All posts in “Strategy”

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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Monetizing Your Facebook Audience

So you’ve got 10k, 20k, maybe even 100k likes on your Facebook page, and you’re consistently hitting a decent engagement rate. But where’s the money? You have all these people hanging on your every word. Surely there’s a bit of coin to be made here!

 

The question of monetization on Facebook, and social media in general, is a divisive one. This is because the purists look to build authentic relationships with their audiences and the profiteers just look to make a quick buck (usually at the expense of building lasting relationships).

 

One of the biggest flaws in the social media marketer’s mindset is the ‘right here, right now’ attitude. When we think of monetization, we picture ads popping up on Youtube, or clicks on offshoot links that immediately translate to a quick buck. The reality is that effective monetization requires time, patience, consistency, and a strategy.

 

So, go for the gold! Here are a few ways you can monetize your Facebook audience, and still build lasting relationships.

 

  1. Activate your influencers

As a brand, your social influencers should be one of your top priorities, not just on Facebook, but on all your social channels. You need to find the people who engage with your brand on a regular basis. These are the customers who might even have reached out to tell you how great you are, or shared your products in their personal posts. Reward them with a shout out, engage with them on social media, or even offer them a discount! Although simple, these can be a great way to encourage them to share more about your brand. Turn them from happy customers into influencers, and get endorsements for your products that can drive sales from friends, families, and followers.

 

  1. Lead generation and campaign integration

Using social media for lead generation is a tried and true technique. But, it remains one of the most effective for monetizing your Facebook audience. If you are generating engagement on your Facebook posts, use it people! Integrate Facebook as an entry to your marketing funnel. Drive your Facebook audience from Facebook to a channel that can convert them into a customer. It could be a YouTube video, a landing page with a signup form, or even a product you’re trying to sell.

 

  1. Get a piece of the video revenue

Last year, Facebook announced that video publishers would be sharing in the ad revenue generated by native videos. While the business model is still being tinkered with, many video publishers have raised concerns with the actual ROI. It’s fair to say it’s early days for Facebook video revenue sharing. And as with everything on social, it’s better to be in on the ground floor, rather than trying to catch up later down the line. Focus on your native video offering now. Build engagement with videos, and make it a stronger part of your Facebook offering to better your position once the revenue sharing model is refined.

 

Now it’s time to unleash the full marketing power of your Facebook page and improve the bottom line of your business. So, stop checking what all your old high school buddies are up to and start putting in the work to monetizing your page. Good luck!