Post-corona. Mid-inflation. Pre-black friday. Headwind on Facebook and Google Ads. Does that sound familiar? These are challenges for many at the moment. Read here where we try to help you through.
You may have been on the wave of online growth caused by the Covid-19 pandemic. And you can therefore probably nod in recognition of the following scenarios.
Your existing initiatives worked better than previous periods: More visitors who also bought more often and more than previous periods. So you increased your Google Ads budgets. You gave more budget to Facebook Ads and it gave meaning and value to your business because forces outside the market gave a lot of tailwind to online business.
Today, the established channels are doing well, and investment is increasing in the existing marketing channels. Still, something lurks beneath the surface. This is at the expense of the fact that you often forget to add new channels to your marketing mix. You simply have a lot of eggs in the same baskets which is a big risk when you experience changes in the market.
Now the current situation is that there is uncertainty in the market, war, highest inflation for decades, beginning signs of declining consumption, higher interest rates, and the prospect of the housing market cooling off. You know the song and the dance if you look in the newspapers or turn on your TV.
Businesses that are anchored online must also take into account that the market is normalized in the wake of the pandemic, and therefore many webshops are forced to respond. The solution is often to drive aggressively with sales and compromise on the return on one's marketing, because one must have traded his stock, which may still be geared according to the speed the market had during the pandemic.
Is that someting you know about? Then you are not the only one.
Now we are in June 2022 and we are clearly seeing the direct consequence of the above scenarios. Namely, that CPC / CPM prices across Google and Facebook are rising markedly, and many are suddenly caught in a vicious spiral of being forced to run sales and live with the lower profit margin. Next, one has to live with the fact that prices per click are exploding.
Then what do you do? We give you the answer to that in the blog post here.
You need an overview and new thinking
Step 1: Get an overview of your current marketing channels
First and foremost, you need to be in control of your business and your existing marketing channels. Do you know what you earn from your Google Ads? You probably know your revenue and you may even know your ROAS. But do you know the profits that Google Ads and Facebook Ads (hopefully!) make? In fact, very few do. Here, MCB works together with ProfitMetrics which solves this challenge.
At the moment, the channels are not performing like last month and not at all like last year, and therefore the aim is to be able to turn down what does not generate profit and turn up the campaigns where there is profit. Just because your ROAS says 8, it is not at all certain that there are crowns on the bottom when all is said and done. It sounds simple and it can be, but it requires you to invest time in getting for example ProfitMetric implemented, and if you do, then you can also accurately measure the effectiveness of all the efforts we recommend below.
Step 2: Think new and forward
Once you have mastered your established channels you need to start thinking new and wearing the glasses of the furture.
Last year you were busy packing orders and no time to start up new channels. Now is the time to throw new thing on the wall and see what is stuck. There is profitable revenue out there also on channels you might now expect. The volume may be lower but put on 3-4 new profitable channels and you might get close to the same volume as last year. It gives you the opportunity to make the springboard for fall, Black Friday, and Christmas. You can get more tips and tricks for your ecommerce strategy in our blog here.
Below we give you some suggestions on new marketing channels you can get started with.
Obvious channels and initiative you can use
Pinterest
Low CPM prices on top funnel advertising. Wild conversion rates on buttomfunnel. It is of course a niche media in relation to GA / FB but if you are in an industry where your target group moves on Pinterest - it could be interiors, clothes, jewellery, or accessories - then it is a must to test. The targeting itself is as you know from other marketing platforms. Tracking is super easy to set up, and therefore there are almost no pains in starting up - other than bad excuses. At MCB, we work with Pinterest and we can set up a meeting between you, us, and Pinterest and clarify how your company should advertise on the platform.
Affiliate
“No cure no pay” is extra attractive in a time like now. If you run a webshop allow CSS partners to advertise. We have many examples of CSS affiliates who in no way cannibalize our own Google Ads campaigns but instead put a layer on. MCB works with several partner networks and we are always ready to talk about which network suits you.
Tiktok
TikTok is not a social media. It is an entertainment platform! And that is one of the reasons the platform is exploding these months. TikTok is the special boy in the class. The platform requires the right creatives and requires more than other channels that one understands and accept the communication. There is ultra short life on trends and posts. This is where trends start! This is the place where one can be the first mover, and where one can really speak very directly to one's target audience in a way that other platforms would not otherwise allow. There are many excuses for not using TikTok, and the typical one is that "my target group is not there" to which we often say ".... but it is on its way!". And why not lay a foundation while advertising is cheap so you have a head start when it really wins out?
Bing Ads
Yes, Bing Ads. We know, we know and jokes about Bing are in line. But now listen.. Bing Ads has a smart import of your Google Ads, so you have all your Google Ads set up in Bing while you get a cup of coffee. Then there is an effective synchronization from Google Ads to Bing, and your optimizations on Google Ads for example ad text are automatically updated in Bing! It goes without saying that there is lower volume, but there is less competition. Maybe it works for you and you only find out by trying?
Creatives
The word itself has almost become a phrase. But nonetheless, it has always been important and now more than ever! Video, video... Video. Yes, it has been proclaimed for years that videos have better reach, higher conversion rates, and better engagement across organic and paid marketing. But now that Meta / Facebook / Instagram is watching TikTok a lot keep an eye on all the new features and rankings that videos get both in FB / IG but also in Google's SERP. Do you need an example of IG being inspired by TikTok? The most central space on the IG app used to be reserved for posting new content - but hey - suddenly that space is now taken over by their "Reels" universe, and you have to go all the way up to the right corner to post. Is this the beginning of IG becoming a video media like TikTok?
Much of your marketing is determined by your creatives. The algorithms have taken over what in the old days was pretty advanced to set up, so now the battle must be won by having better creative than your competitors.
Split test
Everything would be sunshine and rainbows if only your conversion rate was 30 & higher, right? So why are you not working on it? The conversion rate of your webshop is leverages on your entire marketing efforts. You should always have one split test running, and if you are not in the running, then now is the perfect time. You can get more conversions out of a lower traffic (a lower traffic that may even cost more than last year!) - and when the traffic rises in the fall, or when the market changes again, then you are ready to convert the traffic better.
Emails
We know. Emails are not exactly a new channel. New channels are one thing, but one existing channel that you still have to twist everything out of is your email channel. Automations, flow, manual broadcasts - all this is actually the most important thing. Also, remember to gear your broadcasts with new subscribes via LeadAds and on-site strategies.
So what should you do?
Find additional profitable revenue across 3-4 new channels and you might be able to look at green numbers in your KPI report even though your established channels are having a hard time compared to 2021. Is is easier to get from 0-100 than from 100-200. So start from scratch on new channels where your target audience is! It can kickstart your marketing now and here, and it provides a great springboard for fall.
If you follow the above, then you know your business profit on advertising, and therefore it is easier than ever to evaluate on your established efforts and your new channels - but it requires data to evaluate the efforts, and it takes time and patience to get accurate data, which in times like now can be the biggest challenge.
