Mauricio Romero
We want to be effective in marketing and advertising. Investing time and money in the most effective medium to reach the most potential clients is best. So let's analyze how can better acquire customers and optimize waste.
A funnel represents the marketing sale process. You start with a bunch of visitors, and they get out of the funnel, and at the end, we have few customers. At the top of the funnel, we have the concept of spillover in marketing and advertising. This concept means a percentage of your marketing budget will be wasted or thrown away with no result.
A simple example is if you publish a TV commercial for feminine hygiene products, and half of the audience are men and children, you are reaching a group of people that are not your customers. Nevertheless, you paid for the whole audience not just for the people that are really your customers. The TV station made no difference in the price.
How money is wasted on marketing budgets
- Your message is not reaching the correct audience.
- The audience does not need your solution.
- Your message does not resonate with your audience.
How do we fix waste in marketing budgets?
- Segmentation/Buyer Persona
- Outbound vs. Inbound
- Creativity
1 Segmentation/Buyer Persona solves the problem; message is not reaching the correct audience.
Your message does not reach the correct audience because you need to figure out who your perfect customer is. You think you can help many different types of clients, and your product is for everyone. Let's say the one size fit all strategy.
Not focusing on a specific type of customer brings the problem of not choosing the correct target audience. So be very focused on who is your best customer. Then try to find on which platforms they are spending time based on points of interest and preferences. All the advertising platforms will provide you with a segmented group of people so you can target your audience.
So good segmentation is the best solution. However, you can also develop the concept of Buyer Persona to be more specific about your target group.
By focusing on Buyer Personas, you will make the perfect communication based on their needs, interests, and preferences.
2 Outbound vs. Inbound solves the problem; audience does not need your solution.
You might reach the correct type of potential customer, but customers only need your solution sometimes. So as long as you stay sending messages to that group, you will generate brand awareness. And, when the time comes, and you have a problem you fix, they will have you in mind. Brand awareness and trying to reach the customer directly without knowing if they have the immediate need for your solution is called Outbound marketing.
The second case is when a client has a problem and will start looking for a solution. Then, a research process will start, which will be affected by brand awareness and internet searches. When you don't go out to find your customers, and your customers are looking for you, it is called Inbound.
Inbound is a more focused strategy based on Buyer Personas, SEO, Blogging, conversion offers, and many more tactics.
Inbound Marketing is more profitable because all the money you invest does not have spillover if done correctly.
You are reaching people who need a solution you solve now; they are looking for you right now.
Learn more about Outbound vs. Inbound marketing.
3 Creativity solves the problem; message does not resonate with your audience.
When your message is not enticing or connecting to your audience is another form of spillover. Most of the communication for B2B and B2C has two intentions:
a) Show a problem/solution.
In almost all the advertising messages, you show a problem, then a solution through third-party stories or testimonials. You picture the target audience in a way they can imagine themselves in that situation. Your solution is part of the story and saves the day.
b) Educational content around your solution.
You must create educational content around your solution when people need more information to purchase. Reviews, how-to content, A vs. B, testimonials, facts, guarantees, case studies, etc. The secret to being successful is to deliver the message in a creative, accessible, and understandable way.
3 Optimization areas to improve your marketing success rate
By following the three main points we talked about in this blog, you will be able to reduce spillover, improve the return on your marketing investment, and become more effective on your messages.
1 Segmentation/Buyer Persona.
2 Outbound vs. Inbound
3 Creativity in brand storytelling.
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