In the dynamic world of digital marketing, organizations of all sizes and industries face the challenge of acquiring net-new consumers, especially during the high-stakes Q4 spending season. Tight budgets, time constraints, rising media costs, economic uncertainties, fierce competition, evolving technology, and privacy regulations only add to the complexity. If digital is not your primary revenue source or your marketing function is still maturing, the task can quickly become overwhelming.
But fear not, as the solution lies within your grasp – hidden within the wealth of data about your current top consumers. Buried in the depths of web analytics reports, data lakes, warehouses, and e-commerce platforms, valuable insights await, ready to unlock the next generation of your brand’s superfans and propel you ahead of the competition.
Let’s dive into a unique and straightforward approach to harnessing this data:
Step 1: Unveiling Your Brand Admirers Successful digital marketing operates like a matchmaking system, connecting potential buyers with irresistible products. Identifying your most popular offerings and top consumers may not be groundbreaking, but executing this strategy effectively can yield substantial short-term performance improvements and secure larger budgets for future initiatives. And here’s where it gets even more powerful – by excluding the bottom consumers, known as the “Anti-Heroes” or “Anti-Fans.”
To begin, utilize any web analytics tool at your disposal to explore the following four questions:
- Which website pages have the highest and lowest conversion rates? Which offerings drive the most purchases or attract visitors just before they make a purchase? Aim to analyze both the top and bottom 10%.
- Which website pages generate the highest and lowest returns after the initial purchase? Which offerings inspire customers to return for more?
- What affinity and in-market segments define your buying consumers? Are these segments consistent across different products and offerings? Are there discernible patterns among those who browse but never buy? Unravel the profiles of your superfan and anti-fan to uncover commonalities.
- Where do your best and worst consumers reside? Are they in urban or rural areas? Do they make purchases from mobile or desktop browsers? Do they use Internet Explorer or Safari? Explore the environment and timing factors that influence your core consumers’ likelihood of making purchases.
By addressing these questions and combining the answers, even within a humble Excel spreadsheet, you can create cohorts consisting of 20 to 100 unique combinations of core consumer profiles. These cohorts will serve as your primary targets for intensive engagement while strategically excluding others.
Focus is paramount. Rank these consumer cohorts based on total number of purchases, average order value rate, and average conversion rate using a “capacity system.” This ranking not only helps identify affinity but also provides insights into the capacity to buy. The convergence of affinity and capacity defines the “Superfan” – those who not only desire to purchase but have the immediate means to do so.
Step 2: Harnessing the Power of Segments and Look-alikes Now, let’s move forward with four additional steps:
- Create Audiences within your web analytics tool GA4, catering to both the top and bottom segments you identified – the Superfans and the “Anti-Fans.”
- Transfer these definitions to your media buying system, leveraging platforms like Google Analytics, Google Ads, or DV360..
- Duplicate your campaigns and set them up for Direct Targeting versus Look-a-Likes.
- Craft compelling creatives tailored to the top segments, drawing insights from the identified best-performing pages.
Here’s the crucial reminder: Don’t merely focus on the Superfans; actively exclude the “Anti-Fans” and their look-alikes. Controversial as it may be, excluding low-profit customers is essential for maximizing return on ad spend when working with a limited budget.
And there you have it – by implementing this unique approach, you’ll experience an immediate increase in profitability. The investment is unquestionably worth it.
Embrace the power of data, uncover your Superfans, and propel your brand to new heights in the digital landscape.