Why is your marketing strategy not resulting in high conversions?
You will always hear the Marketing Manager hustling around the conversion rates of the last campaign. Most e-commerce brands constantly hitch themselves to this one question- ‘what is the conversion rate?’ After being disappointed, most of them try out various agencies looking for a solution to the infamous ‘conversion’ problem. However, sometimes we don’t find the answers because we might not be asking ourselves the right questions.
Everyone talks about a full-funnel marketing strategy, but due to lack of projected results and quick fix solution techniques, most brands end up investing only in ‘easy to justify’ customer acquisition campaigns at the bottom of the funnel. We need to understand that full-funnel marketing is not just a campaign strategy; it’s a total shift in marketing. Since the focus and ad spending mostly go to the bottom of the funnel, brands become stuck with the conversion problem after making high digital spends.
The lack of understanding that a functioning full-funnel marketing strategy requires you to tailor communication and ad spends at each level, makes it ineffective. Marketers need to understand that an effective marketing strategy doesn't require you to do more at each step of the funnel but rather maximize the impact each level has on the other.
We need to emphasize that customers who can easily find the right hooks to the brand tend to be more loyal and valuable over time than those who arrive at a site because of a generic keyword search or social media ad.
A joint study by Edit and Kin+Carta has shown that e-commerce brands have the lowest level of brand loyalty, at just 6% of consumers. While the e-commerce sector boomed during the pandemic, brands would be wise not to confuse habitual purchasing with perceived loyalty. Hence, it becomes more important to build your marketing strategy with a long term focus, so that the graph increases constantly and does not face surges and dips.
As an agency, we test and try multiple methods with our clients in the entire life cycle of the funnel we have created for them. A few things to keep in mind while building a funnel is to make and enhance the community of any brand while working on a seamless customer experience
In a concise form, if we have to put and categorize all our effort, a checklist would look like as follows :
- Utilize all relevant custom and lookalike audiences that the platform provides
- Segment audiences basis the stage of the journey they are in
- Make relevant exclusions from the custom and lookalike audiences to make the segments accurate
- Ensure that Pixels / Conversion APIs/ Tags are firing correctly
- Ensure that custom events such as add to cart and initiate checkouts configured
- Have a healthy content mix
- Have custom communications for each segment of the audience
- Keep testing new content - audience combinations
- Retarget intent captured from Google on social media
- Tryout new elements on landing pages / custom landing pages for crucial segments
Customer expectations are changing dramatically as more people are choosing a brand's purpose and ethos as their parameter for choosing them. This shift in consumer behavior patterns opens up opportunities for brands and marketers to make better decisions across the brand's marketing funnel.
Ultimately, it is of utmost importance for brands to create an updated marketing mix that flows throughout the funnel and provides space for the consumers to trust and choose the brand.