Ever heard the story about marketing teams being frustrated with slow-moving product and engineering teams when management is breathing down their necks to create results? Instead of complaining and sitting in a pit of despair let’s be solution-oriented! How can marketers move the bottom line when they stand alone?
As a business, you may not always have complete control over the product or service that you offer, but you can still have an impact on how it is presented and perceived by potential customers. Here are some ideas that can help you influence the way your product or service is framed and marketed:
B2C Ideas:
Iterate on the development of fresh customer propositions: To fight the growing cost of customer acquisition, you might want to consider a special offer for new consumers. One effective way of doing this is by promoting certain bundle deals or experimenting with various discounts or variable "spin the wheel" offers. This can help entice potential customers and increase your conversion rates.
Offer free stuff: A $10 discount may not inspire as much attention as a $10 free product. If your cost of customer acquisition is much greater than your product cost plus shipping, try giving away or bundling some of your products and compensate for the lost income with a higher LTV or improved CAC. This can help you gain more customers and increase your overall revenue in the long run.
Adhere to the "rule of 100": If the original price of your goods is less than $100, a percentage-based reduction will appear more appealing to shoppers. In contrast, a dollar reduction will appear more appealing if your product's price exceeds $100. Knowing this can help you craft your marketing message more effectively and increase the likelihood of conversions.
B2B Ideas:
Create additional entrance offers: You can boost your appeal by providing buyers with more opportunities to interact with you. Consider offering a video demo, a group demo, a price estimate, an interactive tour, a free trial, or a free evaluation in addition to a standard demo or sales call. This can help you increase engagement with potential clients and establish yourself as a trusted authority in your industry.
Modify the CTAs: Simple changes to the copy can have a significant influence on the click-through rate and conversion rate. "Learn More" lacks the clarity of "Get a Demo." "Get Started" is less specific than "Get Your Evaluation." "Register Now" is less persuasive than "Try Free." "Download Now" is inferior to "Get Your Free Kit." Be sure to use clear and specific language in your CTAs to encourage potential clients to take action.
Present deals in additional locations: Adding a price quote offer halfway down a landing page whose primary offer was a demo raised the conversion rate by over 10% for one organization. Adding a major offer CTA to a sticky menu and "contextual" offers to blog content is another effective strategy. This can help you increase the visibility of your deals and promotions and encourage potential clients to take action.
Ideas that work for both:
Offer acknowledgment and inclusiveness: Everyone enjoys being acknowledged. Could you boost your worth by providing an award, forum, speaking engagement, or event that shines a spotlight on prospective clients or purchasers? Acknowledging your potential clients can help establish trust and rapport, leading to more business in the long run.
Use the "before and after" method: A picture or description of the final state may be impressive, but showing the starting point can be genuinely astonishing. Contrast what your offer gives with what is missing in its absence. This can help you showcase the benefits of your product or service more effectively and increase conversions.
Adjust bundling and packaging: Bundling features or items and packaging them differently to appeal to buyers may be more effective. This could be as sophisticated as new product packaging and software tiers or as simple as offering different package sizes. Knowing your audience and their preferences can help you create more effective bundling and packaging strategies.