You may ask, “Why do I need to have efficient marketing?” or, “What is Efficient Marketing?”
This article will answer both questions and give you a couple examples of how it can increase marketing returns.
Why You Need to Have Efficient Marketing
Often, if you want to grow your business or spread your message, you will need some sort of paid marketing.
This can be a very expensive undertaking, with competitors and large corporations driving up the price per impression. They have greater war chests and credit lines at their disposal to spend on advertising their product or service, where you may not have those resources.
How can a smaller business or organization compete?
By being more efficient.
Creating ads that convert highly and placing them for the lowest possible price, return on investment also increases.
It’s not going to be easy. We are going to explain this concept using “ideal marketing efficiency” and less than 800 words.
Hyper Targeted Ad Placement
Placing an advertisement that converts every time it is seen would be invaluable.
What if the conversion rate was higher than 100 percent?
What if the person seeing the advertisement not only did what you wanted them to do, but also got someone else to do it as well? You would have a 200% ROI for acquisition.
The above hypothetical is a marketer’s dream, but these things can happen.
Picture a “Do Not Enter” sign with an image of a person being ground up that not only stops a parent from entering a potentially dangerous situation, but also their toddler that cannot read the sign.
Though the audience is wide (every person that cares about safety), it has a perfect conversion rate. This is the ideal return for any small business.
To do this –
1. Find Your Target Audience
2. Craft Your Offering
3. Market Your Prospect
1. Finding Your Target Audience
Finding the target for your offering is the best. If you are selling cheeseburgers, you do not want to target vegans. That will be a waste of your effort.
Instead, you want to find out who loves cheeseburgers. Fine tuning this takes the most creativity and thought.
Are you selling a gourmet cheeseburger? Advertising to teens that mostly love cheeseburgers, but live off of the dollar menu might not be the best place to start. Spend your time and money going after the yes, to the likely, then the maybes.
2.Designing Your Message
Now that you know who you are trying reach, it’s time to craft a message that resonates with its intended audience.
Things have to make sense. If you are marketing your gourmet cheeseburgers to people that can afford it but know that their waistline might not, you might want to highlight the healthy features and quality of your ingredients. Let them know that you are the best option for their cheeseburger fix.
If you are targeting the dollar menu crowd, you can position your cheeseburgers as an aspirational purchase. Associate your gourmet cheeseburgers with celebrations, rewards, upscale casual dates, etc.
New England Marketing & Efficiency can help you with all of your Gourmet Burger Shop marketing needs, or create a custom content strategy designed specifically for your target audience.
3. Marketing to Your Prospect
Reach them at the right time. Do it in the right context. Not while they are distracted, but when they are looking for more. Put your message at the bottom of a Dorito bag. Put it on the inside of a cheeseburger wrapper.
A more practical way of efficiently marketing your prospects is to reach them when they are most open to or likely to act on your message.
You want to get the “low hanging fruit” before your competitors do. Timing and context are extremely important when marketing. If you can catch people when they are “in the mood” for your offering, they’ll be more likely to make a purchase.
Inefficient Marketing Wastes Money
I have been collecting inefficient mail advertisements for quite some time now. This consists of offers to be a new customer while I was currently a customer, services I couldn’t use, to things I wouldn’t want to.
While customer communication helps retention rates, it has to be well executed. Nagging, misleading and incorrect messaging causes distrust. More importantly, it wastes a lot of time and money.
The more money wasted attempting to make more money greatly reduces the return on marketing dollars spent.