by Kuldeep Yadav | Sep 24, 2022 | Marketing
Humour, everyone likes it, but why? Meme marketing makes the best use of humor as everyone wants to laugh and laugh whenever they get a chance. Must be wondering why I’m considering the laughing here.
Before proceeding let me remind you of some of the interesting science lectures regarding Hormones!
Hormones, every science student must’ve read about them in their school time, have you? Do you still remember the name of Happy Hormones?
The most known happy chemicals in your body that the human mind releases are; Serotonin, Dopamine, Oxytocin, and Endorphins.
The above-mentioned hormones are called happy hormones that are responsible for the happiness of an individual.
- Serotonin stabilizes mood and sends signals of well-being and happiness.
- Dopamine is for pleasure and plays a motivational role in the brain’s reward system.
- The release of Oxytocin shows bonding, love, and trust.
- Endorphins are for pain relief and relaxation.
You can see how hormones can shift the human mood. And do you know these chemicals are released when someone laughs? Laughing triggers the release of these hormones.
So, if you can make laugh someone then the release of feel-good hormones will promote feelings of togetherness and social bonding.
Using the science behind laughing gives birth to Meme Based Marketing. Even the Sanskrit scriptures also include humor as one of the 9 Rasas (Emotional State of Mind).
Memes make people laugh and the laughing release the happy chemicals that develop the feeling of togetherness with the brand and increase social bonding.
This way you can easily broadcast your message to mass audiences to market your products or services without making your consumers annoyed.
Want to explore more about meme marketing?
Let’s explore it together!
What are Memes and Memes Based Marketing?
Everyone is using memes for marketing because these are shared frequently by somewhat everyone. It’s not easy to define what a meme is but memes are ideas, catchphrases, jokes, or concepts that are communicated within a specific culture. These are the reflection of popular trends and cultures.
Memes can be in the form of different types of content including the humor elements in it such as an image, video, piece of text, visual cue combined with text referencing pop culture, etc.
Memes can be described as a tool of viral marketing campaigns aiming to achieve a business’s marketing goals. Meme based marketing can be a great way of fostering brand community as the humor elements in them creates a sense of togetherness and social bonding in the consumers’ minds.
But keep in mind that Memes based marketing isn’t a smart strategy for everyone. If your brand voice contains some humor elements in it, you can go for it, if not then it’s not a good decision to go for it. Decide according to the industry, brand voice, company profile, products, services, or offerings if it’s a valid decision to incorporate memes marketing into your business.
Let’s see how you can use memes for achieving the marketing goals of your business.
Tips for Achieving Marketing Goals through Meme Marketing
Memes are born, thrive, and become popular and viral on social media platforms, but they can also have a negative impact if you share these without understanding the meaning behind them, their origin, their intention, and the reason for humor behind them.
The following best practices will help you in all this;
- Understand the meaning, origin, and intention of the meme you’re going to share. Most brands share memes without knowing the true meaning behind the memes.
- As we know memes work for only a certain period of time (short lifespan), as many brands start using the same meme. So, you need to optimize the timing of it and context as well according to your brand, product, and services.
- Before making use of memes for marketing purposes, you need to get immersed in the world of memes. Check out the different influencers, communities, and marketers who’re using memes for their marketing tactics. It’ll give you a good understanding of the meme culture and how you can incorporate it into your brand.
- Keep Memes Simple and Memorable
- Don’t make use of offensive and vulgar memes. Making use of offensive and vulgar memes negatively impact and reduce your brand reputation and credibility.
- Post only relevant memes and avoid controversial ones who’re not fit into your brand. Don’t post controversial ones if you don’t want to ruin the brand’s reputation in hopes of a quick fix for engagement and awareness.
- Be creative with your memes and try to generate your own original content. Use trending topics and current events in your memes.
- Don’t make it a regular ritual of posting memes, it’ll decrease the impact of memes on your users. They’ll not engage with your brand if you’re posting memes on a regular basis.
- As we’ve already discussed that memes are for specific cultural types. So understand your audience and build personas. Find the right way to incorporate memes into your content marketing and social media marketing campaigns.
- Be Natural with your memes marketing campaigns. Post only those memes that are going with your brand style and voice.
- A/B Test Memes and incorporate them into your content marketing strategy or promote products, services, and offerings.
If you’re using memes in a proper manner then it can be a great asset for your brands in terms of popularity, exponential growth, increased engagement, organic traffic, and increased ROI.
But it all depends on how successful you’re in executing memes marketing campaigns for your brand. You can also implement the 3-step success secret of memes based marketing campaign that is; knowing your audiences, adding originality to the memes, and coping up with what’s trending.
Knowing your audiences will help you in creating relevant content that’ll resonate with your audiences, and adding originality will make your brand more approachable, trustworthy, friendly, and welcoming. Coping up with the trending topics make your brand more real, authentic, modern, and connected that’s aware of all that’s happening around the globe.
So, are you ready to incorporate memes into your marketing strategy?
Let’s have a look at the names of the big companies that are already using memes for marketing their products and services.
Examples of Memes Based Marketing Strategy
The meme-based marketing strategy is still an infant but many brands have already adopted this strategy. Examples of some of the well-known businesses who’ve used this strategy are;
- Kai Collective’s TFWGucci Campaign
- Netflix’s Strong Black Lead
- Seamless’s #OscarNomNom
- Go Puff
- Hydrop.io
As you can see the mentioned brands are used worldwide and they put a great impact on consumers. So, you can also easily incorporate this marketing strategy into your brand if you perform it by the book 🙂
Now the question is at what places you can incorporate memes into your marketing materials?
Well, the answer is below!
Where to use memes in your marketing materials?
As memes are so popular and an element of getting viral, so it’s so much tempting to hop on this marketing strategy. But without knowing how to use it and where to use it, you are going to enter the trap, where you can even lose your reputation and make fun of yourself.
So, the tactics in marketing where you can use this marketing strategy are;
- Blogposts: you can use memes in Blogposts to increase brand visibility and improve SEO rankings. It doesn’t only contribute to the SEO but is also digestive and visually engaging for the users.
- Social Media: social media is the place where memes are mostly born, thrive, and are shared by audiences. So, it can be left without consideration. You can share your memes on social media channels such as Instagram, FB, YouTube, Twitter, etc. To know more about social media channels, you can have a look at DigiAvtar’s other blog on “Social Media Marketing”.
- Email Marketing: As memes are part of the content so, wherever the content is being used, memes are being used. To increase the engagement and open rates of your emails and newsletters you can memes into the content.
- Stories, reels, visuals, or video content: Stories, reels, visuals, or video content are the places where memes get fixed into your marketing materials.
The popularity of memes is making them an important aspect of marketing strategies. So, incorporating them in the right way can benefit your marketing strategies such as Social Media Marketing Strategy, Content Marketing, Email Marketing, and Video Marketing. In SMM, it’s most popular for Instagram and affiliate marketing strategy.
I hope we’ve covered everything in this blog relating to memes, it’s time to conclude the blog here!
Conclusion
As we all know that memes are so much popular, free, shareable content having the latest trending topics with the scent of humor.
So, whenever any meme comes across a person and that person reads it, it brings a smile to that person’s face. Laughing releases happy chemicals in the mind and it makes that person happy and relieved generating a sense of togetherness and social bonding.
This way incorporating meme marketing into your marketing strategies will be so much beneficial for your brand. If you want to make your campaigns viral, increase engagement, spread brand awareness and increase reach, increase page activity, and build a fun-loving audience community then meme marketing is the best and cost-effective option for you.
You know that it is the best cost-effective way for your brand but it doesn’t mean your publishing memes regularly, it will send a message that you are trying too hard to get the users’ attention, and you’d be neglected because of spamming your followers with new memes all the time.
At last, let’s recap the whole meme marketing in some points; know your audience, add originality to the content, incorporate the latest trending topics and recent events happening around the world and react to them, using only those memes that are fitting into the brand image, engage with the meme creators that are creating memes around your brand, don’t publish regularly and avoid spamming your users with so many or unfunny memes.
I hope you’ve got to know about everything that needs to be done and what needs to be avoided while going out with memes based marketing.
Do you think you’re completely ready to incorporate this strategy into your brand?
Let us know in the comment section what’re your thoughts on this strategy and how you’re going to make use of this for your brand.
If you want that some professional will make a meme marketing plan for your brand, then you can directly connect with professionals from the Team DigiAvtar. DigiAvtar is a digital marketing company in Gurgaon, India offering complete digital marketing solutions to business owners and individuals.
Need some more food for your thoughts? Visit our blog!
by Kuldeep Yadav | Sep 22, 2022 | Marketing
Are you in a blood bath with your competitors over the shrinking profit pool? There’s been so much competition in somewhat every niche, a lot of varieties of products are available and so many brands are targeting similar types of audiences.
Content has been developed so much on a singular niche on a regular basis that it’s created the state of “Content Shock” and most niches are so saturated that you can’t win the competition so easily.
What to do now, is there any solution to this problem?
Yes, there’s you need to focus on incorporating a blue ocean marketing strategy into your brand!
Wondering what is the blue ocean marketing strategy and how you can incorporate it into your brand and blogs?
Let’s get it simple!
What is Blue Ocean Marketing Strategy?
There’s been two terms used by marketers; Blue Ocean and Red Ocean. Have you ever heard of these terms earlier?
Let’s get to know the meaning of “Blue Ocean” and “Read Ocean”!
Blue Oceans are new, untapped, unsaturated, and growing markets that no one or only a few people are targeting. Blue ocean marketing strategy focuses on developing and capturing new uncontested market spaces creating new demands. Hence this strategy makes the competition irrelevant.
While on the other hand, Red Oceans are overdeveloped, saturated markets with cutthroat competition whom everyone is targeting and fighting for the shrinking pool of profits.
Even the first introducers of Blue Ocean Strategy, Chan Kim and Renee Mauborgne stated in their book that “cutthroat competition results in nothing but a bloody red ocean of rivals fighting over a shrinking profit pool.”
Do you want to just compete in over-saturated markets or invest your time and money in researching unsaturated, untapped markets?
I hope you’d want to invest your time and money first in finding new untapped markets. Let’s understand Blue Ocean Marketing Strategy and Red Ocean Marketing Strategy in comparison!
Difference between Blue Ocean and Red Ocean Marketing Strategy
Knowing the difference between Blue Ocean and Red Ocean will help you in identifying the untapped marketplaces for your brands. Let’s understand the key difference through some of the important points;
- Blue Ocean is a new, untapped, unsaturated, and growing market while on the other hand, Red Ocean is overdeveloped saturated market.
- The Blue Ocean makes the competition irrelevant while the red Ocean is filled with cutthroat competition.
- BO (Blue Ocean) is a vast, deep, powerful, and unexplored marketplace with no defined and accepted boundaries. But in the Red Ocean, boundaries are already defined and accepted along with the capital market share, and brands fight with each other to grab a bigger percentage of that market share.
- Blue ocean market spaces are crowded, hence profits and growth are decreasing day by day. While red oceans are having so many possibilities and opportunities for the rapid growth and profitability of businesses.
- You need to compete with the existing market spaces in red ocean marketing, but in Blue Ocean, you can create your own uncontested market space.
- In Red Ocean, you need to put all the marketing efforts and resources into making your product and services more different and much low cost. But in Blue Ocean, you put all the marketing efforts and resources into searching the different and low-cost markets.
I hope now you can differentiate between blue ocean market places and red ocean market places. Now you can start over your journey in the pursuit of blue ocean marketplaces.
Let me make it easier for you to draw the fine line between blue ocean marketplaces and red ocean marketplaces.
An Expert named Milan Kundera stated that “Business has only two functions – marketing and innovation”
Couldn’t comprehend the aforementioned quote?
Well, it means the business can’t exist without both of them, you can market the innovations easily, and innovation can be anything such as a product, service, or any kind of method that is making lives easier.
In the red oceans marketplaces, the same products are built and services are provided by different brands over and over again with a little bit of differentiation, and the whole business is dependent on marketing. As the whole business is dependent on marketing without any innovations, it’s so much difficult to sustain itself in the market.
No business can’t stand with just one leg that is marketing, that’s where the blue ocean marketing strategy enters the game. BO focuses on both marketings as well as innovations.
If you want to run a successful business you need to make innovations and reinvent the industry from time to time. Innovations can create untapped market spaces in no time.
New innovations in the industry will lower the risk and create new market spaces where you can easily get successful with increased and exponential profits.
Are you ready for Innovations?
As we’re talking about the blue ocean marketing strategy and tapping into the untapped markets, it may seem so much easy but without the proper strategy and proper execution, you can’t reap the benefits of the blue ocean marketing strategy. Let’s discuss the step-by-step process of Blue Ocean Marketing!
How to build and implement the Blue Ocean Marketing Strategy?
Step by step process is the easiest and most successful way of executing strategies because the tasks can be scheduled with no last moment pressure.
The steps we’re mentioning here (are combined with the steps mentioned in the book of Chan Kim and Renee Mauborgne related to blue ocean marketing strategy along with our own marketing tactics) are;
- Research Your Competitors
- Identify pain points of your consumers and build marketing personas
- Define Your Niche Read Oceans and Blue Oceans
- Figure out in which unexplored blue ocean market space you want to explore and test your products, services, and offerings.
- Develop products, services, and offerings addressing the mentioned pain points in the buyer persona you’ve built in step 2.
- Find out your starting point covering aspects and topics none of your competitors are touching on to introduce your new products, services, or offerings.
- Write a formal plan for your shifting to blue ocean marketplaces along with the schedule.
- Test your products, services, offerings, and processes you’ll take to reach the desired goals.
- Continue optimizing your blue ocean marketing strategy with new marketing efforts and the help of tools made for it. Tools are Buyer Utility Map, ERRC Grid, PMS Map, Strategy Canvas, etc.
We’ve described a 9-step framework for building and implementing a blue ocean marketing strategy for your ease of execution. If you’ll just go out without any strategy and perform a blue ocean marketing strategy, I’m sure you’ll end up losing your brand reputation.
If it were easy for every brand to go out and perform this marketing strategy then none would be facing the cutthroat competition.
But, I’m sure you’re going to reap the benefits of this marketing strategy as you’ll be following the aforementioned steps while performing it.
Let’s count the most important benefits you can get with the blue ocean marketing strategy!
Benefits of Blue Ocean Marketing Strategy
It’s easier to talk about than implement but when implemented properly we can reap the benefits of any marketing strategy. The benefits of the blue ocean marketing strategy are;
- Grounded in Data
- Step-by-step process
- Avoid saturated markets
- maximizes opportunities while minimizing the risks
- pursues differentiation and low cost
- creates uncontested market spaces
- Explore unexplored market spaces
- Creates personalized experiences for consumers
- A win-win situation for both people and brands, brands get higher revenue and growth while people get customized products and solutions to their pain points.
- Have growth potential from the value brands provide through this
- Increase in word-of-mouth marketing as the consumers praise the value
- Increment in conversion, sales, and revenue with no competitors in the market
- Exponential Growth in the Business
So, which benefits are luring you to apply this strategy to your brand? You can even implement it in every section of your brand, even you can start it with your blog.
After the state of the content shock, the content is not working anymore, it doesn’t matter how much content you’re putting out there, it’s not going to work if you’re putting it in the saturated niches.
You need to define your blue ocean marketing strategy and look for untapped niches, then you need to come up with new content structures such as;
- Animated content
- Infographics
- Funny content if your brand’s tone is containing humor
- Video Content
- E-books
- Jingles
- Podcasts
- Stories
- Webinars
You need to include the different types of content structures. This will help you in making your consumers loyal to your brand.
You can revitalize your blog also with the help of following the blue ocean marketing strategy. We at DigiAvtar, the best digital marketing company in Gurgaon (India), are following this strategy from the start, when you’ll look at the blogs of DigiAvtar, you’ll find out that we have developed blogs only on marketing strategies with step by step methods at the start.
As information is already available there, but how to execute that information is the biggest task that no one is teaching. We’ve provided step-by-step processes for implementing all the marketing strategies in our blogs and how you can implement those into your businesses.
You can search more about the marketing strategies yourself later. It’s time to conclude the blog here!
Takeaways
Some marketers say that this strategy is so ambitious, risky, and impermanent, but it’s not like that. Proper execution makes this strategy so much profitable because you’ll need not face competitors in the market places. As it’s focusing on value providing to your consumers, it also gives a boost to word-of-mouth marketing.
Even you can use this marketing strategy to build the content for the new market spaces rather than building for saturated market spaces only for the sake of SEO and organic traffic. You can revitalize your blogging career with the help of a blue ocean marketing strategy.
Whether you want to increase sales, enter new market spaces, give a boost to word-of-mouth marketing, build brand advocates and increase brand loyalty, Blue Ocean marketing strategy fits all the areas perfectly.
Let us know in the comment section what your thoughts on this strategy are and how you’re going to implement it for your business!
Want to work with a team of professionals on building the strategy for your brand then connect with us. For more valuable resources like this, visit our blog!
by Kuldeep Yadav | Sep 22, 2022 | Marketing
Does your business depend only on one marketing strategy or do you use several coupled marketing strategies at once?
When you’ll search about marketing strategies you’ll find out that there are hundreds of marketing strategies, and to sustain in the market every brand has to focus on several marketing strategies at once.
You can research any single brand, even startups are promoting themselves through various channels and with various tactics such as SMM, Omnichannel, Storytelling, Email Marketing, Advertising, SEO, Traditional Advertising, Native Advertising, and much more.
The aforementioned names are just some common names everyone knows but there is a big bunch of marketing strategies that are used by any business. If you want to know more about marketing strategies, you can visit our blog, “Marketing Made Simple”, we’ve enlisted more than 41 marketing strategies on that blog.
Having so many marketing strategies to work on creates confusion and we can’t determine which is the best suitable for the brand. Even if we are successful in implementing many marketing strategies, it’s not easier to measure the impact of each marketing strategy on the success of the campaign.
Marketing Mix Modeling (MMM) provides you the ability to measure the impact of all your marketing channels with statistical analysis. This analysis will give you an opportunity to allocate your limited marketing budget to a wide range of marketing activities, and you’ll have a clear image of how and where to invest your marketing budget.
Let’s explore more about Marketing Mix Modeling (MMM)!
What is Marketing Mix Modeling?
The goal of all the marketing strategies is to distribute the product or service and get higher sales and returns from that product. There are several marketing inputs that impact sales or ROI.
Marketing Mix Modeling (MMM) helps us in understanding those marketing inputs and their effectiveness in terms of return on investment and gives us an idea of how much to invest in each marketing input.
This way we can optimize the investment in each marketing channel to improve the return on investments from each marketing channel.
In simple words, Marketing Mix Modeling (MMM) is the process of performing statistical analysis on different marketing channels and measuring many factors of those channels such as effectiveness, efficiency, and returns to optimize the marketing campaigns and marketing budgets for getting a higher return on investments (ROI).
So, what are the factors that need to be considered in marketing mix modeling?
Let’s get to know about those important factors of MMM in each channel;
4Ps of Marketing Mix Modeling (MMM)
Edmund Jerome McCarthy first proposed the concept of marketing mix modeling in the 1960s. He introduced the 4Ps of Marketing Mix Modeling (MMM). These Ps are fundamental parts of marketing theory. Understanding these 4 important factors and executing the marketing campaigns according to them can ensure the success of your marketing campaign;
- Product: tangible items or intangible services designed for specific target audiences to solve their problems and fulfill their needs. It can be brand, services, or packaging.
- Price: Amount of the product or service (offer price), discount, credit policy.
- Place: Platform from where the company sells its products and services (channel), Market, and Distribution.
- Promotion: Marketing and Communication Strategies used to promote the products such as Advertising, Publicity & Public Relations, Storytelling, Sonic Branding, sales promotions, etc.
Understanding these marketing mix elements will help you in developing your own marketing mix to promote your products or services with higher effectiveness in return with a higher return on investments.
The accuracy of your marketing mix model will determine the success and failure of your product or service. Many marketers are including more Ps in the marketing theory such as packaging, positioning, people, physical evidence, processes, etc. You can also have a look at them also for getting a better statistical analysis.
Other than the above-mentioned variables there are more variables and concepts that affect the marketing mix model, it’s time to discuss those concepts of marketing mix modeling;
Some Key Marketing Mix Modelling Elements & Terms
In MMM, we analyze the marketing tactics and find out which marketing tactics are giving more ROI, after analyzing we shift the money from low ROI providing tactics to high ROI providing tactics and optimize the marketing budget. Following key marketing terms will help you in understanding the marketing strategies and proper analyses of them;
Base Sales and Incremental Sales
You need to differentiate your sales into the base and incremental to proper analysis of your MMM metrics.
Base sales are the outcome of brand equity and the reputation your brand has built for years. These are the result of brand and consumer loyalty that you’ve gained in the market. Loyal consumers promote the business without any external push, so this happens naturally. Base sales are constant for a long period of time until there are some changes in economic and environmental variables because these are the result of brand equity and awareness.
In simple words, the natural demands of your products or services in the marketing without any advertising are considered base sales.
On the other hand, Incremental Sales are those results you get directly through marketing tactics and advertising. MMM analyses incremental sales and then optimizes the campaigns according to these sales.
Incremental sales are generated through various means such as print advertisements, TV advertisements, digital spending on digital marketing, promotions, inbound marketing, content marketing, social media marketing, etc.
Some of the Important Base Variables are;
- Price: Base Price ( Undiscounted Price), Average sales price (Discounted Price)
- Distributions: Assortment (No. of Stock Keeping Units in a store or market), velocity (the rate at which the product is moving), number of stores and locations at which the product is available.
- Seasonality & Holidays: If you want to know more about seasonality and holidays then you can read our blogs on “Seasonal Marketing”, and “Holiday Marketing”.
- Macroeconomic Variables: such as inflation, GDP, unemployment rate, purchase power, growth rate, consumer sentiment, etc.
Some of the important incremental variables are;
- Above the Line (ATL): These are non-targeted and have a wide reach. The objective of ATL activities is to build brand awareness and familiarity and help in brand building. Examples of ATL are radio advertising, television advertising, print advertisements in magazines and newspapers, product placements in cinemas and theatres or billboards, etc.
- Below the Line (BTL): It is very specific, memorable, and targeted. BTL is focused on conversions than brand awareness. It is also called a direct marketing strategy. Examples of BTL are discounts, SMM, sales promotions, in-store marketing, email marketing campaigns, events, conferences, etc.
- Through the Line (TTL): TTL is very much effective as it uses the integration of both marketing tactics ATL and BTL for better results and provides 360 marketing solutions for everything from brand building to conversions. It uses the sum of all the marketing tactics of above the line (ATL) and below the line (BTL).
Behavioral Metrics
Behavioral metrics include several touchpoints of several stages, repurchase rates, and other behavioral metrics. These provide deeper insights into customers.
Budget Optimization
As the MMM analysis is done for the purpose of optimization of marketing strategies. Budget optimization is the technique of optimizing future marketing spending to maximize the effectiveness and ROI of the strategies.
MMM provides us with a report about the effectiveness of the channels of marketing. Budget optimization helps us in shifting the money from low ROI channels to high ROI channels. This way we don’t need an extra budget for better results.
Cannibalization Effect
It’s always said, big fishes eat small fishes in the sea, and the same happens in the field of marketing. If a brand is having more than one product in the same category, then both products would negatively impact the sales of each other. This negative impact of the products on other products is called the cannibalization effect.
It’s also an important marketing mix element that needs to be considered while performing analysis.
Competition
If you want to stand like an authority in the market, you need to outsmart your competitors. The best way to do this is to follow what they’re doing for their users and provide so much better products, services, and consumer experiences to the users.
Always consider both of your competitors whether it’s direct or indirect. Direct competitors are the brands and businesses that have the same products and offerings. Indirect competitors don’t offer the same products and services but are an alternative to the main product.
Contribution Charts
Contribution charts show the percentage of sales achieved through each marketing input or tactic. After defining the contributions of each marketing enough you can easily compare the effectiveness of each marketing input.
Deep Dives
Deep analyses represent the analysis on deep levels such as genre, language, methods, creatives, channels, budget spending, etc. It helps in budget optimization and shifting the investment from one input to another input.
Diminishing Returns and Decay Effect
Let’s understand it with an example, you are running an advertisement for your business, it’ll work well sometimes, but if you’ll start running only a similar campaign again and again without any optimization or changes, the sales will start diminishing and after a while will become constant, that’s called diminishing returns.
So, keep optimizing your Marketing Mix Modelling Campaigns over time.
The decay effect is also called a carry-over effect. In this effect, past advertisements impact the present sales of a brand. As something from the past is being carried to the present, so it’s called the carry-over effect.
Discounts
Discounts also affect sales, so the impact of discounts on sales should be measured while performing an analysis.
Distribution
Distribution plays an important role in MMM. As all the focus of MMM is on optimizing the effectiveness of marketing inputs and ad spending, what if the distribution of the products or services isn’t done well?
So, you also need to optimize your distribution systems as well. Distributions of resources to each marketing channel or stock-keeping units to the stores and locations should be proper and effective.
Halo Effect
The Halo effect shows the awareness, strength, popularity, and loyalty of the brands among their target audiences. This is the result of the previous positive and memorable experiences consumers have with the brand. You can build such experiences with your consumers with the help of “Empathy in Marketing”. So, measure the halo effect also into the marketing mix modeling.
Market Trends
What’s trending in marketing is on everyone’s tongue! Understanding market and marketing trends will help in understanding the demand for the products or services your consumers have.
Media Activity
What’s being shown on media channels also impacts the sales of any brand. As media reports change consumer sentiments, consumer sentiments are a big factor in the sales of any brand. So, focus on what’s being shown in the media currently.
Multi-linear Regression
Let’s first discuss what linear regression is!
It’s a type of analysis in MMM showing the relationship between dependent variables and independent variables (predictors). The relationship is linear when it’s being defined between one dependent and independent variable but when it’s defined with multiple independent variables it’s called multi-linear regression techniques.
Dependent variables can be anything that is dependent on predictors such as sales or market share. There are so many independent variables from traditional and digital mediums such as SMM, Advertising, PPC, distribution, price, TV spending, print advertising in newspapers and magazines, website visitors, outdoor campaign spends, and all types of campaigns (ATL, BTL, and TTL), etc.
As we can see there’re many independent variables, so it’s called multi-linear regression. It’s the core principle in Marketing Mix Modeling.
Defining the relationship and performing multi-linear regression can help you in determining the effectiveness of the tactics and optimizing the marketing strategies.
Seasonality & Holidays
Seasonality and holidays impart a big role in the ROI and sales of any brand. Sales are increasing these days because of the offers, sentiments, or environment. The sales of products and services differ in every season and during holidays because people wait for them to come, to enjoy quality time with family and to get a decent discount on the products and services they want.
Measure your seasonality and holiday marketing key performance metrics (KPIs) to empower Marketing Mix Modelling, and if you want to know more about what seasonal and holiday marketing strategies are then you can visit the blogs on “Seasonal Marketing” and “Holiday Marketing”.
Social Metrics
Social media channels impart a big role in the growth of any platform and you can easily find and target your target audiences on more than one social media channel. You can use social media channels as social listening tools and can get to know about the consumer’s sentiments toward your brand. Social media platforms are a better option for brand awareness as well as conversions.
You can measure the social metrics with the followers and engagement data such as comments, views, subscriptions, tagging, brand mentioning, referring, etc.
We’ve so many key marketing mix modeling elements and terms now. So, are you fully aware of what you need to research in the marketing mix? It’s basically a marketing strategy in which you first measure the performance of every marketing strategy and then optimize those marketing strategies.
It wouldn’t be unjust to say marketing mix modeling is an optimization model more than a marketing strategy.
Let’s discuss how you can use it for your brand!
How to implement Marketing Mix Modelling in your Brand?
If you don’t have a step-by-step process of any marketing strategy, then the chances of getting results are pretty low. To resolve this problem, we’re describing here the step-by-step process of performing marketing mix modeling in your brand;
Establish Goals
Establishing goals will help you in identifying the problems in the path to achieving the goals and solutions to those problems.
As we’re saying again and again that the aim of marketing mix modeling is to recognize the effectiveness of the channels and optimize them for increased ROI and results. Then to get the mentioned outcomes we need a systematic approach and knowledge of all the marketing efforts.
Determine the goals you want to achieve from the current marketing mix modeling campaign.
Identify and Collect the Data
Identify the types of data you need to collect for MMM. You’ll still have some of your users’ data that you use for research purposes and for designing your products and services.
Now, it’s time to identify the types of data you need from your marketing channels and collect data from each marketing channel.
As you’ve already listed the goals you want to achieve through a particular MMM campaign, you need to ask questions yourself about what you’ll need to achieve your goals, and what type of data you’ll need for that.
Collect consistent, clean, and refined data about all the marketing channels and your target consumers.
Examine and Analyse the Data
Examining and analyzing the data is the most crucial step in marketing mix modeling. So, do you have any idea on how to examine and analyze the data with the discussions so far that we’ve had?
I think you know deep down what metrics we should analyze the data. As we’re talking about the effectiveness, efficiency, and the best median return on investments from the channels.
So these are the 3 most important factors on which you need to analyze the data
- Effectiveness
- Efficiency
- Return on Investments
Measure Your Marketing Channel Distribution
After analyzing the data you need to track marketing spending on each channel and build charts, tables, and spreadsheets to put all the data in a nutshell and for better understanding.
It’s easier to understand the charts and tables rather than the random numbers. Building charts will help you in getting a quick overview of your marketing channel distribution whenever you’re in need.
Optimize the Marketing Channels
As you have the data regarding the marketing channel distributions, and you’ve built the linear-regression curves between sales and predictors (Independent Variables).
You can easily optimize the marketing efforts with the help of shifting the marketing spend from lower ROI mediums to higher ROI mediums.
On the basis of multi-linear regression and distribution charts, you can predict how much you’ll get after optimizing a particular strategy, and which optimization would be the best fit for your brand.
So, ready for experimenting with marketing strategies and optimizing them?
Now, let’s see some of the key benefits you can get through Marketing Mix Modelling;
Benefits of Marketing Mix Modelling
Marketing mix modeling doesn’t analyze 1-on-1 data, and user experience and also lacks real-time data, but still, there’re many benefits it provides to your brand. Some of the most talked about benefits of marketing mix modeling is;
- Helps in understanding the effectiveness, efficiency, and return on investments from each marketing channel.
- Effective Budget Allocation to the different marketing strategies and channels
- Better and effective execution of advertising campaigns
- Avoid Saturation
- Sales Trend Forecasting
- Optimized Marketing Efforts
- Increased ROI on the same ad spend
As you can see there are so many benefits of marketing mix modeling. Are you ready to incorporate this marketing strategy into your brand?
Let’s conclude this blog here!
Wrapping Up
Marketing mix modeling focuses on optimizing marketing efforts and precisely allocating budgets by removing the guesswork with the help of statistical data.
Accuracy in your marketing campaigns will give you time to show creativity and room for experiments in your marketing efforts. Marketing mix modeling lowers the risk associated with products, service launches, and market expansions. Understanding market and market environments along with numerical and statistical expertise will help you in developing a holistic, accurate, and perfect marketing mix model.
Let us know in the comment section how are you going to incorporate it into your brand for the long-term sustainable growth of your company.
Some brands develop their marketing mix model with the help of their in-house marketing team with the help of their research and analytics departments, others connect with external marketing companies for an efficient and successful marketing mix model for their business.
If you’re also looking for such a team of professionals then you can also connect with the DigiAvtar Team for a decent discussion, we can assure you, we’ll suggest you the best marketing model for your business. DigiAvtar is a digital marketing agency situated in Gurgaon, Haryana (India), operated by a team of experienced marketing professionals.
If you want to read more about marketing, then you pay a visit to our blog section!
by Kuldeep Yadav | Sep 16, 2022 | Marketing
Advertising is a necessary tool for brands to sustain themselves in the market and remain in business. But how much attention do you pay to the paid ads, and do you not feel irritated sometimes with the paid ads?
We all have been so much accustomed to and resistant to the traditional and paid advertising that we just ignore those because they stand apart from the content and make us feel irritated. This is why traditional advertising and online advertising have become less effective and becoming more less effective as the days are passing.
What to do now if the advertising is necessary and we’re not getting expected results from traditional and digital advertising?
It’s the place where native advertising enters the game. Many have already adopted and more are adopting this form of advertising because of its assimilation with the content without making consumers annoyed with the ad formats.
Let’s get to know more about this new form of advertising!
What is Native Advertising?
Native advertising is also the form of paid advertising, but the ad experience naturally fits with the user experience i.e. look, feel, and function of the media format where they publish. It makes the creative ads format so much more cohesive with page content and design and maintains consistency on the publishing platforms without disrupting the platform behavior. Because of this type of nature consumers feel like the sponsored content belongs to the publishing platforms.
In native advertising, one type of paid content is enough as it can assimilate with any type of platform whether it’s a social media, website, suggested article, or promoted search results. Native ads can change their ad experience according to the user experience of the platforms and appear as if they’re part of the content on the platform itself.
Native advertising in simple words can be depicted as, “When in Rome, do as the Romans do”.
It means natively changing the behavior of the ad format according to the publishing platforms. The same content can be used as social media posts such as Twitter, FB, and Insta posts, and it can also be used in the search engine search results such as on Google’s SERPs.
As the paid content is fitting “Natively” in every single publishing platform, this is why it’s called Native Advertising.
Now, let’s see the different types of native ad formats!
What are Native Ad Formats?
Advertising and technology both are evolving and becoming more sophisticated day by day. Because of the evolution of digital platforms and technology, it’s easier to have complete control over native advertising, and with just a single click of the mouse, we can the style and format of any native ads.
Some of the popular and successful Native Ad Formats are;
- Carousel Ads
- In Feed Sponsored Content such as Story, the middle of the content
- Sponsored Social Native Ads such as Insta, Twitter, FB, LinkedIn
- Sponsored Search Engine Native Ads such as Google, Bing SERP’s
- Video Native Ads
- Mobile App Installs
- Suggested Content Native Ads
- Native Ads on Publishers’ Homepage
Promoted search results, sponsored posts, suggested content and sponsored social media posts are examples of native advertising. You can choose according to your brand which native ad is going to perform well for your brand.
There have been new terms introduced in the advertising that is programmatic native advertising, so let’s differentiate the terms native advertising and programmatic native advertising!
What is the difference between Native Advertising and Programmatic Native Advertising?
Native advertising creates and places the ads immersive to the target publishing platforms such as web or social media pages. Native advertising works on PPC (Pay-Per-Click) and content placement strategy models.
Programmatic Native Advertising is the form of advertising in which native ads are programmatically bought and placed to offer brands the ability to make the ads more relevant and personalized according to the publishing platforms to provide a more immersive and cohesive user experience.
Native ads are created from metadata such as URLs, Headlines, Thumbnails, and Descriptions. But programmatic native advertising lets you target specific target audiences in real-time. You can optimize your ad spending and ROI by auctioning with real-time bidding.
There’re two platforms in programmatic advertising that make it possible; SSP and DSP.
Whenever any user visits a publishing platform the supply side platform (SSP) sends bid requests. After getting a bid request from SSP, the demand side platform (DSP) bids for the ad on behalf of the advertiser. Then again SSP selects the winning bid and after configuring the native ad, places it on their publishing platform using their template for the websites or applications.
All this happens to target specific audiences in programmatic advertising and make native advertising more natural, cohesive, and immersive according to the target publishing platforms.
We’ve seen the difference between native advertising and programmatic native advertising, now let’s see the most popular native advertising channels;
What are Native Advertising Channels?
Native advertising can be seen on all digital platforms and it’s become an important part of Digital Marketing. Native advertising channels can be categorized in the following aspects;
Search Engines
There are a lot of search engines but google and bing are the most preferred search engines worldwide. If you can want to run a native advertising campaign then first start with google as it is the largest search engine in the world in the terms of queries per day searched on a particular search engine so far. They have adopted native advertising to show their sponsored post content.
Whenever you search about the queries, you can find first one or two results are from native paid advertising.
Social
Social media channels are rocking nowadays. In the terms of users, social media like FB, Insta, Twitter, and Snapchat have the largest consumer base. They’ve also adopted native advertising and provided the features to display ad campaigns in feeds such as stories and in several ad formats such as carousel, and creatives.
Open Web
On the web platforms, you can post your advertisements anywhere you want, you just need permission from the publishing platforms. You can even post your advertisements on the homepage of other business websites if you’ve partnered with them. You just need to go out in the market and search for some popular publishing and content recommendation platforms.
If you’re just a beginner in native advertising campaigns, then I would suggest you go first with Social and search engines, once you’ve successfully run the campaigns across these platforms, you can go for the open web. Rest it depends on you with what you want to go first!
We’ve seen the native advertising channels, now let’s discuss the best way of choosing the right native advertising platform for your campaign.
How to choose the right native advertising platform for your brand?
Choosing the right native advertising platform can be tough for you if you’re just starting out in this field of advertising. But, here we’re providing some basic traits that need to be considered in the platform before start publishing the advertisements on it. In order to optimize the ad campaign and maximize the ROI, audience engagement, and content distribution, look at the following properties of the publishing platform;
- Auctioning Models Transparency
- Target Audiences on the Networks
- Bidding Models such as CPA, Target CPA, Manual CPC, Enhanced CPC, CPM, or CPV
- Compatibility with the Software and Hardware
- Native Ad Formats on the Publishing Platforms such as In Feed Units, Promoted Listings, Paid Search Ads, Content Recommendation Widgets,
- Pricing such as the minimum required balance to spend per day if we want to run the campaigns.
- Quality of the Network and Its Website and Webpages
- The scale of the Platform
- Service Types such as self-service and tech support
- Targeting & Retargeting Capabilities
- Tracking of the KPIs (Key Performance Metrics)
- Reporting of KPIs
These are the main characteristics you need to compare before going out with a particular platform for publishing native advertising campaigns. Even after filtering with these characteristics, just don’t be stuck with only one platform, try out other platforms as well only that way you’ll get to know which publishing platforms are best suitable for your products and services.
Now, after choosing the publishing platforms you need to run the campaigns, so let’s discuss the most suitable way of running a successful native advertising campaign;
How to Run a Successful Native Advertising Campaign?
Native advertising is the way of reaching out to target audiences and engaging with them by publishing a high-quality compelling campaign on high-quality websites that already have a larger consumer base of your target audiences on their publishing platforms.
Any campaign is said to be successful when you’ve defined the goal before starting the campaign and achieved it through the campaign, so define your goals beforehand and what you want from a particular campaign. Your goal can be anything such as buying a product, Maximizing the downloads on an E-Book, Getting people enrolled for the demo of products and services, and letting them watch a story of your consumers or other brand-related stories.
The steps of running a successful campaign are;
- Define Your Niche
- Define Your Target Audiences
- Find out the best publishing platform according to the above-mentioned basic characteristics
- Develop Unique and High-Quality Content for your target audience
- Publish the content on the chosen platforms’ webpages such as landing pages, blogs, and stories.
- Target high potential consumers on the platforms
- Execute the Campaign
- Track the Key Performance Indicators (KPIs)
- Build reports
- Measure the results
- Optimize the campaign, and repeat the process again for your next campaign
If you follow these above-mentioned steps, you’ll be able to build and run a successful native advertising campaign with no extra effort and have peace of mind with you.
Now, let’s discuss the benefits you’re going to get by running a successful campaign;
Benefits of Native Advertising Campaign
There are a lot of benefits you can get from running a successful native advertising campaign for your brand. Focus on building high-quality attention-grabbing and engaging content including powerful headlines, creatives, and content.
Some of the benefits are;
- Advertisers can reach their target audiences when users are completely open to discovering something new
- Fights Ad Fatigue and Annoyance
- Increase in Purchase Intent
- More effective than any other formats
- Publishers can monetize their websites without sacrificing UX (user experience)
- Show Relevant Ads to the Content on the Publishing Platform
- Users feel like they’ve complete control over the content they’re reading
- Users can avoid the disruption created by other forms of advertising such as displays and banners.
- Increased user engagement with the advertisements
- Increment in the leads and conversion rates
- Increased and Improved ROI
The native form of advertising keeps every aspect in consideration and works for everyone, everyone gets what they want. Consumers get the content they are willing to discover, advertisers get new consumers, and publishers can monetize their websites without sacrificing their user experience and third-party integrations.
Let’s see have a look at some of the examples of native advertising;
Examples of Native Advertising
We’ve already discussed some of the examples of native advertising earlier in this blog. Let’s make a nutshell of all of the examples of native advertising;
- Sponsored Posts on News and other Websites
- Suggested Sponsored Content below the articles on publishing platforms
- Sponsored Webpages on Search Engines
- Sponsored Ads on social media platforms such as Twitter, FB, & insta
- Promoted content assimilated on websites
Any form of advertising that can assimilate with the publishing platforms is the form of native advertising.
We’ve also seen the different types of examples of native advertising that you can use for your brand.
If you’re a WordPress user that these native advertising plugins can be so much helpful for you;
- Google AdSense with Matched Content
- Ad Inserter
- Google Ad Manager
- Quick AdSense
- Insert Post Ads
The aforementioned tools can be so much beneficial for you if you’re using a WordPress content management system for your brand website. If you’re just starting out in the digital world, then you can connect with our team for a professionally developed website for your brand. DigiAvtar is a well-known digital marketing agency in Gurugram, India working for the exponential growth of its clients.
As we’ve included everything in this blog, so let’s conclude it here;
Takeaways
When your advertisements at sidebars, popups, advertising sections of magazines, videos ads, and social and search ads are not working fine then you need to take one step further and enter the world of Native Advertising.
It can help you in driving traffic, engagement, and conversions across your marketing platforms. Furthermore, the user experience of the publishing platform remains intact with native advertising. Consumers engage with the native ads even though they know they’re looking at an ad because the content in native ads is relevant and valuable for them.
So, are you going to use it for your brand?
If your answer is “YES” then do let us know in the comment section how’re you going to use it.
For more similar blogs, you can visit our blog section!
by Kuldeep Yadav | Sep 15, 2022 | Marketing
The world has been evolving since ancient times, and the process of evolution is happening every friction of time. We’re all part of and responsible for this evolving world.
After the evolution of the internet, the form of games and entertainment has changed, and people are getting addicted to digital gaming.
To be honest, I wasn’t addicted to games, but when I was introduced to PUB-G by my younger brother, I played it a lot and a lot. I was amazed at how much Goosebumps playing a game was given to me.
I’m definitely sure, you also have played a game on your computer or laptop at least once in a while.
But, do you know since 2010 gamification in marketing is being used by marketers to increase user engagement and brand awareness? In this blog, we’ll be discussing gamification in marketing and how you can implement it for your own brand.
Let’s start with knowing the meaning of gamification in marketing!
What is Gamification in Marketing?
Gamification in marketing is used to gamify brands by incorporating a branded game into the marketing strategy. Gamifying the brand will not only help in spreading brand awareness but will also increase user engagement across the marketing platforms.
In gamification marketing, we add interactive game elements such as quizzes, polls, or any games to non-game applications such as the websites of the brands.
Playing the game is like having fun for the consumers, so they engage with the brand in such activities. To make gaming elements more attractive and actionable brands also provide points, badges, leaderboards, etc.
Some popular games you can add to your marketing strategy are;
- Spin to Win
- Interactive elements (Quizzes, Polls, Surveys)
- Mobile Game Applications
- Augmented Reality (AR) Games
With these popular games if you can add the following interactive gaming elements then it would be wonderful and playing the game would be more fun and exciting;
- Points
- Badges
- Certificates
- Levels
- Virtual Coins
- Progress Bars
- Countdowns
- Leader boards
- Prizes/ Rewards
- Achievements/ Ranking
Are you ready to use these interactive games and gaming elements to market your brand’s products and services?
Do you know that gamification in marketing also boosts word-of-mouth marketing? It encourages people to promote the brands.
Let’s discuss how gamification marketing can help word-of-mouth marketing.
How gamification marketing can help word-of-mouth Marketing?
Word-of-mouth marketing is the marketing of the products and services of the brands by individual consumers. In word-of-mouth marketing people promote products and services to their friends, relatives, and knowns with no extra effort, because of this word-of-mouth marketing is the most successful strategy so far.
Read More: “Word of Mouth Marketing”
Gamification in marketing is completely about incorporating the games into the marketing of the brands. Before proceeding, let me ask you one question!
Have you ever referred the games you enjoy playing the most to your friends through any means such as social media, conversations, or messages?
I can say you’re replying in affirmations!!!
If you’ve referred those games, then will you not promote the marketing materials if it’s being designed by adding interactive games and gaming elements?
Definitely, this is where it gives a boost to word-of-mouth marketing. Users who’ll enjoy playing your branded game will definitely share the game via social media, messages, and word-of-mouth. This way it’ll create momentum and you’ll have both brand awareness along with magnified user engagement.
Increased user engagement will boost consumer satisfaction and it’ll result in generating more sales and revenue.
As we’re discussing the increased sales and revenue, so it’s time to talk about the benefits you can get with gamification in marketing;
Benefits of Gamification in Marketing
Getting benefits to help most people move forward and gamification in marketing provides us a lot of benefits that can excite you to work more and more. Let’s get to know the benefits of gamification marketing one by one;
- Consumers have FUN while interacting with the brands.
- Boosts Brand Awareness and Brand Loyalty
- Increased and Improved User Engagement
- Boost Consumer Satisfaction
- The branded game can help you in standing out from the crowd
- Helps in targeting user demographics who’re responding well to the gamification in marketing
- Reducing bounce rates
- Community-Based with Positive Association
- Wide Marketing Reach
- Educating consumers in a fun and engaging way
- Leveraging user-generated content (UGC)
- Helps in gathering GDPR-aligned consumer data
- Makes the offers more engaging and interesting to keep consumers coming back again and again.
- Replay Value and Increase Purchaser Intent
- Functional Across the Marketing Platforms and Devices (Multiplatform)
- Affordable such and spin to win, if you’re not looking for some fancy gaming outlook
- AdBlockers give a green signal to gamified elements, they don’t block these elements. Adblockers avoid gamification in marketing.
- Skyrockets Conversion Rates
- Exponential growth in sales, revenue, and return on investments.
Being impatient to get these benefits, but don’t go and apply gamification in marketing without marketing research and strategy.
Let’s discuss some best practices that’ll keep help you in building your own robust gamification marketing campaign.
Tips to Improve Gamification in Marketing
The concept of gamification in digital marketing is easier to implement and beneficial to harness. These tips will help you in being aligned with your gamification marketing strategy;
- Understand your target audience and build consumer personas
- Research your competitors and Get ideas
- Keep the games simple as much as possible (it’ll save your time and money both along with better user engagement)
- Give rewards or prizes and creative achievements, certificates, points, badges, levels, and leaderboards.
- Encourage users to create UGC to share their own game-related content and challenge their friends, family members, and relatives.
- Leverage the game and gaming elements to promote the products and services that consumers are interested in.
- Always get professional advice from an experienced creative agency to design and develop educational and enjoyable games and gaming elements. As it costs both a significant amount of money and time, a little bit of consultancy would be great to bring the ideas into reality and in a right and successful way. This way the product would be cost-effective.
Always keep in mind all the best practices, these are like some basic signals to identify if you’re on the right track or not!
These will help in successfully implementing your gamification marketing campaign and getting the best results for your brand.
Now, let’s conclude this blog!
Conclusion
Gamification in marketing helps a brand to create brand awareness along with a good amount of user engagement with the brand. It’s not so easy to develop a successful gamification campaign, but if you’re working with a team of professionals and experienced persons from the industry just like Team DigiAvtar, you can do wonders in your first attempt. Team DigiAvtar will provide you with the most feasible solution for your requirements. Connect with us, and let’s discuss your project.
Gamification is a little bit time-consuming and you need to spend a significant amount of money on this, so it’s better to take consultancy and help from an experienced team rather than learning from your own mistakes.
If you want to increase brand awareness, user engagement, sales, revenue, and return on investment, then gamification in marketing is your all-in-one solution. Encourage your consumers to play the game and say them to challenge their friends to play the game. Once the momentum is being created, you’ll need not look back, and will see exponential growth in your sales.
If you’d like, you can let us know in the comment section below how you’re going to incorporate gamification into your brand!
For more similar blogs, visit our blog!
