Is your marketing “one legged stool’? Does the majority of your marketing depend on one strategy? If so, here are a few ideas to add a few more legs to that stool. If you don’t, it will tip over.
We are working with a client who recently developed a marketing tactic that worked really well in a major social marketing website. This tactic was smart, the message was brilliant and the offer was practically irresistible. It worked really well and it worked for over a year and made them millions of dollars.
One problem- because of a single policy change, the client’s highest producing ads were now being rejected. The campaign went from a $40 Cost per Acquisition to over $70 Cost per Acquisition which cut the overall volume by almost 50%.
Adding Legs to the Stool
We fixed the problem with a number of simple, yet effective strategies which will create scalability and durability- We call it PlayBook.
We expanded the client’s acquisition model so that we would not be solely dependent on one source for leads. In this case, we started with testing Paid Search.
The strategy here is simple- If we can increase number of people that choose an action of economic value, we drive down our acquisition costs, increase revenue and profitability. We do this through a set of structured marketing experiments focused on increasing conversion.
In this case, the action of economic value is a booked appointment. We knew that we could greatly decrease acquisition costs and increase volume by decreasing the “no show” rate for appointments. We do this through personalized, targeted email marketing.
We went from a one legged acquisition model using “gut” and “guessing” to try to increase conversion to a multi-channel acquisition model coupled with a conversion optimization methodology and lead nurturing program.
We now have a durable, scalable online and email marketing model that supports the business growth plan.