Executing Your Marketing Proof of Concept
Never again will you blindly follow the norm or be uninformed about your marketing activity. Invest in marketing smarter and optimise your future campaigns.
Understanding The Marketing Channels Available To You
We meet business owners and entrepreneurs everyday whom build a product or service, establish a brand with an online presence and confidently wait for the revenue to come flowing through. This rarely happens, unfortunately. Why? Because of marketing. Every successful business runs marketing campaigns to some degree, a strategy that builds awareness of your products and services with consumers. There are various styles of digital marketing, the core disciplines being:
We find that business owners are often lead by their instincts above factual data. We are attracted to search engine optimisation and social media because they are the models we know and have large media awareness, but that doesn’t always mean it’s the right path for you. Every business is different, but true marketing success comes from understanding your available channels and knowing your acquisition costs, conversion rates and your return on investment.
Which Channels Are Right For Your Business?
A marketing strategy is unique to every business. This is not only as a result of your industry and audience but also relevant to the reach of your budget and your financial stability. Understanding this and methodically applying it to your proof of concept will yield more optimised results.
- Establish A Timeframe: Decide on a time frame for your proof of concept campaign. We would suggest at least one month with common strategies ranging from six weeks to three months to gather more balanced data.
- Calculate Your Budget: Understand how much you can afford to invest on day one without relying on any returns on your marketing investment. Strangling your campaigns with budget issues can be detrimental to your campaign.
- Understand Your Market: Understanding how different strategies approach your audience during the phases of purchase is incredibly important. It’s also key to understand the conversion timeframe too. We’ve prepared some insights on this for you below.
|Marketing Channel||Lead Stage||ROI Timeframe|
|Pay Per Click (PPC)||Warm||Instant Results|
|Influencer Campaigns||Cold||Instant Results|
|Social Networking||Cold||2 Weeks or More|
|Search Engine Optimisation||Warm||6 Weeks or More|
|Email Marketing||Cold||8 Weeks or More|
|Affiliate Marketing||Cold||12 Weeks or More|
It’s important to remember that this information is designed to help you understand where your audience are in your sales funnel stage via different marketing channels and how quickly you can acquire results. It isn’t a statistical measure of how your campaign should be structured. Every business is unique.
It’s important to understand what a leads warmth represents. If we use the example of a store specialising in fishing bait for example, they are likely to see more conversions from channels such as pay-per-click and search engine optimisation. This is because these customers are already looking for fishing bait providers (likely intent to purchase). Colder channels such as social networking and email marketing are designed to entice impulse purchasing and brand awareness.
It’s very much a factor of ensuring that your business is in a position to financially invest in long-term results and power through the earlier bleak periods, however it’s also important to consider the speed of returns from a proof of concept perspective. If you are running your trial campaign for one month or six weeks, search engine optimisation isn’t going to reflect positively against more instant yielding strategies such as pay per click.
Always allow yourself one full month of data initiating after the return of investment timeframe to get a clear indication of results.
It’s definitely encouraged to explore multiple channels and find the avenues that work best for your business. The whole idea of your proof of concept is to understand the variation in results across multiple channels, establish a baseline and re-invest in successful channels. That being said, there is also a degree of business acumen necessary to understand when and where channels may not relate to your target audience.
One instance where spreading your marketing may not be a good idea, is if you are working with a smaller budget of under £300.00 per month.
The most common mistake we see is businesses throwing money into their marketing campaigns without analytics and conversion tracking to analyse the data. Not only does it stop you evaluating your return on investment for spent funds, but you’re unable to use any of that data to optimise your campaign. Ensure that your website is running Google Analytics with conversion tracking to gather as much data as possible.
Running a proof of concept for your marketing strategy has incredible benefits. Most businesses follow their gut instinct and invest in the channels they know, but that doesn’t always mean those are the right channels for you. Follow the crowd and you follow the competition, finding the affordable entry to market is what makes marketing campaigns successful.
Your proof of concept will establish a baseline of results for your ability to reach an audience and drive revenue. This baseline will serve as a measure when you continue to trial, analyse and build upon your marketing channels.
Calculating The Results of Your Proof Of Concept
Hopefully by empowering yourself with more knowledge about effective marketing strategies outlined above, you’ve been able to execute a successful campaign with recognisible lead generation and conversions. As with any proof of concept, the final and most important step is understanding this data and using it to develop your long-term campaign.
There are three key factors you need to evaluate against your marketing channel spend:
Below is a basic example of how a little selective data can tell you a lot about your campaign and effective channels.
|Marketing Channel||Total Spend||Impressions||Engagement||Acquisitions||CPA|
|Pay Per Click||£200||23,410||262||32||£6.25|
There’s a bundle of measures you can use to measure the effectiveness of a marketing campaign relevant to your goals. For example, brand awareness and conversion optimisation. If your marketing budget doesn’t offer the luxury of developing huge brand awareness without the stressful demand of generating immediate revenue too, focus on building a profitable cost per acquisition (CTA).
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