AE Articles
AE Articles
A brand that is worth millions of dollars, if not billions, has one thing that sets it apart, it is a good reputation. Whilst it is possible to build a reputation by deploying aggressive advertising campaigns that cost you a gigantic amount of cash, there is a more sustainable way of building a reputation that touches a lot of hearts and thus, generates seven figures revenue for your start-up - it is a good management of seven aspects within your business organisation, namely products and services, innovation, workplace, governance, citizenship, leadership and performance. In the era of technology and free flow of information, customers are better educated. Their comments about your brand can influence public opinion and therefore, contribute to the creation of a certain narrative around your brand, which then becomes your brand reputation. Whilst strategic marketing communication campaigns might help to shape the narrative in favour of your side, there is no way that you can totally control the opinion that circulates within our society, particularly in these days when business transparency has become the new norm. That is why many big companies are taking an anticipative action by mending aspects that they can mend within their reach. The aspects consist of seven things pertaining to business ethics, management and behaviour.
Email marketing is a powerful tool that businesses can use to build stronger relationships with their customers and drive sales. It is the most profitable and cost-effective direct marketing channel, generating an average return on investment of $36 for every $1 spent. As of 2022, 68% of businesses reported using email to send content to their contacts. For this reason alone, email should be a key pillar of your digital marketing strategy. Not doing any email marketing is like leaving money lying out on the table.
Building an email list is key to a successful email marketing strategy. Don’t know where to start? This guide will teach you how to build an email list, starting with the top list-building tactics. To set your email marketing campaigns up for success, you should first know how to build an email list. Often, it’s not enough to simply include an email signup form on your website. Not only do you want to grow your email lists — you want to make sure your email campaigns reach the right people.
A Referral Program is a word-of-mouth marketing tactic that encourages customers to advocate on behalf of your brand. Rather than writing reviews online or submitting customer feedback surveys, referral programs let customers share their brand experience with partners, colleagues, and friends. Customer referrals are highly valuable because they don't cost much — if anything — to acquire. The exact value of a referral varies across different businesses, but it's roughly the lifetime value (LTV) of a customer, plus the cost of customer acquisition (CAC), which you can then use to acquire additional customers.
1. Contests or Giveaways Contests or giveaways can incentivize customers to refer new leads. For example, you can host a contest where customers are only entered if they refer a certain number of leads to your business. This can mean providing a list of emails or getting signups for a free trial or membership. The one risk that you run with contests is the quality of leads. If customers are randomly selecting their peers, you might not obtain leads who are interested in your business. This will cost your marketing and sales team time as they sort contacts who aren't a good fit for your company. Be sure to create contests that encourage customers to refer high-quality leads. You can do this by basing your entry fees on conversions rather than referrals. If a customer wants to be entered into the contest, they need to get people to sign up for or purchase your product, rather than simply providing an email. This will ensure that you're rewarding customers for providing high-quality leads to your business. For example, this Gold's Gym giveaway included a host of physical prizes, such as dumbbells and workout benches in exchange for referrals.
6. Exclusive Events Customers like to feel like they‘re a part of a community, especially if it’s exclusive. By hosting events that are reserved for members of your customer loyalty program, you can capitalize on customer advocacy and attract new leads. For example, you can provide extra tickets to an event so customers can invite their peers and introduce them to your brand through a casual setting. Rather than bringing them into one of your stores, leads can attend a company outing or event where there's no pressure to close a deal. Why It's Effective Messaging from companies will never equal the impact of recommendations from friends and family. If you can provide customers with unique experiences that introduce your brand without making it the focus of the entire event, loyal customers won't feel strange about sharing invites with their social circle. Who It's Best For This is often a great approach for B2B companies to help expand their current corporate network connections. If you can carve out a reputation as a company that hosts great events, it's even easier for current customers to convince friends and family to tag along. How to Measure the Program's Success Compare your spending on the event to the number of referrals received and the number of conversions related to these referrals. Expect to take a loss the first few times as potential customers become familiar with your events, but if low numbers persist, consider changing your approach. When to Implement It Implement this strategy when calendars are fairly clear. For example, just after the holiday season is a good time — prospective referrals are often feeling a bit down and looking for an excuse to have a good time.
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