Molly Baker, CEO and Founder of Indie Consulting .
As we enter the year 2023, I can safely say that digital marketing is just "marketing" now. This blurs the lines between funnel goals and channel selection, increases the growing need for digital content, and requires a consistent approach to measuring the modern art and science of marketing.
After the huge boom in direct-to-consumer brands and marketplaces and their associated marketing tactics (think Facebook ads), I'm refocusing on the importance of brand awareness and superior tactics. While it plays an important role in any brand's marketing mix, effective marketing isn't the only key to growth. As the founder of a marketing consulting firm and researching how brands approach this matrix ecosystem, I've identified three widely used approaches.
Approach 1: Execution model
I've noticed that many digital native brands use a performance-based approach to maintain a growth mindset in their full-funnel marketing efforts and apply bottom-funnel optimization tactics to their online activations.
How are they activated?
Brands following this model achieve:
• Build a marketing ecosystem through the funnel with defined platforms to achieve specific goals in each part of the marketing funnel.
• Target return on ad spend by platform and target. These ROIs are created based on historical data and destination patterns.
• Create a consistent measurement model and testing framework that measures every dollar spent and links it to sales.
• Move budget through the funnel on a monthly and quarterly basis based on performance.
How do they get the resources?
Brands that follow a performance model tend to use domain experts to create strategy and closely manage the work of their agency partners. This model requires a lot of internal resources due to the detailed optimization approach.
Approach 2: Discovery Model
I think a lot of traditional long-lasting brands aim for brand awareness. 1 goal scored. This purpose determines how they use their digital touch points and investments. All decisions are related to one goal: to make more homes aware of their brand and products.
How are they activated?
Brands following this model achieve:
• Create a marketing ecosystem that prioritizes where to reach the highest percentage of their target audience at the lowest cost.
• Use of digital platforms as a means of disseminating messages primarily through television and/or other traditional media.
• Focus on creative messaging and update 'new' advertising offers on TV and affiliate channels.
How do they get the resources?
In my experience, brands that follow the brand awareness model maintain small in-house marketing teams and tend to focus on agency partner and project management. The biggest growth comes from single post creatives and annual ad buys. Without an optimization model or budget in place, many variables are fixed each year, requiring a much smaller in-house marketing team.
Insight 3: Content and Maintenance Model
As content marketing has moved beyond the early days of bloggers and user-generated content to popular publishers, many brands are seeing continued growth by adopting a content-based model and building customer loyalty. Brands that embrace this model go to great lengths to retain existing customers and build strong relationships with new and old, across more than one product.
How are they activated?
Brands following this model achieve:
• Prioritize your marketing channels/platforms as well as paid platforms.
• Create multiple content streams and scripts to interact with consumers in a variety of ways.
• Let consumer feedback and cultural trends dictate annual, even biannual, communications planning and product innovation.
• Recognize that they will not always get instant feedback on their marketing efforts, as with a paid media approach.
How do they get the resources?
Brands that use a content-based and retention-based approach typically use a mixed inventory strategy. Some aspects of branded content, and usually retention specialists, work in-house. However, to meet the demand for content this approach requires, I've seen brands that operate under this model often work with partner content agencies and freelancers to quickly create and optimize content.
Decide which one is best for your brand
There is no one-way approach and it is impossible to do everything at once. I recommend evaluating your brand goals and digital maturity to determine which marketing model is best for your brand in 2023. Ideally, your marketing model should be evaluated annually, as customer acquisition tactics and internal factors are constantly changing. .
To determine which approach is best for your brand, ask yourself: What is the digital maturity of your brand and what is your most important marketing objective? For example, if your brand is still building a digital foundation and your primary marketing goal is to connect with an engaged customer base, a content-driven and retention-driven model is probably best. But if your brand has established its digital footprint and your primary marketing goal is to increase purchase opportunities and/or reach a new customer segment, a brand awareness-based model may be more appropriate. If your brand uses sophisticated digital technology and your primary marketing goal is to drive sales growth through both core and new product launches, the performance model may be a good choice.
Modern marketing is not limited to a set of fixed tools, creative messages are the variables. Today's marketing is the exact opposite. it consists of many tools and many messages. The possibilities are endless, which makes the art and science of marketing even more exciting.
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