Brands looking to scale their digital business often face a point of saturation, after which getting incremental business becomes difficult and the spending vs. incremental business curve flattens. The job of a digital marketer is to find ways of stretching this point and keep growing the business.
Sometimes, this point is reached exceedingly early, especially when efforts are focused only on Google and Facebook. It’s important to understand that there is life beyond these platforms, and there are ample opportunities to leverage multiple platforms that consumers use as an integral part of their daily lives. Let’s explore how to approach this.
Understanding the consumer is imperative and the first step in devising your media strategy. Who is the exact target audience for your product? What are their triggers for buying your product? What is their behavior on digital platforms? We can’t move ahead without demystifying these questions.
After understanding the consumer persona for your product, start mapping their digital behavior. Understand where they are spending time on digital, which apps and websites they are browsing through their day, and make a list of relevant platforms to map their digital behavior.
Once you have a consolidated list of apps and websites, evaluate the feasibility of advertising on these platforms. Even if the buying is not on down funnel metrics such as leads or final north stars of sales/orders/activations, etc., still understand the potential of the platform in terms of:
After gathering all the details, map the customer funnel with your benchmarks and learnings on traditional platforms like Google and Facebook. Once the funnel is mapped, gauge the cost metrics and how close they are to your expected CAC. Even if they are not lower compared to your usual BAU channels, don’t write them off on the face of it. Incremental business comes with a cost attached to it!
Constantly experimenting is the way to go. Experimenting at multiple levels, such as audience, communication, creatives, and landing pages, is vital to cracking a new platform. Remember this cycle and repeat it.
The approach to running experiments is a massive topic to discuss, and I will share my thoughts in another post.
Meantime, here’s a quick visual representation summarizing the article.
Are you facing a comparable situation with your business and unable to grow beyond a point? Write to me at ronak.jain@performics.com and bring a fresh perspective to this challenge. I will be happy to discuss this with you!
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