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Marketing Tactics

7 Ways to Build Hype Months Before Your Business Launches

Have you heard about that new company? I don’t know exactly what it is, but it’s going to be amazing!

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You’ve been prepping for months – maybe even years – and your new business is finally starting to take shape. Chances are, you’re getting extremely nervous about whether or not your start-up will be successful. You can have the most groundbreaking product or service in history, but without building anticipation in the months leading up to the launch, your business will fall flat, right out of the gate.

Nearly 75 percent of startups fail within the first three years. The classic saying “prior planning prevents poor performance” applies directly to a startup. There needs to be an established audience presence beforehand to achieve this. It is crucial to look at the big picture and how you can build up excitement leading up to the big day.

Here are some ways in which you can ensure a strong start for your business:

1Explain how your product or service changes lives

Think back to the reason you started a business. What makes your idea innovative? When you begin to lay the framework for promoting your new business, the preliminary advertising has to have a clear cut way of saying how you plan change the status quo.

This will generate the proper interest to get the market buzzing about your start-up. Make notes on what your target market’s current mindset is and what you would like it to be after your business takes flight.

Related: How To Launch Your Business Like You Mean It

2Pinpoint interests of your target market

Knowing your target audience and everything about it is key to running a successful business. Being educated on your market can tell you which tools to use to make the biggest impact. What type of media channels is your target market most receptive to? Once you have determined this, you can create your brand’s personality to fit the mould and speak the same language.

If your brand was a person, what would they be like? What do they stand for? How are they relatable? Having a firm understanding of the target market’s interests and positioning your brand accordingly will get consumers on board early on to create a strong foundation.

3Find the right influencers

Once you have successfully pinpointed your target market and their interests, the challenge is reaching them on a level in which they will critically engage. To overcome this obstacle, it is crucial to find right the opinion leaders or influencers within the respective communities.

These influencers have the ability to make a profound impact on public perception for matters in which they are well known. These can be bloggers, politicians, educators, journalists or even other business owners. Getting key influencers on board early will do wonders in getting consumers excited to see your innovative idea take shape.

4Create a webpage with a sign-up form

webpage with a sign-up form

As soon as your business launches, growth should be a top priority and should be carefully premeditated well before the big day. A great way to do this is to create a pre-launch webpage with a sign-up form. Not only will this help gauge consumer interest early on, it will take the pre-launch hype and generate it into customer leads.

It is important to make this page as quick and user-friendly as possible. Only collect information that is absolutely necessary as the user will likely give up if it is too time consuming. Be sure there is a clear call to action and the page is easy to share on social media. In the digital world, creating a strong pre-launch website is essential in creating hype for a start-up.

Related: 7 Steps To Launching Your Own Business

5Hold contests with giveaways

A fun and effective way to build brand exposure before a launch is to have contests involving potential customers. Provide some motivation to sign up early. This will help build rapport with your target market while keeping costs relatively low. In order for a contest to be valuable to your business, it must have defined goals.

Do you want to raise awareness? Generate more leads? Show social responsibility? Regardless of the end goal, the strategy needs to be clear from the start to be effective. Most importantly, make sure the giveaways are unique and meaningful. The prize should something that appeals to the entire target demographic and will drive traffic your website.

6Track and analyse everything

Business results are becoming more and more data-driven. Tracking is critical in determining what works and what doesn’t. In the months leading up to your launch, you need to capture every element to ensure you are maximising your online efforts.

For your website, place an analytics code on every page to make sure each visit is being tracked. Keep of list of goals you want your website to accomplish. Once you have all the data, analyse what is working and what can be optimised.

Related: 6 Inbound Marketing Tactics Every Business Should Use

7Keep audience in suspense

In months leading up to a launch, be careful not give away too many details about your product or service. Keep in mind, building hype before a business launch is not about what your product or service does, but what it might do.

The more information you give out beforehand can kill anticipation, and the hype will not be as strong. However, you do want to give the public small hints of what is in store to draw attention. Think of how you can creatively hold out while advertising small tidbits leading up to launch day.

Launching a new business is undeniable stressful. Doing the proper due diligence to build up excitement in the months before will make the experience exciting as opposed to worrisome.

This article was originally posted here on Entrepreneur.com.

Sheila Eugenio is the Founder and CEO of Media Mentions, a leading PR and digital marketing agency. Before founding Media Mentions, Sheila has consulted with several mediums to large businesses on how to position their brand and attract the right audience. She helps brands and startup companies to create PR strategies that reach to the right audience.

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Marketing Tactics

The Facebook Ads Strategy That Can’t Lose

It’s a numbers game.

Entrepreneur

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Running a profitable Facebook Ads campaign is simple. Not always easy, but simple.

There is a formula that can guarantee a profitable Facebook Ad campaign. Once you know the formula and the values to plug in, you’ll never sink money into a losing digital ad campaign again. I know it sounds too good to be true, but stick with me…

The Guaranteed Growth Formula

Here’s the entire formula: CPA < AP

Were you expecting coefficients, remainders and dividing by polynomials? Nope, there are only two values that matter when assessing your digital marketing funnel.

1. CPA – Cost Per Acquisition

2. AP – Average Profit Per Client

If your Cost Per Acquisition, the amount you pay to generate a paying customer using Facebook Ads, is less than the Average Profit you make from each new customer you’re guaranteed a profitable campaign.

Calculating Average Profit

To get average profit per client, sum your total revenue from new clients and subtract what you spent to serve them. Divide the result by the total new clients. For example, if you made $75,000 from 10 new clients over the past year and it cost you $40,000 to serve them, your average profit is:

 ($75,000 – $40,000) / 10 = $3500 Average Profit Per Client

If your average acquisition cost for similar future clients is less than $3500, your campaign will technically be profitable.

Of course most businesses won’t want to spend all of their profit on acquisition. An average business can expect to invest at least 7 percent but no more than 15 percent of revenue in sales and marketing. If Cost of Goods accounts for 60 percent or more of total revenue, your low profit margin may make it difficult to afford successful advertising. Decrease operating costs by increasing efficiency or adjust your margin by raising prices.

Don’t make the mistake of calculating Average Profit based on revenue only from the first sale. Use at least six months of revenue or your lifetime client value as the basis for your calculation, or you risk underfunding your marketing and sales budget.

Related: Here Is Why Your Facebook Ad Campaigns Aren’t Producing Results

Calculating Cost Per Acquisition

Let’s assume you’ve considered all of your marketing and sales costs and determined you can spend $350 per new client on Facebook Ads. Let’s reverse engineer your ad campaign to see if a $350 cost of acquisition is reasonable.

The simplest Facebook ads funnel includes four metrics that build upon each other to determine your acquisition cost. I’ve included standard benchmarks for use as a starting point, but your results may differ:

1. Click-Through Rate (CTR) – Percentage of people clicking on your ad. Your CTR should be near or above 1 percent.

2. Cost Per Click (CPC) – The cost of one website visit. CPC should generally be below $3.

3. Lead Conversion Rate – The percentage of site traffic that becomes qualified leads. This value should be 20 percent or above.

4. Sales Conversion Rate – The percentage of leads that convert to a sale. Aim for sales conversion at or above 5 percent. (E-commerce companies often skip the Lead Conversion stage and have a Sales Conversion Rate of 1 percent or greater.)

If 10,000 people view your ad at a 1 percent CTR, you’ll get about 100 website visits. At a $3 CPC, you’ve spent $300. Since 20 percent of your traffic will become leads and 5 percent of those leads become closed sales, we can calculate that you’ll generate approximately 60 leads and three new customers.

Your estimated acquisition cost using Facebook Ads is $100 per client, which is well within your budget of $350. This cost may rise as you scale and target less optimal prospects, but as long as your acquisition cost is less than $350 you’ll make an acceptable profit.

Complex funnels can include several ads and conversion points, but the Guaranteed Growth Formula of CPA < AP still applies. There’s no immediate reason for concern if your metrics differ from the benchmarks. You can and should split test ideas for improvement if your numbers are far from what you expect, but don’t mess up a good thing until you’ve got a better one.

Optimising Your Guaranteed Growth Funnel

If unhealthy metrics cause your acquisition to cost more than what you’ve budgeted, start with these adjustments:

Click-Through Rate Too Low or Cost Per Click Too High

If your CTR falls far under 1 percent Facebook may stop showing your ads or show them to second-rate audiences causing your traffic to tank and CPC to increase. To improve your click metrics, adjust your ad copy (headline and body text), ad creative (image or video) and highlight the benefits in your offer.

Refine your audience. Tailor your copy, images and call-to-action to the audience you’ve selected and ensure that your audience has the desire and means to act.

Lead Conversion Too Low

If leads aren’t converting at 20 percent or more, either the promise made by your ad isn’t congruent with your landing page, or the process of moving forward is too difficult. Try using the same image and headline in your ad and reduce the form fields in sign-up forms to the bare minimum. Also try retargeting visitors who don’t sign up with ads stating the benefits of acting now, or with a different offer.

Related: Staying Relevant In The Facebook Age Of Meaningful Social Interactions

Sales Conversion Too Low

If you’re an Ecommerce brand with sales conversion below 1 percent your shopping cart or sales process may have too much friction. Simplify the sales process to decrease clutter, or increase trust by adding testimonials and trust signals near important calls to action.

Your sales process may need improvement, but that is beyond this article. In the meantime, you can still increase revenue by cross-selling and upselling those who convert. You may also improve client retention with recurring contracts. Yes, that’s why many software companies are switching to cloud-based subscription models.

When used properly, The Guaranteed Growth Formula of CPA < AP makes Facebook Ad marketing an investment, not an expense. Using the formula, the most you should ever risk is a small initial budget to test whether your estimated calculations hold true in practice.

If your net profit is 3X your acquisition cost, your funnel returns $3 for every $1 you invest. Instead of asking “How much should I spend on marketing?” The question becomes, “How much do I want to make?” I’ve built a Facebook Ad Growth Calculator that incorporates the Guaranteed Growth Formula to help execute your growth strategy. Input your revenue goal and it will estimate the Facebook Ad impressions and traffic required to reach it.

This article was originally posted here on Entrepreneur.com.

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Marketing Tactics

How Is Influencer Marketing Going To Change In The Future?

How is influencer marketing going to be in the upcoming time? Read on.

Maulik Patel

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Influencer marketing is definitely not a new story. It’s been more than a decade now that it is immensely dominating the world of digital marketing. While being extremely cost-effective, influencer marketing strategies have very soon ended up with a great exposure. The businesses are building an immense level of reputation and earning various links with the help of this innovative marketing concept. In fact, the influencer marketing agencies are coming up with new approaches of implementation with each passing day.

Moreover, like any other type of marketing, the trends of influencer marketing are ever changing. Like how the story was five years back is not the same now and it is going to further evolve in the future.

The anticipated influencer marketing challenges

With the continuous growth of social media, influencer marketing is definitely going to face a myriad of obstacles. A few of the most expected ones are as follows:

Expenses

The demand for influencer marketing is continuously on the rise and eventually, the cost is going up. If you want to enter into the market of influencer marketing and establish yourself as an influencer then you need to give a lot of efforts while building a personal brand and earning the reputation for yourself.

You want to become one among such influencers who’ve already amassed a great following means that you’ll need to make it worth it- sometimes paid promotion could be the right tactic. In the future, this scenario is going to be even more prominent as people will have to spend huge bucks to be a worthy influencer.

Customers faith

In recent times, consumers have gradually started distrusting the huge brands when they realised that the corporations are working for only profit without having the user’s interests in the mind. So, for them, influencers are now no more than some mere conduits for big commercial names. So, it is going to be really tough for the influencers to get the trust of consumers back.

High level of competition

Social media is no doubt such a place now which is teeming with massive competition and threats. Many influencers who are already thriving and the people who have an urge to become influencers turn it into a complicated scenario for you to enter in this space as an influencer in your own right.

Related: 6 Reasons Why Influencer Marketing Really Works

How can influencer marketing unfold in the future?

Of course, there are multiple ways in which the entire story of influencer marketing can change in the coming years. Let’s check out some of the most expected developments:

Exchanges will be ahead of favours

The chapter of influencer marketing is probably going to be a pretty much an impartial marketplace in the coming time. The brands are more likely to enter into a mutual collaboration with the influencer marketing agencies in terms of interchanging shares, posts, audience visibility while being more organic rather than asking for the favour of mentioning the brand’s name to the influencers

Networking will be preferred over individuals

Gone are the days when influencer marketing used to be the story of respective individuals. Now, markets are assumed to start focussing on the entire networks or industries. The future influencer marketers can get rid of the problem of being based on individual interactions by getting the insights of blog comments, forums etc.

Change in the concept of disclosure

Why has not native advertising sustained over the long term?

It’s because the publishers always negate to disclose which posts are the paid promotions. In such a scenario, influencer marketing strategies can move a bit ahead of this transparent problem in the future. All that they are expected to do is formally announce the sort of partnership or arrangement that is existing behind each and every content. The experts believe that this process might end up being quite a tedious one. Howbeit, the consumer trust will not be hampered at all.

Limited and sensible partnerships

Influencers might lean more towards self-preservation in the coming days. Rather than establishing a relationship with hundreds of marketers or products, influencers are expected to focus more on developing authentic professional relationships which really make some sense. For examples, the influencers are intended to concentrate more on such relationships which can be profitable for themselves as individuals and also seem to be appealing to their followers. Say, a move towards quality over quantity!

Winding Up

No doubt, the evolution of influencer marketing is not only dependent on the aforementioned factors. There’s much more that can happen. The time can only reveal that. Influencer marketing is certainly going to change on its own in either of the two ways, a more sophisticated one or become a mere peripheral strategy which won’t be completely accessible.

Let’s just wait and watch how it comes up to us in the future!

Aren’t you taking an advantage of the current extraordinary status of influencer marketing in the meantime?

Related: 4 Young Marketing Influencers You Can Learn From

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Marketing Tactics

Top Marketing Trends For 2019

When you reflect on marketing trends that have taken centre stage in 2018, what stands out?

Emma Donovan

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Maybe it’s the proliferation of Instagram stories or  influencer marketing? Or the fact that video content has become even shorter and simpler with the rise of GIFs.

The real question is how have you incorporated these trends in to your marketing strategy, and what should you focus on in 2019? Here are six up and coming trends that you don’t want to miss:

1. Say hello to the social CEO

Customers want ‘real’ brand stories and to know what drives them. Leaders who are successful on social media show their companies’ human side and give their brands’ credibility and personality. This builds loyalty and, in some cases, an emotional connection that goes beyond the product or service.

Customers who feel this connection may even go on to become brand ambassadors.

Tip: Share stories that demonstrate your leadership style as well as company culture.

2. Initiate conversations

While 2018 brought the chatbots, the trend for 2019 is really using these bots to gather information about consumers by engaging with them on a personal level and steering them towards a sale. Bots are being trained to be authentic and sound more like people than the robots they are.

For example Facebook Messenger becomes more and more useful for brands as the platform allows customisation of automated messages and the ability to initiate a conversation at the right time.

Tip: You can also integrate this with Facebook shopping and increase conversion rates by enabling the bot to sell products to a consumer through the Facebook platform.

Related: Pay Per Click Advertising. When, How And For What?

3. Keep it local

Influencer marketing can be short lived or a little superficial. So try to identify and partner with local influencers that are happy to work on long-term campaigns. Also use multiple touch points including podcasts, YouTube and Snapchat as well as Instagram and Facebook.

Tip: Before you reach out to an influencer, follow them and learn a bit about the way they represent brands and engage with their fans to see if they’ll be a good fit. 

4. Try Instagram ads

As Facebook ads continue to dominate our feeds, advertisers are looking for a new place to stand out and get noticed. Instagram ads are on the rise, according to the Merkle report that showed that while Facebook ad spend grew 40% year-on-year in the second quarter of 2018, Instagram ad spend jumped 177% in the same time period.

Tip: Do some A/B split testing with different styles of images and calls-to-action.

5. Personalise email communication

Make sure to use automation and personalisation to really make your customers feel that you are listening.

Using hyper-segmentation, you can target very specific parts of your market. This will ensure that they receive personalised emails based on what they have expressed interest in or actions they have taken with regards to your brand.

Tip: Use automated campaigns after a first purchase; to request a review on social platforms; or just thank customers for shopping and remind them to share their purchase online.

Related: Free Sample Marketing Plan Template

6. Post in real time

In an effort to bring offline marketing into the online world, Instagram TV or IGTV allows brands to create a place for consumers to watch live events or brand content in their own time.

In addition, IGTV replaces the need for YouTube in some cases as brands are able to upload 10 or more minutes of footage directly to Instagram for consumers to watch as ‘episodes’.

This will become more prevalent in the years to come as businesses include this in their strategy. IGTV videos are less formal and will typically cost less than a traditional TV advert to create.

Whatever trends come our way, the key is to remain agile and adapt to how customers engage with your brand. And more than ever before, it’s important for all marketing touch points to align and communicate the same message.

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