What do you do when your audience ISN’T millennial?
We all know that staying competitive in the digital world means staying on top of new marketing trends, knowing when the latest SEO changes are taking place, and trail blazing new opportunities. But, if you are trying to focus on a more elderly market or targeting senior marketing initiatives, it’s important that you use market research to understand where your audience is spending their time online, how they are consuming digital content, and what types of senior marketing ads are relevant to their lives. This year (or at least part of the year), forget about the millennials. We know, we know. We can hear your collective gasp from here. We are exaggerating a little bit. We only give this advice to organizations and brands that are targeting baby boomers, senior marketing, or non-technical natives. If that’s you: read on. 1. Use market research to target your senior marketing group First and foremost: big data is your friend. We have never been able to glean a more precise understanding of what people are doing and where they are spending their time online than right now. This is important when you are targeting a group that may not consume digital content the way you intended them to. Older demographics may favor certain channels over others, adopt trends slower than digital natives, and more consistently start and complete their online journey on fewer devices. While this certainly isn’t always the case, it is a good foundation to begin building and testing into hypothesis to drive your digital sales motions. Use a little market research to guide where you believe people are entering your site, how best to target them, and why they may be having trouble completing sales farther down the funnel. 2. Start 2017 with “winback” senior ads Another great use for market research within the senior subset is for winbacks. In short: do your homework. Cross reference information about your target audience with your competitive set to understand why you may have lost some customers over the past year, then target and differentiate yourself to win them back. Market research is especially helpful when you are trying to avoid a downstream price war or want to avoid competing on price alone. Remember, when you’re targeting Baby Boomers, you have the luxury to focus on value rather than price because they still hold the top spot as the demographic with the most disposable income in the market. 3. Market research unlocks product innovation within the senior marketing group In the same way that market research can help you determine which customers are most likely to come back to your brand, it can also help you understand if (and where) you fall short against your competition. Use market research to understand how important certain features or services are, how valuable your product and others like it are perceived to be, and what secondary targets might be interested in your brand. This information can help you expand your market share by depending loyalty within your older segment and preparing for the next generation of customers. But don’t take our word for it. Click here to discover ways market research has helped our clients like you and get back to basics today.
Why your business should care about lookalike targeting
Has a friend ever asked you what you think of their new girlfriend and found yourself at a loss for words because she looks exactly like their ex? You’re not alone. The reason is that people are predictable. As humans, we tend to gravitate toward what is familiar. People who share our values and trends that aren’t too far from what we already know and like. As marketers, though, this is a very good thing. Lookalike targeting allows you to take advantage of this by marketing to audiences that behave similarly to your most valuable customers. This increases the chances of these customers noticing and engaging with your brand. Because we can’t be everywhere at once, or market to every audience effectively, lookalike targeting allows you to go after your most likely wins first and invest resources in the most likely path of success. FIRST, WHAT IS LOOKALIKE TARGETING: Because past performance is the best indication of future success, lookalike targeting serves content to potential customers who are searching, surfing, and interacting in similar ways to your target audience. Similar search patterns won’t necessarily cause customers to purchase your products, but the expectation is that these users are similar enough to your actual customers. This means they might be interested in your brand. Lookalike targeting also seeks out audiences who fall into similar sociodemographic categories that might serve as a benchmark weeding tool to ensure your messaging is reaching the right people. For example, if your brand targets pregnant women, simple lookalike targeting reaches women similar to your customers – likely between the ages of 20-50. They are searching similar baby brands on social media and far more likely to purchase than open advertising campaigns. IS THIS LEGAL AND HOW CAN I GET IN ON THE ACTION: Lookalike targeting is completely legal. Facebook’s ads manager allows you to very specifically and effectively engage in lookalike targeting with costs in line along with other advertising options. Thanks to the growing popularity of social sign on (an option where people can sign up for websites or newsletters with their social media accounts rather than entering their email and a password), we have the ability to track who is surfing for what even once they leave your site. A customer might sign on to their favorite blog using their Facebook account, and then log on to Amazon using that same Facebook account. And Facebook aggregates it all. People are willing to forgo a level of privacy for the convenience and efficiency of social sign on. But there’s nothing nefarious going on here. The more we know about our web traffic, the better, more relevant content we can serve them. Which makes the browsing experience better all around. HOW WE CAN HELP: Once you have an amazing, primed audience you need to serve them amazing content. We’ll help you strike a balance between being too similar to your competition, but not so dissimilar that you lose these lookalikes’ interest. Audience is a big part of the equation, but content is still king (and always will be). Lookalike targeting is great for businesses on a budget to ensure you’re getting the most out of your marketing efforts without wasting money talking to people who will likely never buy your products. It’s a way to be everywhere you need to be, without trying to be everywhere at once, and a great way to give yourself a little competitive advantage. Click here to learn more about the types of content we’ve created for clients like you or set up a free consultation to learn how we can target the right prospective customers.
The only four things you need to know about tourism analytics
Tourism analytics are a real asset for tourism-based businesses. Data can help you understand seasonal trends, know what your competition is doing, and support your customers’ purchase and planning process. Everyone has suggestions on what to track, what tools are best, and how to link it to your business insights. The good news is, there isn’t a one size fits all recipe. There is so much data that you can track almost anything today. We want to share the only four things you need to know when building an analytics program for tourism marketing rather than getting caught up in the tools and processes. Figure out what you’re trying to understand: First and foremost, decide what you want to learn. Depending on your business model, you might not need to collect every piece of data about your customers. For example, the Ritz Carlton is known for impeccable service, personalized experiences, and white-glove attentiveness. They decided to harness data to their customer management system to track trends in food and beverage, tastes and preferences, and expectations. They use this data to personalize the service delivery experience when guests are on site. You might decide you’d like to understand how your customers navigate between mobile and desktop sites, how long the sales cycle lasts and what assets they need during that time, or how to price competitively in your market. Knowing what metrics are most important will work best for you starts with defining the problem you hope to solve. Start there, and the rest of your data strategy will develop more naturally. Realize that you can’t do it all: Focus on the big swings. This is especially important if you are just building your data program. With so much insight available, it’s easy to try to do too many things at once. Work with your data team or a trusted marketing agency like ours to prioritize your data needs based on level of effort and impact. A good rule of thumb is to start with low hanging fruit (this might include things such as site heuristics, quick UX and content updates online, or mobile integrations). This gives you time to formulate a problem and hopefully find its answer based in data. When choosing what metrics to track, always double check that that KPI relates back to a question you have about your business or client base. And don’t forget to pare down your strategy. To start, choose one to three things to track and work on each quarter. If you find this is easy, ramp it up; but start small to ensure you get results from your investment. Learn and act fast: Many digital marketers joke that ROI is out — and speed to market is in. While we still think ROI is an important metric to keep an eye on, we agree that action is key. Tourism and hospitality are ever changing industries where customers tastes shift as new trends emerge and new technology changes how we travel and interact with the world. Don’t collect data for the sake of collecting data and know what you want to do with it. Before tracking any given metric, create a hypothesis of what you think might be happening and how you would address it if data proves you right. That last part is critical. If you don’t have a plan for how you want to use this information, you’re simply collecting observations rather than insights; And that won’t help your business. Invest in the future: Because you might not be able to do everything at once, it’s important to prioritize your data collection and your data tools. Look ahead to consider the systems you will need in a year, or five years. Even if you opt out of these tools now, it’s important to keep them in mind so you don’t suddenly find yourself behind your competition. Partnering with a data-based agency like BIGEYE is a great way to help prioritize your data investments, tools, and collection roadmap so you are using the data you have and planning for the future effectively (and affordably). No matter what stage you’re at in your data strategy, we’re here to help. Click here to learn more about the types of services we offer – from data mining and trend forecasting, to online testing and retargeting.
Understanding Generation Z
View more of BIGEYE’s creative infographics. Understanding Generation Z By BIGEYE Posted on October 19, 2016 The New Kids on the Block This is their turf: They are the first generation of digital natives. Use an average of 5 screens: smartphone, TV, laptop, desktop, and iPad. Fenced in generation: This generation values privacy, preferring social media apps such as Snapchat, Whisper, and Secret over Facebook. A quart of 13-17 year olds left Facebook in 2015. As such, they are technology-dependent: 79%display symptoms of emotional distress when kept away from their smartphones. Get on their good side: By 2020, Generation Z will account for 40% of all consumers. They already wield a buying power of $44 billion. Around 72% of current high-school Gen Z’s want to own a business. 60% want their jobs to impact their world. It’s not all sunshine and rainbows: Z-Kids know a thing or two about hardship, from growing up post 9/11, the recession, and many mass shootings. 58% of Gen Z’s are either somewhat or very worried about the future. 57% prefer saving money to spending it. They are not easily amused: The average Gen Z kid has attention span of 8 seconds.
The marketer’s quick and dirty guide to Pokémon Go
Today, the Durham Bulls are opening up their iconic baseball field to avid Pokémon hunters hoping to catch the elusive pocket monsters that are taking over the world (and our lives). The Bulls will charge people just to walk in the door in hopes of finding small digital creatures lurking around the field, and anticipate a massive turnout not unlike actual game days. And no, there isn’t a game today – they are just capitalizing on Pokémon GO marketing. If you’re asking yourself why you should care, we’re about to tell you. Pokémon Go marketing: Pokémon GO is a Nintendo and Niantic Labs gaming collaboration that combines elements of augmented reality with the wildly popular Pokémon franchise. Using your smartphone’s camera, you can search for Pokémon in the real world as the game guides you to local hot spots, historic landmarks, and hidden gems in your city where the creatures are hiding. It’s not uncommon to see grown players and children alike scanning the world with their smartphones hoping to catch a glimmer of an unsuspecting monster. The app-based game has transformed people’s lunch breaks, dog walks, and errands forever. … And Pokémon GO marketing is about to transform your business. What if my business is already a pokéstop?: Niantic Labs has compiled a list of geo-based hangouts where Pokémon like to congregate or play based on user input. In the past, businesses could even submit themselves as a Pokéstop or Pokémon gym if they had a cool story or interesting space to share with the world. Due to the overwhelming popularity of Pokémon GO and the subsequent influx of submission requests as marketers and business owners realized the untapped potential of luring Pokémon (and potential customers … we mean hunters) to their location, Niantic Labs has temporarily suspended this capability. If you’re one of the lucky businesses that is already tagged as a Pokéstop, you may have noticed an uptick in foot traffic as players visit your store. Instead of turning away Pokémon players (we will admit, Pokémon hunters’ blank stares and distracted demeanor can make them somewhat hazardous – or at least annoying – to the rest of the world), invite them into your business with Pokémon GO marketing tactics. Or even better, get in on the game. You can use an in-game “lure” to attract Pokémon creatures to your business for 30-minute windows. Go ahead and announce you’ll be having a Pokémon happy hour (lure included) or flash sale Pokémon frenzy and watch the gamers, and customers, roll in. The game’s popularity will only increase, so don’t be afraid to find creative ways to engage this new audience. Pokémon GO has given business owners a way to generate foot traffic at their brick and mortar establishments like no other geo-based or augmented reality program has done in the past. Niantic Labs has even alluded to future sponsorship and marketing opportunities inside the game so companies can leverage the Pokémon GO marketing potential. For now, bust out the chalkboard signs and Yelp reviews to let this alternate universe know you’re worth a visit. But what if there are no pokéstops in sight?: Don’t worry if you haven’t been identified as a Pokéstop yet. There are still plenty of opportunities to take advantage of this hyper-trend. Log on to your local MeetUp.com chapter or register an event with your local Chamber of Commerce for Pokémon GO enthusiasts to socialize. Although your space may not be a Pokémon hot spot, that doesn’t mean players won’t congregate together if you give them the opportunity to do so (after all, they may find a few Pokémon nearby anyway). And voila, suddenly you have a whole group of potential customers at your fingertips. Offering a discount to Pokémon players never hurt either. If your business doesn’t need a boost of traffic, simply sharing articles about the Pokémon trend, or local insights into where to find them, can engage users with your social media community in new and meaningful ways. Engagement is the key to conversion, purchases, and sharing, so don’t underestimate the potential of a good Pokémon article. Taking advantage of these types of social or pop culture trends gives marketers an opportunity to engage with customers who might not have noticed them otherwise. Trust us, they may not seem to be paying attention to the real world, but Pokémon GO players are highly engaged with other enthusiasts. Embracing the Pokémon GO marketing craze is a broad, viral platform to connect with prospective customers who are hungry to connect to get more of this new, exciting world. Aligning your business with the Pokémon trend gives you an instant boost of popularity – or at least curiosity – for players and passerbys alike. For ideas on how your business might benefit from a few pocket monsters, give your local Orlando marketing agency a call. We aren’t saying we’re obsessed or anything, but we know a thing or two about what attracts Pokémon fans to your place of business. Update! More than 6 months from when Pokemon Go was created (see above), let’s explore how quickly its popularity came to an end, despite how wildly obsessed people were, and why the phenomenon turned out to be just a fad. What is Pokemon Go? Pokémon GO is a Nintendo and Niantic Labs gaming collaboration that combines elements of augmented reality with the wildly popular Pokémon franchise. Using your smartphone’s camera, you can search for Pokémon in the real world as the game guides you to local hot spots, historic landmarks, and hidden gems in your city where the creatures are hiding. It’s not uncommon to see grown players and children alike scanning the world with their smartphones hoping to catch a glimmer of an unsuspecting monster. At its height, Pokémon GO had 45 million daily active users.The app-based game had literally transformed people’s lunch breaks, dog walks, and errands. … And Pokémon GO even started to transform businesses. Our advice when this game was at
Dear Chipotle: Clickbait isn’t always a bad thing
Let’s get controversial. You’ve probably heard the saying, “no news is good news.” You’ve probably also heard the saying, “there’s no such thing as bad publicity.” But when your company is the target of bad press – such as fast-food behemoth Chipotle’s recent scandal, thanks to the “Chubby Chipotle” smear campaign running in the New York Post – which maxim do you stand by? The reality is, there’s some truth to both statements. If you suddenly find your brand at the center of unwanted attention, take a step back and remember that your response can radically influence how the public weathers the news. If we were in Chipotle’s shoes – this is what we’d do. 1. ENJOY THE CLICKBAIT: First and foremost, publicity equals free advertising. We hate to be reductive, but in terms of raw numbers, an article in the New York Post is the public relations equivalent of a $300,000 ad campaign. Even though the article questions Chipotle’s ethics, a feature in the Post means more people will be surfing to the Chipotle site and thinking about their products. And when your burrito brand is at the top of mind, it’s also more likely to be the go-to dinner spot after a late workout at the gym. Clickbait – those scandalous headlines that blur the line between journalism and gossip while begging to be clicked – may not always yield the best online traffic, but they do increase visitors, have the possibility to go viral, and keep people talking about your brand. 2. DON’T FORGET TO ASSESS THE DAMAGE: That said, we aren’t suggesting that you ignore the gravity of the situation. Take a step back from the immediate impact of the article and ask yourself if the situation is really going to turn customers away. If you’re a loyal Chipotle customer and you see the Chubby Chipotle ads, you may be tempted to surf onto the Chipotle website and join the conversation. If you’re anti-Chipotle, you might want to do the exact same thing. The article doesn’t reveal anything most Chipotle fans or fast-food followers don’t already know, so it may be safe to assume that this story will line tomorrow’s waste bins and little or no response is needed. If you were in Chick-Fil-A’s shoes back in 2012 when they were brought to task over their religious intolerance toward same-sex marriage, this may be a different story. Only your target audience, the severity of the article or accusations, and how brand loyal your followers are can answer that question. 3. DECIDE IF YOU NEED TO RESPOND … AND HOW: If a response is needed, recognize the power an influx of online traffic and social media attention has on this situation and your brand. You’ve just increased your reach and given yourself an organic platform to handle the situation with grace, uniqueness, and class. A well-timed article, blog post, or Facebook campaign could turn a scandal into a sensation and validate the values your brand stands for. No one likes to be criticized, but a memorable response can make or break the public’s reaction to even the worst faux pas. For example, on August 6, Vanity Fair ran an article chastising Tinder for supporting an unhealthy “hook-up culture.” Thirty-one rapid-fire Tweets later from one of Tinder’s employees, and the abashed dating site went from zero to hero. The company never admitted whether the response was planned or not, but the results prove our point entirely. We feel for you, Chipotle. But when life gives you lemons … we recommend that you make a big ol’ burrito with all the fixin’s. Is your brand in need of some repositioning to positively impact consumer perception? Contact our team of brand strategists today to learn more about how we can help!
4 reasons why digital advertising matters in healthcare marketing
It’s definitely a challenging time to be working in healthcare.There are political pressures – and competing agendas – to expand or undo the insurance structure. Along with increases in billing, every insurance provider requires their own rules and paperwork, and regulations are constantly evolving regarding the best practices for discussing or sharing patient information. On the brighter side, there are also more tools to help patients, such as information that can be easily accessed or shared on mobile devices. And the economic outlook for the industry as a whole is nothing but positive – the Bureau of Labor Statistics predicts the medical and health services workforce to grow by 23 percent by 2020. More Americans are now eligible for care, which is good for them, but it may create challenges for providers who already have been feeling stretched thin. Consumers are also increasingly interested in managing their own care, which also is a noble goal but can create concerns about quality. So healthcare marketing is especially critical – providers need to get the word out that they’re available to assist. And they also need to connect with audiences who no longer seek their services in the same places that they used to, such as newspapers or phone books. For those who follow current healthcare marketing trends, the industry is increasingly going digital. Here are 4 reasons why you need to secure an online presence via a sound digital advertising strategy: 1. It’s where the audiences are:According to the U.S. Census, 83.8 percent of households owned computers in 2013 – and jumped to 87 percent the next year. Of these, 78.5 percent own a desktop or laptop and 63 percent have a handheld computer. As of 2015, 84 percent of households reported regular Internet use, and 73.4 reported high-speed connections. The Pew Research Center said that up to 80 percent of Americans have also tried to look up health info online, especially specific conditions or diseases for themselves or others. Whether you’re promoting your medical services on social media or online ads on other sites, your healthcare advertising can reach a significant amount of the general population. Ad programs also can let you drill down and target certain age groups or geographic areas who will especially receptive to your message. 2. Audiences want health info:The same Pew study showed that 70 percent of surveyed adults received healthcare information from their health provider, which is good. But 60 percent said they also get health info from friends and family, which may be riskier. With the power of the Internet, people can now learn about any sort of ailment, no matter how uncommon. It’s also an easy source to self-diagnose, from basic sniffles to a new blemish. According to the U.S. Library of Medicine’s Medline Plus site, teens are especially prone to seek out their information online first, even before talking to their parents, their teachers or health providers – 58 percent usually start with a Google search. Your healthcare digital marketing can focus on you as someone who can help find answers quickly and easily. 3. To counter the bad stuff:Though an online community that’s increasingly aware of basic health can have its advantages, the downside can be that they may wind up at questionable, unreliable, even dangerous sites. However, you can portray yourself as a health professional who will always provide accurate information, or dispel some of the half-truths or outright lies they may run across online. Your healthcare digital advertising can drive people to your site to get our perspective, and you can even reinforce the point with web content or blog posts telling why some online claims aren’t quite true. 4. To build your brand:Whether you’re a sole provider, part of a group of physicians or even part of a hospital community, you need to claim your online presence and find a way to stand out from the other area providers. A hospital marketing itself online can portray itself as the community’s prime source for all levels of medical needs. Consider allowing visitors to do everything at the site from learning about the facility to paying a bill to finding out about area health resources and even job openings. Even though an established local health center may have good word-of-mouth by nature, a comprehensive site and an online hospital advertising campaign can increase its presence – and the perception that it is the local authority. Though it’s easy to want to focus on performing healthcare services well, today’s consumer desires even more. At this least, prospective patients are seeking assistance to educate themselves on a specific service to determine if it might be the right avenue to pursue in treatment. It’s easy to receive unqualified advice from one’s well-meaning friends, but there’s no substitute for reliable, qualified medical opinions. Are you a healthcare marketer in need of some digital advertising prowess to positively impact your strategy for success? Contact our team of experts today for your own “check-up,” and to learn more about reaching prospective patients online.
Seven smart ways banks can utilize paid ad campaigns
It would be oh so simple for a bank to forgo newer methods of communicating – such as social media. After all, to someone less familiar with social networks like Facebook and Twitter, these online channels all seem like places where people personally love to play, not conduct or discuss serious business. And financial institutions – especially the ones that have been around for awhile – often like to uphold a solid, traditional image, far from anything hip and trendy. Unfortunately, as any teen or twenty-something can tell you – or maybe should be telling your institution’s decision-makers – today and tomorrow’s customers are actually the ones spending time on these networks. Like it or not, they’re the audience banks need to connect with – to some extent – if you want to remain profitable. If you manage your brand properly and tell your story well, you can still use modern platforms and search engines as outreach tools to describe your longevity and values. The difference is, you need to show your current and prospective customer that your institution is not only in touch, but also looking toward the future. Beyond a basic social media presence, or hoping users “like” or follow your bank’s activities, your bank marketing ideas should also consist of spending money for additional exposure. Most larger social networks and search engines now encourage businesses to pay to put their messages in front of more people, or at least target different demographic groups of potential customers. Like many other industries, bank marketers also have the ability find other ways to purchase advertising, whether it’s buying common keywords that customers may use when conducting a search, or running online ads designed for a specific target audience. Though budgets may reflect a preference toward financial marketing approaches that are low to no-cost, in the current online economy, you are definitely able to obtain a farther reach – and likely a better return – if you’re willing to make the investment in a paid ad campaign. Here are 7 smart ways banks can utilize these paid ad campaigns to generate the greatest ROI Facebook audiences won’t see everything you put out there – The actual number is a little vague, and depends on your audience, in tandem with Facebook’s method of determining what individual users see. While Facebook states that your audience will organically see just 16 percent of your posts, no matter how interesting or clever you make them, other media professionals and search experts say this figure may be as low as 2.27 percent for pages with more than 500,000 likes. (If “organic” is a new term for your marketing team when used in this context, it describes how people come across your information naturally, on their news feeds. Your inorganic reach means that you can pay a bit extra to have more seen by a larger audience.) Facebook offers a variety of payment options, from a small daily amount over time for a certain-sized audience to larger amounts designed to reach more people. Consider boosting – Along with creating a paid campaign for your news feed to be seen by a larger target demographic, Facebook business page owners also have the option to pay to boost the reach of individual posts, placing them higher in people’s regular news feeds. This could be handy for a particular promotion, event, or contest. It also is a good tool to measure the amount of traffic with or without boosts for similar campaigns. If you see a noticeable spike in participation – such as actual new business and “real life” customer activity — it could be a good indicator that investing in boosting truly attains tangible results. Frequency works – Just like the old adage states that a marketer shouldn’t buy an old-school newspaper, radio, or TV ad for only one day for an ongoing campaign, it is also advised that you not run a Facebook business page, or a post, for just a short time. Even though you may be following best practices and posting new material several times per day, not everyone will be checking in regularly to see it. Or, with all the clutter out there, they may not notice your ad or post the first few times it appears. It is wise to plan on running any campaign for at least one month – this will give you a longer-term view to gauge your response rate over time, and then you may adjust your message, or the scope of it, as needed. Target your audience – As unbelievably cool as the fantasy would be for every Facebook user to see and love your bank’s message, it’s a smarter bet that not everyone among the 1.65 billion active users will care about your bank’s ads. So when you’re planning your paid bank advertising, you may be able to target your ideal potential customer by selecting gender, age, geographic location and similar demographic information. This will be a better use of your budget by appealing directly to people who are more likely to want to know more info about your institution rather than “anyone out there.” Try other networks – Other social media companies also allow you to buy general and targeted ads, especially if you think potential customers will be using their services. LinkedIn, for instance, is more of a professional network, lacking the games and general feel of Facebook. This site focuses more on workplace networking, so there are posts about economic sectors, employment trends, management strategies, hiring tips, and labor issues. Banks wanting to attract certain potential customers or employees on LinkedIn can purchase ads and target everything from certain job titles to geographic areas. Though actual ad space is limited to a few dozen characters, you may include a call to action. This demographic group should be quite familiar with you, and in turn, want to know more. Run multiple campaigns at once – Since marketing is always in motion, it’s smart to focus
How to develop a successful bank conversion marketing program
As featured in an earlier blog post, millennials represent 92 million in the United States and are reaping the benefits of improved financial conditions after bouncing back from the recession hit. These young adults are ripe for new banking relationships and considering new bank products to suit their needs, such as checking and savings accounts. This is the perfect time to convert them into new banking customers but how does one do that with one of the most fickle generations? Establishing a well-planned conversion marketing strategy is key to success realization. There are numerous formulas and methodologies from which to choose. At BIGEYE, we use a proprietary model called the BIGEYE Conversion Matrix™ (BCM). It starts with preparing your data set, followed by activating your conversion optimization program and unlike other methodologies out there, works with both online and offline conversions. BIGEYE Conversion Matrix Here’s how a conversion marketing program may look like for a bank: Audience data insight It’s important to not only know your audience but to immerse yourself in understanding them. For example, millennials were born into technology, the Internet, read blogs, and are practically tethered to their mobile devices. It’s also important to note that these young adults are not especially brand loyal and highly influenced by their peers. Market and audience segmentation In addition to pulling demographic, psychographic, ethnographic, and technographic insight on your audience, one must also consider the target market(s) and segment the audience into more groups. For example, your branches may be located between a couple of neighborhoods and your audience may be a mix of individuals and companies. The approach toward attracting one segment may be significantly different than the other. Program KPIs, goals, and objectives One of the most important stages of establishing your BCM data set is defining your vision for success realization. What are the key performance indicators, goals, and objectives? How will you measure success? Most likely the answer will contain a number of items such as number of new accounts opened, number of bank products upsold to existing bank customers, in-branch appointments booked, number of live chat sessions, branch and ATM location look-ups, etc. Metrics and benchmarking Once your KPIs, goals and objectives are defined, it’s important that a form of measurement and benchmarks are set. You may feel that your conversion marketing program is successful but in order to prove your instincts in quantitative terms, you will need to run your result data through the metrics. CRM planning Using the right customer relationship management tool and setting it up effectively will ensure that every conversion is organized for future action to be taken. By spending some time planning your CRM strategy, your bank can build an ongoing email marketing program and alert your customer service representatives of a customer inquiry. SEM planning Finally, the success of your conversions is tied in part to the quality of traffic your website and/or landing pages receive. A carefully designed search engine marketing program that integrates organic with paid search strategies, will help drive the exact audience you are seeking to convert. Running your conversion marketing program Once your BCM Data Set is complete, you are ready to launch your program. For new accounts, you may wish to set up dedicated landing pages that are custom designed to provide content specific to the audience segment you wish to attract and the product or offering you wish to feature. One of your landing pages might feature your small business checking account products with clear call-to-action (CTA) messaging directing the user on how to take action. Another landing page might focus specifically on your “no fee” checking account products with a clearly stated “Apply Now” CTA button. Once your landing pages are created and your SEM program is pointing to them, you will want to test multiple versions of each page to maximize your conversion performance potential. Some of the elements you can test are as follows: Color – Does the blue button perform better than the red one? Copy – Are there certain words that resonate more with your audience than others? Images – Is the photograph you’re using showing someone that is too old or too young? Maybe it’s not the correct ethnicity or the activity of the subject is all wrong. Content Positioning – Does the user have to scroll down to far to find the CTA button or form? If so, consider trying a version of the page that brings that more prominently above the fold. As your bank introduces new products, features, branch locations, etc., you will want to make updates to your program so that they correspond accordingly. The more targeted, relevant, and tested your program is, the more conversions you will receive. In search of additional ways to establish – and maximize – you bank’s conversion marketing program? Contact our team of experts today to devise an innovative approach that both attracts and retains profitable customers.
Millennial market: Property management marketing the new generation
As you are likely aware, rent costs have spiked nearly 15% since 2010, while mortgage interest rates are at new lows after the recession. Yet believe it or not, millennials are still happily paying an average of $1300-$1500 (or more) for rent month after month, with no property equity to show for it. There are many reasons why millennials are opting to rent instead of buy, and to successfully market to this generation, BIGEYE would like to share the following helpful hints to assist you in gaining a greater understanding of those reasons: Know who you’re talking to: There are 92 million millennials in the United States. Collectively, they have over 1.3 trillion dollars of student loan debt, may have spent a few years living with their parents or friends when the recession hit, and are bouncing back from 4.7% national unemployment rates. On a brighter note, financial conditions are improving for the 20- and 30-something set, and many are finding themselves ready to cut loose and enjoy a breath of fresh air. Apartment living can represent that much sought-after breath of fresh air. When older generations explain what the “American Dream” means to them, they often cite owning property or putting down roots. Millennials may include having luxury amenities they wouldn’t be able to afford if they owned a home, such as valet parking, a pool, free gyms or billiard rooms, or a building concierge. Couple these attributes with easy access to food, nightlife, arts, and entertainment in the heart of most urban hubs. American Dream, indeed. To millennials, the prospect of a 30-year mortgage translates to staying in one place – in one job – for the next three decades. This is a generation that can barely commit to two-year cell phone contracts. Marketing campaigns mapping out this generation’s lifespan aren’t liberating, they’re terrifying. Marketing campaigns that highlight the freedom of renting (or owning a secondary rental property as an extra income stream) – now that’s something. Speak their language: Successful property management marketing hinges on your ability to speak this generation’s language. Communicating with millennials the same way you would to the Baby Boomer generation is sure to leave your apartment marketing a little flat. This generation wants to live in locations where homeownership may be out of reach, or they may not be ready to get married and settle down yet – making homeownership a necessity. The mistake most people make when marketing to millennials is that they assume the Y-generation is unhappy with this arrangement. Goldman Sachs conducted a study that suggests 30% of millennials believe buying a home is important … just not right now. A similar study shows more than 79% of renters between the ages of 18 – 35 want to buy a home within the next five years. That means these renters are content being, well, renters until then. But what does that mean for property managers? In highly desirable locations, such as San Francisco, Denver, or New York City, that means it’s an owner’s market. Even if millennials were ready to buy, high down payments, aggressive credit requirements, and staggering debt to income ratios make this prospect difficult. Property managers that give millennials access to apartments with high-perceived value will win their hearts, and since most renters pay up to 30% of their disposable income in rent according to Zillow, you’ll also have access to a large piece of their business. Vacancy rates are at a 20-year low according to the American Census Bureau, so property marketing that targets exclusivity and accessibility to desirable locations is crucial for success. Know your niche: For millennials, you want to highlight value not price. Chances are, they know they aren’t saving as much as they’d like or that their paycheck is going to their landlord rather than their student loan holders. Successful property management marketing ideas highlight the value they are getting – despite the cost. Since millennials are choosing to marry later in life, play up your apartment property’s sense of community and camaraderie. Talk about the convenience of having an on-site property manager to take care of (and pay for routine maintenance and upkeep). Highlight convenient month-to-month options that let millennials dream about their next job promotion to Singapore or London. Boast your building’s free wifi or cable packages that make working remotely or being an entrepreneur a breeze (working by the pool sounds pretty great to us). Once you begin to understand a millennial’s version of the American Dream, you can begin positioning your property management marketing around those elements. Chances are, they’ll be substantially different from customers in other generations, but that doesn’t mean this market segment is less valuable. In fact, millennials make up about 36% of the housing market in the United States, making them the predominant generation in the industry. The long and short game: The short game for millennials is all about renting. The long game, however, appeals to their desire to buy. The economy is improving, interest rates are low, and sooner or later, millennials will begin tying the knot, having kids, and settling in to their mid-level careers. Once you’ve proven that you understand them, they will remain loyal to you as their needs change. Some millennials will likely stay in the apartment market, opting to convert their rent to a mortgage payment on a condo or flat in the neighborhoods where they first started their careers and barely scraped by. Others will “head for the hills” – or suburbia – for a little more space and lower housing costs. As they grow, your marketing campaigns can grow with them. Millennials are also poised to become some of the biggest buyers in the second and vacation property market. The National Association of Realtors (NAR) noted a staggering drop in the average age of vacation home purchasers. The market that used to be saturated with retirees with an average purchase age of 61 has plummeted to 43. As millennials watch their siblings turn