During the COVID-19 lockdown, the major business avenue for networking has clearly become LinkedIn. According to LinkedIn insiders, activity on the platform has gone up 40% over the last three months. Not surprising, given everyone’s constant attention to their computers. Personally, engaging in conversations via the comment section on posts has been a really enjoyable way to meet new people, learn new perspectives, and build a network.
Recently, someone made an interesting post which spurred a lot of conversation; the post centered on the relationship between long-term marketing endeavors such as brand building and short-term marketing efforts like lead generation campaigns. The debate in the comments became which is more important, and how they relate to one another. It is a topic worth exploring in greater detail.
Marketing should be a value center, not a cost center.
Marketing is really one half of a revenue generating center for your business. Or at least, it should be. Unfortunately for many marketers, marketing’s role in generating new business is often overlooked or undermeasured. Due to this historical trend, marketers have leveraged a great many technologies to try and showcase the effectiveness of their efforts to the bottom line. In order to affect the bottom line, marketing is going to need to work on projects with short-term objectives and projects with long-term objectives. Let’s start with the short game.
Getting a Quick Boost in the Pipeline
In general, short-term marketing initiatives all focus on marketing campaigns. It is about lead generation and, ultimately, sales. Here are three short-term campaigns you can use to get immediate marketing results.
Product- or service-specific campaigns
To use Element Three as an example, when the COVID lockdown began, we recognized that our team has the expertise to help our partners shift events from the physical environment they were no longer allowed to operate in to a fully digital experience. Given the likelihood of literally every business event being moved to a virtual setting, this capability is in high demand. To respond to that demand, we ran a specific campaign directly toward that virtual event service line. This makes it easy to judge short-term success, as we can measure the amount spent on creating the campaign and the paid channels for distribution, and then tie the leads gained through those efforts to sales. From there, we can calculate an ROI and show performance. Simple.
Sales or promotions
Sales and promotions are a fine balancing act—running too many of them will teach your consumers that all they need to do is wait it out, and your products will go back on sale. At the same time, strategically running a limited number of sales to accomplish a certain goal, such as moving last season’s inventory or driving demand during a down economy, can be a great way to get some quick wins for your business.
It isn’t just product companies that can do this, either. Free consultations, productized service offerings, and short-term agreements are all ways a service-oriented company can run a promotion to increase their short-term business.
There’s an old adage that a consumer needs to interact with your brand at least seven times before they will make a purchasing decision. It’s likely that the increase in overall advertising frequency has caused that number to go up, but the point holds: prospects who already have interacted with you are more likely to buy from your brand.
One of the most efficient ways to engage a warm audience is to run retargeting campaigns. These can also take the form of cart abandonment campaigns in which you send emails to customers who left your site during the checkout process. There are a myriad of ways to re-engage prospects, and warm leads who already know you will have a shorter time to sale than a completely new lead with no prior interaction with your brand.
Marketing for long term growth
While it is great, and ultimately necessary, to consistently measure your marketing efforts and ensure you’re spending your budget effectively, it is equally important to have an eye on the long term. Why? Because long-term marketing efforts are the foundation on which your short-term efforts are built, and what makes them most effective. All short-term focus with no long-term consideration is what leads retail brands into a race-to-the-bottom pricing situation and what leaves service companies with no clear position in their market. Here are a few of the most important and most effective long-term marketing projects.
Defining and building your brand
It’s been said before and it will be said again: strong brands win, financially, in every economy. Having a clear brand positions you appropriately in the market to win the customers you serve best, creates clarity and ease of production for all of your marketing campaigns, and can even support you in your quest to build the strongest team around. It’s extremely hard to measure the ROI on brand projects, but they pay dividends for years to come by making literally every other piece of your marketing significantly more effective.
Launching a new website
Many companies make the mistake of believing that a new website alone will solve their broader business challenges. It won’t. Launching a new website typically coincides with a decline in traffic and at least one or two bugs. Built well, the traffic bounces back within a couple of months and the bugs are sorted out immediately—but every marketer has been through a terrible website launch. It’s draining. So don’t expect this to magically bring in new leads and sales.
However, the long-term cost of a poorly built website is hard to overstate. If the website doesn’t clearly articulate what your business does, who you serve, and why they should choose you, you will never be able to consistently win out over your competitors. Additionally, your sales team will spend a ton of time and effort working on deals that don’t make sense for your business. That’s wasted time and wasted money.
Think of your website like your storefront. If someone were to visit your store, you’d want to give them a particular experience. You’d want to create a certain mood for everyone who visits you. The same thing is true with your website. It is the storefront for your brand, and every interaction with your site needs to support your brand position and have the ability to also play hand in hand with any campaigns you’re running to elicit short-term results.
Speaking engagements and PR
Getting in front of your customers through a channel they have already chosen to trust, such as a media outlet or conference, is a great way to build your brand awareness, create greater personal rapport with your base, and eventually drive sales. It just doesn’t happen overnight. Public relations initiatives such as winning speaking engagement opportunities, being published in a particular magazine, or being a guest on a popular podcast can be expensive and time consuming—but an effective strategy here will bring in warm leads on a regular basis.
Which one matters more? Depends on the timing.
A lot of life is about timing. Open a business on the back end of a consumer trend and you’ll be frustrated with your results. Open two years earlier, and your business is naturally thriving and you look like a rockstar. That’s life.
The timing for marketing initiatives is not that much different. During COVID, we’ve regularly heard business leaders focusing on short-term goals. Lead generation campaigns, sales and promotions—anything and everything to drive sales. It’s understandable and smart because right now it is about maintaining the business as best as possible. Over the previous 18 months, that was simply not the case. Companies focused on long-term payoff projects such as rebrands, website launches, and more developed public relations campaigns.
It is always about understanding your most critical business goals at any given time, and making the best choice to accomplish them. Put simply, find a balance of short-term success metrics and long-term targets and you should be just fine.
“Whatever you are, be a good one.” This advice has served Joe well as he’s worn many hats throughout his career–from college soccer player to marketing expert to Business Development Manager. He’s passionate about using big ideas to build mutually beneficial partnerships, because “to help yourself is to help others.”
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