There is a certain amount of inherent risk in running and marketing a business. The future is unpredictable, and so is the behavior of consumers.
It makes investing in marketing a little scary. You strategize to reach the right audience with the right content, but you still never know if people will buy until they actually buy.
One of the primary jobs of the Marketing 360® marketing executive is to identify target markets and tactics that we believe will deliver ROI, then make recommendations to our clients on how to execute the plan.
Sometimes when we make these recommendations, clients feel trepidation. They respond in two ways.
The first is that they ask us for proof that the new tactic will work. They want a guarantee. Show me data that this works and I’ll do it.
The problem here, of course, is they’re putting the cart before the horse. We can sometimes show them case studies from similar businesses, and we create data-driven campaigns to make improvements. But we can’t prove it will work before we try it.
The second response is simple fear. If they invest in the campaign, they might lose money. They hesitate.
Ther problem here is that it’s also true that if they do invest, they might make money. You miss every shot you never take.
When the marketing exec thinks the opportunity is really strong, they’ll encourage the client to make the move. Here’s an example of what can happen.
Case Study: Facebook Advertising helps business increase annual revenue 11.66%
The owner of an online clothing boutique and Marketing 360® client had a dilemma. Her marketing executive recommended that she double her budget for Facebook advertising so they could start running lookalike audience campaigns, using their existing clients as the source audience.
It all seemed to make sense, but the business owner was scared. What if it didn’t work?
This discussion started in February of 2017. Finally, after providing information on how the campaign would work, data on how it’s been effective for other businesses, and finally a bit of frustration that the owner was getting in the way of her own success, they made the move.
The changes from 2016 to 2017 were significant.
In the year 2016, social media advertising was 15.7% of her conversions:
In 2017, social media advertising was 40.4% of her conversions.
This contributed to an 11.66% increase in annual revenue:
The campaign worked. The investment delivered a strong return. Pop open the bubbly.
And there was another result. Now, this client trusts her marketing executive and is more willing to test new campaigns. Nothing like some quality return to spur more investment.
When it comes to digital marketing, it’s worth it to listen to trained experts who do this stuff professionally. We want your business to make money; otherwise, we wouldn’t suggest it.
We can’t eliminate risk, nor can we predict the future. But we can use our expertise so the odds for success are as high as possible. In those situations, listen to your marketing executive.