Andy Nairn, who has been named the UK’s number one brand strategist for the past three years, joined us for a fascinating and entertaining event to share insights from his new book, Go Luck Yourself: 40 ways to stack the odds in your brand’s favour.
In the book, Andy explains how the history of marketing and advertising is full of brands that stumbled across great ideas by accident or turned misfortunes into huge successes. During the event, the co-founder of advertising agency Lucky Generals highlighted some examples and outlined the lessons for creative companies. Dan Martin summarises his insights.
Opening his talk, Andy Nairn explained that we have a strange relationship with luck in the UK. “Other parts of the world find it completely natural to talk about luck and it’s a perfectly acceptable part of business conversation,” he said, “In the West, we’re a bit snooty about the whole thing. We think of it as a bit primitive and not to be trifled with.”
The negativity around luck was cemented in Victorian times, Andy said. The Industrial Revolution and the Protestant work ethic created the belief that if you were rich, you were successful because you had worked really hard for your money and God had smiled upon you, but if you were poor, it meant you hadn’t tried hard enough, you were work-shy and you should try harder.
That attitude around only hard work can generate good results still prevails, shown by the blurring of work and personal lives during the pandemic, Andy said.
“We can all think of situations where working an extra hour hasn’t given us a creative breakthrough and it can actually sometimes make it worse. Working hard means we’re stuck in the middle of it and what we really need is to get some fresh air and space around us.
“The book says yes, hard work is a good thing but you also need a bit of luck. The more you think about luck and the more you’re conscious of it, the more you can do to increase the chance of it coming your way. If you just deny that luck exists, it’s very hard for you to do that.”
There are 40 tips in Andy’s book that fit under the following four themes:
You might not realise it but you are highly likely to have assets in your business that you are not taking full advantage of. Andy used three non-business examples to illustrate his point:
Many businesses are guilty of not appreciating what they’ve got, Andy said. Brand history, heritage and provenance are often neglected by brands but talking about the history of your business, where it’s from and why it’s called what it is could be a valuable benefit to your marketing and other business activities.
Other examples include the data your business holds and the window display in your business’ offices.
And what about your logo? Could that be used in a different way?
Andy’s business, Lucky Generals, was asked to come up with an advertising campaign for Amazon that worked in multiple countries. The answer turned out to be a simple but very powerful one that was inspired by the company’s existing smile-shaped logo. As the Lucky Generals website says: “We hit upon the simple idea of heroing Amazon’s iconic packages and the epic journeys they make, to put a smile on the faces of people around the world.”
You are currently viewing a placeholder content from Default. To access the actual content, click the button below. Please note that doing so will share data with third-party providers.
To illustrate this point, Andy highlighted a 10-year study into the nature of luck by Professor Richard Wiseman. As part of it, he gave a group of people a newspaper and asked them to count the number of photographs. The unlucky people took around two minutes whereas the lucky people took just three seconds. The reason was that on the second page of the newspaper was the message: “Stop counting. There are 43 photographs in this newspaper.”
The study concluded that lucky people are good at constantly looking for opportunities beyond what they’re working on or the thing they’ve been told to do.
This can also be illustrated by the world of science, Andy said. Several important discoveries have been made accidentally and of the most famous is Alexander Fleming who discovered penicillin after spotting some mould that had accidentally developed on a plate.
Diversity of teams is important here too. It’s easy to recruit people who are the same as you but that can mean you’ll just come up with the same ideas. However, if you take on people from different cultures, backgrounds and experiences, “it gives you a much better chance of striking it lucky” and spotting opportunities you might never have discovered.
There are many examples of businesses converting a bad experience into a good one. One brilliant one is Oswald the Lucky Rabbit, an early character created by Walt Disney in 1927. It was popular but a contract dispute with his producer led to Disney quitting work on the cartoons. On the train home from a meeting, he came up with a new idea. It developed into Mickey Mouse, the most successful cartoon character of all time.
“We’ve all experienced our ideas being pulled, budgets being cut, timings being changed and clients changing their minds, but what we have to do is go again and come up with something that is even better, like Walt Disney did,” Andy said.
“The best companies don’t just deal with a bit of bad luck, it’s almost like they go running towards the bad luck. There’s a good energy that comes out of that.”
Steve Jobs was known for killing off his own products (the iMac killed the Macintosh and the iPhone killed the iPod) because, as Andy said, “his attitude was, if I don’t kill them off, someone else will.”
There are also some brands that take on taboos and talk about them directly. Bodyform and periods is an example.
Others take what could be seen as an annoying product flaw and turn it into a positive. Think of Guinness and “good things come to those who wait”.
When working with a big brand, Andy said he goes to the “darkest corners of social media” to find the negative conversation about that brand. “The jokes and nasty comments often have a truth and by acknowledging them, you can own the joke, turn it on its head and turn against those people.”
Andy’s last point is about deliberately building luck into your processes. He illustrated it with examples from music.
What similar techniques can you build into your business processes so you constantly generate ideas?
Be lucky!
The next Bristol Creative Industries online keynote is with Anne Thistleton, marketing veteran and former strategy lead for The Coca-Cola Company in South Africa. She will share easy and practical lessons from mind science to make sure your audience really hears you. BCI members get £15 off tickets. Book your place here for the event on 21 October.
We’ve been taking stock of the latest trends in the eCommerce world and reviewing tips for improving conversion rates and lifetime value. Earlier in the month, the Ecomm World Event had some exciting speakers. While, the Shopify Unite developer conference introduced some fantastic new features and improvements to the Shopify ecosystem, which we’ll be covering in another article.
The latest Treasure Data and MarTech Alliance survey also provided good insights into the challenges facing marketers in delivering better customer experiences. The report shows that 50% of marketing managers questioned are focused on joined-up digital and offline experiences, while 37% are committed to omnichannel integrated marketing campaigns to deliver consistent customer experience and grow top-of-funnel volumes.
Key takeouts and trends to follow this month are as follows.
Once you have addressed the big-ticket optimisations on your store, it’s time to start identifying the micro-moments in your customer journeys that impact propensity to purchase even in a small way. These moments could be viewing an alternate product image, engaging with video or on-page chat, as well as viewing shipping/tax info or fitting guides. Pick one or two of these moments to focus on, set up your analytics to track the events, and work on optimising the experience with A/B testing by making small changes such as underlining links, changing sign-post copy, etc.
What’s great about this way of tweaking your site is that it’s very reactive. It’s all about continuous optimisation. Plus, individually, these might all be low risk changes that lead to better conversion rates when combined.
Your product page is the most important page on your store. Over time, it’s easy to focus on landing pages, supporting content, and more extensive site-wide changes to drive conversion. To help decide if your product pages need some love, here are some key questions to ask:
Depending on the type of products you are selling, you may want to develop a product microsite giving your users easy access to product benefits, FAQs, the product origin story, detailed usage instructions, and strong advocacy links.
When you are ready, plan your changes and set up A/B tests to further improve conversion rates.
The brain is a funny thing. It’s very irrational. We know that £49.99 is just a penny less than £50.00, but there’s still a perceived saving. We can use this irrationality to shape buyer behavior and improve conversion rates. Some top tips from Alex Chahin include:
With CMO’s focused on customer experience, joined-up digital experiences, and an ongoing shift to online purchasing, you should be watching your competitors closely. Sign up to their newsletters, buy their products and interact with their loyalty programs – what’s working for them can be adapted for you. In addition, you will spot opportunities around weaker points in your customer experience of their brand.
We’ve said it before, but never more is it truer. Your customers are your biggest advocates. Building advocacy into your customer experience from the start will help you build loyalty, trust, and a growing customer base, as well as improve onsite conversion rates.
To do this, you need to get personal:
Remember, what works for one person may not work for another!
Why not reach out to us and let us how you get your customers talking. We’d love to hear how you do it.
While you are here, check out what we’ve been doing for McCormick and Symprove to optimize conversion rates.
In our previous blog, we explored a joint report from LinkedIn and the B2B Institute, ‘5 principles of Growth in B2B Marketing’ to find out how businesses make their purchasing decisions.
In the second part of this series, we’re exploring the case for brand memorability – or mental availability – and why you should consider a route to B2B fame.
Expanding your customer base
Acquiring new customers is expensive.
Many B2B companies believe increasing loyalty is the most profitable way to grow their businesses. Others focus on acquisition strategies, targeting new key accounts they want to penetrate.
The jointly commissioned report ‘5 Principles of Growth in B2B Marketing’ by LinkedIn and the B2B Institute shows that campaigns which talk to both new and existing customers – also known as reach strategies – are the most effective.
In fact, the report’s data reveals that those relying on a loyalty strategy alone showed a zero-success rate. Loyalty tends to be a side-effect of market share, and brands with a high penetration tend to have better loyalty rates.
Please see original article for picture: https://www.proctors.co.uk/knowledge-hub/b2b-marketing-masterclass-part-2
So that’s the science behind B2B decision making. But is it rational or emotional? The answer, according to psychologists, is that we’re all human. and our thought processes follow the same basic patterns.
One of these is our tendency to use mental shortcuts to reach a decision. NobelPrize winner, Daniel Kahneman, famously put it this way:
“Human beings are to independent thinking as cats are to swimming. They can do it, but they prefer not to. The brain is largely a machine for jumping to conclusions.”
Essentially, when presented with choices, or asked a question, we usually prefer to select the answer which comes to mind easiest. You may have experienced this yourself when put on the spot. Psychologists call this ‘mental availability’.
For brands, ‘mental availability’ has two levels.
The first level is awareness.
Your brand will have lodged in your customers’ memories, and they’ll recognise your name.
However, awareness will only get you so far, and the most you can expect is to be shortlisted from the long list of potential choices. To reach the top of your customer’s mental availability, your brand will need to level up.
The second level is fame.
Take IBM, for example.
Everyone knows their name, and I probably don’t need to remind you of their famous line: Nobody got fired for hiring IBM. This single creative line was repeated over and over again, forming an emotional connection that made it easy to make the choice. Long after they campaigned it, we still remember it, talk about it, share it.
And here’s the data which proves the point.
Please see original article for picture: https://www.proctors.co.uk/knowledge-hub/b2b-marketing-masterclass-part-2
Success isn’t a contest between lead generation and brand in B2B marketing. We can see that winning B2B companies apply both in their marketing mix. But if your Sales Director still isn’t convinced by the data, perhaps this story will help.
You’ve successfully launched your lead generation campaign. In fact, it’s been so successful that your sales team have followed up with an excellent meeting with Key Prospect Biz. Your salespeople do a great job of pitching the benefits of what you offer, and your brand makes it to the Key Prospect Biz’s shortlisting stage.
But now, your salespeople have left, and things go quiet. Key Prospect Biz’s decision goes to committee, and you’re not in the room to influence the conversation.
It’s been a while since your guys’ presentation, and human memory is short. This isn’t the final stage, but you know it’s more than likely they’ll use the easiest route to jump to their conclusions. This is where brand awareness will likely drive their mental availability and get you on the shortlist. Great news!
Now it’s a three-horse race. You’re each invited to pitch to a panel of C-suite decision-makers and the influencers who got you this far.
There may be an upstart challenger brand in the running for comparison, but the other two will be recognised brand names.
Now no-one doubts your abilities to work the room as a great salesperson. But it’s a fair bet that the famous brand amongst the pack will already have had an impact on the C-suite. In fact, they’ve probably already jumped to a conclusion before you enter the room.
So, which of the three would you rather be?
Ah yes, your Sales Director says, but our ABM campaigns have made sure that everyone in the room knows who we are and what we stand for.
True. ABM is by far the most effective B2B sales activation tool in your armoury, and a good campaign will have got you this far. But it won’t have made you famous.
Fame takes time to grow. The famous brand will have been imprinted in the minds of those executives consistently over and over again. Talked about with colleagues. Acknowledged as leaders in their sector. Collectively famous for what makes them great.
It will have made them the first name that springs to mind.
Your sales director still doesn’t buy it? OK, here’s a final question for them. Why is it that when successful salespeople move jobs, they’re usually tempted to work for bigger brands to advance their career?
If you’re still not getting anywhere, maybe it’s time you thought about moving jobs to a bigger brand yourself! (Only kidding.)
If you’d like to talk about supercharging your brand strategy with the latest industry data, or to discuss your creative marketing requirements, get in touch with us today at [email protected].
Although almost a third of the creative industries workforce is self-employed, the role and contribution of creative freelancers in the economy is poorly understood by policymakers and they should be better supported.
That’s the claim of a new report by support organisation Creative United which said that the lack of knowledge around creative freelancers “has been laid bare by the devastating impacts of COVID-19 on creative employment and freelancing, and the patchy support that freelancers have been able to access in response”.
Although government schemes have provided funding for millions of people during the pandemic, ministers were criticised for excluded a large section of self-employed people.
Creative freelancers contribute economic, cultural and social value, the study concluded, and much more needs to be done to support them in a way that better reflects their contribution to the UK economy and society.
The research, commissioned by Nesta’s Creative Industries Policy and Evidence Centre (PEC), makes 10 recommendations including:
Eliza Easton, head of policy at the PEC, said:
“This report is important for our understanding of freelancers in the creative industries, who, along with the self-employed, make up 32% of the sector, a much higher proportion compared to other areas of the economy. Before the pandemic, the creative industries were one the fastest growing parts of the economy, contributing over £100bn a year to the country and employing over 2 million people. However, the COVID-19 crisis has exposed the inadequacy of support for freelancers and self-employed workers. If we want a post-pandemic recovery that benefits everyone in the economy, we need to ensure that policies for freelancers are designed using evidence and research, rather than trying to apply a ‘one size fits all’ approach.”
Researchers also interviewed 87 creative freelancers based in the Coventry City Region, London Borough of Waltham Forest and the County of Northumberland and compiled six groups to illustrate the range of creative freelancers, the characteristics that define their business motivations, and their modes of working.
A summary is below with full definitions in the report.
“I’d like to be expanding… I suppose I’d like to be ‘small to medium’ one day. I’m not sure I ever wanna be a ‘large’ business, you know, I think that probably takes a lot of the fun out of it.”
“I wasn’t interested in running a business, I just wanted to be an illustrator! I was quite happy having somebody pay me to be an illustrator.”
“I can be here when kids come back from school and can arrange meetings around that. I’m in charge of my own time, I don’t need anybody’s permission to do the things I want to do. It’s great.”
“This is the only way I can do the job I want to do, there is no alternative.”
“I would find it very hard to get out of bed to do something I didn’t care about. I’ve been obsessed with the arts and cultural industries all my life. I believe this makes a proper contribution to the community, to the world.”
“I work with a group of stroke survivors and to be able to see them return every week and to enjoy what they do and to really feel part of that group… Letting groups have their own identity – I never call myself a teacher, I am part of the mix. Learning from each other. Not about earning – the earning bit is not realistic in the arts world.”
Bristol Creative Industries has a membership level to support creative freelancers. Read what some of our members have to say about the many benefits of freelance membership.
In the first blog of this two-part series, we break down the findings of LinkedIn and the B2B Institute’s joint report, ‘5 principles of Growth in B2B Marketing’, and explore why it takes a balance of brand building and sales activation marketing to effectively grow their businesses.
People are emotional creatures. That’s why brand building works so well on consumers. People become invested in – and attached to – their favourite brands, from cereal, to phone networks, to operating systems.
But business buyers are rational. Right?
Wrong.
OK – maybe not completely wrong. Purchasing decisions are made rationally in any successful business. But you’re missing a trick if you think building a B2B brand doesn’t matter.
But sales activation or performance marketing is the most effective way to measurably grow a B2B business. Right?
Wrong again.
In fact, a jointly commissioned report by LinkedIn and the B2B Institute – ‘5 Principles of Growth in B2B Marketing’ – has the data to prove it. (And, by the way, so does our client’s data.)
So where do these entrenched views come from?
B2B companies tend to be driven by either product leaders, service leaders or sales leaders.
Product/service-led companies tend to view marketing as ‘the price you pay for an inferior product or service’. Sales-led companies are driven by short-term sales targets, and they want leads. Now.
So, whilst many B2B marketers recognise the commercial potential of longer-term brand building, they face an uphill internal struggle to make their case.
But the ‘5 Principles of Growth in B2B Marketing’ report empirically proves the business case for longer-term B2B brand building and its impact on growth, by demonstrating:
· B2B brand building increases ‘mental availability’ and ensures your brand is easily remembered in a buying situation
· Effective brand campaigns reach every buyer in your category
· Creative brand campaigns that capture attention at an emotional level are delivered consistently over time, growing significant sales in the future, not just in the short-term
· Increasing loyalty does not significantly add to growth, but customer acquisition does
B2B brands follow the same ‘share of voice’ rule as their B2C cousins. The report defines the rule as follows:
“There is a well-known relationship between a brand’s “share of voice” (typically defined as its share of all category advertising expenditure) and its rate of growth.
Brands that set their share of voice (SOV) above their share of market (SOM) tend to grow (all other factors being equal), and those that set SOV below SOM tend to shrink. The rate at which a brand grows or shrinks tends to be proportional to its “extra” share of voice (ESOV), defined as the difference between SOV and SOM.”
The research data shows a significant correlation between market share growth and ESOV for B2B brands, specifically, demonstrating that in B2B, 10% extra advertising share of voice causes 0.7% market share growth per annum.
The report shows that the best performing B2B brands have an optimal balance between long-term brand building and short-term sales activation/performance marketing.
In B2B, the optimal budget allocation is 46% for brand and 54% for sales activation.
Sales activation focuses on an immediate response, and is generally a rational sell, featuring a piece of informational content, an offeror a product/service feature capable of generating a cost-efficient response.
It’s tightly targeted at hot prospects who are in-market with an intent to purchase, and designed for simple, quick response. Sales activation is great for short-term lead generation and delivering directly measurable ROI, but, it’s unlikely to be memorable, so the effects are short-term and won’t contribute to long-term growth.
In contrast, brand building drives long-term growth, with its effects lasting longer and accumulating over time.
It uses creative impact at an emotional level to create a lasting memory that influences buying decisions long after the adverts run, with a reach that’s much broader than sales activation campaigns, targeting the whole of market, and its effectiveness relying on repeated exposure.
The time frame for any brand building to take significant effect and pass the sales activation peaks shown in this graph is typically 5-6 months.
Not convinced? We recently we decided to test this theory out for ourselves, using the website data of one of our clients. And the results were pretty impressive.
Not only did we find that brand traffic – both direct and brand search – built consistently over time in line with their brand building activity, but we also found that the conversion rates from website visit to meeting requests and paying clients was 50% higher than any other traffic source.
If that wasn’t enough, we also discovered that in territories where there is low brand awareness the conversion rates from lead generation campaigns increased over time as the effects of our brand building efforts kicked in.
Stay tuned for part two, where we’ll explore the case for making your brand famous.
In the meantime, if you’d like to discuss your brand strategy armed with the latest industry data, or to discuss your creative marketing requirements, get in touch with us today at [email protected].
Cookie acceptance pop ups might be driving us around the bend, but since the requirement to ask permission was introduced a couple of years ago, businesses and marketers have built their marketing strategies and systems around them.
Now things are all about to change again. It might have been predictable, but with Google telling us that 48% of consumers actually stop a purchase if they don’t trust the company to collect and manage data on them, it’s no surprise that Google are following the likes of Apple and Mozilla, and have announced that they were stopping third-party tracking in 2023.
This leaves businesses having to reset their marketing strategies, relying solely on any first-party data they hold, with many businesses, particularly in e-commerce, having to go back to more traditional marketing and brand building, but in a more digital world than before.
Any that fail to do so will find themselves simply giving their marketing keys to the tech providers with no real insight on their client base.
The option of doing nothing is a dangerous one, yet whilst Pimento research tells us that most marketing professionals intend to ‘do something about it’, 19 out of 20 acknowledge that they won’t be prepared for the great switch off.
Marketing will no longer be about stalking people across the web. We now have the opportunity where digital marketing can mature to become a real weapon to help brand building in a more meaningful way.
So, what’s the action plan? And what should all businesses, large or small, be lining up to do right now?
Action 1.
Do the gap analysis now. Work out what you currently use and need to achieve marketing penetration, and what will you have post the demise of third-party cookies. That’s the gap that needs filling.
Action 2.
Focus on the business infrastructure and get back to basics.
If you need support in doing the analysis, and in building the strategy going forward, make the move now to find it. Closer to the time, resources will be limited and remedial time scales will be longer.
Action 3.
Cement the data you have and get your consent strategy robust for the future, building the new approach around it. Undertake a cookie audit now.
Action 4.
Take a relook at customer experience and contextual for scale, so that you stay completely in touch with your customers’ buying triggers in the post cookie era.
This isn’t just a marketing challenge. It impacts the whole business spectrum, from SMEs to multinational corporates. Mid and large corporates will use their in-house resources to reposition, but small businesses will struggle in the absence of teams they can fall back on, and budget.
Pimento is well placed to be the surrogate team to look to though. With over 200 independent marketing agencies, covering most marketing disciplines, bespoke solutions are close at hand irrespective of size and sector.
This is not an issue for selective blindness. Businesses who fail to act will see their markets slowly dwindle away.
Press releases are an essential part of any digital marketing campaign, whether you’re making a general business announcement about a new product, service or crisis communication management, you need to think about why this news really matters and quickly demonstrate that you have a NEWS story. This is at the heart of all digital PR campaigns.
In light of recent discussions disputing the relevance of press releases, our stance at OggaDoon, Bristol, remains the same. The hunger for compelling stories, from publications, journalists and our industries as a whole, is stronger than ever. This has created a relationship, an essential yet, albeit, conditional one between journalists and PR – they need our help to deliver the stories their publications need and our industries want to hear about. For this reason, the competition among communicators is fierce and in turn, they have a wealth of different approaches on how to write the perfect press release – one they think will satisfy the needs of the journalist and secure them that vital collaboration. Here at OggaDoon PR, digital marketing and social media agency Bristol, we would like to share our formula gathering the key newsworthy facts to craft your perfect release. Here’s introducing the 5Ws, the 3Ps and the vital 1C. Intrigued, then please read on!
One common mistake is trying to write like a journalist – when what you should be trying to do is think like a journalist. Imagine you are on the receiving end; you have tens, perhaps hundreds of press releases along with other emails sent to you every day. What are you going to want to read and what is going to make your eyes roll? It’s fair to say that you’d click on the headlines that you are drawn to because they stick out, perhaps because they’re funny, perhaps because they’re succinct, maybe because it was unexpected. It’s also fair to say that you would be put off by big chunks of writing, you’ve got 101 things to do and think about and only 1% of that energy is reserved for reading emails. You would want to recognise newsworthy value, the angle and outcome within the first few lines, otherwise, the tidiness of your inbox would quickly supersede in value and just like that, the email that you spent an hour fashioning now resides in the trash.
If you want to make your press release stand out in a crammed inbox you must find a healthy balance between being original and trying too hard. The best way to do this is to think outside the box with your subject line and title, this is the only place you are granted to be creative and witty – the actual bulk of the release is purely pragmatic. Keep it to the point and make sure you hit the ‘Five Ws’. Don’t try and zhuzh it up with unnecessary jargon and clichés – journalists already know the jargon, they won’t be impressed that you do too. Lastly, don’t say your story is newsworthy, show that it is – if a press release looks like an advertisement, it will be ignored.
One way you can do this is by maintaining a sense of objectivity but also having an overarching sentiment throughout. This could be a sentiment of excitement, regarding a new launch or change in the marketplace, or it could have a theme, like nationalism or nostalgia. Part of identifying these themes is refining your angle and identifying the societal implications of your story.
Whilst people often stress the 5Ws when it comes to writing the perfect press release, the angle that you need to convey from these is often lost – so really, there should be three Ps, a C and an I threw in: alternative perspective, progress, public eye, conflict, and local impact. The angle of your story answers the questions journalists really want to know; Have you got another side to the status quo? What solution is it to what problem? What will the public response be? Who and what does it challenge? What impact does this have on the community? Remember that you have good reason to be invested in your story, but you need to look for the bigger, engaging storyline to give everyone else a reason to be.
Once you have got all these juicy bits in, it is time to offer a bit of context. Your second paragraph should contain an impactful quote from one or two persons that have authority in the industry. Here it is easy to fall into the trap so many are partial to – the temptation of adding fluff. Every sentence in a press release needs to have value, if you are adding one for the sake of it, maybe to balance out the sizing of your paragraphs, you have fallen headfirst into the trap. The key objective should be to select a quote that brings the story to life and helps paint a picture of how influential the announcement is. Quotes are not for information, but for insight – so make sure to use a quote that reflects a unique perspective on the subject.
The further you get down a press release, the less vital the information. Thus, there should definitely be nothing crucial to the story in the last paragraph. This section serves to strengthen and round off your narrative – this could mean offering background into ways the company developed the project or insights into future implications of the news (if this is a core theme of the release, then it belongs in the first paragraph, but if there are other stronger angles, it may be more appropriate at the bottom as additional content).
Empathy may not be the first emotion you would associate with journalists yet employing it will make not only make writing the perfect press release a far more streamline process but also far more successful in terms of responses. We can all think of ways to make our own jobs easier, so try and think of how you can make theirs so, and in the time you save doing so, invest more energy on constructing an irresistible title that will surely make them look twice.
Did you know 85% of people research the products they want to buy online before they make their decision?
When prospects land on a website of interest, yes they want information about the product on offer, but they are actually looking for a lot more than that at this early stage of the buying journey. They want to know what options are available, the price differentiation of those options, what the pros and cons of different products are, whether there are any related sustainability concerns and the general ethos of suppliers. In short, they want as much information as possible, so they feel well informed before they make their decision.
This is step one in the customer journey and yet it often gets overlooked.
Increase your influence
The most basic customer journey is the customer experience from finding out about a product, through to placing an order. Companies that pay this process the attention it deserves will create a Customer Journey Map to visually represent the journey their prospects take before they become customers, while they are customers, and possibly include after-sales service too. Breaking the process down in this way helps businesses to better understand each milestone in the journey and what impact they have on influencing the outcome at each stage. The more influence you can have during the research stages, the more likely prospects are to come back to you when they’re ready to buy.
Blog to build trust
A business blog is useful throughout the whole customer journey but really comes into its own in the early stages. The rest of a website will be front and centre for the second step in the process, when prospects have narrowed down their options and want to see what different competitors have to offer, but during this first step, more generic authoritative market information is a must have.
For example, if a homeowner is looking to buy a new conservatory, they will want to know about the pros and cons of conservatories vs extensions. They will want to know about the different styles of conservatory available, different types of materials used to manufacture conservatories and the pros and cons of glass vs solid conservatory roofing options. Someone looking to sign up to a new fitness regime on the other hand might first want to know about the latest popular trends in diet and exercise and which exercises are better for strength, flexibility or cardio.
It doesn’t matter if you don’t offer all of these products or services, by talking knowledgably about them you position yourself as an expert in the entire field. It is this expertise that warms a prospect to you and builds trust before they have even had any direct contact with you.
Make it easy
If you can make it easy for prospects to find the general market or product information they need, you will build trust and loyalty in your brand and visitors are more likely to return. Consistent business blogs are a great way of helping prospects find you in the first place because fresh content boosts search engine optimisation. You can read more about this here (https://blogwrite.co.uk/why-consistent-blogs-are-better/). Then, if your blog is full of helpful information, prospects can browse through it in their own time and gather everything they need to make an informed choice.
When you think about the customer journey in this way, who are they more likely to opt for? The company with the excellent informative blog that popped up at the top of their search and gave them all the information they need? Or the company that was hard to find in the first place and then only gave details of their own products with no additional market or product information? I know which one I’d choose!
So, when mapping out your online presence, don’t forget step one in your customer’s journey. Be helpful in the early stages and the trust and goodwill you build in the beginning, will come to fruition later, when they are ready to buy.
Is your digital marketing agency profitable on purpose, or by accident? At Digital Agency Coach we’ve worked with hundreds of agency owners over the years, some of whom were unaware of their profitability stats.
Many agencies end up being profitable by accident, as a positive consequence of the year’s work. In this article, we share our insights on turning an intentional and deliberate profit.
As a busy agency owner, it can be easy to prioritise managing the day-to-day operations and allowing your profitability to become an afterthought. With this mindset, it’s difficult for you as an owner, to have that profit-oriented, strategic mindset that is key to growing your agency.
At Digital Agency Coach, we always recommend approaching profitability with intention and purpose. This approach can feel foreign and a little acquisitive at first, but it’s important to remind yourself that it’s completely genuine and moral to design your business in such a way that it earns you money.
Having a profit-driven mindset enables you to reinvest into your business, enhance the quality of your service and grow your agency.
When it comes to an agency’s profitability, there are typically three different degrees of intent and three defined profit groups as an outcome.
Agencies who generate anywhere from 0–12%* profit are generally doing so by accident. These agencies usually no profit strategy in place and the year-end results are unpredictable and often speak for themselves.
Those digital agencies turning anywhere between 13–22%* profit, are almost always doing it on purpose. The closer the number lies to 22%, the more deliberate and considered the profit is. The lower the number, the less intentional their outcomes have been.
And as for those generating a profit percentage anywhere north of 22%*, we classify those guys as purposeful, profit machines. These digital agencies know their services, their clients, their team, and their business like the back of their hand. Their sales pipeline and financial systems are geared toward driving high volume, quality leads which convert.
*These figures are general only, actual profit margins will depend on the agency size. Large organisations with substantial overheads typically will have tighter margins.
Address these six top-line areas and improve your agency’s profitability today.
Take a close look at your gross margins. If they’re outside the range of 50–60%, unfortunately, you’re not profitable enough. Your gross margins are calculated by taking the overall revenue of your agency, less the sum of those direct salaries and/or contractor and freelance fees required to deliver your particular service.
As a service-based business, your agency sells time — utilisation looks at how many billable hours you have available to your clients. If you are operating at less than 72% capacity, there is scope to improve your profitability by maximising your utilisation.
These can be either your employees or clients. If you attract and retain poor performers, this will lead to inefficiency and low profits within your agency. It might be that you need to address some of those long-standing, legacy clients from your start-up days, or certain team members who are less efficient than others. The solution? Try raising your fees or developing the skills and/or expertise of your employees.
Usually, those agencies who fall into the 0–12% profitability category, have no insight or oversight on their financial or sales reports and forecasts. Having a robust sales pipeline and reporting structure in place will allow you to understand when, where and how you can maximise your revenue and minimise your expenses — which we know will lead to a direct increase in your profitability.
For digital marketing agencies within the UK, it’s recommended you charge £90 per hour as an absolute minimum for your services. At Digital Agency Coach, we advocate charging anywhere between £100 — £150 an hour and ensuring you bill all for those all hours at your full rate in order to maximise your profitability.
Is the service you provide right for the current market? This is a big question for web design agencies who are competing against the likes of Wix and Squarespace. These ‘done-for-you’ website builders have significantly devalued the product to where it’s now within the reach of many small businesses and small budgets. As a specialist agency with a highly skilled team, you need to be bold and honest with yourself and ask if there is a future within your market. If the answer is no —you have to innovate and change with the times.
Remember, it’s perfectly moral and genuine to gear your agency to become a profitable, money-making business. As a business owner, you are doing your customers, employees, and your market a disservice if you are unable to reinvest your profits back into your industry.
Ready to begin? Start by asking determining which of the three levels of profit and intention describes your agency. If you’re turning a profit anywhere south of 20%, it’s time to change your mindset and address these six ways to increase your profitability.
Watch Our Free Video Class: Profit On Purpose (7min) & kickstart your journey toward profitability
Of course, if you have any questions or would like to chat with one of our Digital Agency Coach Consultants, please Get In Touch — they’d love to help.
The rebrand that sees the agency, originally founded in 2014, become The Co-Foundry, reflects its mission to work collaboratively with founders, bringing in specialist co-creators such as designers, photographers, animators and copywriters, according to specific project needs.
Owner, Sue Bush has developed a process that empowers client teams to be part of the strategic discovery phase, as well as the creative process. She is a firm believer in co-creation, “Ideas can come from anyone, and are not just the preserve of the design team. Brand identity design can, to a large degree, be democratic – not ‘design by committee’ but more, ‘winning ideas by group spark’.”
Having been at the helm of two agencies, Sue feels well placed to help solve the brand challenges tech and creative firms face. She co-owned a Shoreditch design agency when the internet was still in its infancy and then went on to establish her own brand design agency, Touchpoint Design, which harnessed design to the opportunities afforded by tech, “The challenge for tech and creative founders is the same, you strive to make a positive impact but are often too close to your business with too few hours in the day to find the best and most appropriate direction for your branding.”
“I set up The Co-Foundry because I believe there’s a better, more personal and inclusive way to approach branding. We work together with creative and tech founders and their teams to forge unique, purposeful brands, using co-creation and interactive discovery sessions to bring everyone in on the journey.”
The Co-Foundry sees Sue acting as an independent consultant with a team of specialists supporting her. When client needs dictate, she builds out and brings in this bigger team of co-creators to support her, creating a lean, agile and expert offer that’s especially designed to serve the creative and tech sectors.
To launch the new brand, The Co-Foundry has put together a series of short practical guides on how to start building a compelling brand, especially designed for small teams. Download the first instalment here.
You need to load content from reCAPTCHA to submit the form. Please note that doing so will share data with third-party providers.
More Information