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Data

Your B2C marketing concerns during COVID-19

By Data

What are your biggest B2C marketing concerns?

It goes without saying we are facing a market the likes of which we have never seen before.

We wanted to engage the digital marketing community and understand the challenges we are facing collectively.

As a result we will look at the topic(s) which are causing the biggest concern and research these to provide you with the best resources and advice.

Marketing during COVID-19

What is the reason for all this?

What we want to achieve

These are hugely concerning times. We have not experienced anything like this before as digital marketers.

Our industry continues to innovate, share knowledge and work together to help each other. To continue this we wanted to create a series of polls to do the following:

  1. Understand the challenges we are all facing
  2. Support and reassure others by highlighting where our issues lie, sharing the results of the poll
  3. Help our digital marketing community by researching and creating content to help address the concerns we collectively have

Before we start, we have broken down the different polls into areas to provide you all with a view of how others are getting on.

1. Your plans

2. Your change in budget

3. Challenges you face, sales, content, merchandising or forecasting and measurement

 

Marketing Concern 1 of 6 - Where you are right now

Do you have contingency plan in place and how are you preparing?

Marketing Concern 2 of 6 - You marketing budget

How has your marketing budget changed since the CORVID-19 outbreak?

Marketing Concern 3 of 6 - Generating sales

What is working and what is generating the best return?

Marketing Concern 4 of 6 - Understanding content

Do know what content to create and how much value it is adding to your business?

Marketing Concern 5 of 6 - Budgeting and Forecasting

Are you updating your forecasts and changing budget?

Marketing Concern 6 of 6 - What products to show

Which of your products are popular and are you showing the right ones?

Something missing? Have a free 15 minute chat with us

People also ask . . .

Why bother with AB Testing

AB testing has a number of benefits. The reasons you should bother with it include:

  • Limited exposure: You will be able to test your hypothesis in a safe environment. If you get it wrong then you have only impacted those who have seen the test rather than the whole audience or customer base.
  • Huge payoffs: While an individual test is unlikely to have a big impact on it’s own, the impact of many successful tests can be massive. Imagine increasing your conversion rate by 0.5%
  • Lower costs: By focusing on very specific hypothesis and using tools which do not require large amount of development resources means you can test your website functionality and look and feel, without big development overhead and costs.
  • Faster deployments: AB testing by it’s nature is all about rapid learning. As the marketing team will (mostly) be able to create their own tests, the results should be able to found very quickly. Not only with a reducing development time but a quick understanding of the test’s impact.
  • Data driven evidence: AB testing provides large amounts of data. As long as the test has been set up correctly and the right information has been captured the business case should be straightforward, allowing the marketing team to influence the larger website development roadmap/release cycle.

How long should I run by AB test for?

There is no single number of this.

What you will need to do is understand how much traffic you need to provide you with “confidence” the test is representative of your audience/website visitors.

Use this tool to tell you how many you need

How do I track my AB Test

Ensure you have a tool in place to be able to run AB tests.

Once you have deployed your test make sure you are able to see them metrics for each test, without this tracking you will not know if the test has made a difference.

The tracking should be available inside your AB testing tool.

If this is not available make sure you track the tests inside your web analytics tool. This could be as simple as creating two different landing pages with different names and seeing the conversion rate, add to cart rate, average order value of these pages compared to the generic or current page.

When should you not do AB Testing?

Do not run AB testing if:

  • You do not have a solid hypothesis backed up with data
  • There is no AB testing tool in place to help you randomly split your traffic
  • You do not have metrics or tracking in place to know if the test worked
  • You development process is slow and tests take longer than 2 weeks to run
  • You have a small amount of traffic, as tests will need a long time to be proven to be accurate or reliable

What does your AB Testing tool need to do?

See our Comparison tool to get your own personalised results compared to others/

As a guideline Workstream updates their benchmarks  and recently looked at the costs for Google Advertising.

They found the overall average Cost per acquisition (CPA) in AdWords across all industries is $48.96 for search and $75.51 for display.

However this does vary massively. For example they found in Technology the CPA in Search was $134 vs Display costing $104.

In E-commerce it was the exact opposite with Search costing $45 vs $66 for display.

Recommended Reading

Below is some recommended content, we have picked out. This content is mixture of resources to help you through to other articles which help understand more about digital.

Download: Budgeting for Marketing research – Our research covers what the leading organisations do to forecast and set their budgets for marketing. Read how they accurately forecast and adjust their budgets to get ahead.
Define: Conversion Rate – Read about a critical metric for measuring the number of people who take action on your website.  Learn how to diagnose conversion rate and understand how conversion rate impacts your cost per acquisition.
Discover: Resource for senior marketers – See our latest research or white papers to help you get ahead. Alternatively, read our digital marketing glossary for senior leaders to understand the jargon and acronyms of digital.
crank_marketing_budgets

Burning media cash and customer acquisition

By Marketing Budget, Audience, Data, Measurement No Comments

Reaching the right audience and customer acquisition is getting harder, burning cash on media isn’t the answer.customer acquisition

Customer acquisition and reaching the right audience to increase conversion or engagement is getting harder and it seems many of us (and especially start-ups) are burning cash just to drive traffic and report vanity metrics. Your customer growth should grow but your burn rate should fall, not outpace your customer growth.

We recently undertook research into marketing forecasts and budgets (soon to be published).
What we’re seeing is almost a third of respondents revisit spend just once a year or less and more than 50% no more than twice a year.

customer acquisition

source: wearecrank.com

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data centric canvas

Being data centric with business model canvases

By Data, Audience, Canvas, Customer Experience, Measurement No Comments

Creating a data centric business.

Ok this is a viewpoint not a manifesto, is it just me or when businesses use a ‘strategic canvas’ do they really consider data and the importance of being data centric? This is one of a couple of posts which will focus on the importance of data centricity. You may be customer centric but you should also be data centric.

So let’s start by looking at a canvas since that’s a good workable visual aid.

It seems there’s a canvas for most things these days, but like most things they tend to be stand alone. If you’ve ever used any of these in anger they usually solve just one part of the puzzle of your business or they are very high level, you then need to stitch some together or use another tool to move to action a team.

Like most consultancy’s or businesses running innovation workshops or strategy projects, we’d used Alexander Osterwald’s Business Model Canvas and Ash Maurya’s Lean Canvas which are truly awesome – fast, concise, and very portable, but we found ourselves modifying them for the needs of the client we were working with, especially when we started asking questions about data and what to do next.

Over the last few years data has become the hot topic in any strategy or directive, no matter the size of the business, start-up or blue chip, data is critical.

I know, data’s boring, but you only have to look at those businesses that are outpacing their competitors to understand that not only does data ensure you’re aligned to continually changing customer needs and expectations (customer centricity) but also that you place your money and resources in the right places and add competitive advantage in terms of potentially becoming the disruptor rather than the disrupted.

Data gives you the edge, it’s the river that runs through your business, multiple feeds from multiple sources creating insights on which to base critical decisions.

The issues are the same no matter what business we worked with, being able to move down in terms of detail from any model or framework is essential. When talking to senior people you need simplicity, but instances where you want to move quickly to action a team you need the considered detail which all of the team have been a party too.

data centric

Data centric canvas

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