Kasfia Rashid - “Money Matters with Kash the Bookkeeper”
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Hello! Welcome to Money Matters, the accounting show with no numbers.
This season we are bringing guests on to the broadcast for a live Q&A on the hottest topics in this new normal of business. We are going back to the basics- plot TWIST- the basics have changed! At the core of business is one simple understanding. You have something, someone wants that thing you have and is willing to exchange something they have to get it, usually cold hard CASH! The question becomes, how do they find you and your product or service?
With the physical world forced to spend more time indoors, social media and the digital world's influence has sky rocketed. Seven out of 10 respondents in a study agreed that the marketing function in their organization became more important during the pandemic, for reasons that span the entire customer journey. Now more than ever, the pressure is on for marketing teams to drive results across every stage of the funnel, from customer acquisition all the way through sales and retention.
Today we talk with Lynne Holloman of Netsearch Digital marketing about how the marketing industry has changed and how we can take advantage of those opportunities. You can find out more about Netsearch Digital and how they can help you target the right market for your business here : https://netsearchdigitalmarketing.com/
Show Objectives - The Why
Marketing drives sales and like accounting, marketing is a moving. flowing, living part of your business. With so many new platforms, algorithms that change seemingly daily, and the inability to dance, navigating through the ocean of social media can be daunting! Criteo.com recently surveyed 1,000 senior marketing executives around the world, including those in the US, UK, France, Germany, Italy, Spain, Australia, Japan, South Korea, and India, to learn about their plans for 2021.
Check out the full article here: https://www.criteo.com/blog/digital-marketing-spend-2021/
Here are three more top takeaways from the research:
1. All eyes are on marketers to drive full-funnel results.
Seven out of 10 respondents in our study agreed that the marketing function in their organization became more important during the pandemic, for reasons that span the entire customer journey. Now more than ever, the pressure is on for marketing teams to drive results across every stage of the funnel, from customer acquisition all the way through sales and retention.
2. Digital marketing spend is being spread across more channels in 2021.
Despite a rapidly changing landscape, 87% of marketers plan to spend the same or more on a proven performance driver, paid display / retargeting on publisher sites and apps, in 2021. At the same time, many marketers also intend to diversify their hard-won budgets across the open internet: 43% plan to spend more on retail media in this year than they did in 2020.
3. Marketers are making louder calls for brand-safe alternatives.
Businesses are more tuned in than ever to how they’re being perceived in a non-stop news cycle. A full 64% of marketers say that not showing up next to hateful or fake content is a top concern. One third say their campaigns are too dependent on Facebook, Amazon, and Google.
What You Need to Know - The What
Facebook, Instagram, Twitter... Oh my! But, wait.. there's more...! Tiktok, Twitch, Live Stream, Zoom, LinkedIn... the world has gone digital. The days of large flashy billboards on major highways have been replaced with equally large flashy billboards on the internet highways of the world wide web. For marketers, re-engaging lapsed online and offline customers, in addition to reaching new audiences — like those that have similar browsing behaviors and interests to their current website visitors — will be a critical part of success moving forward.
A separate Criteo survey found that many consumers also have reservations about social media, from seeing posts with fake news and misinformation to worrying about how their privacy and personal information is handled. This is paving the way for more ad spend on brand-safe publisher and retailer sites and apps in 2021.
So what’s an entrepreneur to do?
My advice : Go to where your customers buy from. But, Kash, I don’t have any customers yet. Not a problem. Look to your competitors and other businesses in your industry. Where are they spending their time and their hard earned money? When you made your last purchase, where did you go?
The truth is, the majority of consumers are on major search engines like Google when they are ready to make a purchase. So building your credibility and reputation on these large marketplaces will yield the biggest return on your advertising dollars.
Easier typed than done, thou. These large marketplaces have heavy competition, constantly changing algorithms, and pages of “requirements” to meet. No longer is a business card and a Wix website enough to stand out in the marketplace. Instead of traversing these changing waters alone, grab a captain and have a map…..
What You Need to Do - The How
At one time, artificial intelligence, data-driven marketing and voice search engine optimization (VSEO) were ambitious concepts bordering on the ridiculous. Today, these innovative digital marketing trends are among the top priorities for most business owners in 2021.
And why wouldn’t they be? After all, if your business has any intention of remaining competitive in today's online landscape, you must adapt to the rapidly evolving changes in digital marketing. As Brian Solis puts it:
“Each business is a victim of Digital Darwinism, the evolution of consumer behavior when society and technology evolve faster than the ability to exploit it. Digital Darwinism does not discriminate. Every business is threatened.”
Make no mistake: We live in a time when technology marketing moves fast and consumer interests and behaviors are hard to predict. Marketers can no longer stick their heads in the sand and hope that educated guesses and the same old methods will work forever.
Despite a rapidly changing landscape, 87% of marketers plan to spend the same or more on a proven performance driver, paid display / retargeting on publisher sites and apps, in 2021. At the same time, many marketers also intend to diversify their hard-won budgets across the open internet: 43% plan to spend more on retail media in this year than they did in 2020. More than one-third of marketers plan to increase spend on omnichannel and paid video in 2021.
Check out the 42 digital marketing trends of 2021: https://www.singlegrain.com/digital-marketing/digital-marketing-trends-2021/
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Written by Kash the bookkeeper
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