The 3 Best Places To Invest Your Marketing Budget
The way we view media and buy products has changed a lot over the past few years, thanks to a constant stream of disruptive new technologies and increasing consumer connectedness.
However, most marketers haven’t adapted their tactics to keep pace.
This is the opening sentiment of Joseph Jaffe’s latest book, Z.E.R.O. Zero Paid Media As The New Marketing Model (which he co-authored with Maarten Albarda).
Joseph—a well-regarded marketing thought leader and CEO and Co-Founder of Evol8tion—says the huge challenge marketers currently face is proving the value of investing in new digital marketing technologies. As marketing budgets shrink, and the reliance on digital analytics grows, marketers have become afraid to take risks. Executives are pushing marketing teams to do more with less and prove the ROI on all their efforts. Pair these demands with the decreasing influence of traditional media, and you’ve got the perfect storm for a marketing evolution.
In Z.E.R.O., Joseph says that brands need to become content owners and flip the traditional marketing funnel on it’s head if they want to survive.
Joseph will be speaking about how brands can use the Z.E.R.O. marketing model to fuel growth at the B2B Customer Engagement Leadership Series in New York City on July 28. (Click here to register now. Everyone who attends will receive a free copy of Z.E.R.O!)
Below, we share the best investments Joseph recommends marketing teams make based on the Z.E.R.O. model.
1. Create an advocate marketing program
Having a passionate base of customer advocates is a must if your brand wants to break through the noise. Create an ambassador program to harness the power of your brand’s raving fans. Then, encourage and reward them for sharing your content and spreading positive word of mouth about your brand. Potential customers will find advocates to be a more trustworthy source of information than paid media outlets.
2. Focus on retention
Current customers account for 80% of revenue at most companies. Yet most organizations invest 20% of their budget (or less) into keeping them happy. Shifting your budget away from acquisition and towards retention just makes financial sense. However these initiatives shouldn’t just fall on your customer service team’s shoulders. Marketing should be involved in cross-selling, upselling and referral campaigns to drive growth and engagement. If you marketers treat every touch point as an opportunity to delight customers and build loyalty, they’ll come out ahead.
3. Invest in your own your assets
Stop being dependent on traditional media and become your own publisher. Communicate directly to your customers by building a better website, email list, social media presence and content strategy. Create spaces where you can host your own content and engage your audience and you won’t need to rely on paid media outlets anymore.
If marketers shifts their focus from trying to raise awareness through outdated media channels to driving customer passion, they’ll thrive in the years ahead.
July 28th, Projective Space L.E.S, New York
Join Influitive at this free afternoon event to learn how industry-leading experts in the B2B world drive customer engagement.