In Defense Of Short-Term Marketing
by Corinne Casagrande , November 18, 2020
Here are some other ways your brand can benefit from bringing sales forward:
1. Improving your look-a-like models. With more conversions, you have a bigger pool of what the people who converted look like. This helps you make decisions on how to get more of these people.
2. Increasing customer lifetime value. When you get a customer in your flow faster, they can buy more, faster. Even when they don’t buy, identifying who the low-value customers are helps improve media decisions around inventory and targeting.
A widely cited study from Northwestern University and Engagement Labs found that 19% of next week’s sales for a brand are driven from word of mouth.
More sales = more interaction with the product or service = increased opportunity for WOM sales. Performance media kickstarts this equation.
It’s a hard and often thankless job to build the long-term, consistent memory structures we call brands. It takes a little science, a lot of faith and a ton of craft. But most of all, it takes money. It’s 2020. If you have lots of extra marketing budget, I’d like to hear about it. Otherwise, don’t feel bad about digging into performance.
Read the full MediaPost article, here.
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