, more organic traffic to our website, and an increase in subscribers to our thought leadership newsletter. So, yes, we are achieving greater brand awareness.”

These measurements fit nicely into an overall objective of driving greater brand awareness of the company and its share of voice of its new approach to X solution. The key results might include:

Quantity of traffic (or increase) as a percentage of our total addressable audience/market
Quantity of conversions to known audiences (e.g., newsletter subscribers). This is a great metric to assess if you’re making your target audience aware.
Increased engagement on the content platform

But with that demonstrable measurement in hand, you must answer the final “So what?” You still haven’t connected brand awareness directly to revenue. But should you? If all anybody cares about is increased revenue, then what’s the worth of spending money to increase brand awareness and/or perception? Here’s the correlation where you might get agreement from the teams: If you increase brand awareness of the company and its share of voice, you create a greater probability that those audiences will become leads.

That’s when you connect your brand-awareness OKR to a sales-enablement OKR of creating more leads from those audiences.

Surveys, research, and polls

You also can measure the quality (as well as the quantity) of brand awareness efforts by asking people what they think. It’s especially helpful when you have an existing audience (subscribers to thought leadership), existing customers (people who know and like your products), and new, lesser-known audiences.

You can measure classic things like brand recall – how well your target audiences can remember who you are or what you stand for. Or you can measure things like how much your brand is trusted by various audiences. In this measurement exercise, you regularly measure the brand’s “lift” over time as you execute activities like content marketing, brand advertising, or paid and organic search optimization.

A large number of objectives can connect to this measurement approach. For example, an objective could be to “markedly increase the level of trust in new prospective customers who have just become aware of what we do.”

Among the metrics to execute that objective:

The number of subscribers who increased their trust in the brand since signing up for your content marketing compared to existing customers or those who don’t know the brand.
The number of “unknown” people who increase their trust in the brand after exposure to its messaging or content.
Ranked trust of your brand vs. competitors or others in your space among audiences, prospects, leads, and customers.

You may not directly correlate better results to revenue or cost savings, but you can connect that those results (if positive) increase the likelihood of meeting those objectives.

For example, you may notice email subscribers who give a higher trust score convert at a higher rate into customers. You may find trust in your brand goes up in advertising that focuses on thought leadership rather than sales offers. Thus, you can find it easier to get to an agreed-upon OKR that says greater brand awareness and trust in all audiences connect to easier opportunities to sell or customers who convert at a higher rate.

Media listening and analysis

I saved the broadest measurement of brand awareness value for last because it’s probably the most debated topic in brand marketing efforts. The question is, literally, just awareness: How many people did you make aware of what your company does?

This approach, inherently, doesn’t measure the subsequent actions. It’s the 50,000-foot view of awareness. Clearly, brands think they get value in throwing their name on the jerseys of soccer teams, the sides of Formula 1 cars, billboards, stadiums, or (at a smaller level) sponsoring conferences and events.

However, you can measure these big-picture efforts. Research tools and services allow marketers to measure consumer intelligence and sentiment. You also can monitor Google search volumes, social media trends, and even earned media mentions. These tools show the quantity and, in some cases, the quality of the impact of reaching them.

For example, a new brand might have an objective to “reach at least 25% of our total addressable market to increase recognition of our brand and what it means.” Among the key measurements to assess that objective:

Increase the Google search volume of the brand name and/or key benefit statement by X percent.
Create a disproportionate share of voice across social media of mentions or unsolicited opinions of the company’s key benefits or its thought leadership.
Create an effective CPM (cost-per-thousand) paid media strategy to efficiently reach your target market with the brand message.

Once again, correlating these metrics to revenue is tough. However, they could work as a key performance indicator (KPI) related to helping you achieve other objectives. For example, you may equate that reaching more people presents more opportunities to drive subscribers to build deeper trust. You may also conclude a broader, simpler reach helps establish your brand as a legitimate competitor in sales conversations.

Getting on base equals wins

In the end, measuring brand awareness as a valuable activity of marketing really requires connecting it to other measurements that benefit from its success.

To bring it back to baseball, it’s not unlike the real-life story played out in the movie Moneyball. The Oakland Athletics figured out – and ultimately agreed among team leadership – the metric of on-base percentage connected to wins better than just about any other metric. They couldn’t draw a direct line from on-base percentage to wins. However, they could use on-base percentage as a foundational measurement because it connected perfectly to an increased winning percentage.

Brand awareness is the “getting on base” of marketing. Of course, plenty of other things can happen that optimize or ruin your scoring chance after you’re on base. But you can’t score unless you get on base.

Batter up. It’s your story. Tell it well.

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Cover image by Joseph Kalinowski/Content Marketing Institute

Related Topics:Awareness Base brand Marketing seo Ways

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Tinuiti Marketing Analytics Recognized by Forrester

Published

18 hours ago

April 19, 2024

Entireweb News Bot

Tinuiti Marketing Analytics Recognized by Forrester

News

By Tinuiti Team

Apr 16 2024

Rapid Media Mix Modeling and Proprietary Tech Transform Brand Performance

Tinuiti, the largest independent full-funnel performance marketing agency, has been included in a recent Forrester Research report titled, “The Marketing Analytics Landscape, Q2 2024.” This report comprehensively overviews marketing analytics markets, use cases, and capabilities. B2C marketing leaders can use this research by Principal Analyst Tina Moffett to understand the intersection of marketing analytics capabilities and use cases to determine the vendor or service provider best positioned for their analytics and insights needs. Moffett describes the top marketing analytics markets as advertising agencies, marketing dashboards and business intelligence tools, marketing measurement and optimization platforms and service providers, and media analytics tools.

As an advertising agency, we believe Tinuiti is uniquely positioned to manage advertising campaigns for brands including buying, targeting, and measurement. Our proprietary measurement technology, Bliss Point by Tinuiti, allows us to measure the optimal level of investment to maximize impact and efficiency. According to the Forrester report, “only 30% of B2C marketing decision-makers say their organization uses marketing or media mix modeling (MMM),” so having a partner that knows, embraces, and utilizes MMM is important. As Tina astutely explains, data-driven agencies have amplified their marketing analytics competencies with data science expertise; and proprietary tools; and tailored their marketing analytics techniques based on industry, business, and data challenges.

Our Rapid Media Mix Modeling sets a new standard in the market with its exceptional speed, precision, and transparency. Our patented tech includes Rapid Media Mix Modeling, Always-on Incrementality, Brand Equity, Creative Insights, and Forecasting – it will get you to your Marketing Bliss Point in each channel, across your entire media mix, and your overall brand performance.

As a marketing leader you may ask yourself:

How much of our marketing budget should we allocate to driving store traffic versus e-commerce traffic?
How should we allocate our budget by channel to generate the most traffic and revenue possible?
How many customers did we acquire in a specific region with our media spend?
What is the impact of seasonality on our media mix?
How should we adjust our budget accordingly?
What is the optimal marketing channel mix to maximize brand awareness?

These are just a few of the questions that Bliss Point by Tinuiti can help you answer.

Learn more about our customer-obsessed, product-enabled, and fully integrated approach and how we’ve helped fuel full-funnel outcomes for the world’s most digital-forward brands like Poppi & Toms.

The Landscape report is available online to Forrester customers or for purchase here.

MARKETING

Ecommerce evolution: Blurring the lines between B2B and B2C

Published

2 days ago

April 18, 2024

Entireweb News Bot

Ecommerce evolution: Blurring the lines between B2B and B2C

Understanding convergence

B2B and B2C ecommerce are two distinct models of online selling. B2B ecommerce is between businesses, such as wholesalers, distributors, and manufacturers. B2C ecommerce refers to transactions between businesses like retailers and consumer brands, directly to individual shoppers.

However, in recent years, the boundaries between these two models have started to fade. This is known as the convergence between B2B and B2C ecommerce and how they are becoming more similar and integrated.

Source: White Paper: The evolution of the B2B Consumer Buyer (ClientPoint, Jan 2024)

What’s driving this change?

Ever increasing customer expectations

Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels.

Forrester, 68% of buyers prefer to research on their own, online . Customers today expect the same level of convenience, speed, and personalization in their B2B transactions as they do in their B2C interactions. B2B buyers are increasingly influenced by their B2C experiences. They want research, compare, and purchase products online, seamlessly transitioning between devices and channels. They also prefer to research and purchase online, using multiple devices and channels

Technology and omnichannel strategies

Technology enables B2B and B2C ecommerce platforms to offer more features and functionalities, such as mobile optimization, chatbots, AI, and augmented reality. Omnichannel strategies allow B2B and B2C ecommerce businesses to provide a seamless and consistent customer experience across different touchpoints, such as websites, social media, email, and physical stores.

However, with every great leap forward comes its own set of challenges. The convergence of B2B and B2C markets means increased competition. Businesses now not only have to compete with their traditional rivals, but also with new entrants and disruptors from different sectors. For example, Amazon Business, a B2B ecommerce platform, has become a major threat to many B2B ecommerce businesses, as it offers a wide range of products, low prices, and fast delivery

“Amazon Business has proven that B2B ecommerce can leverage popular B2C-like functionality” argues Joe Albrecht, CEO / Managing Partner, Xngage. . With features like Subscribe-and-Save (auto-replenishment), one-click buying, and curated assortments by job role or work location, they make it easy for B2B buyers to go to their website and never leave. Plus, with exceptional customer service and promotional incentives like Amazon Business Prime Days, they have created a reinforcing loyalty loop.

And yet, according to Barron’s, Amazon Business is only expected to capture 1.5% of the $5.7 Trillion addressable business market by 2025. If other B2B companies can truly become digital-first organizations, they can compete and win in this fragmented space, too.”

If other B2B companies can truly become digital-first organizations, they can also compete and win in this fragmented space

Joe Albrecht
CEO/Managing Partner, XNGAGE

Increasing complexity

Another challenge is the increased complexity and cost of managing a converging ecommerce business. Businesses have to deal with different customer segments, requirements, and expectations, which may require different strategies, processes, and systems. For instance, B2B ecommerce businesses may have to handle more complex transactions, such as bulk orders, contract negotiations, and invoicing, while B2C ecommerce businesses may have to handle more customer service, returns, and loyalty programs. Moreover, B2B and B2C ecommerce businesses must invest in technology and infrastructure to support their convergence efforts, which may increase their operational and maintenance costs.

How to win

Here are a few ways companies can get ahead of the game:

Adopt B2C-like features in B2B platforms

User-friendly design, easy navigation, product reviews, personalization, recommendations, and ratings can help B2B ecommerce businesses to attract and retain more customers, as well as to increase their conversion and retention rates.

According to McKinsey, ecommerce businesses that offer B2C-like features like personalization can increase their revenues by 15% and reduce their costs by 20%. You can do this through personalization of your website with tools like Product Recommendations that help suggest related products to increase sales.

Focus on personalization and customer experience

B2B and B2C ecommerce businesses need to understand their customers’ needs, preferences, and behaviors, and tailor their offerings and interactions accordingly. Personalization and customer experience can help B2B and B2C ecommerce businesses to increase customer satisfaction, loyalty, and advocacy, as well as to improve their brand reputation and competitive advantage. According to a Salesforce report, 88% of customers say that the experience a company provides is as important as its products or services.

Market based on customer insights

Data and analytics can help B2B and B2C ecommerce businesses to gain insights into their customers, markets, competitors, and performance, and to optimize their strategies and operations accordingly. Data and analytics can also help B2B and B2C ecommerce businesses to identify new opportunities, trends, and innovations, and to anticipate and respond to customer needs and expectations. According to McKinsey, data-driven organizations are 23 times more likely to acquire customers, six times more likely to retain customers, and 19 times more likely to be profitable.

What’s next?

The convergence of B2B and B2C ecommerce is not a temporary phenomenon, but a long-term trend that will continue to shape the future of ecommerce. According to Statista, the global B2B ecommerce market is expected to reach $20.9 trillion by 2027, surpassing the B2C ecommerce market, which is expected to reach $10.5 trillion by 2027. Moreover, the report predicts that the convergence of B2B and B2C ecommerce will create new business models, such as B2B2C, B2A (business to anyone), and C2B (consumer to business).

Therefore, B2B and B2C ecommerce businesses need to prepare for the converging ecommerce landscape and take advantage of the opportunities and challenges it presents. Here are some recommendations for B2B and B2C ecommerce businesses to navigate the converging landscape:

Conduct a thorough analysis of your customers, competitors, and market, and identify the gaps and opportunities for convergence.
Develop a clear vision and strategy for convergence, and align your goals, objectives, and metrics with it.
Invest in technology and infrastructure that can support your convergence efforts, such as cloud, mobile, AI, and omnichannel platforms.
Implement B2C-like features in your B2B platforms, and vice versa, to enhance your customer experience and satisfaction.
Personalize your offerings and interactions with your customers, and provide them with relevant and valuable content and solutions.
Leverage data and analytics to optimize your performance and decision making, and to innovate and differentiate your business.
Collaborate and partner with other B2B and B2C ecommerce businesses, as well as with other stakeholders, such as suppliers, distributors, and customers, to create value and synergy.
Monitor and evaluate your convergence efforts, and adapt and improve them as needed.

By following these recommendations, B2B and B2C ecommerce businesses can bridge the gap between their models and create a more integrated and seamless ecommerce experience for their customers and themselves.

MARKETING

Streamlining Processes for Increased Efficiency and Results

Published

3 days ago

April 18, 2024

Entireweb News Bot

Streamlining Processes for Increased Efficiency and Results

How can businesses succeed nowadays when technology rules? With competition getting tougher and customers changing their preferences often, it’s a challenge. But using marketing automation can help make things easier and get better results. And in the future, it’s going to be even more important for all kinds of businesses.

So, let’s discuss how businesses can leverage marketing automation to stay ahead and thrive.

Benefits of automation marketing automation to boost your efforts

First, let’s explore the benefits of marketing automation to supercharge your efforts:

Marketing automation simplifies repetitive tasks, saving time and effort.

With automated workflows, processes become more efficient, leading to better productivity. For instance, automation not only streamlines tasks like email campaigns but also optimizes website speed, ensuring a seamless user experience. A faster website not only enhances customer satisfaction but also positively impacts search engine rankings, driving more organic traffic and ultimately boosting conversions.

Automation allows for precise targeting, reaching the right audience with personalized messages.

With automated workflows, processes become more efficient, leading to better productivity. A great example of automated workflow is Pipedrive & WhatsApp Integration in which an automated welcome message pops up on their WhatsApp

within seconds once a potential customer expresses interest in your business.

Increases ROI

By optimizing campaigns and reducing manual labor, automation can significantly improve return on investment.

Leveraging automation enables businesses to scale their marketing efforts effectively, driving growth and success. Additionally, incorporating lead scoring into automated marketing processes can streamline the identification of high-potential prospects, further optimizing resource allocation and maximizing conversion rates.

Harnessing the power of marketing automation can revolutionize your marketing strategy, leading to increased efficiency, higher returns, and sustainable growth in today’s competitive market. So, why wait? Start automating your marketing efforts today and propel your business to new heights, moreover if you have just learned ways on how to create an online business

How marketing automation can simplify operations and increase efficiency

Understanding the Change

Marketing automation has evolved significantly over time, from basic email marketing campaigns to sophisticated platforms that can manage entire marketing strategies. This progress has been fueled by advances in technology, particularly artificial intelligence (AI) and machine learning, making automation smarter and more adaptable.

One of the main reasons for this shift is the vast amount of data available to marketers today. From understanding customer demographics to analyzing behavior, the sheer volume of data is staggering. Marketing automation platforms use this data to create highly personalized and targeted campaigns, allowing businesses to connect with their audience on a deeper level.

The Emergence of AI-Powered Automation

In the future, AI-powered automation will play an even bigger role in marketing strategies. AI algorithms can analyze huge amounts of data in real-time, helping marketers identify trends, predict consumer behavior, and optimize campaigns as they go. This agility and responsiveness are crucial in today’s fast-moving digital world, where opportunities come and go in the blink of an eye. For example, we’re witnessing the rise of AI-based tools from AI website builders, to AI logo generators and even more, showing that we’re competing with time and efficiency.

Combining AI-powered automation with WordPress management services streamlines marketing efforts, enabling quick adaptation to changing trends and efficient management of online presence.

Moreover, AI can take care of routine tasks like content creation, scheduling, and testing, giving marketers more time to focus on strategic activities. By automating these repetitive tasks, businesses can work more efficiently, leading to better outcomes. AI can create social media ads tailored to specific demographics and preferences, ensuring that the content resonates with the target audience. With the help of an AI ad maker tool, businesses can efficiently produce high-quality advertisements that drive engagement and conversions across various social media platforms.

Personalization on a Large Scale

Personalization has always been important in marketing, and automation is making it possible on a larger scale. By using AI and machine learning, marketers can create tailored experiences for each customer based on their preferences, behaviors, and past interactions with the brand.

This level of personalization not only boosts customer satisfaction but also increases engagement and loyalty. When consumers feel understood and valued, they are more likely to become loyal customers and brand advocates. As automation technology continues to evolve, we can expect personalization to become even more advanced, enabling businesses to forge deeper connections with their audience. As your company has tiny homes for sale California, personalized experiences will ensure each customer finds their perfect fit, fostering lasting connections.

Integration Across Channels

Another trend shaping the future of marketing automation is the integration of multiple channels into a cohesive strategy. Today’s consumers interact with brands across various touchpoints, from social media and email to websites and mobile apps. Marketing automation platforms that can seamlessly integrate these channels and deliver consistent messaging will have a competitive edge. When creating a comparison website it’s important to ensure that the platform effectively aggregates data from diverse sources and presents it in a user-friendly manner, empowering consumers to make informed decisions.

Omni-channel integration not only betters the customer experience but also provides marketers with a comprehensive view of the customer journey. By tracking interactions across channels, businesses can gain valuable insights into how consumers engage with their brand, allowing them to refine their marketing strategies for maximum impact. Lastly, integrating SEO services into omni-channel strategies boosts visibility and helps businesses better understand and engage with their customers across different platforms.

The Human Element

While automation offers many benefits, it’s crucial not to overlook the human aspect of marketing. Despite advances in AI and machine learning, there are still elements of marketing that require human creativity, empathy, and strategic thinking.

Successful marketing automation strikes a balance between technology and human expertise. By using automation to handle routine tasks and data analysis, marketers can focus on what they do best – storytelling, building relationships, and driving innovation.

Conclusion

The future of marketing automation looks promising, offering improved efficiency and results for businesses of all sizes.

As AI continues to advance and consumer expectations change, automation will play an increasingly vital role in keeping businesses competitive.

By embracing automation technologies, marketers can simplify processes, deliver more personalized experiences, and ultimately, achieve their business goals more effectively than ever before.