What is Neuromarketing? Everything You Need to Know

April 19, 2024 Third Eye Blind Productions Marketing No Comments  

Table of Content

  1. Introduction
  2. What is Neuromarketing?
  3. Benefits of Neuromarketing
  4. Disadvantages of Neuromarketing
  5. Conclusion

Introduction

In the field of marketing, many people discuss neuromarketing, but not as many people are familiar with it.

In order to gain a deeper understanding of customer behavior, a novel branch of business research has emerged that straddles the boundaries of three well-established disciplines: marketing, marketing research, and brain imaging.

What is Neuromarketing?

The scientific tracking of skin reaction, eye tracking, and brainwave activity to study how people’s brains respond to advertisements and other brand-related communications is known as neuromarketing.

By using these neuromarketing tools, decision-making behavior of consumers is predicted through an investigation of the brain. Neuromarketing is another tool that can be used to try to change customer behavior.

Marketers can learn about the preferences, motives, and decision-making processes of their clients by utilizing brain and other physiological data. Additionally, they provide predictions about the performance of a specific product, service, or marketing campaign using this information.

Because neuro technology is costly and specialized, conducting in-house neuromarketing research is expensive for businesses. Often, they engage with neuromarketing consulting organizations to carry out this type of targeted research.

Benefits of Neuromarketing

  1. Sincere Criticism

In a neuromarketing scenario, clients cannot lie, thus the data generated by these technologies is more trustworthy. One can alter someone’s feelings just by asking them how they feel about something. 

Bypassing this issue, neuromarketing produces objective results that are not possible with a conventional customer satisfaction survey.

  1. Finding Out About Your Clients’ Whole View

Complete consumer impressions cannot be revealed by traditional market research study. A few approaches are available for you to use, including phone conversations, social media comments, reviews and testimonials, and online polls. 

They offer an outside perspective on how clients see your business. The issue is that, occasionally, clients could be too polite to communicate their feelings. It is crucial to understand their subconscious reaction because of this. Customers’ thoughts can be reached with the use of neuromarketing. You don’t have to depend on what they tell others. It’s similar to filling out a mind reading questionnaire. 

  1. You Receive Reliable Information

Several factors influence people’s decision-making. It could include well-known products and services, brands, and logos. Years of research is necessary to preserve these automatic reactions as data. Neuromarketing is a tool that brands can use to understand consumers’ subconscious responses. Businesses are given the chance to focus on altering such responses.


To improve your products, you need information about how customers feel about them. The best approach to obtain that information is through neuromarketing. Targeting a consumer’s inner desire using neuromarketing allows you to appeal to it. And the outcome will be as follows:

  • A rise in website visitors.
  • Increased business revenue.
  • High brand authority.
  1. Content and Physiological Reactions Are Associated

For your company, you run a lot of commercials. Do they all produce the same reaction, though? NO is the response. Why then do some advertisements succeed while others do not? You can identify that problem with the aid of neuromarketing. You may examine specific affective reactions in each segment of your video advertisements. You can determine which section of the video the viewers found problematic. 

You can examine how they responded to your latest flyer. Do your clients find the color scheme appealing? To display your ads to the public, you can host boot camps and product launches.

Experts in the relevant subject are required. They will use body language and facial expressions to determine what aspects of the advertisement they find objectionable. The advertisement’s portion can be altered. You can pique your clients’ interest in your merchandise by doing this.

  1. Precise Understanding

Compared to traditional market research, which assesses customer behavior at a higher level through methods like surveys and focus groups, neuromarketing offers a more detailed look into human behavior. Strategies for neuromarketing closely examine the habits, preferences, and behavior of their target audience. 

They make use of information that would otherwise be impossible to quantify to ascertain a customer’s mood or potential course of action. Additionally, neuromarketing can offer real-time insights into consumer behavior.

Disadvantages of Neuromarketing 

  1. Issue of Privacy

People provide you with data. They intentionally deliver that to you. However, they also seek authority. Leaks of data are common. Thus, you should work to improve data protection practices and technologies. The value of neural data is enormous. They are cultivable for social manipulation. As such, there’s a significant risk.

Let’s say you use this information to influence your clients. Is it legal even though you only do it for business purposes? It may come up in a protracted discussion, Thus, there’s a chance that eventually, people will believe it to be illegal. And there may be detrimental effects from that. 

  1. Ethical Aspects

That is an old question. Some people believe that neuromarketing deceives customers, and to some extent, this is accurate. Some claim that neuromarketing carries out tasks that a qualified psychologist would. 

You “learn” the behavioral patterns and produce wise outcomes. A lot of individuals; hence, believe neuromarketing  to be unethical.

  1. Expensive Equipments 

Neuromarketing equipment has always been expensive. For certain tools, both the cost and the quality of the work have dropped. The less accurate equipment is the least expensive equipment. 

Therefore, it will be difficult for small business owners to afford the highest quality products.

Conclusion

Despite their mainstreaming, neuromarketing and consumer neuroscience are still regarded as emerging fields. Companies will use neuromarketing techniques more often as the technology advances and grows more widely available. Success in business requires an understanding of business psychology. And your hidden weapon of choice for this is neuromarketing.

It protects the money you invested in marketing. By using effective neuromarketing, you can access your clients’ minds. You can display your goods in the manner that appeals to them. It will support you in attracting devoted clients over time.

It also spares you from having to run ineffective adverts. Neuromarketing is a significant aspect of marketing, despite several drawbacks. 

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Learn to conduct a comprehensive TikTok audit

How to conduct a TikTok audit -Step by Step Guide

April 18, 2024 Third Eye Blind Productions Marketing, Social Media Influencers No Comments  

Table of Content

  1. Introduction
  2. What is a TikTok Audit?
  3. Step by step guide to conduct a TikTok audit 
  4. Conclusion

Introduction

The first rule of digital marketing is chasing your audience or their attention, to be precise. This has made brands almost omnipresent digitally. Even an app like Tiktok has been made a suitable channel for marketing, with its engagement rate at almost 7%.

But merely establishing a presence and posting content cannot achieve the optimal results. A TikTok audit can help a great deal to run an analysis on your content.

What is a TikTok Audit?

TikTok audit is an analysis of your content to assess the engagement of the brand content. It helps the brand recognise its strengths, weaknesses, what’s engaging and informative and what’s not. 

Step by step guide to conduct a TikTok audit 

  1. Know your aims and goals 

The first step to a successful campaign is setting your goals. Work your way backwards from the output you desire from your vision before developing a strategy. These marketing goals can range from brand awareness to lead conversion. 

To determine their aims, marketers can ask questions pertaining to the expectation from the campaign, the impact it wants to have on the consumer base, if it is strictly informative or engaging, how it should affect the sales.


This helps to chart out a map to your marketing destination. Once you are aware of the expectations you’ve set, it will be easy to gauge if the marketing goals align with your TikTok efforts and results. 

  1. Analyse your TikTok efforts 

 A thorough analysis of a TikTok profile cannot be reduced to engagement rate alone, a lot hinges on the non-content elements of TikTok. Let’s delve into some of these and why these need to be considered when looking at the metrics – 

  • Profile Picture – This is the first brand element that audience or potential consumer interacts with, hence it should be eye catching. The minimal requirement for an appropriate TikTok business profile should be clear and of high quality. There is very limited scope of communication here so it should ideally be the brand logo.
  • Bio – This is an introductory communication between the brand and the potential consumer, so the message here should align with brand identity and value. A good bio makes the consumer want to explore more in the same domain, so this is a chance to convince your consumer base to scroll down and consume more content. It is crucial to update your bio while retaining brand identity at regular intervals to keep it fresh and engaging. Although, TikTok only offers 80-character-limit bio, you can ensure this by including relevant keywords and evoking curiosity.
  • CTA (Call To Action) – A CTA gives a direction to the consumer’s curiosity, it serves as a reminder to engage with the brand. It is a critical step towards educating the consumer base about the brand. It can be as simple as a hook and an active verb instructing the consumer about the next step.
  • Resources – TikTok only allows one URL to be posted on the profile, so it is suggested to create a link that acts as a directory for a new audience. Through this they will be redirected to sites that provide more relevant information about your brand.
  1. Assess your TikTok content 

It’s now time to analyze the content on your TikTok profile. This includes dissecting the top performing videos, tracking the frequency of your content and ensuring that the visuals of the content align with the tonality of the brand.

This consistency signifies professionalism in the mind of the audience and helps in associating the brand with a certain palette and terminology. 

The brand also needs to be consistent with its efforts, so this helps in understanding and adjusting the frequency.

After this, you can access the basic TikTok metrics on the dashboard or even use third- party apps like Upfluence and to get in-depth insights about engagement rates, impressions and demographics.

  1. Take a look at the TikTok engagement stats 

TikTok provides you with the stats from the last 7, 30 and 60 days and these give you a fair idea about the engagement rate of your TikTok content.

  1. Run a TikTok Hashtag Audit 

Using relevant and trendy hashtags are key to a successful TikTok account. The first step is to check the most searched hashtags.

While it can be beneficial to use trendy hashtags but only when they are relevant. It helps you introduce potentially beneficial hashtags.

Having a brand hashtag has also proven to be beneficial since it groups all the campaigns of a brand under one blanket-hashtag and makes it easier to recognise the brand.

  1. Analyze your TikTok follower demographic

Analyzing your follower base and learning about their patterns and identity rubrics like age, hobbies, geographical distribution, the time they’re most active at, education etc. gives you a better idea about their content expectations from you. 

This also helps to analyze your content from an ideal lens, to see why a piece of content worked or did not work and craft content that could serve the follower base.

Conclusion 

Conducting an audit of your TikTok page might seem complicated and cumbersome at first but the results we get by the end of it make it worth the effort. Like any other marketing effort, even audits need to be consistent, hence should be performed monthly or quarterly. 

The results tracked over a period of time makes the process of effective communication much easier and your ultimate goal of marketing success only a matter of time.

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How to get more followers on Instagram: Get tips to grow your real audience

How to get more followers on Instagram: Get tips to grow your real audience

April 8, 2024 Third Eye Blind Productions Influencer Marketing, Marketing, Social Media Influencers, Social media marketing No Comments  

The social media presence of a lot of firms is built on Instagram. Instagram marketing is shown to increase sales, increase traffic, and increase consumer engagement.

You’re not alone, though, if you’re not happy with your Instagram growth and engagement.

There is a lot of competition on the platform. Additionally, it can be challenging to decipher Instagram’s algorithm.

The truth is that expanding your audience is a worthwhile endeavour. This is due to the fact that a larger audience means more chances to win over new clients.

Are you prepared to make changes to your online persona and acquire more Instagram followers? How to make it happen is broken down in this piece.

Tips to grow your real audience

  1. Use your Knowledge to the Fullest

Your target audience probably has characteristics in common with people you already know. Therefore, these “lookalikes” are a smart choice if you want to expand your audience.

Examine what you know about your present contacts to discover new people who share your interests. Do most of them have similar ages? Do they reside in a certain area? Do they react to a particular type of information consistently? Those data can be used to identify comparable individuals.

Let’s say you run a neighbourhood gourmet store and you see that young families are buying a lot of allergen-free pancake mix. This information could be used to advertise this product online to people in a related demographic.

  1. Don’t Purchase the Followers

It takes time to establish your Instagram following. But using bots or purchasing followers as shortcuts isn’t the solution. Instagram’s terms of use prohibit buying followers, and while you may experience a spike in interaction and followers at first, doing so will hurt your account over time. Why? You run the risk of having your account shadow banned because Instagram frequently bans phony accounts and fake engagement.

Gaining loyal, quality followers who will interact with your content may take some time, but it will be well worth the effort.

  1. Consider the Preferences of the Audience

Look for patterns in your present audience’s priorities, interaction styles, purchasing habits, preferred prices, social media activity, and other information. Next, utilize this information to update or inform your outreach.
You can integrate and organize all of your audience data with the use of an audience dashboard and marketing CRM tools.

Using this method enables you to spot trends that can provide information about how audiences react, determine what they want most from you, and locate chances to craft tailored messages that demonstrate your understanding of their wants and requirements.

  1. Maintain Interaction and Diversify Your Audience across Platforms

In order to provide your audience with the best material, you may need to take them away from the platforms where they first found you.
Reducing your dependence on a single platform is another benefit of audience diversification. You can rest easy knowing that you can always get in touch with your audience, even if something were to happen to one. Naturally, you can’t just tell people that you have an email list or tell them to follow you on Instagram. Retaining engagement requires regular contact and engaging content.

  1. Display your Instagram account wherever Possible

If getting more Instagram followers is your objective, don’t be afraid to promote your account.

Additionally, there is no one-size-fits-all strategy for promoting your Instagram. Here are some suggestions:

  • Incorporate social media symbols into your marketing emails and website. Social media icons facilitate customer connections and make it simpler for consumers to find your business.
  • Put an Instagram feed front and centre on your product pages or homepage. Numerous online retailers have their own UGC feeds on their websites.
  • Reshare news or material exclusive to Instagram on other social media platforms. For instance, you may use Facebook to discuss an upcoming Instagram Live.
  1. Look for Hashtags that your Audience is Using

Hashtags on Instagram have been a mainstay of the platform for a very long time. Having said that, their significance has diminished.

You won’t gain any new followers by stuffing hashtags into your posts. particularly with all of the commotion on the platform. Take the initiative and concentrate on hashtags related to your target industry. It’s essential to know how your hashtags function on Instagram.

  1. Use Short-form Video Content

Reels are great for algorithms, quick, and entertaining. Consider product spotlights, lessons, or even brief behind-the-scenes looks. Get inventive since you don’t have long to capture someone’s interest.

Create stylish, visually appealing Reels by utilizing the pre-installed stickers, edits, filters, music, voice-overs, and transitions. The cherry on top? On websites like TikTok, it’s simple to cross-promote these short videos, which will help you expand your audience and gain more followers.

Conclusion

You will be able to keep making new connections if you are always experimenting with new strategies and techniques depending on the information you learn about your target audience.

Using what you know, expanding on what you learn, and constantly seeking new opportunities are the keys to success.

Remember these observations as you strive to expand your audience and modify them to fit your own circumstance. Increasing your Instagram following is not something that will happen by chance. Furthermore, in contrast to popular belief, there isn’t a magic bullet that will guarantee success.

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Best Video Marketing Strategies For 2023

Best Video Marketing Strategies For 2023

April 20, 2023 Third Eye Blind Productions Marketing No Comments  

Introduction

Looking to enhance your digital marketing strategy and captivate your audience in a more impactful way? Video marketing strategies can be the answer you’re seeking! With the growing popularity of social media and the surge in video content, incorporating videos into your marketing plan can help you grab your audience’s attention and leave a lasting impression. Video marketing has become a vital tool for businesses to showcase their products and services, build brand awareness, and boost engagement rates. So, don’t hesitate to leverage the power of video marketing to elevate your overall digital marketing efforts!

When it comes to video marketing, first-hand experience is crucial. Create a connection with your audience by sharing personal experiences. This blog will introduce some of our proven video marketing strategies.

Think about it – have you ever stumbled across a video on your Facebook or Instagram feed that made you stop and watch? That’s video marketing’s power. We process visual information faster and more effectively than any other. Storytelling, evoking emotions, and connecting with your audience is easier with video.

But creating a successful video marketing campaign isn’t just about making a pretty video. You need to understand your audience’s preferences and create a well-defined video marketing strategy to truly capture their attention. And of course, you want your videos to be optimized for maximum visibility and engagement.

That’s where our expertise comes in! In this blog, we’ll explore some effective video marketing strategies to help you boost engagement, drive sales, and take your business to the next level. So grab a cup of coffee, get comfortable, and let’s dive into the world of video marketing!

Understanding your target audience

One of the first steps in understanding your target audience is creating buyer personas. By creating detailed buyer personas, you can tailor your video content to their needs and preferences. For instance, if you are targeting a young demographic, you may want to create short, snappy videos that are optimized for mobile viewing. On the other hand, if you are targeting an older demographic, longer-form videos that provide more in-depth information may be more effective.

To gather insights into your audience’s preferences, you can use social media analytics to track engagement rates and which types of content receive the most views. You can also conduct surveys, focus groups, or interviews to gather more qualitative data and feedback.

By taking the time to truly understand your target audience, you can create video content that not only captures their attention but also builds a deeper connection between your brand and your audience. This connection can result in higher engagement rates, increased brand loyalty, and ultimately, more sales.

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Stay up-to-date with the latest trends in video marketing.

In addition to creating buyer personas, it’s also essential to stay up-to-date with the latest trends in video marketing. For example, short-form videos are becoming increasingly popular, with platforms like TikTok and Instagram Reels dominating the social media landscape. It’s important to stay ahead of the curve and incorporate new trends into your video marketing strategy.

One way to do this is to keep an eye on what your competitors are doing. Analyze their video marketing strategies and see what works for them. You can also attend industry events, read marketing blogs, and follow industry leaders on social media to stay informed about the latest trends and best practices in video marketing.

Overall, understanding your target audience is key to creating effective video marketing strategies. By creating detailed buyer personas and gathering insights into their preferences and behavior, you can create video content that speaks directly to their needs and interests, building a stronger relationship between your brand and your audience. Additionally, staying up-to-date with the latest trends and incorporating new idea.

Defining Your Video Marketing Goals

Video marketing has become an increasingly popular tool for businesses to reach their target audience and achieve their marketing objectives. However, creating video content without a clear set of goals can result in a wasted effort and resources. Therefore, it’s important to define your video marketing goals before diving into the production process. Here are some steps to help you define your video marketing goals:

Identify your target audience

The first step in defining your video marketing goals is to identify your target audience. Who are they? What are their interests? What do they need? Understanding your audience will help you create videos that resonate with them.

Determine the purpose of your video

The next step is to determine the purpose of your video. Are you looking to increase brand awareness? Generate leads? Drive sales? Educate your audience? The purpose of your video will help you create content that aligns with your goals.

Set specific and measurable goals

Once you’ve identified your target audience and the purpose of your video, it’s time to set specific and measurable goals. For example, if your goal is to increase brand awareness, you could measure success by the number of views, shares, or likes your video receives.

Determine the type of video content

The type of video content you create will depend on your goals. For example, if your goal is to educate your audience, you could create explainer videos or tutorials. If your goal is to generate leads, you could create product demos or customer testimonials.

Develop a distribution strategy

Finally, it’s important to develop a distribution strategy for your video content. Where will you share your videos? On your website? Social media? Email marketing? A combination of platforms? Having a distribution strategy in place will help you reach your target audience and achieve your video marketing goals.

In conclusion, defining your video marketing goals is crucial for creating effective video content. By identifying your target audience, determining the purpose of your video, setting specific and measurable goals, determining the type of video content, and developing a distribution strategy, you can create videos that resonate with your audience and help you achieve your marketing objectives.

Choosing the Right Video Type for Your Objectives

Define Your Brand Story

When it comes to video marketing, choosing the right video type can make all the difference in achieving your objectives. Different types of videos are better suited for different marketing goals. Here are some tips for choosing the right video type for your objectives:

Brand Awareness

If your goal is to increase brand awareness, consider creating a brand video that tells your company’s story or a promotional video that showcases your products or services.

Education

If your goal is to educate your audience about your products or services, consider creating an explainer video that demonstrates how your product or service works or a tutorial video that provides step-by-step instructions.

Lead Generation

If your goal is to generate leads, consider creating a product demo video highlighting your product’s benefits and features or a customer testimonial video showinghow your product has helped others.

Sales

If your goal is to drive sales, consider creating a product video that showcases your product in action or a personalized video that addresses the needs of a specific customer.

Engagement

If your goal is to increase engagement with your audience, consider creating a social media video that encourages likes, shares, and comments or a behind-the-scenes video that shows your audience what goes on behind the scenes at your company.

Customer Support

If your goal is to provide customer support, consider creating a support video that addresses common customer questions or a troubleshooting video that helps customers resolve issues.

When choosing the right video type, it’s important to consider your audience, their preferences, and the platform where you plan to share the video. For example, if your audience is younger, they may prefer short, snappy videos on social media, while if your audience is older, they may prefer longer, more in-depth videos on your website.

In conclusion, choosing the right video type for your objectives is crucial for creating effective video content. By considering your marketing goals, your audience, and the platform where you plan to share your video, you can create videos that engage your audience, drive leads and sales, and help you achieve your marketing objectives.

Tips for Creating Compelling Video Content

Creating compelling video content is essential for capturing the attention of your audience and achieving your marketing objectives. Here are some tips for creating video content that resonates with your audience:

  1. Start with a strong concept: A strong concept is the foundation of any great video. Your concept should be relevant, engaging, and aligned with your marketing goals.
  2. Keep it short and sweet: Attention spans are short, so it’s important to keep your video short and to the point. Aim for a length of 1-2 minutes, or shorter if possible.
  3. Focus on storytelling: Storytelling is a powerful way to connect with your audience emotionally. Use storytelling techniques such as character development, conflict, and resolution to create a compelling narrative.
  4. Show, don’t tell: Video is a visual medium, so it’s important to show your audience what you’re trying to convey. Use visuals, animation, and graphics to illustrate your message.
  5. Use music and sound effects: Music and sound effects can add emotional depth and interest to your video. Choose music that fits the mood of your video and use sound effects to enhance key moments.
  6. Optimize for mobile: More and more people are watching videos on their mobile devices, so it’s important to optimize your video for mobile viewing. Use large fonts, high-contrast colors, and simple graphics that are easy to read on a small screen.
  7. Include a call to action: Every video should include a call to action that tells your audience what to do next. Whether it’s visiting your website, subscribing to your channel, or purchasing your product, make it clear what you want your audience to do.
  8. Test and iterate: Video is a flexible medium that allows for experimentation and iteration. Test different concepts, formats, and lengths to see what works best for your audience, and use data to inform your decisions.

Analyzing Your Video Metrics to Measure Success

Data analysis

Analyzing your video metrics is crucial for measuring the success of your video marketing campaigns and making data-driven decisions for future content. Here are some key metrics to track and analyze:

  1. Views: Views are the most basic metric for measuring the success of your video. A high number of views can indicate that your video is resonating with your target audience.
  2. Engagement: Engagement metrics such as likes, comments, and shares can provide insight into how your audience is interacting with your video. High engagement metrics can indicate that your video is interesting and engaging to your audience.
  3. Watch time: Watch time measures how long people are watching your video. A high watch time can indicate that your video is holding your audience’s attention and providing value.
  4. Conversion rate: Conversion rate measures the percentage of viewers who take a desired action after watching your video, such as visiting your website or making a purchase. A high conversion rate indicates that your video is effective in driving action from your audience.
  5. Audience retention: Audience retention measures how many people are watching your video from start to finish. This metric can provide insight into where viewers are dropping off and help you optimize your video for engagement and retention.
  6. Click-through rate (CTR): CTR measures the percentage of people who clicked on a link or call to action in your video. A high CTR indicates that your video is effective in driving traffic to your website or other marketing channels.
  7. Referral sources: Referral sources track where your video traffic is coming from, such as social media or search engines. This metric can help you identify which marketing channels are most effective in driving traffic to your video.
  8. Demographics: Demographic data such as age, gender, and location can provide insight into the characteristics of your audience and help you optimize your video for specific demographics.

In conclusion, analyzing your video metrics is essential for measuring the success of your video marketing campaigns and making data-driven decisions for future content. By tracking and analyzing metrics such as views, engagement, watch time, conversion rate, audience retention, CTR, referral sources, and demographics, you can gain valuable insights into your audience and optimize your video content for maximum impact.

Conclusion

In conclusion, video marketing can be a powerful tool for reaching and engaging with your target audience. By incorporating video into your overall marketing strategy, you can create compelling content that resonates with your audience and helps you achieve your business objectives.

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Finding your Target niche market

How to Identify Your Target Niche Market

April 6, 2023 Third Eye Blind Productions Marketing No Comments  

Do you want your business to succeed? Of course, you do! One of the most important things you can do is to identify your target niche market. But what exactly is a niche market? It’s a smaller, specialized segment of a larger market that has unique needs and interests. Think of it as a group of people who are looking for something specific that isn’t currently being fully addressed by the broader market.

Now, why is it so important to identify your target niche market? Well, for starters, it allows you to focus your marketing efforts on a specific group of people who are more likely to be interested in your product or service. This means you can tailor your marketing strategies to the unique preferences and needs of your audience, which leads to higher engagement, conversions, and customer satisfaction.

But that’s not all. In today’s competitive market, identifying your target niche market can give you a real edge over your competitors. By understanding the unique characteristics of your target niche market, you can create products and services that are better suited to their needs. This means you’ll be providing solutions that your competitors aren’t, which can set you apart and help you stand out from the crowd.

So, whether you’re a startup looking to gain traction or an established business seeking to expand your customer base, it’s essential to identify your target niche market. In this blog, we’ll explore what a niche market is, why it’s so important, and how you can go about identifying your target niche market. Get ready to discover actionable insights that will help you connect with your ideal audience and grow your business!

Table of Contents

Conduct Market Research

Conduct Market Research

Now that you understand the importance of identifying your target niche market, the next step is to conduct market research. Market research involves gathering and analyzing data about your target audience, competitors, and industry trends. By doing so, you can make informed decisions about your marketing strategies, product development, and overall business operations. Here are three essential components of conducting effective market research:

Analyze customer behavior and preferences: 

Understanding your target audience is crucial to the success of your business. Conducting surveys, and focus groups, and analyzing social media interactions can provide valuable insights into their behavior and preferences. You can use this information to create targeted marketing campaigns and develop products that align with their needs and interests.

Determine market demand and size: 

Knowing the size and demand of your target niche market can help you estimate the potential revenue and growth opportunities. You can use tools like Google Trends, industry reports, and online surveys to assess the market’s size, growth rate, and demand for specific products or services.

Evaluate competition within the niche: 

Conducting a competitive analysis can help you identify your competitors’ strengths, weaknesses, and strategies. You can use this information to differentiate your business and develop a unique value proposition that sets you apart. Analyzing your competitors’ pricing strategies, product features, and marketing messages can also provide insights into what works and what doesn’t within your niche market.

In conclusion, conducting market research is a critical step in identifying and connecting with your target niche market. By analyzing customer behavior and preferences, determining market demand and size, and evaluating competition within the niche, you can make informed decisions about your business strategies and achieve long-term success.

Define Your Product or Service Offering:

Once you’ve conducted market research and identified your target niche market, the next step is to define your product or service offering. This involves identifying your unique selling proposition (USP), determining the benefits and features of your product or service, and narrowing down your target audience based on your product or service offering. Here are the three key components of defining your product or service offering:

Identify your unique selling proposition (USP): 

Your USP is what sets your product or service apart from your competitors. It’s a unique benefit that your customers can’t find anywhere else. To identify your USP, consider what makes your product or service special. Is it a feature, a benefit, a price point, or something else? Once you’ve identified your USP, you can use it to create a compelling marketing message that resonates with your target audience.

Determine the benefits and features of your product or service: 

benefits and features of your product

To create a successful product or service offering, you need to understand the benefits and features that your customers value. Benefits are the outcomes that customers get from using your product or service, while features are the specific attributes that make your product or service stand out. Consider conducting surveys or focus groups to determine the benefits and features that are most important to your target audience.

Narrow down your target audience based on your product/service offering: 

Once you’ve identified your USP and the benefits and features of your product or service, you can narrow down your target audience. This means focusing on the specific group of people who are most likely to be interested in what you’re offering. For example, if you’re offering a high-end luxury product, your target audience may be affluent individuals who value luxury and exclusivity.

In conclusion, defining your product or service offering is crucial to your business’s success. By identifying your USP, determining the benefits and features of your product or service, and narrowing down your target audience based on your offering, you can create a compelling product or service that resonates with your ideal customers.

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Evaluate Your Competitors and Differentiate Your Business

In today’s highly competitive market, businesses need to constantly evaluate their competitors to stay ahead. Analyzing your competitors’ strengths and weaknesses can help you identify opportunities and gaps in the market that your business can fill. By understanding what your competitors are doing well and where they fall short, you can differentiate your business and stand out from the crowd.

Here are some key steps to evaluating your competitors and differentiating your business:

Analyze your competitors’ strengths and weaknesses:

To begin, you need to analyze your competitors’ strengths and weaknesses. This will help you understand their strategies, marketing tactics, and customer engagement methods. Some factors to consider are their product or service quality, pricing, marketing campaigns, customer service, and brand reputation.

Identify gaps in the market that your business can fill:

Once you have analyzed your competitors, you can identify gaps in the market that your business can fill. These gaps may be in terms of products or services, pricing, or customer engagement. Look for opportunities to offer something unique that your competitors are not providing.

Determine how you can differentiate yourself from your competitors:

After identifying gaps in the market, it’s time to determine how you can differentiate yourself from your competitors. Think about what makes your business unique and how you can use that to stand out. This could be through offering a superior product or service, providing exceptional customer service, or using innovative marketing techniques.

By evaluating your competitors, identifying market gaps, and differentiating your business, you can stay ahead of the competition and grow your business. Remember to regularly assess your competitors and adjust your strategies as needed to stay relevant in the market.

How to Determine Your Marketing Strategy

As a business owner, one of your main goals is to attract and retain customers. To do this effectively, you need to have a solid marketing strategy in place. A well-crafted marketing plan can help you reach your target audience, increase brand awareness, and ultimately, drive sales. Here are some key steps to determining your marketing strategy:

Identify the most effective marketing channels for your niche market:

The first step in determining your marketing strategy is to identify the most effective marketing channels for your niche market. This may include social media, email marketing, search engine optimization, pay-per-click advertising, or traditional marketing channels like print ads or billboards. Research and analyze your target audience to determine where they spend their time online and what channels they are most responsive to.

Determine the messaging and tone that resonates with your target audience:

Once you have identified the marketing channels to focus on, the next step is to determine the messaging and tone that resonates with your target audience. This involves understanding your audience’s pain points, desires, and values, and crafting messaging that speaks directly to those needs. Consider the language, tone, and visual style that will most effectively engage your target audience.

Develop a marketing plan that aligns with your business goals and budget:

Finally, it’s important to develop a marketing plan that aligns with your business goals and budget. This may involve setting specific targets for leads or sales, outlining a content calendar, determining a budget for each marketing channel, and setting timelines for campaign execution. Be sure to track your results and adjust your strategy as needed to maximize your return on investment.

In conclusion, determining your marketing strategy requires a deep understanding of your target audience, the most effective marketing channels for your niche, and a clear alignment between your marketing efforts and business goals. By following these steps, you can create a marketing plan that helps you connect with your audience, build brand awareness, and achieve business success.

Test and Refine Your Marketing Approach for Better Results

A successful marketing strategy requires a constant process of testing and refinement. By evaluating the effectiveness of your approach and making adjustments based on customer feedback and data, you can optimize your marketing efforts to achieve better results. Here are some key steps to testing and refining your marketing approach:

Conduct market testing to evaluate the effectiveness of your marketing strategy:

To begin, it’s important to conduct market testing to evaluate the effectiveness of your marketing strategy. This may include A/B testing different marketing campaigns, conducting customer surveys or focus groups, or running pilot campaigns in select markets. This will help you understand what resonates with your audience and what can be improved.

Refine your approach based on customer feedback and data:

After conducting market testing, it’s time to refine your approach based on customer feedback and data. Use the insights gained from your testing to make adjustments to your messaging, tone, and tactics. Consider implementing changes based on customer feedback, such as updating your website or product offerings to better meet their needs.

Continuously monitor and analyze your results to make data-driven decisions:

Finally, it’s important to continuously monitor and analyze your results to make data-driven decisions. Use analytics tools to track the effectiveness of your campaigns and adjust your approach as needed. This will help you stay on top of trends in your market and ensure that your marketing efforts are aligned with your business goals.

In conclusion, testing and refining your marketing approach is a critical step in achieving business success. By conducting market testing, refining your approach based on customer feedback and data, and continuously monitoring and analyzing your results, you can optimize your marketing efforts for better results. Remember to stay flexible and open to change, as the market and your audience’s needs can evolve over time.

Conclusion 

As a business owner, understanding your target niche market is one of the most important factors for the success of your business. Identifying your ideal customer allows you to tailor your products or services to meet their specific needs and preferences, resulting in greater customer satisfaction and increased sales.

To summarize, identifying your target niche market requires a combination of market research, competitor analysis, defining your USP, creating buyer personas, and developing a marketing strategy. It’s an ongoing process that requires continuous monitoring and adjustment to ensure that you are meeting the needs of your customers and staying ahead of the competition.

By identifying your target niche market, you can build a strong brand and create a loyal customer base that will help you grow your business for years to come. So, take the time to identify your target niche market, and you’ll be on your way to business success!

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niche marketing vs mass marketing

Niche Marketing vs. Mass Marketing: Which is Right for You?

April 4, 2023 Third Eye Blind Productions Marketing No Comments  

Creating a product or service for the purpose of making money is not worth it if people do not know about it. Do you know how to reach the target audience with your products or services in the most effective way? Well, it’s marketing.

Companies use marketing to establish their brand identity and establish brand recognition. As a company, one of the ways marketing can help its business grow and generate more revenue is by marketing the right products and services to the right audience. Companies can build strong relationships with their customers through marketing and provide them with valuable content, personalized experiences, and excellent customer service in order to build long-term relationships with them.

Companies can gain a better understanding of the market trends, consumer behavior, and competitors’ activities by using market research and data analysis. In order to remain relevant and competitive in their field, companies have to stay one step ahead of their competitors.

However, you should keep in mind that marketing is a vast ocean, and if you don’t do it properly all your efforts will go in vain.

Table of Contents

Introduction

In today’s competitive and ever-evolving market, marketing is an exciting and dynamic field that can offer a wide range of opportunities, from designing creative campaigns to analyzing data and developing strategies. Communication skills, creativity, analytical thinking, and the ability to work collaboratively with others are all required to succeed in this job. Furthermore, marketing is a very rewarding career that offers a lot of opportunities for advancement and growth as one gains experience and expertise in the field.

In the marketing world, mass marketing and niche marketing are two approaches that are widely used, which are both highly effective. The most important thing is to get to know them in detail so that you can decide which is better for you

What is Mass marketing?

The concept of mass marketing refers to a strategy that is designed to appeal to the maximum number of people with a single strategy. As the name implies, it is often associated with having a shotgun approach, where you can hope to hit as many targets as you can.

As with a mass marketing strategy, your goal is to give out as many promotional messages as you can on every available marketing platform, and to repeat this strategy as often as possible, depending on your budget and time constraints.

The Coca-Cola brand is a great example of a brand that supports mass marketing. The goal of mass marketing is to capture as many users as possible. The marketing of this product targets all the consumers regardless of who they are or what they are looking for.

When it comes to mass marketing, there are some pros and cons that need to be considered. You should know about them in order to be able to make a well-informed decision

Advantages of Mass Marketing

  • With mass marketing the customer’s needs & wants are more “general”.
  • Increases the production capacity and output of the organization
  • There are fewer risks associated with it
  • Dependent on a large consumer base

Disadvantages of Mass Marketing

  • In terms of marketing costs, mass marketing is very expensive
  • One geographical area may find it effective, but another may not
  • This marketing strategy may be hindered by price changes, inflation, and changes in consumer preferences

Companies can achieve significant revenue growth and market share expansion through mass marketing by generating high volume sales. In spite of its potential drawbacks, such as low response rates and a lack of personalization, mass marketing can be a valuable strategy for businesses seeking to reach a broad market.

What is Niche marketing?

Niche marketing

Niche marketing is something that is concerned with appealing to and sparking the interest of a smaller group of individuals who would be genuinely interested in your products. Taking Wholefoods as an example, this is a food store that specifically caters to customers who are interested in buying organic foods. Thus, it can be seen that they would like to target their ads at those customers who are looking for organic food products.

Niche marketing focuses on building a relationship with clients/customers, and to do this, it is important to know exactly what it is that they want and need in order to build a relationship with them.

Similar to mass marketing, niche marketing too has a number of advantages and disadvantages that need to be considered.

Advantages of niche marketing: 

  • Comparatively less competition 
  • Target audience is clearly defined hence the focus is clear
  • Customer loyalty increases
  • Increased profit margins

Disadvantages of niche marketing:

  • Potential for over-dependency
  • Competition would increase if it’s successful
  • Changes in the market make them vulnerable

A niche marketing strategy can provide businesses with a better understanding of their customers and their specific needs, so that they are able to design more tailored experiences and products that meet these needs to a greater extent.

What do you need to do in order to launch a successful mass marketing campaign?

Developing and executing a successful mass marketing campaign is the result of a combination of planning, creativity, and execution.

You may need to do the following things in order to get started:

Identify your target audience:

Identify Your Target Audience

In order to tailor your marketing message to meet the specific needs and preferences of your target audience, it is vital to determine your target audience’s demographics, interests, and behavior.

Your marketing message should be clear:

The message should be crisp, concise, and appealing to your target audience. Additionally, it should be aligned with the mission and values of your brand.

The brand image should be strong:

The brand image of your company needs to be consistent and memorable at the same time. The logo, color palette, typography, and other visual elements of your brand are all part of your branding.

Using several marketing channels:

The most effective mass marketing campaigns require a multi-channel approach, including the use of social media, email marketing, radio and television advertising, outdoor advertising, and a variety of other channels.

The content should be engaging:

The content you create for your target audience needs to be informative, educational, and engaging, with a clear call-to-action that encourages them to buy your product.

Budget:

To ensure the success of a mass marketing campaign, a clear budget is essential, as well as ensuring that resources are allocated according to the budget.

Marketing team:

In order for your marketing campaign to be successful, you need a marketing team consisting of qualified individuals who have experience in planning and executing the marketing campaigns.

Remember that launching a successful mass marketing campaign requires ongoing effort and evaluation, so it is crucial to stay committed to the process and adjust your strategy as needed.

What do you need to do in order to launch a successful niche marketing campaign?

There are a number of factors that contribute to a successful niche marketing campaign, such as the target audience, the targeted approach, and the segment of the market that is being targeted.

Here are following things you need to consider:

Understand your target audience:

You need to have an in-depth understanding of the interests, preferences, and pain points of your niche audience if you want your niche marketing campaign to be successful. If you understand their unique needs, you will be able to tailor your marketing message so that it resonates with them and addresses their needs.

USP:

Let your niche audience know how your product or service differs from the competition.

Brand identity:

Your brand identity should be memorable, unique, and aligned with the values and preferences of your target audience.

Marketing channels:

Identify the channels your niche audience uses and prefers, such as social media platforms, industry publications, or online forums, in order to reach them effectively.

Specific content:

You should tailor your content to the specific needs and preferences of your niche audience. This includes detailed product specifications, case studies, testimonials, or industry-specific content.

Personalized:

Successful niche marketing campaigns emphasize personalization. Be sure to tailor your messaging and offers to meet the needs of each audience segment.

Keep testing:

By regularly testing and optimizing your campaign, you will be able to identify what’s working and what’s not, allowing you to make necessary adjustments to improve your results in the future.

Patience:

There is a need for patience and persistence when it comes to niche marketing campaigns as they can take longer to gain traction compared to mass marketing campaigns. Getting the results you want requires patience and persistence.

It is possible to create an effective marketing campaign that resonates with your niche audience and drives results if you invest in these areas.

Transforming Your Vision into Reality with Marketing

Mass Marketing vs Niche Marketing: Which is better for your company?

In order to answer this question of mass marketing versus niche marketing, you must first consider your business and the budget you have available. There is often a considerable investment involved in mass marketing. Ultimately, you’re aiming for as wide an audience as possible, so it costs money.

As opposed to this, niche marketing focuses on reaching out to a more specific audience.

It’s just the beginning of the product life cycle, and people are just learning about it for the first time. New products are more likely to reach new audiences through niche marketing. It is easier to build trust and entice customers to take a risk when you have more time.

Mass marketing is more effective once a product has reached its ‘established’ phase. Your product already has an established user base that’s willing to endorse it. By then you might have also streamlined the process that allows you to reduce prices while still maintaining profits. By doing so, you can take advantage of one of the most effective marketing tools which is discounting.

Almost no other factor motivates the mass market more than cheap or free products. Without first establishing your profits and earning the support of your niche marketing clients, you cannot afford to offer those discounts.

As niche marketing allows businesses with limited resources to focus their efforts and resources on a smaller, more receptive audience, it is generally more effective for businesses with limited resources. For larger companies and products with broad appeal, mass marketing can be an effective strategy to reach and sell to a greater audience.

Conclusion

A company’s decision to choose niche marketing over mass marketing depends on a number of factors, including the product or service it is offering, its target audience, as well as the level of competition and the resources it has at its disposal.

In mass marketing, a standardized product or service is offered to a wide audience with a goal of reaching a large audience. This approach is suitable for products or services that have broad appeal, such as food, clothing, and household items, which are among the basic necessities that everyone needs. For mass marketing to be successful, substantial investments need to be made in advertising and promotion so that brand awareness and sales can be generated.

While niche marketing, on the other hand, targets a specific segment of the market with a product or service that caters to the specific needs of that segment. The advantage of this approach is that it allows a business to differentiate itself from its competition and create a loyal customer base at the same time. There are certain products or services that are more suitable for niche marketing, such as luxury goods, specialized services, and services that serve a specific group of people.

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Influencer Marketing for Healthcare

Influencer Marketing for Healthcare – You need to know everything

September 2, 2022 Third Eye Blind Productions Digital Marketing, Influencer Marketing, Marketing, Social media marketing No Comments  

In a world where digital marketing has infiltrated every business sector, how can influencer marketing in healthcare stay behind?

The healthcare sector became the most overwhelmed in the past few years. With the covid outburst, the other distinct services of healthcare departments diminished in the patient’s eyes. In this case, how do you make them learn of your other offerings? Initially, advertisements would be considered the best way. 

However, customers are bombarded with advertisements today. As a result, they are less likely to remember yours. Making your healthcare service visible through influencer marketing can change the narrative.

Before getting deeper, let’s first look into what exactly is influencer marketing.

Simply put, influencer marketing involves collaborating with famous personalities on social media who promote your brand through their profiles. These influencers have a stronger presence on the internet and hence can create a longer-lasting awareness of your brand. 

After the what’s, let’s come down to the why’s. 

Why should you consider influencer marketing as a healthcare brand? 

When it comes to health, credibility is the most important. 

Since the pandemic, people seek advice from the people they trust. This has changed the scenario for paid advertisements. Advertisements are not as cost-efficient as they used to be. 

Healthcare influencers have come to the forefront after the covid outbreak. This led to virtual communities where healthcare influencers participated with audiences. Blogs, videos, campaigns, etc. are some of the social media ways influencers reach out to their audience. As a healthcare brand, this can be a fruitful opportunity for you. 

How to get started with influencer marketing in healthcare?

  1. Choose the right influencer

Influencers are not medical experts. 

Prevent your brand from receiving criticism over an influencer who is not ideal to share medical advice. This could result in making your brand appear bogus. Find an influencer who is vocal about a healthy lifestyle.

Some appropriate influencers will be athletes, yoga trainers, celebrities, and doctors among more. Allow the influencers to tell your story in their own authentic tone to appear genuine and trustworthy. 

  1. Define your goal

For a healthcare brand, your goal shouldn’t be seeking mentions or photographs. Rather, the message should concentrate on how your service can help create a better lifestyle. 

It’s a subtle and strategic approach to making your audience aware of your services and making a powerful impact on understanding better health outcomes. 

  1. Create your campaign 

Plan what your collaboration has to convey. 

Your collaboration with an influencer should aim to achieve a certain goal. Influencer marketing is all about showing the real human story and personal experience behind using a product or service.

Most influencer marketing content involves positively reviewing your product or service, so think about how you want to present that to your audience. 

  1. Track the data 

Keep an eye on what you achieve after this campaign. 

The metrics will tell you if the campaign is successful on the basis of reach and engagement. Make sure this reflects in the real world too.

You should see messages flowing in your inbox or patients at your door enquiring about your services. Track the data and do better next time. This way, your audience will remember you. 

  1. Achieve all of this through an influencer marketing agency

Healthcare is tedious in itself. 

You can not perform all of this and keep a track of your influencer marketing campaigns alone. The best deal would be to join hands with an influencer marketing agency. 

An influencer marketing agency bridges the gap between you and your ideal influencer. One such influencer marketing agency is 6th Street Artist. 

Third Eye Blind Productions has a wide range of influencers on board falling into different categories. The agency will bring your ideal influencer, strategize a successful campaign, track the data, and make your healthcare brand stand out in the most innovative way possible.

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What is Omnichannel Marketing? Tips & Examples

September 2, 2022 Third Eye Blind Productions Digital Marketing, Marketing, Marketing Strategy No Comments  

To gain customers and prospects, omnichannel marketing involves promoting your products or services via all kinds of channels, platforms, and devices.

The concept of omnichannel marketing involves the seamless integration of branding, messaging, and online – offline touchpoints during the consumer’s journey through the sales funnel, enabling a more effective customer experience. Consumers are at the centre of omnichannel marketing. From social media to customer service hotlines, consumers can interact with brands in innumerable ways.

Each channel works together and gives a unified tonality to your brand. When your clothing store is having a sale, you send a message to your customers via email and SMS. Both of these are different platforms but convey the same message. 

Similarly, brands can target their customers on various platforms such as Facebook, Instagram, Email, Snapchat, SMS, and many more. 

It may be confusing to some people why the concept is called ‘Omnichannel’ rather than ‘Multichannel’. 

Well, the difference is clear. 

In multichannel marketing, different platforms don’t sync with each other. They work independently and have nothing to do with what the brand is doing on other platforms. For example, your cosmetics brand sends an SMS to customers containing discount coupons. On the other hand, your Instagram profile is posting its collections on the feed. 

Let’s revise the important points of omnichannel marketing. 

  • Omnichannel marketing strategy puts the customer first. Whereas, a multichannel marketing strategy puts the brand first. 
  • Customer interaction changes your message and adapts to their needs. 
  • Each channel is updated based on the customer’s behaviour. 
  • There’s synchronisation between channels.

Let’s look at the benefits of omnichannel marketing. 

  • Omnichannel marketing campaigns see up to 15% higher engagement as compared to multichannel marketing campaigns. 
  • Omnichannel marketing earns up to 300% higher order rate as compared to multichannel marketing. 
  • Customers respond and spend more when engaged with omnichannel marketing campaigns. 
  • As the brand reflects the customers’ needs and has a recognizable uniform tone, customers remain loyal.

Now that you’re convinced to adopt an omnichannel marketing strategy, let’s examine some tips to get started. 

  1. The marketing team alone cannot do the job. 

The platforms here work together, and so should your team.  

To run a successful omnichannel marketing campaign, your whole team needs to come on board. In this case, it goes past the marketing team. Each team needs to know what’s happening on these platforms, in order to maintain uniform tonality, stay informed about each aspect of the brand, and interact with customers. 

As an example, the product manufacturing team creates products based on customer preferences, while the social media marketing team communicates about those products.

  1. Analyse customer data to improve customer experience.

If you fail to send the most relevant message to a customer on time, you might lose a sale. 

It’s important to keep customer data in mind when customising brand interactions. You need to check out what your customers want and manufacture those products accordingly. An excellent way of achieving this is through gathering customer feedback. 

  1. Mobile Optimization

Smartphones are available to everyone today, so why not take advantage of them? 

In recent years, mobile e-commerce has seen a boom over traditional methods. Make sure your website or maybe other marketing platforms are suitable for the small screen. You need to create a mobile-friendly user interface for your website since most websites are only compatible with laptops/computer screens. 

  1. Do better every time 

Observe your past campaign activities and improve next time. 

Change as per trends or introduce new features to your products. The pattern of bringing something new to the table every time you run a campaign will build eagerness among your clients. You will find the perfect formula if you track and measure your data regularly. 

  1. Accomplish all of this through a Digital Marketing Agency 

In-house team members cannot handle activities of this magnitude. 

Join hands with a digital marketing agency that will take care of your omnichannel marketing campaigns. An agency keeps an eye on your social media activities and stays active and interactive at all times.

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How to do WhatsApp Marketing

How to do WhatsApp Marketing?

July 28, 2022 Third Eye Blind Productions Digital Marketing, Marketing No Comments  

There is no doubt that digital marketing has been a tremendous medium till date, and it is set to become even more successful in the near future. Every social media platform that exists today has become an integral part of it as well.

Today, Instagram, Facebook, YouTube, and WhatsApp are just a few of the platforms that have marketing strategies available for users.

A few examples of what is available on Instagram are reels, Facebook marketplaces, YouTube shorts, and WhatsApp messenger marketing.

It is no secret that there are many of us who are aware of the messages that are being circulated in our WhatsApp chat rooms.

It is very common for us to think about forwarding messages that have been forwarded and resist forwarding them. 

WhatsApp Marketing

An activity that takes place on WhatsApp to promote or market your business is considered WhatsApp marketing.

Business WhatsApp and WhatsApp Business API are two interfaces that are separate from WhatsApp and which allow marketers to manage conversations with their audiences through their WhatsApp accounts.

There is no doubt that you can technically send marketing campaigns through WhatsApp, but it’s not recommended that you do so.

The chances are that you will run into problems if you send a large number of emails to a large number of people.

There is the opportunity for businesses to create an in-app store to sell their products and show their pricing, as well as provide practical information such as hours of operation, locations, as well as links to their websites and social media profiles.

You can use this tool to build your business profile, create a product catalog, send quick replies, and broadcast messages to your customers.

As a result of these features, communicating with potential customers is a breeze, and all the answers you require are at the tip of your fingers within seconds.

WhatsApp Business API

The WhatsApp Business API gives businesses access to WhatsApp’s entire suite of marketing tools so they can manage a large number of conversations from their CRM or email provider simultaneously through WhatsApp Business.

It is important to note that WhatsApp Business API does not have a front-end interface.

A software API is a means of communication between two software programs and sharing data between them.

With the help of WhatsApp Business API, you will be able to integrate your WhatsApp Business account with marketing software that you already use.

With WhatsApp Business API, users are able to access a range of features that are not available through the mobile app alone. You will be able to send mass marketing campaigns, support strategies for customer service, and have an unlimited number of users with it.

Why to Incorporate WhatsApp marketing in your social media strategy

It is the same kind of connection that people seek with their friends and family that they strive to have with their businesses as well.

There are no delays, no complications, and no hassles involved when sending messages. With WhatsApp’s marketing platform, you can provide seamless customer experiences, which encourages retention and even evangelism among your customers.

In case you are still on the fence about including WhatsApp in your social media strategy, here are three reasons why you should do so:

  • Outrank your competitor
  • To keep consumers responsive
  • eCommerce future

With WhatsApp marketing, brands can connect with fans and prospects alike, which sits at the intersection of customer service and marketing.

When you are more reactive than strategic, now is the time to step into the new normal of messaging by using WhatsApp Business.

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rOI INFLUENCER MARKETING

How to Calculate the ROI of Influencer Marketing Campaigns

April 7, 2022 Third Eye Blind Productions Influencer Marketing, Marketing No Comments  

Influencer marketing was declared “dead” or “dying” in headlines at the end of 2019. They said that customers were becoming tired of sponsored postings and that tracking the return on investment (ROI) for ecommerce companies was too complex. 

We’re here to tell you that these headlines are completely false. Influencer marketing isn’t just alive and thriving; it’s expected to grow at unprecedented rates in the future.

According to the State of Influencer Marketing Benchmark Report for 2021, the sector is expected to grow by $13.8 billion in the following year.

“Influencer marketing is evolving to become smarter and more measurable,” says Nick Veneris, marketing manager at Refersion, an affiliate and influencer marketing platform that helps marketers build and track partnerships with bloggers and social media influencers. Refersion’s sales increased by roughly 82 percent year over year, from $238 million to $423 million in the previous year. 

Despite the increasing relevance of influencer marketing, just 67 percent of firms track their influencer programmes’ return on investment (ROI).

Whether you’re planning your first influencer marketing campaign or you’re one of the 33% of marketers that don’t measure ROI because they don’t know how, here’s what you need to know to get started.

  1. Understand your goals

Is it your intention to raise brand awareness? How do you grow your audience? Or to boost sales? 

The most common blunder made by brands is not knowing what they want to achieve and then getting an unexpected result. Begin with a specific objective in mind, then figure out how you’ll track your progress.

  1. Determine KPIs

Make sure you have the proper tools in place to measure the KPIs effectively. 

The KPIs you’ll need to track to ensure your campaign’s success will be determined by your goal. Tracking visits and impressions, for example, will outweigh tracking income if you want to develop brand recognition.

If your goal is to generate leads, the quantity of new email subscribers is the best metric to use.

  1. Pick a platform and a strategy

Consider this: If your aim was hard sales, you wouldn’t hold a flash sale to attract email subscribers, and you wouldn’t focus on getting people to follow you on social media. 

Influencer campaigns are no different—they could take the shape of competitions or giveaways, a discount or promo code, or a takeover of an account—but they should be tailored to your objectives. 

Similarly, the location of the campaign is important, as different social media platforms have varied degrees of interaction and analytics tools for assessing and calculating ROI.

  1. Evaluate your expense

The “I” in ROI comes into play here. How much money do you intend to put into the campaign? Any influencer or agency fees, production costs, or analytics software fees should all be included in your budget. It’s also worth thinking about if you want to put more money into the campaign. 

One of the most common blunders made by ecommerce retailers is failing to invest in content that is performing well organically.

Here are some KPIs which you can keep in your mind to evaluate the ROI of your brand.

  1. Revenue and Conversions

Many influencer marketing strategies start with the purpose of increasing total sales or conversions. You can track sales by giving influencers a unique promo code or custom URL, which you can track in the Shopify dashboard. 

While tracking sales made through affiliate links or promo codes is important, keep in mind that there are a number of variables at play (see below), and the path to purchase may be less direct than if a consumer came to your site for the first time.

  1. Page Views and Impressions

Conversions or sales are the most prevalent metric marketers use to gauge the effectiveness of an influencer marketing campaign, according to the Influencer Marketing Hub 2021 poll. While these measurable results are crucial, they aren’t the only data to evaluate, especially if you’re launching a new brand, store, or product. 

“For new launches, we find that impressions are the best indicator of ROI, since we want to introduce the new product or service to the widest targeted audience possible,” says Garcia. “More eyes on content means more opportunities to engage, new followers, and potential new customers.”

  1. Engagement on Social Media posts.

This might include, among other things, the number of new Instagram followers, YouTube subscribers, email newsletter subscribers, or Facebook likes. You may track this using a CRM that maintains track of where the lead came from, allowing you to figure out what traffic source sent them to your site.

  1. Earned Media Value

Tracking earned media value (EMV)—which can be measured through page views, daily unique visitors, likes, shares, and comments on social media posts—will give you a dollar amount for the value of the impressions your influencers have created.

  1. New Followers / Subscribers

This might be the amount of new Instagram followers, YouTube subscribers, email newsletter subscribers, or Facebook likes, among other things. You may track this by using a CRM that keeps track of where the lead came from, which can help you figure out what traffic source brought them to your site.

  1. Backlinks

Backlinks can help you boost your site’s performance and rating by increasing SEO and content reach. Typically, these are developed through guest posting or paid content on other websites.

Calculate the number of hyperlinks your site had before the marketing campaign, then compare it to the amount once the campaign is over.

Conclusion

Working with an influencer, an app partner, or a marketing agency can help you save time and money on influencer marketing initiatives. Technologies and agencies with established ties with influencers can assist you in securing reduced fees, identifying content creators who are the perfect fit for your objectives, and developing data-driven campaigns based on solid analytics.

However, according to Influencer Marketing Hub’s 2020 study, you can earn up to $18 in earned media value for dollars spent on influencer marketing, with the average being closer to $5.78 per dollar invested.

Finally, there is no single standard or industry-wide metric for calculating the return on investment from an influencer marketing campaign.

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