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How Start-Up Marketers Can Appeal to Millennial Spending Habits

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How Start-Up Marketers Can Appeal to Millennial Spending Habits

Millennials are a unique demographic as they are the first generation to grow up with technology at their fingertips, as they are made up of people born between 1981 and 1997. Millennials also tend to put off marriage and instead focus on buying homes, building credit, paying off student loans. They also have a huge impact on the global economy and business operations as a whole.

While the average millennial spends $47,256 annually, there is a disparity in how they went about online shopping during the pandemic. Remote working millennial men spent more online shopping than their female counterparts.

Another difference in their shopping habits is that 83% of millennials wanted the brands they purchase from to align with their beliefs and values.

Millennial Spending Habits and Marketing

A significant contributor to millennial consumer behavior is the societal changes they have experienced in life. That being said, the products that they love are often ones that have the most value, quality and image enhancement. 2020 showed that Generation Y felt brand intimacy with these top brands:

  • Playstation
  • Amazon
  • Target
  • Disney
  • Ford
  • Jeep
  • Apple
  • Youtube
  • Xbox
  • Nintendo

Factors that Contribute to Millennial Spending

One thing that is extremely important to this demographic is making a positive societal impact with their purchase. Social media is also another powerful force when it comes to guaging corporate social responsibility as well as influencing their peers about their purchasing decisions.

How to Market to Millennials

As a marketer, there are quite a few items to keep in mind when creating your strategy based on the millennial audience. Consider these suggestions when creating your marketing strategy towards millennials:

  • Highlight Environmental Impact. 47% of millennials have educated themselves on the environmental impact brands have. This makes it even more important to market your products with inclusions of fair wages and eco-friendly production.
  • Take Advantage of Different Marketing Channels. One form of marketing isn’t enough these days: varied marketing formats like videos or blogs provide top- and middle- funnel content, as opposed to bottom-funnel transactional content that doesn’t necessarily appeal to millennials.
  • Show Them What’s In It For Them. Whether its free delivery or an easy return policy, millennials have a wide array of companies, products and services to choose from. Making it worth their while with extra perks will have your customers coming back again and again.
How Start-Up Marketers Can Appeal to Millennial Spending Habits

Advertising

Paid Ads Budget: How to Spend It Wisely

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Paid Ads Budget: How to Spend It Wisely

Digital marketing is an important aspect of your business if you decide to transition to the online environment. This method of promoting your branding, products, and services allows you to reach your target audience in a cost-effective, efficient, and measurable way.

You can engage in digital marketing in two ways. The first one, SEO, is the most common strategy used by startups and other businesses. It is done by optimizing your website for search engines, such as Google and Bing, without additional costs. Doing so allows you to rank in search engine results pages (SERPs) and gain organic traffic to your website whenever a user searches for a keyword that you targeted.

On the other hand, you can try launching a pay-per-click (PPC) campaign. This digital marketing strategy will help you acquire your desired results faster.

What is PPC?

PPC is a marketing technique where you create ads for your brand and display it online to reach your target audience. Every time a user clicks on one of your ads, you pay a fee—thus its name. Basically, you can consider it as a way of buying visits or traffic to your website instead of earning them organically through SEO.

How to Spend Your PPC Marketing Budget Wisely

As a startup or small business owner, you know that your company does not have that much cash inflow yet. This means that every marketing move you make is crucial to how your business will perform.

Additionally, since PPC is not free, you must be wise in how you spend your marketing budget. To help you make the best decisions for your business, here are some insightful tips.

Know the Value of Your Lead

Your lead value can serve as your yardstick for determining the right amount of marketing budget for your PPC campaign. Knowing this number allows you to make more informed decisions regarding your paid ad strategy. It can also help you ensure that you are not paying more for advertising than how much your leads are actually worth.

You can compute your lead value by first knowing your average cost per lead. You can use this formula to do so:

Cost per lead = Total cost to acquire leads ÷ Total leads acquired

Therefore, if you spent a total of $10,000 to acquire 100 leads, your cost per lead is $100.

Then, let’s say that 20 people out of your 100 leads converted and bought the $450 phone that you sell. That leaves you with $9,000 in sales.

To compute your lead value, you have to take your total sales and divide it with the total number of your leads. Let’s apply this formula to the example given above:

Lead value: $9,000 ÷ 100 = $90

Now, you know that each of your leads is worth $90. This means that you are overspending for your marketing efforts to acquire one lead. To address this, you must optimize your ad spend and ensure that it does not cost more than your lead value.

Use Display Network

Using PPC to promote your products or services may seem simple. However, learning about and implementing different paid advertising models without taking advantage of any AdWords management services can be intimidating to a novice.

To make everything more manageable, you should start by utilizing the Google Display Network. Since this system reaches over 90% of internet users around the world, it is perfect for startups and small- to medium-sized businesses that would like to build brand awareness.

The Google Display Network is also ideal for smaller businesses because of its lower cost per click (CPC) compared to search ads. According to WordStream, the average CPC for display ads is $0.63 while search ads typically cost $2.69 per click.

However, you should manage your expectations when using the Google Display Network. Yes, it is cheaper, but it would not always be reliable in increasing your conversion rates.

Display ads are mostly designed to target top-funnel market and make users aware of your brand and what you offer. Most of what you will gain from display ads are leads, and it is very rare that a user who saw and clicked on your display ad will immediately convert to a sale.

Target Niche Keywords

The PPC arena is riddled with small businesses and large corporations from various industries, making it a competitive field. Chances are, one of your competitors is a large company with a big marketing budget.

Since, most likely, you would not be able to beat their bids on broader and short-tail keywords, you have to think thoroughly about your strategy. One thing you can do is opt for niche or long-tail keywords.

Bidding on more specific keywords will allow you to reach your target audience without competing against larger corporations. This will also help you obtain a higher click-through rate (CTR) for your website.

Additionally, choosing less competitive keywords will bring your CPC down. Since there are fewer businesses that are targeting the keywords you have chosen, you do not have to raise your bid to have your ads displayed.

Come Up With a Compelling Ad Copy

Once you are more comfortable with running paid ad campaigns, you might consider launching search ads. There are several things you have to think about when creating your ads, such as the keywords to target and your budget. Additionally, since search ads are mostly text, you should ensure that your ad copy will entice users to click on it.

The first thing you should work on is your headlines. This part is the first thing that users see when they encounter your search ads. It will play a large role in how individuals will perceive your ad and how well it will perform.

Make sure that your headline focuses on the benefits that users will enjoy once they choose your brand. You should avoid using generic advantages that other businesses include in their ad copy. Make your brand stand out by incorporating benefits that users will not find anywhere else.

Next, ensure that your ad’s description supports the idea that you communicated in your headline. Having misaligned messages may confuse users, forcing them to ignore your ad and look elsewhere.

You should also include a call to action in your ad copy. Having a specific call to action to end your ad’s description will help you increase engagement. Avoid using generic examples as they may turn users away from your ad.

Remember that you should make sure your copy is really good to entice people to click on your ad. Doing so will allow you to increase your CTR and make every cent that you pay for your ad count.

Optimize Your Landing Page

Once a user clicks on your ad, you should direct them to a really nice landing page that fulfills the promise of your ad. This means that the messaging on your landing page should be consistent with your ad copy. Achieving this will increase your chances of converting a lead into a customer.

Having an optimized landing page will also allow you to save money. This becomes possible because when your landing page is great, you will provide users with a better experience, which Google appreciates. Once the search engine notices that individuals prefer clicking on your ad because of the great user experience you offer, you will be given a high quality score.

The higher your quality score—at least 7—the less you would have to bid on your target keywords. This is because Google trusts that you will provide its audience with a great ad and user experience, so you do not have to prove your relevance and authority through money.

To optimize your landing pages, here are some things that you can do:

  • Make your offer clear by keeping your headlines bold and short
  • Write a convincing copy
  • Utilize relevant images
  • Use eye-catching and enticing CTAs
  • Highlight your unique selling point
  • Improve your landing page’s loading speed
  • Optimize your form fields
  • A/B test your landing pages

Utilize Remarketing

Remarketing refers to a paid ad marketing strategy where you connect with users on the Google Display Network who have already encountered your brand through your website or mobile app. This technique is useful in chasing individuals throughout the internet with your ads until they are ready to buy your product or pay for your service.

Through remarketing, you can retarget a user who has browsed through your website and looked at the products or services that you offer. Once you determine the certain product or service that they are interested in, you can promote the same offers to them through display ads.

For example, a user clicked on a dress that you sell on your website and left. You can create a display ad for the same product and show it to the user as they browse other websites and platforms on the internet. If your remarketing is successful, they will purchase the dress and maybe even more of your products.

You can also use remarketing to continue selling products to your existing customers. Let us go back to the previous example.

So, the user has bought a dress from your shop. Now, you can show them display ads containing items that are related to the product that they bought. You can sell them accessories that go with the dress they got or other apparel that matches the item, such as shoes and jackets.

When you remarket, you would not have to spend too much effort in trying to convince the user to convert. They already know about your brand and have shown interest in the product or service that you offer. You only need to give them a little nudge to go through with the transaction and make a purchase.

In addition to being a great conversion strategy, remarketing is also cost-effective. Similar to regular display ads, remarketing ads have lower CPC compared to search ads.

So, if your website receives a significant amount of traffic (>1,000 visits), you should definitely utilize remarketing. This strategy will allow you to see higher conversion rates without spending too much effort and money.

Watch Out for Overdelivery

When setting up your PPC ads, you can set your average daily budget per ad group to manage your expense for the entire month. However, when one of your ad groups is performing really well, Google may show it to users more frequently, causing it to take up more than your allotted daily budget.

If you fail to notice this, you can use up your budget for the month pretty quickly. This means that you might not have enough money to run your ads for the rest of the month, causing you to lose prospects and traffic to your website.

You can avoid this from happening by making sure to monitor your ads at least 2-3 times a week. Doing so will allow you to see if any of your ad groups are overspending.

If one of your ad groups is spending more than your daily budget, you can choose to reduce your budget for your other ads or your entire campaign. You can also reallocate your money towards the ad group that is performing well. Doing this will allow you to run the great ad group much frequently and longer.

PPC is Not for the Faint of Heart

Utilizing paid ads to promote your business allows you to enjoy various benefits. Through PPC, you can gain significant traffic to your website without waiting for too long and acquire qualified leads that you can easily convert into customers.

Being successful in PPC is not always guaranteed. You have to go through a lot of trial and error before you find the strategy that works best for your company. But once you find the right PPC approach for your business, you will continue thriving without wasting any of your marketing budget.

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Marketing

How to Create a Successful Mobile Wallet Marketing Strategy

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mobile walltet marketing

When it comes to marketing, the right approach is always subject to change. Technology is constantly evolving, and marketers need to adjust their strategies accordingly. The latest trend taking over the marketing industry is mobile wallet marketing.

Mobile wallet marketing improves businesses and customer experiences through the use of mobile wallets, or apps like Apple Wallet and Google Wallet that store bank information. Within the apps, digital cards such as Apple Pay or Google Pay allow the purchases to happen. In 2020 alone, around one-half of American millennials used digital or mobile wallets for online purchases. Among all demographics, one-third of consumers have three or more mobile wallets.

To help you appeal to millennial spending habits and level-up your marketing strategy, we compiled the most important information for an effective mobile wallet marketing campaign.

Benefits of Mobile Wallet Marketing

Before creating a mobile wallet marketing strategy, it’s important to know why you’re choosing this approach. This knowledge might be especially helpful if you need to persuade a client to pursue mobile wallet marketing in their business plan. Here are the benefits you should know:

  • Consumer preference: More consumers are choosing mobile payment options over cash, as the total transaction value for digital payments will likely yield a compound annual growth rate of around 12% from 2021 to 2025.
  • Streamlined loyalty programs: Mobile wallets make it easier for businesses to create successful customer loyalty programs, since users can easily track their points in an app.
  • Location-specific offers: Since cell phones are able to track a user’s location, the notifications and offers they receive will be more relevant.
  • Higher redemption rates: Mobile wallets make coupons easy to store, so customers could be more likely to use them.
  • Better engagement: Although mobile wallets are available in a digital format, they may lead to an increase in customer engagement on the company website or in store.

Features of Mobile Wallet Marketing

To enjoy the advantages that come with mobile wallets, you’ll need to become familiar with the features the technology offers. Check out the primary elements of most mobile wallets:

  • Push notifications: Mobile wallets send consumers alerts and notifications, encouraging them to stay updated on offers and promotions.
  • Personalized content: The messages that appear on a customer’s mobile wallet can be personalized to include their name and show them offers that suit their interests.
  • Synced offers: Retailers are able to sync content from their own app so that customers can access passes, coupons, and loyalty cards on their mobile wallets.
  • Latest updates: Rather than checking an account on a retail website or asking in store, customers can receive updates about their loyalty points from their mobile wallets.
  • Accessible Tickets: Mobile wallets are safe places to store boarding passes, theater tickets, and other valuable tickets.

Mobile wallet marketing offers a variety of benefits and features. By using this strategy, marketers can keep up with the latest trends and transform the way their businesses handle transactions.For even more information about mobile wallet marketing, take a look at the infographic below.

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Marketing

5 reasons why video marketing is important for your business

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why video marketing is important for your business

A picture is said to be a thousand words. And a video is worth many thousands more.

That’s no exaggeration. Video content is known to be able to hold the viewers’ attention an average of five times higher as compared to still photos. And video marketing is one of the most powerful and engaging ways to promote your business today. According to statistics by Wyzowl, 86% of businesses surveyed already use video marketing and 93% of these say that video forms an integral part of their content strategy. And if these signs aren’t telling enough, one only needs to look at video consumption patterns over the last few years, and you can see that there is a marked rise year on year, including a lockdown spike. This isn’t surprising at all, given the easy access to high speed data and smart connected devices on the go.

Video marketing isn’t just limited to promotional, campaign centric videos though. They could take on the form of webinars, courses, behind the scenes glimpses and live video too, and can be hosted on an array of owned and shared media.

But this isn’t what makes video so popular. Nearly 80% of marketers surveyed by Wyzowl feel that video marketing has had a direct positive impact on their sales and bottom line, and 91% of those surveyed feel that the current pandemic has made video more important for their brands.

What makes video work?

  • More Immersive

Let’s start with something that we all know and acknowledge. Our vision is one of our most dominant senses, and a huge amount of the information our brain processes everyday is visual in nature. Videos engage two of our senses – sight and sound, and can hold our attention for longer, something that can really make the difference in the marketing clutter all around us.

  • Preferred Content Type

Moreover, video works as most people prefer watching something to reading about it. And this would likely include you and me. Think about classic books being made into movies, and we’d have many iconic examples to talk about. Video can work especially well as top of the funnel content, to attract new audiences.

  • More Compelling

Videos, when done right, can be highly versatile and engaging. Their combination of moving visuals with audio, combined with graphics, special effects and tied together in a narrative can be riveting indeed. In fact, they can help a business come alive in a way like no other. They help to build a personal and emotional connection, while also giving viewers a glimpse of its personality.

  • Ease of Production and Hosting

While a lot of businesses might shy away from video marketing given the time and cost of production, technology solutions today makes it possible to create good quality video in a fast and affordable manner. Apart from being able to record videos on smartphones, you could also curate your own videos from stock footage, or use platforms like Doodly and Invideo, that can allow you to create professional looking videos without a heavy investment.

Top 5 reasons to include video in your marketing plan

  1. Good ROI

Unlike the earlier assumption that branded video content needs to have a high production value, that isn’t the case today. As long as the content is high quality, production values don’t have to hit the roof. Moreover, there are so many hosting platforms available, and some of them are also free. All of this makes it easier for businesses to create, and share video content with a far greater regularity than earlier. All of this can significantly reduce your production and distribution costs, making it easier to get better returns.

Videos make it easier to not only showcase the benefits of what you have to offer in an entertaining, informative and engaging way, and are a really good way to retain customers. However, the ROI for your videos will heavily depend on your content strategy and content quality. How do you use your videos at different stages of the purchase decision process can greatly impact results. You can experiment with different video formats and styles to find out what works with your target audience. Almost 90% of the marketers surveyed shared that video helped them achieve a significant boost in their ROI, by driving traffic and leads, which in turn boosted their sales.

  • Higher Search Rankings

You might have noticed that search engines throw up more video results for search queries, and most of these rank above the regular, non-video results. This is because videos are considered as high quality content (as long as they are optimized well for mobile as well), and searchers tend to favour video over text for reasons that I’ve already shared above.

We are also witnessing an increase in video searches, and as per Cisco, over 80% of all search traffic will consist of video by 2021. So it makes sense to not only create more video content that is relevant and engaging for your audience, but to also optimize it with the right titles, the right keywords, a good meta description and so on. Integrating videos on your landing pages also gets visitors to stay on for longer, which has a positive impact on your page ranking.

  • Boost in Conversions

Videos are very effective at retaining customer attention, and keep them engaged for longer. For one, landing pages with videos have a considerably higher conversion rate, because they get visitors to dwell around for longer, and open up the possibilities of them exploring your website and checking out your products.

Video can be intelligently used at multiple stages in the marketing funnel – both at the top, the middle and the bottom. Well placed, strategic video content can improve conversion rates by as much as 80%. This isn’t surprising, as video allows people who don’t particularly enjoy reading product descriptions, to check out a product in action before purchase, and improve their chances of choosing the brand in question. 90% of consumers say that watching videos helps them to make a purchase decision. Engaging videos will also speed up the sales cycle and move prospects faster down the funnel, as they will analyse lesser and act faster.

  • Better Brand Connect

Videos can be the next best thing to an actual live interaction, and allow you to not only showcase your product / service, but also share your brand story and build an emotional connect with your viewers. It is not as easy to look away from a video, as compared to textual information, as a video will not only offer relevant information, but might also employ a narration, music, actors, graphics and more. All of these evoke emotions, and also make it easier for people to be able to connect with you.

It wouldn’t be an exaggeration to say that video marketing help builds a sense of authenticity and credibility about your business, which is the foundation for trust. This consequently promotes higher brand awareness and business growth.

  • Versatility

Video can be a very versatile medium, and can work equally well for different objectives from lead generation to conversion. Different types of videos such as explainer videos, demos, testimonials and more can help people skip the unpleasant experience of a salesperson, and get to know the product at their own time and convenience.

When done well, videos can be very accessible to a wide range of audiences – for both B2C and B2B, making it a very versatile medium of communication. Its sheer popularity makes it a preferred choice for content creators looking to attract new customers, and retain existing ones, as video has a way to minimize critical thinking, and persuade viewers towards the desired action. In a nutshell, video works equally well for all – small, medium and large, B2C and B2B businesses.

So if you are still not confident about investing in video marketing, then think no more. With some creativity and strategic placement, videos can really upturn your marketing efforts and boost your bottom line as well. At Rank My Business, we are all about digital marketing efforts that make a real difference to your business, and we would be happy to help you milk the potential of video marketing for your business growth.

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