How to develop a personal brand when you are a startup
Jul 30, 2020
Jul 30, 2020
10 min read
10 min read
The influx of digitization and the proliferation of globalization might have made it very easy for entrepreneurs to enter an industry as having a brick and mortar shop is no more necessary. But there are many challenges you will have to face if you are a startup in the modern era, and this is why you will have to adopt various ways to level the playing field and fuel the growth of your business. Building a personal brand is one of those ways.
The need to build a personal brand for startups has never been more critical than today. We live in a world of social media and the internet where anyone can become an expert, build an audience base, and start attracting clients for their firms. And this is what most of the people are doing on the digital platform.
A study conducted by Upwork shows that the number of freelancers is increasing at the rate of 3X every year. By the end of 2027, freelancers will be a big chunk of the overall workforce pie of the U.S. This clearly shows that more and more people are flocking to startups, and with more startups, the competition will reach to the neck-wrenching level. And in such situations, there is only one thing that will allow you to distinguish yourself from others, i.e., personal branding.
Why will startups need to focus on personal branding?
If you are commencing a business around your expertise, then building a personal brand comes as a default option, or we can say that it comes naturally to you. If you are your firm's face, creating your brand is the best thing you can do.
Your company's brand sets you apart from other industry players and leaves a lasting impression in the minds of the customers who interact with your business. But if your business lacks a compelling personal brand for attracting the audience and giving them a unique experience, you will find yourself struggling to build a profitable and successful startup.
Even if you are building a firm with its brand, you will still need to focus on personal branding. This is important because, in the modern era, people are more interested in being connected with a person rather than a company.
Thus, even while building a broad audience for your brand, you will be enhancing your own company's exposure. You can take the example of Elon Musk, who has more Twitter followers on his personal account than all of his three companies. The same goes for Richard Branson (Virgin) and Gary Vaynerchuck (VaynerMedia).
The most unique ways to build your personal brand as a startup
Understanding your true value
Your value isn't determined by which company you work for or what your job role is. It is determined what you can bring on the table. You will need to be clear about what is the thing that you can offer in the best possible way and excel at it in each and every situation. In the corporate world, we always focus on finding a niche market and categorizing the target audience. It aids a firm in zeroing down the available list of potential customers and uses a better targeting approach.
If you are not specific about the type of work you can do or what you are good at, then you will be lost in the crowd, and you will never be able to leave a lasting impression in your customers' minds. Simply build a value proposition around what you can do and what you have to offer the market.
Building a personal image
If your company's brand covers your image, you will never be able to come out of that cloak and create a particular image. Your image will indeed act as a springboard for your firm's success, and they both are correlated, but still, hiding behind the brand won't work while trying to build a personal image.
There are various ways of building a personal image. You can start by only taking a professional headshot and using it at multiple digital platforms like Twitter, LinkedIn, and even in your company profile. In addition to this, you will need to cultivate an email signature that will be unique to you. The email signature will need your social media icons, contact information, the website address of your company, and professional headshot.
Deliver on your value and get testimonials as a reward
If you are the only one talking about your value, then there is something wrong with your personal branding strategy. Let other people talk about your importance as well because later on, these people will act as your brand ambassador, and they will influence others to join your audience base.
One of the best ways to let other people talk about your values is by consistently delivering on your value and surpassing your target audience and customers' expectations. This will help you build a network of loyal brand ambassadors and thus be referred organically by them.
You can also ask your professional network to give you testimonials and allow them to highlight what you are good at and how you are working to grow your startup.
Work on your online presence
Working on your online presence is the best thing that you can do to build an online presence. There are various tools out there that you can use to check your availability on a myriad of online platforms.
You can begin your journey of building an online presence through LinkedIn as it is a professional platform that helps people connect with like-minded experts in their industry. But this doesn't mean that you should limit your online exposure to LinkedIn only. From Facebook to Twitter, all these social media platforms will enlarge your network and strengthen your personal branding efforts.
In addition to this, make sure that your personal website, apart from your official business website, showcases all your attributes, achievements, contribution to the industry, and work. But make sure that the website you are using for personal branding is in sync with your company's brand.
Don’t forget blogging
For most digital marketers out there, blogging is the best way to build a brand, but it can prove to be a magic wand for building a personal brand. After ensuring that you have a seamless, enticing, and engaging website, you will need to master the art of increasing your blog audience. If you succeed in increasing the number of followers by blogging, you will be able to strengthen your personal brand.
Some of the useful tips that you can use to build a personal brand through blogging:-
- Repurposing your articles and blogs
- Syndication of articles and blogs
- Joining like-minded online communities and sharing your content
- Equipping your blog with social sharing buttons.
- Writing content related to influencers and asking them to share your content.
But make sure to post content regularly after building a large base of followers and make the most of the best SEO practices and catering your followers with what they are looking for.
With personal brand building becoming an integral part of the overall business strategy for startups, you will need to start working on it without delay. In the end, you will be attracting more people towards your business and increasing your sales.
At Saffron Edge, we work on your 360-degree branding and make sure you and your business have exponential growth and positive image throughout.
6 Steps To Succeed With Marketing Intelligence For Your Company
As a business owner or a company leader, you tend to spend a lot of hours dwelling on your company’s marketing tactics. You must have encountered terms like ‘Marketing intelligence’ and ‘Competitive marketing’. So, what is Marketing Intelligence, and what is Competitive Intelligence? Marketing Intelligence is the day-to-day information collected from a company’s market, this data or development metrics are then analyzed and put together to make crucial business decisions such as recognizing important market opportunities, and identifying market penetration strategies that enable the business to boost their revenue in the end. On the other hand, when we talk about competitive intelligence, we mean analyzing the data gathered by studying the company’s market competitors. How can someone map out their company’s process of competitive intelligence? Well, that question may have an elaborated answer. As we dug into several studies and saw various competitive intelligence reports, we found several parameters such as KPIs, goals, and resources, etc. We found out that different companies had a distinct process or a different mechanism behind building their competitive intelligence. The process of building Marketing intelligence emphasizes more on knowing what the rest of the market is doing. It allows you to know about the audiences you can target and tells you the current strategies of your market leaders. Nowadays parameters like CRMs, social media website analytics, audience segmentation tools, etc are helping businesses to grow at a greater pace than ever before. When we talk about investing in Marketing Intelligence, we talk about investing in enhancing your company’s marketing. If you are a business owner, marketer, or company leader, then you must go through these six steps to succeed with effective Marketing Intelligence for your company. 1. Identifying Your Competitors Benchmarking What is benchmarking? When you measure the quality of your product against the quality of those products that are produced by the current market leaders, it is called benchmarking. You need to set your standards and identify your competitors. Competitors can be both direct and indirect competitors. Identify Your Direct Competitors - Do Market Research - Analyze the market of your goods or services. See which companies are selling the same product as you. Which market competitors do you often see in the sales process? Watch out for their products and marketing strategies. Customer Feedback Is Vital - Once you build a decent customer base, make sure to take their feedback on your services and products. You can also ask them about the products they usually prefer to buy from a competitor. They may reveal some new competitors! Social Media Community Posts Or Forums - A recommendation from a friend or a family member influences our buying behavior. In today's digital world, customers take suggestions from social media websites and online forums like Reddit or Quora. You can dig into such posts because they’ll tell you more about your competitors. Identify Your Indirect Competitors Keyword Research - Perform a competitive SEO analysis to find out which brands or businesses are competing with your business in terms of content on Google. Every query on a search engine begins from a keyword. You have to be aware of the keywords that your indirect competitors are using. Analyze Google SERPs - Your indirect competitors might be choosing the same topics that might be valuable for your products or website too. Recognize those keywords that are closely related to your products and services. Analyze the SERPs to spot websites that have similar content or keywords, those websites are your indirect competitors. Paid Data - Go into Google AdWords to evaluate the keywords that are crucial for your brand. Is the competition high for those keywords? If yes, then spot the businesses that are buying ads on those keywords. These paid ads might be competing with your content. Paid data will let you know about the competitors that you weren’t aware of. 2. How To Select The Right Metrics to Measure? Choosing The Metrics to Measure Choosing the correct metrics to measure your brand and performance depends upon your business objectives and your digital marketing strategy. Your strategies must be a mix of both, brand-based marketing and performance-based marketing. But it is not possible to consider everything during the process of building marketing intelligence for your business due to limited resources, therefore, you can focus on the following metrics. Brand-Based Metrics - Demographics of your audience. The shifting behavior of your audience across the web. The intent of your audience and major trends in the category. Performance of your competitors and their tactics on social media platforms?. Performance-Based Metrics - Your competitors’ keyword rankings (non-branded). Your competitors’ website traffic and acquisition channels. Your competitors’ budget for digital advertising on all platforms. Your competitors’ strategies for email marketing, SEO, paid ads, display ads, CRO. Apart from these metrics, when it comes to building a robust digital marketing strategy, you must know the essential details about your competitors like - What is their spend on ads?, What amount of traffic are they driving to their website? What type of content do they post and what is the retention rate? etc. 3. Gather Audience And Intelligence Data Of Your Competitors Intelligence gathering is a prime segment of effective marketing intelligence. Every business or brand collects Marketing Intelligence data in its way. Even local businesses keep an eye on ads that are displayed in the newspaper, on the other hand, large companies create their pool of data by buying data through various platforms. Almost every business in the world focuses on internal data provided by platforms like Facebook Audience Insights, Social Media Analytics, Google Analytics, Excel. It is very important to recognize your competitors’ online presence. This step is a time-consuming step of the research phase. Apart from internal data, try exploring their content that is publicly available such as product pages, websites, project teams, social media content, announcements, etc. You can evaluate this data to gather helpful insights. 4. Design A Competitive Analysis When we talk about evaluating the gathered intelligence data, we talk about breaking down the statistics or information to pull out crucial trends and important details. Once you have these chunks segregated into several other segments, it becomes easier for the whole organization to understand and interpret them. The information can be easily passed on to the whole organization. Design a competitive analysis for your business, it can be done in several ways. You can perform a benchmark analysis wherein you can gather all the information about your competitors and make a separate profile for each of them. Making such profiles are very beneficial because it allows you to see all the details of all the competitors in a single document. You can also perform ‘real-time’ analysis and track their actions. One of the most effective ways to keep track of your competitors’ actions is to set up instant alerts on their product changes, new customer feedback, etc. This will allow you to provide a day-to-day analysis to your team. 5. Communicate The Marketing Insights Throughout The Company Well, it’ll be a waste of time and effort if the gathered marketing intelligence data is not being utilized to enhance your marketing strategies. Therefore, it is necessary to pass on this vital information through some sort of platform to the whole organization. You can use dashboards provided by platforms like Google Data Studio and Tableau. The only issue with such dashboards is that they need to be updated constantly. Automatic dashboards can be costly and challenging for your team because they require integrations and APIs. A large number of companies share their marketing intel through email, some still rely on meetings, others use an internal team chat through communication tools like Slack or Campfire to deliver instant messages or updates to the team. You can also use tools provided by companies like intranet or wiki to deliver alerts to your team and store all the profiles of your competitors. Another way to deliver important updates about your competitors to your team is by choosing the old traditional method of providing slide presentations to them. Slides are simple, shareable, approachable, and can be easily accessed. You can mention your key points to your team and explain to them your objectives in a short time. 6. Convert Data Into Action And Action Into Results What is the ultimate aim of marketing intelligence? Better marketing performance and results, right? Whether you want an increase in sales, more brand visibility, a larger customer base, etc, there can be several different business goals. The most important thing is to link your marketing intelligence with your marketing strategies. Well, we still don’t have those software or tools that can magically build a link between your marketing intelligence and your marketing strategies. We can’t automate them. But there’s one thing that we all can do, it is the process of backing our strategies with our data. The sphere of marketing has evolved significantly. We can now rely on data-driven strategies. Most of the data that was collected in the past 10 years has largely affected the present state of our marketing environment. So whenever you are evaluating or developing marketing strategies, make sure that you come across both, internal as well as external data. So once you have identified your competitors, collected the data, analyzed it, and passed on the information to your organization, you need to convert your data into actions. For instance, the data gathered can be used to tweak your content marketing strategies, social media strategies, A/B tests or it can be used to develop new marketing plans. The data gathered about your competitors’ products or the pricing can be used by your product team or sales team in their sales processes respectively. The process of building marketing intelligence for your company is a very crucial step. As we have discussed earlier, marketing Intelligence is the day-to-day information collected from a company’s market.The data or metrics gathered can be very beneficial for a company. It can help a business like yours in making better business decisions. It can help your team in identifying important market opportunities and can help you to figure out market penetration strategies that can boost your company’s annual revenue. Make sure to follow these six steps to succeed with marketing intelligence in 2021. ...
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Snapchat: The Game Changer Of Marketing World
Every now and then, a new Social Media platform is introduced in the online/digital world. At present, Snapchat is the trending Social Media platform used by every user. Snapchat is creating a buzz in Social Media platform as most of the marketers are using it for their marketing strategies. Unlike Facebook and Instagram, Snapchat has diverse features and approaches to promote the business. Businesses who have already switched to Snapchat are witnessing the effective results. Besides, they are able to acquire new customers in a consistent manner. If the business is not familiar with the utility of Snapchat, it must come across several queries. They can relate with these questions such as how to use it with an authentic approach, who are the users and most important, “how to connect with the audience”. This blog will help you in understanding all the aspects of Snapchat in order to gain maximum profit. Let’s take a look at the following facts to create an effective Snapchat marketing campaign: Why should a business market on Snapchat? No doubt, Snapchat is the new Social Media platform and almost everybody is getting attracted towards it. In fact, Snapchat has acquired a massive amount of users in a short period of time, especially millennials. It’s time to check out these facts about snapchat to understand its merits and mechanism: It’s not competitive: Since, Snapchat is the new Social Media platform, most of the businesses are not aware of Snapchat marketing. Hence, it is a better opportunity for you, if you are well-acquainted with this platform aptly. It’s authentic: Marketing the business on Snapchat becomes authentic due to its unique features. It gives an insight of the trends in the market to help a business in boosting its profit and growth. It offers videos and photos that convey message in simplified, effective and efficient way as compared to simple informative articles. Everyday brings in new audience: If a business has products which are meant for youngsters, then, Snapchat is the best Social Media platform to reach out to prospective users as millennials are actively using Snapchat. Over the past few years, Snapchat has become a popular platform which serves the marketing goals of business owners. When it comes to attain a rapid growth of a business, increasing business visibility on Snapchat should be focused on initially. Features available on Snapchat` Snapchat offers various features, varied posts and settings that you can efficiently use in order to connect with audience. Using these features will be impactful for the success of your Snapchat Campaign.These include image editing options, the settings which can be customized for your profile and additional features that can help you interact and engage with your audience. Types of content you can share: Images Videos Snaps Stories Snapchat enables you to use edit options in order to modify all your posts and share them according to your preferences. Snapchat: Millennials’ Choice If you are promoting your business on any online platform, you must know that the youngsters are actively using these platforms. If a business is producing goods or services which target millennials, then, Snapchat will be an excellent platform to promote your brand. Most businesses are actively using Social Media in order to connect with the target audience for a rapid growth and popularity of their brand. Snapchat is a new and promising trend in the digital marketing world and businesses are embracing it to a great extent. Conclusion: People use online platforms and are dependent on them for basic utility or to accomplish the marketing objectives. Snapchat is an emerging Social Media platform which is beneficial for all business types. In case, you want to connect with the new and target audience, then, online presence has become a prerequisite which is being used by many organizations. Are you curious to use Snapchat, then, Contact us to explore more about the utility of this platform. ...
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What is Performance Marketing in DTC? How to get the best out of it?
Investments are soaring to new heights, and a star is on the rise – DTC performance marketing. In 2021, worldwide digital advertising spending skyrocketed to a staggering $455.3 billion, and the forecast is even more promising. By 2024, that figure is expected to reach an astonishing $646 billion, reflecting a booming industry ready for innovation. Shift To Performance Marketing, the dynamic fusion of paid advertising and brand promotion, is at the forefront of this marketing revolution. Unlike traditional marketing models, performance marketing operates on a simple yet powerful principle: results matter. With this approach, advertisers and affiliates only pay when a specific, desired action is achieved – whether it's a lead generated, a sale completed, a booking made, or a download initiated. Within this landscape, the structure is supported by various factors. Cost forms the foundation, balancing investments for optimal returns. Risks are the core, encompassing potential overspending and market saturation. KPIs in the center guide campaigns with precision. Specialization offers expertise in digital marketing nuances. Efficiency on the table's surface drives success, with resource allocation and optimization as key pillars. Understanding this structure is vital as investments in DTC Performance marketing continue to surge, shaping the future of marketing. This collaboration allows both parties to target campaigns effectively, ensuring a high return on investment (ROI) driven by measurable outcomes. For merchants, it's a calculated investment, as they engage with an audience that's already converting, making every dollar count. This approach offers substantial advantages, making it a game-changer for ecommerce businesses. Read on to delve deeper into the topic. What is Performance Marketing? Performance marketing is a term that encompasses a wide array of practices, and its definition can vary significantly depending on who you ask within the realm of marketing professionals. In practical terms, performance marketing serves as an overarching concept that encompasses all online marketing and advertising endeavors where advertisers compensate marketing platforms exclusively upon the completion of specific, quantifiable actions carried out on their platforms. What sets performance marketing apart from traditional marketing methods is the fundamental shift in payment structure. In conventional marketing, advertisers commit upfront payments to advertising providers, often expecting to achieve certain outcomes. In stark contrast, performance marketing dictates that advertisers only bear costs when precise conditions are met, such as the successful purchase of a product. This age is marked by the rapid acceleration of Direct-to-Consumer sales, thus creating more growth avenues for DTC SEO marketing. Fueled by the global shift towards a digital marketplace, D2C enterprises are presented with a compelling imperative. They must harness the full spectrum of available tools at their disposal, among which performance marketing stands out prominently. Failing to leverage such tools may result in being left in the wake of competitors who have embraced the transformative potential of performance marketing. What is DTC with Performance Marketing? Direct-to-consumer (DTC) models and Performance Marketing are reshaping modern business. Their alignment centers on a shared customer focus. DTC builds direct connections with consumers, while Performance Marketing efficiently targets and engages them. When combined, these two approaches create a synergy where Performance Marketing becomes the driving force behind DTC success. Performance Marketing strategies, such as search engine marketing, social media advertising, and email campaigns, are tailored to target the DTC audience precisely. This alignment ensures that marketing efforts are not only reaching potential customers but also resonating with them on a personal level. DTC Paid Marketing are inherently data-driven. They rely on consumer insights, purchase history, and behavioral data to tailor products, marketing messages, and the overall customer experience. This approach aligns seamlessly with the precision and accountability of Performance Marketing. Performance Marketing thrives on data analytics and measurement. It allows businesses to track the performance of every marketing dollar spent, from click-through rates to Conversion rates. When integrated into DTC models, this data-driven approach ensures that marketing strategies are effective and adaptable in real time. For example, if data analysis indicates that a particular demographic is responding positively to a DTC campaign, Performance Marketing allows for the immediate allocation of resources to capitalize on this trend. Conversely, if a campaign is underperforming, adjustments can be made promptly, minimizing wastage of resources. Performance Marketing Strategy vs. Traditional Marketing Strategy Performance and traditional marketing represent two distinct approaches to promoting products and services, each with its characteristics and advantages. Performance marketing primarily relies on digital channels and encompasses SEO, SEM, PPC, email marketing, and social media advertising strategies. It's known for its cost-effectiveness and precision in reaching target audiences. In contrast, traditional marketing encompasses older methods like TV, radio, banners, and print ads, often relying on mass exposure. One of the key differences between the two lies in their cost-effectiveness. Performance marketing excels in optimizing return on investment (ROI) by allowing marketers to allocate resources more efficiently, whereas traditional marketing can be costlier, especially for small businesses with limited budgets. Moreover, performance marketing is highly measurable, thanks to analytics tools that provide real-time insights into campaign performance. On the other hand, traditional marketing often struggles to provide accurate and timely measurements of its effectiveness. Another distinguishing factor is the ability to adjust campaigns after launch. Performance marketing campaigns can be altered and optimized even after they've gone live based on real-time data. In contrast, traditional marketing materials, once distributed, remain static. When it comes to audience reach, performance marketing offers a global reach through online platforms, allowing for precise targeting of specific demographics. Traditional marketing typically has a more localized or regional reach and often employs standardized methods to target audiences. Furthermore, performance marketing emphasizes two-way communication, which fosters higher customer engagement and satisfaction. Traditional marketing tends to rely on one-way communication, where the message is broadcasted to the audience without direct interaction. Social Media Giants: Facebook and Instagram The symbiotic relationship between social media and DTC brands is undeniable. Social media isn't just a place for personal connections anymore; it's a dynamic force influencing consumer choices. Meta's research reveals that over 80% of Instagram users use the platform for product discovery, and 37% of TikTok users make immediate purchases, spending 14% more. Getting SEO Help for DTC brands can harness this power for targeted campaigns effectively. Attracting the Right Audience: Social media marketing is a cost-effective pillar of multichannel strategies, enabling DTC brands to build brand awareness and connect with potential buyers. Offering value and showcasing brand personality fosters loyalty, attracting the right audience. Personalized Experiences: Social media isn't one-way communication; it's about building communities. It connects loyal customers and gathers data for product development and branding. Customer Support and Engagement: Social media offers direct customer support and boosts engagement. Platforms like TikTok and YouTube see users spending around 45 minutes daily. Driving Conversions: Higher engagement leads to more conversions. Meta reports that 86% of consumers would purchase or recommend products discovered on Instagram. The cost-per-mile (CPM) and cost-per-click (CPC) for Instagram ads in 2021 were $7.91 and $3.56, respectively. Worldwide, the average social media advertising click-through rate (CTR) is 1%. These platforms offer potent ad formats and precise targeting options. Glossier and Allbirds have excelled by harnessing Instagram and Facebook to engage and target consumers effectively. DTC brands can propel growth and engagement by strategically leveraging social media's vast user base, utilizing engaging ad formats, robust targeting, and success stories as guiding lights. Winning at E-Commerce Marketplaces, in general, provide DTC brands with a fertile ground to thrive in the e-commerce landscape. Their endless win-win benefits make them an attractive channel for businesses looking to excel in online commerce. Amazon, in particular, exemplifies these advantages, standing out as a prominent player in the e-commerce marketplace arena. Amazon PPC (Pay-Per-Click) is a crucial advertising model for DTC brands on Amazon. It involves advertisers bidding for ad placements. The highest bidder gets the top spot, and payment is only required when a shopper clicks on the ad. These ads, known as Sponsored Products, help DTC brands increase visibility and sales. Bids are dynamic, and sellers can adjust them to control when and where their ads appear. The cost is incurred per click, making it an investment in driving product sales for DTC brands. Joining Amazon as a Direct-to-Consumer (DTC) brand isn't just about offering an easy shopping experience; it's a strategic move loaded with benefits: Effortless Customer Reach: Amazon stands as one of the most efficient ways to connect with customers, especially in the U.S. Why? A whopping 66% of new product searches now begin on Amazon, surpassing search engines (20%) and brand websites (4%). Amazon has become the go-to for finding products. Amplifying Brand Impact: Positive Amazon product reviews wield significant influence beyond the platform. These reviews can boost a brand's sales across all channels, even their standalone website. Consumers often consult Amazon reviews, shaping their purchase decisions, even if they intend to buy from a physical store. Revenue Powerhouse: Amazon can be a substantial contributor to a brand's revenue, even if they are primarily internet-based. It's not uncommon for Amazon to account for 10-40% of a DTC brand's total retail sales. Some brands even rake in $150,000 to $200,000 per month on Amazon alone. Cost-Effective Advertising: Amazon's advertising costs can be up to 10% lower than DTC's. Brands on Amazon often experience a surge in traffic and organic search for DTC, thanks to Amazon's status as the first stop for product searches. This shift can lead to healthier profit margins for DTC businesses. Lower Customer Acquisition Costs: Amazon sits closer to the bottom of the purchasing funnel, with a high intent to buy. Customers actively searching for specific products or brands are primed for purchase, translating to higher conversion rates. In contrast, advertising on platforms like Google and Facebook targets users further up the funnel, resulting in higher customer acquisition costs. Amazon presents an alluring avenue for DTC brands to thrive in e-commerce. Its advantages make it a powerful platform for those seeking e-commerce excellence. Google Ads Google Ads emerges as a versatile and indispensable tool for Direct-to-Consumer (DTC) brands aiming to excel in performance marketing. With its wide array of ad formats and unparalleled reach, Google Ads provides DTC brands with ample opportunities to optimize their online presence. Here's how: Search Ads: Google's search ads are perfect for DTC brands seeking visibility among actively searching customers. Precise keyword targeting ensures prominence in relevant search results, aligning with search's intent-driven nature. Display Ads: DTC brands enhance visibility and engage potential customers across the web using Google's display ads. Appealing visuals can be placed on an extensive network of websites, reaching a broad audience. Audience targeting tailors ads to customer profiles. YouTube Ads: Utilise YouTube's vast user base with compelling video content. YouTube ads, in various formats, captivate audiences effectively. Engage your audience on this video-sharing platform. To thrive on Google Ads, DTC brands should focus on a few key strategies: Keyword Research: In search ads, the choice of keywords is critical. Conduct thorough keyword research to identify the terms that resonate with your audience. Tailor your ad campaigns around these keywords to enhance visibility. Audience Segmentation: Employ Google's audience targeting capabilities to segment your audience effectively. You can enhance engagement and conversion rates by delivering tailored messages to specific segments. Compelling Creatives: Invest in creating compelling ad creatives. Whether it's text for search ads, visuals for display ads, or videos for YouTube, captivating creatives are the heart of successful campaigns. Continuous Optimization: The digital landscape evolves rapidly. Regularly monitor and optimize your ad campaigns to adapt to changing trends and customer behaviors. Key Metrics for Success Cost per Acquisition (CPA): CAC in the context of DTC brands and performance marketing refers to the cost incurred to acquire a new customer. It encompasses advertising, marketing, and sales expenses, providing insights into the efficiency of customer acquisition strategies. Return on Ad Spend (ROAS): ROAS is a crucial metric for DTC brands engaging in performance marketing. It measures the revenue generated from advertising campaigns relative to the ad costs. High ROAS indicates effective campaigns that generate substantial returns. Customer Lifetime Value (CLV): CLV is the predicted revenue a DTC brand can expect from a customer throughout their entire relationship. It aids in determining how much to invest in customer acquisition and Retention Marketing, ensuring sustainable profitability. Conversion Rate: Conversion rate signifies the percentage of website visitors or potential customers who take a desired action, such as making a purchase. In the DTC context, a high conversion rate is indicative of effective performance marketing campaigns. Customer Acquisition Cost (CAC): CAC quantifies the expenses associated with acquiring new customers through performance marketing efforts. It assists DTC brands in evaluating the cost-effectiveness of their acquisition strategies. Cost per click (CPC): CPC represents the amount an advertiser pays each time a user clicks on their online ad. It measures in pay-per-click (PPC) advertising campaigns, reflecting the cost of driving traffic to a website or landing page. Clickthrough rate (CTR): Clickthrough Rate (CTR) measures the percentage of users who click on a specific link or ad, relative to the total number of users who view it. A higher CTR typically indicates a more effective and engaging marketing campaign. How to Create a Performance Marketing Campaign? Performance marketing campaigns are unique to each product and brand. The intent also plays a great role in the trajectory. However, there are a few steps that everyone must tweak and follow as per their requirements. Let’s break them down; Certainly, here's a more concise version of the steps to build a performance marketing strategy: Step 1: Define Clear Objectives: Establish your campaign goals, whether it's brand awareness, website traffic, engagement, lead generation, or sales. These goals shape your ad placement and targeting. tep 2: Select Diverse Digital Channels: S Diversify your approach rather than relying on one channel. Explore options like affiliate marketing, native advertising, or social media, depending on your audience and conversion goals. Step 3: Create and Launch: Craft compelling campaigns by understanding your audience's needs and preferences. Develop engaging ad creatives and messaging tailored to each channel's technical requirements. Step 4: Measure and Optimize: Post-launch, monitor campaign data and optimize for performance. Analyze key DTC metrics, track traffic sources, and allocate ad budgets effectively to improve ROI. Step 5: Address Potential Challenges: Be aware of challenges like brand safety, compliance, privacy regulations, click fraud, and publisher issues. Mitigate risks by partnering with reputable advertising platforms. This streamlined approach ensures a strategic foundation for performance marketing campaigns and effective post-launch optimization. Overcoming Challenges and Sustaining Growth The DTC landscape has witnessed a transformative journey from its inception in the early 2010s to the present day. Initially, it was a golden age for DTC businesses as they leveraged the power of e-commerce and digital marketing to create a win-win scenario for brands and consumers. The adoption of smartphones, online shopping, and the cost-effective reach of social media propelled this trend to new heights. However, this era also saw investors overreacting, with many DTC companies lacking a viable business model and receiving substantial funding. Today, successful DTC brands stand out with either loyal customer bases or unique approaches that circumvent the skyrocketing costs of social media marketing. For other DTC companies, the question looming large is, "What do we do now?" Adapting to Algorithmic Changes Frank Berman, EVP and Chief Marketing Officer at Bloomingdale's, aptly notes that the future of DTC was never what it initially seemed. It's not about disproving DTC; it's about recognizing that being where the consumer is has always been the ultimate goal. Selling online, while crucial, isn't sufficient. Traditional brick-and-mortar stores still hold value in the retail landscape. Department stores, often considered conventional, have demonstrated their resilience. They offer consumers the ability to compare products, validate pricing through comparison shopping, and provide a sense of discovery. This enduring value highlights that DTC brands should consider embracing physical retail spaces to cater to diverse consumer preferences. DTC Plus - Blending Online and Offline DTC brands are adopting strategies like "DTC-Plus." This approach extends beyond online sales by incorporating physical stores where brands can showcase their products alongside those of like-minded brands. As exemplified by companies like Masami, this strategy combines the benefits of both digital and physical retail spaces. The Power of Community Another essential aspect of sustaining DTC growth is building and nurturing a brand community. Roy Bernheim, Co-Founder of Decommerce, emphasizes the need for DTC brands to "own and host their own community." Proprietary communities reduce the reliance on costly social media marketing, enabling direct communication with the audience. These communities foster repeat orders, data collection, and insights into consumer behavior, all of which are crucial for long-term brand sustainability. Storytelling as the Cornerstone According to Daniel Langer, CEO of Equite and advisor to luxury brands, the essence of DTC success lies in storytelling. Brands have transitioned from being mere manufacturers to multifaceted entities encompassing retail, publishing, and socio-cultural influence. To stand out, DTC brands must tell their unique story that evokes emotions, resonates with customers, and differentiates them from competitors. It's not about selling a dream; it's about selling a distinct and profoundly meaningful dream. In retrospect, DTC was never merely a business strategy; it's a channel, a means to an end. The real essence of DTC lies in the message, the product, the sense of belonging it offers, and the values it upholds. DTC's success stories are those of brands that made consumers feel good. While the channels may change, these core principles remain constant. Creating a brand today is more challenging than ever. The modern world is bustling with noise and competitors. The DTC brands that originally succeeded in online sales are now expanding into physical stores because that's where their customers are. The journey was never about the channel; it was always about crafting a compelling message, offering remarkable products, fostering a sense of belonging, and upholding core values. These principles remain timeless, guiding brands toward enduring success, whether DTC or otherwise. In Conclusion The symbiotic relationship between Performance Marketing and DTC isn't just an option; it's a necessity for brands aiming for exponential growth. To thrive in this dynamic landscape, DTC brands should seize the power of Performance Marketing, leveraging its capabilities to reach, engage, and convert. For those ready to take the leap, Saffron Edge stands as a trusted partner, offering unparalleled expertise in crafting tailored Performance Marketing strategies that propel DTC brands to unparalleled heights. Embrace the synergy, fuel your growth, and step confidently into the future of DTC with Saffron Edge. Your success story awaits. ...
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