All posts in “Data”

A young businessman and boy dressed in business suit and racing helmet is pushing his box car and using his competitive drive to steer his business to new levels.

How to Use Co-Marketing for Your Next Promotion

When searching for new ways to market your next promotion it’s important to remember it’s not always about the flashy tech or latest trends. Sometimes it’s the strategic partnerships you create that take your promotion to the next level. Co-marketing is one of the best ways to bring a bit of excitement into any promotion, and there are cost saving benefits as well. Here are some of the best applications of the co-marketing concept for your next promotion.

 

What Exactly is Co-Marketing?

Co-marketing is a marketing partnership in which two or more companies share resources, data and costs that would otherwise fall on the shoulders of a single company. The combined perspectives of the participating companies should hopefully provide a more comprehensive view of the commercial landscape and lead to more successful results.

 

How Co-Marketing Works

Your marketing campaign has holes in it. Don’t get mad; it does! Sometimes, a fresh set of eyes is the only thing that can draw focused attention to the problems. You will have insights that your partner(s) will not, and vice versa. You will also be able to bring assets that your partners don’t have, and once again they will have assets that you want.

 

For example your partner may have a customer database that would align with your brand, and would be perfect for you to market your product or service to. If this is the case why not create a joint promotion? Creating a promotion with the right partner has huge upsides. You can share resources, share costs, and advertise the promotion to your respective audiences. If you create an awesome promotion (like the ones Peazie do) you have the potential of thousands of entries. When you share the data obtained from the promotion you will now have people to add to your list that were fans of your partner, and they will obtain a new a list of people who were fans of yours. You suddenly have an entirely new audience to market to and this was all from using a clever strategic partner. This strategy works incredibly well when the products that you and your partner are selling are complementary products.

 

The data that you have on your customers will also help to speed up the process of analysis. Could your buyer’s profiles use a bit of tweaking? You will find out faster if you have access to partner data that showcases an audience that you may have missed. New profiles usually lead to new directions in terms of marketing. You may prioritise different websites with banner ads or attend different industry events. You can more easily streamline successes and cull away failures if you analyse them together.

 

How to Acquire Co-Marketing Partners

The best place to start is usually with companies that have complementary products or services: If you are selling sunscreen products, then a surfwear company might be a good choice. You are not in the same direct market, but the sales of one product definitely increase with the sales of the other.

 

Does your company attend industry events or trade shows? Then this could be a great way to find companies that are looking for partners. In most cases, companies will connect with you quickly if you let it be known that you are trying to shoulder marketing costs.

 

Have you taken a look at your current list of work contacts? Chances are there are several complementary businesses you already work with that would make the perfect partner for a promotion. Make sure that you focus on companies that are similar in scale – smaller companies could probably be too much of a burden, and larger companies may require too much from you.

 

In short, the right partnership can be great for your company. Put the word out, set your expectations, and see if you can create a co-marketing campaign with a helpful partner business.

 

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Campaign Tracking: What it is & How to use it

What is Campaign Tracking?

The modern methodology of campaign tracking goes back to a company named Urchin Software Corporation, a data management company that was acquired by Google in the year 2005. Urchin created the standard known as the UTM, or the Urchin tracking module. This tracking module sets today’s standard for campaign tracking, which is the organization of relevant data that comes from your social media pages and other promotional efforts.

Campaign tracking can take on any form that you wish depending on the key performance metrics that you set. If you are looking for the answer for how to increase company revenue, you will track a particular set of data. If your goal is conversions or impressions, the campaign of data that you track will be different.

Basically, you are putting eyes on the money that marketing says that you should spend. R&D and IT might have a point – those guys DO get carte blanche to say anything they want. No more! The data never lies.

 

How Do You Use Campaign Tracking?

Use campaign tracking to quantify your assumptions about how your key performance metrics are being met or not met. For instance, if you are trying to find out which social media network deserves more of your marketing dollars over the new quarter, then you should probably determine the network that drives the most traffic to your landing page. The secret is to focus your efforts on the data that is most relevant to the goal that you are trying to achieve.

Use tracking for bragging rights. If your marketing guys get into a friendly competition about who gives the best predictive analysis reports, bet on the next data tracking campaign – loser has to set up every report in Excel for the next month!

 

Why Use Campaign Tracking?

Not only does campaign tracking give you a benchmark for future predictions that are based in data, but you also give yourself a more effective platform on which to move in your current business efforts. When you are trying to sell a business, your tracking will come into question. Investors are just as interested in how you gather your data as they are in the data itself. Each channel that you are comparing can have its ROI tracked, so you can compare apples to apples for whatever metric you are trying to find.

Tracking solves arguments. Forget about office politics – take it to the spreadsheets. Data will shorten the time that your people spend talking about empty strategy and move people towards a singular goal, one that is agreed upon by the dispassionate computer. Save the emotions for the happy hour bar!

 

When Should You Use Campaign Tracking?

In short, use tracking whenever you can. It always costs a company less to analyse data than it does to play trial and error with marketing and development strategies. “A stitch in time saves nine,” as Aesop might say, meaning that “an ounce of preparation is worth a pound of cure.” Yes, it is bad form to define one pithy, taboo quote with another pithy, taboo quote, but you get the point.

Peazie is fast becoming an industry choice for promotional campaigns because of its ability to quantify analysis through quality campaign tracking. We organise campaign tracking for each promotion and competition we create. We manage the campaigns from end-to-end and advise how to optimise your traffic during the campaign to ensure the best quality leads, and highest amount of leads.    

 

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6 KEY takeaways from ‘Perfecting your Promotion’

A couple of weeks ago Peazie had the pleasure of presenting at the ‘Perfecting your Promotion’ event held by our friends at Plexus. It was a great turnout with many insights into how to leverage data to improve your promotions. For everyone who couldn’t make it here are the top 6 key takeaways from Peazie’s presentation:

 

1. Lead with the benefit

“Win XYZ” (what you win) should be your headline act, not “Buy XYZ” (the behavior you want to change).

Peazie has run thousands of campaigns, so we know what works and what doesn’t when it comes to writing headlines for a promotion. Clearly stating what a person will be gaining from entering the competition always works a lot better than using a headline that states why you want them to enter your competition. Remember everyone’s favourite radio station: WiiFM (What’s In It For Me)

 

2. Simple entry mechanics

Remove as many barriers to entry as possible. Do NOT run games of skill. You can ask for more effort or data from a consumer, but make it simple and fun otherwise your audience will ‘bounce’.

This is very simple to understand, the more barriers and friction there is to someone entering your competition, the less likely they will enter it. Our job as marketers is to design a promotion that removes as many barriers as possible.

 

3. Perceived attainability outweighs total prize pool

Counter intuitively, 10 x $10 performs better than 1 x $1,000… And instant win out-performs grand prize draws every day of the week – because we humans are impatient.

Having a large grand prize drives a lot of attention for a promotion, however we have examined the data from running thousands of campaigns and it consistently shows offering multiple smaller prizes actually gets more conversions. Reason being when people think the odds of winning is in their favour they are a lot more likely to enter a competition

 

4. Decide what’s more important – quantity or quality

Whilst cash drives the highest quantity customer acquisition, an incentive that is only of value to a good customer will drive better quality customer acquisition. If possible, measure the quality of your acquisition in real-time and optimise against it.

We have tried many different prizes over the years, we know cash works well with a mass audience. The freedom of choice that cash brings leads to a higher conversion rate. However when working with a niche target market, choosing the right prize, that is highly valued by the entrant will give them the incentive needed to supply their personal information to enter the competition.

 

5. Measure everything and optimise

3 banner ads targeted at 3 different audiences driving people to 3 pages = 27 campaign variants. Without exception, One of those variants will work MUCH better than another. Tech has made this level of real-time optimisation easy.

One of the biggest advantages of being a marketer in the digital age is that there are multitude options for advertising platforms. Platforms such as Facebook and Google Display Network allow great targeting, great reach, and multi-variant testing options. Ads should be tested, measured, and then optimised for ultimate performance to drive the best quality of traffic to ensure a highly successful campaign.     

 

6. Repeat your successes

Again, modern tech has enabled us to step-and-repeat great promotions. As marketers, we also know that frequency drives recall and saves us cash – so if you can avoid building a new promotion, step and repeat an existing success.

The reason Peazie can give any business a competitive advantage is that we have collected data on every single campaign we have conducted. We know what works, and what doesn’t, and you can be rest assured any campaign we create for you will apply the latest in data-driven promotion design.

 

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4 Classic Ways to Use Customer Data

Here at Peazie, we’re a big bunch of data nerds – we LOVE it. We use insights from the data we have collected from running thousands of campaigns to continuously create high converting promotions for our clients. We also strategise what type of data our clients should be collecting from their promotional landing pages in order to achieve the best result.

You may already have some great data that you are not taking advantage of. All of those names and addresses that you have sitting in your database are actually a treasure trove of information that you should be using to expand. Here are the top four ways that the random customer data that you accumulate without even trying can help you.

 

Personalisation

The data that you collect can help you to create a more personalised experience for your customers. Your customers will spend around 13% more money with you if they feel closer to you, a study by Infosys shows.

Creating a buyer profile from customer data allows you to create personalised recommendations for your best customers and provide geo-targeted promotions on the mobile platform.

 

Offer Customisation

If you already know who is buying from you, then you can customise your loss leaders specifically to their needs, following closely in the footsteps of top enterprise companies who are already doing this such as HP. Your most loyal customers are the ones who deserve the most customised offers anyway, and their data is the key to creating that offer for them.

If you have real time data, you are in a privileged position. You will be able to watch your targeted promotions move directly to the channels that work best for that audience. Watch your engagement and conversion rate soar as you directly answer the call of your most loyal clients.

 

R&D

In today’s highly competitive and instantaneous market, each iteration of your products must outperform the last. Your customer data can speed up the feedback that you get on your current product line, allowing your R&D to move more quickly in the direction that your customers demand.

If you apply the proper analytics to your customer data, you will be able to specifically identify the products that your clients will pay for, as well as the price point that will maximize the effort for you. You can direct R&D in a way that focuses on improving the most salient aspects of your products.

 

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Your best prospects are always moving between channels, and your customer data is the best way to follow them. You will be able to more closely monitor the journey of a prospect that becomes a customer, focusing more of your efforts on the campaigns that were most effective for you.

Customer data also allows you to find the behaviour patterns of your highest value clients. With this information, you can take full advantage of Pareto’s 80/20 rule (you get 80% of your profits from 20% of your customers), reducing your marketing costs while improving your ROI.

This list is only the beginning, make sure to contact Peazie to learn how to create a promotion that captures the right type of data, from qualified leads, to help you achieve your business objectives.

A happy young couple relaxing together and making some online purchases.

Media Purchase: Part of your Branding Strategy or Only for Specific Campaigns?

When it comes to your campaigns, having the right media buying strategy is crucial to your campaign’s success. And understanding your conversion is crucial to setting the right strategy. Yet, one of the most overlooked aspects of this are the crucial differences between campaign specific, and on-brand conversions.

While on the surface the two areas might appear to be the same, it is often the case that brands will find great success, and increased conversion rates by running campaigns with very specific objectives, that are outside their usual, on-brand remit.

 

So, what are the differences between media buying for campaign specific, and on-brand conversions?

 

Campaign specificity

 

As mentioned, brands will often find great success converting with unique campaigns, that are outside their usual brand objectives.  This often entail building microsites for the specific campaigns, with singular objectives, such as getting customers to make an in-store purchase, as opposed to an online purchase. As these microsites are independent from the brand’s usual online presence, it’s normal for them to have a more specific design. Therefore, it can give the impression of something unique, and exciting.

 

Ad’s purpose

 

When it comes to media buying for any campaign, the purpose of an ad has a huge impact on the media-buying strategy. No matter if the objectives are brand related or campaign specific.

With campaign specific conversions, awareness and action are required from the audience. As such, the media-buying strategy (creative, channel, placement, frequency etc.) is different. It focuses on awareness, conversion and lead generation, as opposed to brand awareness, or product differentiation.

 

Lead motivation

 

The traffic generated by the new media placements will be different to the standard campaigns. And, it’s important to note differences in lead motivation. Consumers coming from a brand’s standard search campaign might be looking for a product, and they will be greeted with the product they are searching for. In this case, the motivation is the desire for more information. After clicking the ad, the lead may find the information they are looking for.

In campaign specific conversions, this motivation can be a lot more specific, and offer a far better conversion rate. Instead of finding people who are looking for a specific product, ads are targeted to identified people who are most likely to convert. Although the difference in motivation is slight, the impact on conversion rates can be huge.

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Why is Building a Database so Important?

In the early days of digital marketing, a database was little more than a list of names, or business contacts. On a good day, there were a few people who might be interested in your product. Or, at least, had shown some interest in the industry. Data collection was tough and expensive for the small business marketer, and it was common practice to just purchase a database, and bombard them with sales literature.


Fast forward a couple of decades, and the outlook isn’t half as bleak. Data is in abundance, and the means to capture data and build a database is now more affordable than ever. This said, it’s alarming how many still consider purchasing and spamming a list a suitable marketing tactic. Sure, in all likelihood it will probably result in some conversions – after all, if you throw enough dirt at the wall, something will eventually stick. But as any marketer will attest, not all conversions are created equally.

Lead quality


If there is one reason why building a database is so important, it is lead quality. Lead quality is everything. It influences whether or not an individual converts. It impacts how long a customer remains a customer. And it plays a huge part in determining how much it will cost to retain that customer for the long term. Building a database from scratch gives you control over the quality of your leads. Unfortunately, you can’t achieve the same result with a purchased database without significant expense.


Build a community


Building an active, engaged community is at the top of many marketers to-do lists, and rightly so. In this day and age, the divide between business and consumer has been torn down by social media, creating an open line of communication between brands and customers. One that allows businesses to offer value, and cultivate loyalty in return.

Using social platforms to engage your database can act as a crucial building block for your community. And it goes without saying that the higher the quality of your leads, the more active and engaged your community can become. This, in return, makes it a whole lot easier to retain your customers, and a whole lot cheaper too.

How to build a database


So, all this talk about databases, community building, and retention is all well and good; but how do you actually go about building a database filled with high-quality leads? Traditionally, marketers would have had to spend hundreds, if not thousands of dollars to conduct surveys, gather customer research, and run campaigns to collect enough information to compile a full database of potential, and existing leads. 

The truth is, consumer data is in abundance online. It’s simply a case of having a tool that helps you not only capture it but also make sense of it all. As a result, building a high-quality database from digital data can be a lot easier than you might think, be it through social campaigns, image upload competitions, or campaigns that drive your digital contacts to your physical store. The limit to your database building really is your imagination.

Close up of a happy young women working together

Does Prize Value Impact Conversion Rates?

Choosing the right incentive is crucial for your competition. It sounds obvious, but it’s surprising how many get it wrong, spending thousands on a single prize in the belief that value – in a financial sense – will lead to increased conversions.

 

It might surprise you to know this is simply not the case. In fact, our data suggests that a single, more expensive prize in the $5k – $10k bracket drives around 10% fewer conversions than a simple $50 gift certificate. So here are a few things to keep in mind before you drop your entire marketing budget on your next huge prize.

 

Perception trumps reality

 

Perception is everything, regardless of the facts. As a competitive species, we gravitate toward scenarios where we are most likely to win. So even if the odds of winning a car or holiday are the same as winning the $50 gift certificate, for some reason the perceived odds favour the less expensive prize.

 

Give it a go! In your next competition, try offering something simple, over something lavish and expensive and see for yourself.

 

Volume trumps value

 

Another interesting takeaway from our data is the impact prize volume has on conversion rates. Having more than one prize up for grabs, even if they are lower in value, has a huge impact not just on conversion rates, but also on referral conversion.

 

Thinking about it logically, this makes perfect sense. Although we are competitive, we love to share experiences. After all, there’s a reason social media is such a big business. So while a single prize plays on our competitive streak, multiple prizes play on our want and need to share experiences within our communities, and friendship groups.

 

Goals trump everything!

 

When it comes to any campaign, it’s important to keep your business goals in mind. The majority of our clients seek to drive conversions and optimize conversion rates. If that’s your goal, spend $500 on 10 gift certificates, rather than $5,000 on something outrageous.

 

You can read some of our case studies here!  

 

Sometimes you might want to give away something lavish and outrageous, be it for PR or simply to improve brand perception, and prestige. Let’s face it, a $50 gift certificate won’t carry the same prestige as giving away a holiday, or a car.

 

If your business goal is to increase prestige, you’ll likely do better with a more expensive incentive. However, if you are dead set on a lavish, expensive giveaway, but worry about conversions, up the volume with some less expensive consolation prizes.
We hope these little golden tips help you understand how competitions can be run better. If you are still hungry for knowledge, get in touch with us at Peazie!

 

 

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Connecting Online To Offline In-Store

With the number of smartphone users forecast to reach 2.08 billion by the end of 2016, it’s no surprise that almost everything digital has become trackable; From a “like” on a Facebook page to an open of a subscription email. Data rules, and as a result the marketing world has seen an incredible shift.

We’ve gone from the spray and pray tactics of yesteryear, to targeted and sophisticated calls to action on an individual level. Instead of trying to capitalise on footfall, the focus has shifted to growing targeted digital communities.

Building engaged audiences on digital platforms has never been easier. However, integrating digital promotions with a brick and mortar store is still a huge concern for most modern B2C marketers.

While most of us know the importance of thriving digital communities, many also fail to address the huge disconnect between online and offline campaigns. So, here are a few ways to inspire you to connect online campaigns with your brick and mortar stores!

 

  1. Digital Vouchers In-store

Peazie know there’s an issue connecting online and offline campaigns and have come up with our own solution. This has recently resulted in the development of a new competition mechanic. One that incentivises smart device competition entries by offering in-store discount codes. Using this mechanic in conjunction with competition campaigns encourages footfall to brick and mortar stores, while also tracking which customers redeem their vouchers. See the recent write up about it here!

 

  1. Geo-location Triggers

No discussion around online-offline marketing would be complete without at least mentioning geo-location. There are tonnes of ways digital geo-location can improve marketing campaigns – from tracking consumer movement around a store and highlighting the area with the highest traffic, to triggering promotional messages when a customer is nearby, or even in a specific aisle. A great example of this is when Pizza Hut sent promotional messages to potential customers within half a mile of one of their locations. Fun fact, Pizza Hut reported the campaign was 2.6 times more effective than standard display ads.

 

  1. Snapchat Geofilters

Snapchat has been making waves in the marketing world. As a social platform, it’s no surprise the app has a keen focus on live events, but by far one of the most interesting functions for marketers is in Geofilters. Now, you can rent a specific location for a period of time, and use a custom Geofilter – a designed overlay added to snaps – to advertise your brand. As an advertising tool, the function is still in the early stages but highlights a giant leap forward in reconciling the divide between location-based campaigns with digital content. Learn more about it here!

There is so much interesting and super exciting innovation happening in this space right now. So we hope this post helps you sound smart(er) at parties! Good luck and don’t forget to keep up with the Peazie blog!

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Top 4 Analytics For Competitions

As marketers, few things are as important to us as actionable data. Data influences major campaign and strategy decisions. So if you’re approaching your next campaign, you’ll no doubt be keen to know which analytics you should be tracking.

 

Collecting and understanding the right data can help illustrate what works, and why it does. Having this knowledge means we can get the most success from all our campaigns, but knowing which metrics to track can be a bit tricky. So to get you started collecting the right data, here are the top 4 analytics marketers should track with competitions!

 

Traffic Source

 

Knowing where your traffic is coming from, means you can optimize your campaign more strategically. Data from the source highlights which of your promotion avenues drives the most traffic, offering you the opportunity to optimize and focus more on high traffic sources and increasing visitors to your campaign!

 

As a side note, understanding your traffic source data can be used for future campaigns too, because it offers a great way to show where your audience is most likely to engage with your brand.

 

Entries

 

The majority of competition campaigns aim to generate entries. It’s a pretty fundamental part of running a competition! So it makes sense that a metric showing the number of entries should be a partial indicator for success.

 

The crucial element here is tracking which is the right entry mechanic that aligns with your campaign objectives. For example, if your objective is to generate more leads, a ’25 Words’ competition might not be as effective as ‘Click To Win’. Similarly, if your goal is to increase brand awareness, a ‘Share For Entry’ mechanic might be your best bet. The hot tip here is to experiment and keep track of the results. This way you will learn what works best going forward!

 

Conversion Rate

 

Conversion rate is reliant on 2 other crucial metrics: Entries, and Visitors. And is often used as a go-to KPI to illustrate the overall and ongoing success of a campaign.

 

Conversion rates are the percentage of campaign visitors who entered your competition, in relation to the number of visits. Understanding conversion rates is also critical to A/B testing your campaigns, offering the opportunity to understand the impact of incremental changes.

 

Cheeky self promo: We are guns at improving competition conversion rates.. See for yourself here!

 

Visitors

 

Access to accurate visitor data is super crucial, more so than any other metric! For any marketing campaign, unique visitors are an essential foundation for analysis. It is the basis that every other metric is measured against.

 

Conversion rate is the relationship between converted visitors (entries) and visitor traffic. While traffic source would have less impact without knowing how many people actually visited.

 

Your campaign analytics hinge on accurately showing how many unique and return visitors your campaign has received.
Hopefully this has inspired you to improve your competition analytics tracking! Still have questions or need help? Get in touch with us at Peazie!