Building an efficient marketing funnel that drives ROI.
Being a Business Owner
'Business Owner' is a spectrum of roles that require different skills and perseverance to excel. The journey of a business owner can be visualised in simple phases
Phase 0: Moments leading to the existence of the business concept on formal legal papers.
Phase 1: Moments that lead to the fully functioning prototype of the product/service that the business offers.
Phase 2: Moments leading to the existence of the brand under which the product/service is recognised by target customers.
Phase 3: Moments leading to initiatives to acquire aggregators, suppliers, distributors and other associated vendors for smooth, scalable operations.
Phase 4: Acquisition of a customer base to maintain consistent demand that productively impacts production capacity.
Phase 5: Maintain and expand customer base to meet increasing demand.
The Important Phase of Regional domination
The phase in which a company invests in customer acquisition is the most important phase, as extensive expenditure is made on mass advertising and the results cannot be tracked, leading to ROI. Companies are in a dilemma with a huge customer base that they have acquired through a mass advertising campaign, but which is not profitable due to minimal sales conversions.
Defining the Goals for Marketing Expenditure
Let us first understand the business before we look at the 'expenses'. A business with a defined product/service spends money on 'marketing initiatives' whose main objective is customer acquisition. The 'customer acquisition cost' determine the efficiency of the marketing initiative. However, factors such as high cost of the marketing initiative, generic reach, inconclusive brand message and judgmental impressions cause the campaign to fail despite the large reach and expenditure. In addition, the company has to spend separately on its social media presence and PR if it is in a highly competitive market.
To avoid these costly hurdles and choose an efficient CAC model, we need to focus first and foremost on the 360-degree goals that can be achieved with an initiative and define an organised process that converts reach into conversions in a traceable system.
Objectives:
New customer registration data
Offline shop visits
Online orders
Interactions via social media
Website visitors
Product feedback
Now let's look at crafting a process to reach the above goals.
TTL -Strategy
To achieve the defined business objectives, we need to integrate an end-to-end marketing strategy that involves regular interaction between digital presence, direct engagement and business development teams. The formula would be to physically, psychologically and repeatedly engage with the target customer in a given region and drive customer acquisition with a systematic funnel for re targeting, follow-up and conversion.
The business center would focus on spend and results while the 3 teams work to develop an integrated campaign that takes the customer through all business objectives with a single investment.
The best thing about this strategy is that it can be implemented in a specific region with minimal spend and expanded depending on the results.
Strategy Execution Cost
The cost of a strategy is mainly made up of the cost of resources and initiatives, which can be predetermined if a company tries to implement it internally. However, outsourcing such initiatives has many advantages when you consider the following:
1. the cost to the internal team is expensive, consistent and recurring, regardless of the results.
2. the initial investment would be inefficient if the team needs time to gain practical experience.
3. the work involves multiple tasks that would be difficult to replace in an internal model.
4. the network and resources available in an outsourced company would make the difference in achieving immediate results.
5. micromanagement would be an extensive task if it is an internal model, whereas outsourcing helps you to focus only on the most important items that determine the productivity of the expenditure.
However, it is an added advantage for a company to build a highly skilled and efficiently coordinating internal team that can run ROI based marketing campaigns. It is still a complex approach for a short-term initiative.
Unispirit, a company specialising in creative media and brand marketing, runs customer acquisition campaigns with an efficient approach that helps brands achieve regional dominance and gain a productive customer base. With an extensive network of resources and experience, Unispirit ensures immediate results through innovative integrations. Contact Unispirit to facilitate the customer acquisition phase and accelerate your business performance.
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