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Marketing Tactics

What Millennials Want From 2017 – How To Stay Ahead Of The Trend Curve

Eco conscious, needing just the right amount of community time and yet exclusivity, we seek connections with our brands.

Daniella Shapiro

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Millennials are a brave bunch. How many “doomsdays” have we lived through? Now we have learnt to live for the now. When techno gadgets abound, Millennials are looking for experiences to remember, even though our Snapchat posts about them will be gone in a, well, snap.

Eco conscious, needing just the right amount of community time and yet exclusivity, we seek connections with our brands.

Snap up social media opps

Snapchat has changed the face of social media communication. Sponsored Snapchat lenses by brands are a digitised, virtual reality way to put your brand out there and be on the pulse. Snapchat is über popular with Millennials, and geofilters and lenses are a great way to create hype around an event.

Snapchat is capitalising on the trend of providing condensed information for an attention-challenged target audience. Social media is so powerful that sharing tourism experiences via social media apps has blurred the line between travel advisor and tourist. 

Related: 8 Shopping Habits Of Millennials All Retailers Need To Know About

Experiential opportunities

Millennials love photo opps for social media. So it’s best you make marketing ventures as well as daily activities an aesthetically pleasing experience. For example boutique gyms are doing well for their stylish take on what would be a daily grind. Brands are also seizing opportunities to be part of our daily routines in other ways, with pop-ups appearing in commuter spaces.

Millennials are considered an anxious generation, so we seek escape and adventure. Experience-driven moments and social interaction take us away from a digital focus. Allow us to feel young and carefree again and we will reward you with great reviews and returning support for your brand.

Brands that offer milestone exhibitions worthy of an art gallery are an escape into a dazzling world of visual illusions and a photo opp fest. They make the viewer feel youthfully engaged. Offline publicity stunts have an ironic counter-effect of increasing online customer traffic.

Offline connectivity fuels online engagement

offline-marketing-advice

Takeovers are a key marketing trend. With a sense of urgency due to their time-sensitive nature, takeovers provide touch-points with the consumer. They are brand celebrations and memorable, experience driven opportunities.

Flagship stores are another opportunity to touch base with the consumer. They set themselves apart by offering the unexpected, like customisation booths.

Customisation allows an extension of yourself through the brand, and a feeling of connection to something in the material sense and the esoteric sense through what the brand represents. Customised health solutions lend themselves to this ideally.

In-store entertainment makes shopping an experience. A sense of community is fostered through communal shopping experiences which help the consumer learn more about the products and encourage personal growth.

Think group artisanal “how-to” experiences in stores. On the other end of the spectrum, members-only exclusivity is a climbing trend. High quality and one on one service lends a sense of intimacy in a globalised, expansive climate.

Related: 5 Ways To Improve Your Millennial Marketing Strategy

Self-extension

Brands releasing documentaries on their areas of expertise and knowledge likewise works with the trend of self-advancement and building on what you’re good at. Training and recruitment is approached by way of game set-ups, in a more lighthearted and less intimidating way. Brands are offering niche training and sponsored apprenticeships.

Brands are also asking consumers to prove themselves and thereby claim status in some way. Be it a yoga fest or triathlon, this striving for more and digging deep together cultivates community and collaboration. It is again an experience to write home about that generates plenty of hype.

Emotional, sentimental, behind the scenes ad campaigns show the work that goes into achievements, as with ads featuring the Olympians.

Wellness and Well-being

wellness-and-well-being

While keeping track of personal routines can be done digitally, wellness extends to extreme excursions like glacial picnics, and adrenaline holidays. The trend is to highlight wellness in extreme ways.

Futuristic food experiences like 3D printed food and human tear cocktails take the culinary arts to the next level. Workshops to gain artisanal knowledge show the self-development trend goes beyond your traditional cheese and wine evening. “Foody” cocktails to nourish, rejuvenate and offset the harmful effects of alcohol are becoming highly popular.

Brands with a conscience

We see the integration of nature into the urban and interior for tranquility and connection to the environment for well-being.

Billboards that double as community gardens serve an eco-purpose as well as being unusual and forward thinking marketing tools. Zero waste grocery stores are popping up, as the trend towards eco-consciousness and sustainability grows.

Outspoken fashion and play wins the day. We see toys aimed at equality and diversity. Gender neutral children’s products are allowing the youth to grow up naturally without being groomed into predetermined gender roles.

Teens are taking a stand against stereotypes and choosing brands that allow them to show their support for a cause.

Related: The Secret Ingredients to a Successful Branding Strategy

Double Up

Co-branding means you are buying into a lifestyle, not just buying a car, and budget brands under the umbrella of a trusted bigger brand bring a sense of a reliable and established reputation.

Collaborations bring the benefit of more than one perspective and a greater outreach.

What now?

Schedule an adult play date style takeover for your brand serving health food infused cocktails, with lush, eco-conscious decor. Include some sort of extreme challenge in the experience.

Be sure to offer a workshop that helps the consumer gain insight into the background and motivations of your brand and/or production process of your product, and give them the opportunity to customise something to take home with them. Sound good? If not, turn your tears into cocktails and serve chilled.

Daniella Shapiro is Founder and CEO of www.daniellashapiro.com, a consulting company on the front lines of marketing, social media and branding strategies. Daniella recently launched the Oolala Collection Club, an eCommerce Proudly South African, unisex, cutting-edge skincare and lifestyle brand. 100% Cruelty Free. 100% Paraben Free. 100% Vegan. 0% Questionable. We stand for respecting our planet and affordable luxury. Soon to be hosting a number of Oolala takeovers, Daniella is no stranger to trending events. With a BA degree in Marketing Communications and an Honours Degree in Brand Leadership, Daniella owned and organised the Bonita's City2City Marathon for 3 years. Previously, a Co- Host on CliffCentral & contributor to PowerFM, Daniella has been featured on CNBC Africa, in Destiny Magazine's top 40 successful business women of the year 2015, in Entrepreneur Magazine, listed by Entrepreneur Magazine as one of the "50 Top SA Business Women To Watch in 2018", and is currently a regular expert contributor to the Entrepreneur Magazine Online platform.

Marketing Tactics

An ‘Outside-the-Box’ Approach to the e-Commerce Unboxing Experience

Get started by keeping three elements in mind – recyclable/re-usable packaging, personalised thank-you notes and free samples.

Daniella Shapiro

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With a predicted 24,79 million e-commerce users in South Africa by 2021, online shopping is here to stay, making it impossible to escape the predicament of perfecting the art of product packaging. It’s time to think outside the box when it comes to creating a meaningful unboxing experience. Get started by keeping three elements in mind – recyclable/re-usable packaging, personalised thank-you notes and free samples.

Recyclable/Re-Usable Packaging

Certain types of product packaging are having a tremendous negative impact on our environment, with 5.35 trillion pieces of plastic debris littering the world’s oceans, and with 269,000 tonnes of this amount floating on the surface – and plastic isn’t the only culprit. Did you know that it’s impossible for Styrofoam to ever be broken down completely? And that 1 million single-use coffee cups wind up in landfill every single minute of every day? These statistics make it obvious as to why it’s becoming so important for business owners to be more conscious about the type of packaging that they use.

Many business owners wonder if their customers really care whether their business is doing its part to protect the environment. According to Forbes and a 2017 Cone Communications CSR Study, the answer is a resounding ‘YES, they most certainly do!’.

87% of the consumers surveyed stated that they always have a more positive image of a company that supports social or environmental issues, and 88% claimed that they usually feel more loyal toward a company that they know supports social or environmental issues.

Thoughtful Thank-You Notes

The unboxing experience should be a unique and personal one, and it should be just as memorable as the experience of utilising the product itself! So, make it all the more special and build customer loyalty by including a personalised thank you note. Address the customer by their first name, thank them sincerely for their patronage and end off by giving them some helpful advice regarding the product, or share an interesting benefit of using it. Go the extra, extra mile by hand-writing the letter too.

Free Samples

Everyone loves getting free stuff. Why not bolster the unboxing experience by sending over a little bit more than expected? Not only will a free sample put a big smile on the face of the receiver, if they actually enjoy using it, there’s also a good chance that they’ll be coming back to order more. According to Shopify, free samples have the potential to boost sales by as much as 2,000%.

When it comes to packaging, make the right choice. Sustainable, thoughtful, memorable. Your customers, and the environment, will thank you for it.

 

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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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