It’s not something that anyone likes. It is human nature. And the fast-paced nature of our lives today, stretched by the speed of the convenience of digital connectivity, only increases the pressure to move fast in all aspects of our daily lives. This is also true for business. Connectivity and digital technology, as well as high-speed communication, instinctively increase the speed at which we work. Marketing is no exception. Yet depending on a brand’s goals, it may be time to make some adjustments.
Brands have hundreds of options to choose from when they think about their marketing technology, and in recent years they have turned to these options. For a long time, conversion-centric advertising has been a favorite of the industry. That digital focus was further enhanced when epidemics hit and media campaigns were diminished by brands.
Regardless of COVID-19, digital growth-focused strategies boost sales this quarter. Importantly, focusing on short-term sales ক্ষমতা and the ability to measure conversion marketing impact helps increase investment in these strategies. And marketers are quick to point out that they’re constantly increasing their financial spending on conversion-based channels at a much higher rate than traditional channels like linear TV and radio. Our 2021 Annual Marketing Report reveals that marketers have polled for the purpose of allocating their maximum spend on search engines, social media and mobile video.
Brands should have a holistic and balanced marketing strategy that maps their business goals. However, conversion-based strategies will not work when customers are the main target of a business. This strategy is in direct conflict with many academic studies which show that top-funnel market strategies are the most effective way to grow. Our recent report shows that marketers consider rank customer acquisition and brand awareness as top priorities. This is in direct opposition to their high cost.
The downside of our fast-paced lifestyle is that it’s easier (and faster) to drive sales than to create campaigns that reach the public, which takes longer to deliver positive results. Long-term sales are difficult to measure. Many marketers consider the effectiveness of traditional media to be lower than that of digital.
Our recent Trust in Advertising survey found that people trust traditional media forms more than digital ones. Our recent marketing report noted that brand marketers often face challenges in measuring their return on investment in TV, radio and print media. However, our SME experience database shows that a 1 point increase in brand metrics (e.g. awareness or consideration) increases sales by an average of 1%. This means that the ্যান্ড 100 million increase in brand sales will result in an additional 1 million.
The efficiency of sales activation is also enhanced by the above-funnel activities. For example, SMEs recently measured the effectiveness of a financial services company’s marketing efforts in driving sales to approximately 20 markets. Brand awareness and market considerations differ in the market. SME discovered that there was a strong correlation (0.73) between marketing efficiency and brand metrics in the upper funnel. Therefore, equity brands may be able to create not only direct benefits for sales, but also indirect benefits of optimizing activation processes.
Establishing relationships with your customers is essential and providing a meaningful engagement to nurture them is not underestimated. Digital channels can be an important tool for strengthening relationships with consumers in an age of increasing choice and declining loyalty. For true brand growth and long-term business effectiveness, however, marketers need to balance their conversion efforts with initiatives that put their value proposition in front of customers who are not yet familiar with them.
