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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Perfect Planning: Before and After the Promotion

The success of a promotion in any industry depends on the implementation of some general strategies that are relevant in all corners of business. Here are a few vetted tips that you can use to help improve the viability of a promotional campaign.

 

Before the Promotion

Are you sending the right traffic to your promotion landing page? You must be sure that you are optimising your target audience by streamlining it directly at a single source. Believe it or not, this is the way to expand your reach. You can also employ a multitiered strategy by using Facebook Ads, a PPC campaign and an email campaign that will bolster your overall exposure if executed concurrently.
Make sure that your traffic is targeted; the wide net strategy is not viable in any market. The more precise you are in targeting your niche, the better your promotional campaign will be. Make sure that you find your first responders at their preferred location as well.

 

During the Promotion

You must set the key performance metrics that you are looking to fulfill so that you can properly direct your promotion when it is in its active stage. This will help you to strategise your concept, making it more appealing to the audience that will be most likely to act like you want to fulfill your business objective.
Your campaign should also take advice from your previous campaigns – there is no reason to overlook the lessons that you have already learned in the past. Finally, remember that one of the most effective ways to create a higher conversion rate is to choose an engaging incentive and mechanic. Pay attention to how your audience responds to your lead ins!

 

After the Promotion

Do your customers know exactly what you want them to do after the conversion action? Are the directions on your promotion clear? Continue to direct your customers after the initial conversion, and make sure they receive what they opted in for.

 

Also are you using social media or emails to continue to drive customer engagement after the active promotion is over? Target the most enthusiastic of your new converts and empower them to spread your brand like an informal PR team.

 

These tips will definitely give you a leg up for your next promotion. However, here at Peazie we have run a few campaigns in our time. To create the ultimate competition that delights your customers and brings a value there are a host of things you need to think about from creative and data-driven campaign concepts, administration and permits, design and building, to tracking and optimising. Peazie has a reputation for partnering with top brands in many industries for creating premium promotion campaigns. With over 250 clients on board, Peazie has experience across the board as well, ensuring that your promotional campaign is built on the successes of the past!

 

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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.    

 

perfecting your promotion

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.

 

Marketing

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.

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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!

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What Does Your Audience Actually Want?

As marketers, we can often spend days, weeks or even months figuring out the specifics of our ideal customers. The belief is creating a perfect buyer persona will give us a deeper insight into behaviour. We use this to map a user journey, to predict audience actions, and ultimately lead us to campaign glory. For many of us, creating these personas provides the confidence boost we need to smash it with our campaigns.

 

Buyer personas are a crucial part of a pre-campaign game, that goes without saying. But it’s surprising how many of us act on personas before validating them. So many have failed to understand the most crucial element: what our audiences actually want. The weeks of planning and assumptions are undone by simply not taking the time to fact check!

 

If you try to action your campaign based on a fictional representation of an audience, chances are you’re not going to succeed. Sure, you might get lucky, but you’re probably more likely to win the lotto! Figuring out what your audience wants needn’t be difficult. The truth is, acting on assumption can damage your campaign, and just isn’t worth the risk. So here are 3 super easy ways you can find out what your audience actually wants.

 

  1. Engage in conversations: What they want you to know

 

There’s a reason ad agencies of old relied on focus groups. Because being able to talk 1 on 1 with your target demographic is the most simple and effective way to validate your assumptions.

 

If venturing away from the comfort of your office seems too much like hard work, fear not. With everything being so focused on social media, you can avoid the hassle of having to corner a group of people or stick them in an enclosed environment to prize their untainted opinions. Social media gives you access to billions of real people, with more opinions than you can imagine – or even want to imagine!

 

So find out where your audience is having conversations and join them. Show that you value their opinion, and keep in mind, people will only tell you what they want you to know.

 

Side note: Engaging in general conversation with your audience is also a great way to boost engagement and brand trust. You’re welcome!

 

  1. Observe them on social: What they want you to think

 

Social channels also offer a very public window into the aspirations of your audience. When you’ve identified where they are, take a look at what they are posting to their social media channels.

 

Look at the hashtags they use and who they engage with. Look at the type of content they post, repost, and share. Look at what gets them fired up, and commenting, and what the tone of their comments is.

 

Remember that what people share to their social media channels is reflective of the person they want people to see. It might not necessarily reflect who they are.

 

  1. Look at the data: Actions speak louder than words

 

Data doesn’t lie – but it is misinterpreted a lot of the time! With modern tracking data, you can see how your audience behaves, at a glance. This, in turn, can help highlight what they actually want to consume based on their actions. Be they conscious, or subconscious.

 

If you delve deep into the data, you can understand where your most engaged audience comes from, and what engages them most. You can see how they act and interact with your landing pages. Where they click, where they convert, and where they bounce.

 

Most importantly, you can use all this data, alongside a well structured A/B test to optimise your campaigns.

 

So follow these steps to better understand who your customers are and what they really want! It will make the world of difference. Good luck out there!