Target your right audience
When it comes to facilitating and understanding your online marketing campaigns, it's important to remember that there is no one-size-fits-all model. You must determine what your marketing goals are, and what success means for you and your business. What do you want the Lifetime Value of you customers to be?
There is an ever-growing presence of new marketing and social media tools, now that customers live in so many new digital neighborhoods.
Where everyone used to read the local newspaper, now your customers might be looking at search engines, display ads, or social media. And different kinds of marketing efforts find success on different networks.
How do you find your customers, the ones who will bring long-term value to your business?
Old School Flyers
Let's break down an approach to finding your customers digitally with an old school analogy:
Think back to high school, when you were a math tutor. You posted flyers around town - some at the library, some at the local coffee shop, on the bulletin board at the pizza shop, and a few other places. The goal? Hope someone sees it and grabs a flyer to give you a call.
When you start receiving phone calls, you realize that you need to re-stock the flyers at each location. When you travel around town, you notice that every single flyer from the library is gone, but only 2 were taken from the pizza shop. Are you going to re-stock both evenly? No - you're going to realize that the library is your best lead-generator. A tutoring goldmine.
Casting a Wide Net
This is the same approach you should apply to advertising digitally. Start by distributing your marketing efforts across a variety of channels, and see where you find the best results.
- Maybe you ran a Facebook campaign with some broad audiences targeted
- Maybe you targeted your SEO around some brand new search terms
- Maybe you ran an SEM campaign for a new promotion your business is running
Some of your approaches worked, and some did not - and that’s ok! The important thing is you discovered there is a difference, and now you can make some changes. By learning where your clientele spends their time, you can then allocate your advertising budget to the areas of online marketing most likely to reach your targeted consumer.
Unfortunately, your SEM campaign didn't generate the leads you had hoped for. You're still waiting to see how you can rank for your new SEO terms. But you saw a ton of qualified leads (customers who are most likely to buy) from your Facebook ad, specifically from one demographic group. Now that you know where your customers are, you can refocus on Facebook and drive even more leads from the source that works best!
Lifetime Customer Value
You cast a wide net, saw what you were able to catch and where the influx of business swam in from, and you fed the stream that yielded the most promising clients. It’s the same approach as the flyer analogy above, we just have a new label for it.
Your leads came to you because you reached different audiences through different channels. Some of the channels worked, and some did not, but you were able to determine the best route(s) for your business by understanding your data. Now it's up to you to work those qualified leads through your purchasing funnel to become happy buying customer. Then you make the most of your customers and keep them coming back over time, maintaining loyalty to your brand or store.