Almost a century ago Charles Darwin gave us the theory of evolution through natural selection. The theory was centered around the basic fact that evolution is a continuous process. And the species which does not keep its pace up with evolution soon becomes extinct.
Same goes true with marketing!
Marketing is not just confined to direct sales these days. It is more about predicting the user behavior, and connecting with them on that basis. This is the reason why they call it ‘Predictive Marketing’.
The Era of Predictive Marketing
The technical definition of Predictive Marketing goes something like this :
‘Using data science to make smarter marketing decisions by predicting which marketing actions are more likely to succeed, and which are more likely to fail.’
Sounds quite simple, doesn’t it? Well, it is and it is not. It’s easy if you are able to inculcate thorough understanding of the customer behavior, metrics used to study those behaviors and make use the right assessment tools to predict the trends. But if you are not able to follow this path, chances of your marketing endeavors gaining success become quite slim; especially in today’s scenario when users are more aware, more educated and have access to truck loads of information about everything thanks to internet.
So, how can you inculcate a thorough understanding of predictive analysis? How do you make your marketing endeavors in sync with this evolving trend? The key lies in these three basic steps, which I’ve named as the ‘ACE Strategy of Marketing’.
Great marketing strategies all are centered around one thing – to attract as many customers as possible. More the number of people your marketing efforts reach, greater are the chances of your campaign becoming successful.
How to make the campaign attractive?
For me, a successful campaign is the one that gives users the right information to the right user at the right time. But one more important factor that I’d love to add here is to choose the right platform.
“Choosing the right platform can be the BIG difference between success and failure of your marketing efforts.”
Thanks to social media getting diversified into channels like Facebook, Twitter, Instagram, LinkedIn, SnapChat, channelizing your efforts towards a specific audience has become easy. You need to figure out the platform where most of your potential audience reside, making use of analytics tools or other research strategies that you might have employed in the past.
Reaching out to maximum number of customers is the first step in every marketing funnel. Some people call it spreading awareness, but let’s call it attracting the customers – something that fits in our context here. Now that you have spread the word a
bout your business, the next step is to get those attracted users into your converted clients.
How to convert maximum users into paying customers?
This is the BILLION DOLLAR QUESTION! And the answer to this questions lies in sticking to the basic principle of human nature i.e. Striking an emotional connect with the users!
“Humans are emotional creatures.”
Humans are emotional creatures, and this is reason why the businesses which are able to make an emotional connect with the users are able to make the most of their campaigns. Here are some of the strategies that businesses employ for making an emotional connection with their users –
- Communicate with the on social media channels to let them know that you are actually listening to what they have to say
- Create stories about the problems users have to face in their day-to-day life, and how their product/service solves that problem.
- Join a good cause, which people can relate to something like Raising cancer awareness, helping old-age and homeless people etc.
Marketers have used emotional advertising to get people to buy their products. Check out this amazing post written by @Jamioetting for Hubspot that shows how businesses use emotional marketing for their business promotion.
Many of you might be surprised to look at the word Engage here, instead of the more popular term retain. Well, keeping the customer engaged towards is what leads to their retention. This is the reason that I’ve used the term engage instead of retain.
How to engage the customers to retain them?
This is one of the most ignored stages of the marketing funnel, as most of the businesses are too focussed on getting new customers that they forget about the ones already existing. As it is quite lucidly pointed out by this statistic published on the HBR – ‘Businesses spend 500% more resources on acquiring new customers than they do to keep the existing ones.’
Here are some common strategies you can employ to retain the existing customers:
- Keep the newness alive; continue to upgrade your product/service so that users tend to know you are always working towards making their life easier than before.
- Share social media proofs like Customer Stories, Testimonials, User Reviews, and more to let the users know they are in safe pair of hands.
- Don’t let their comments, be it positive or negative, go unnoticed; this is the best opportunity to let users know that you have not forgotten about them once they have invested in your business.
That’s all – these points sum up the marketing strategy which I like to call The ACE Marketing Strategy. I am sure you would have read or heard about these points somewhere or the other independently. But I’ve tried to group these three factors together and come up with something that has worked for me and my team. And I am quite certain it will work for you as well.
This post is part of our contributor series. It is written and published independently of TNW.