Overcoming mistakes that marketers make in the growth phase
In 1964, Dr. Amar Bose started Bose Corporation, which is now a famous audio electronics brand.
Their first product Bose 2201, was a piece of art. It was a 22 speaker system that was designed to use reflections of the wall to amplify sound. Plus, the esthetics made it perfect to rest at any corner of a house.
However, Bose 2201 was an epic failure. The response was so bad that Dr. Bose and his top student and first employee, Sherwin Greenblatt, were too nervous about their company’s future.
They did some research, and in 1968, Bose came up with another product — the 901. It was a conventional design consisting of two-floor standing speakers. Unlike 2201, 901 can be placed anywhere and could even be mounted.
Bose’s 901 was a commercial success. It changed the entire scene of house parties and home listeners in the 70s. 901 was so famous that it became Bose’s Corporation’s longest-selling product in their 57-year history so far.
Dr. Amar and his team realized that the best measure of audio quality is the listener’s perception.
What this means is that your product’s value and output depend on how your audience perceives it.
In this article, we discuss mistakes that businesses make early on and fix them through a framework.
By the end of this episode, you’ll able to:
- Identify what stops a sale from happening
- Create a prioritization framework to make your marketing more impactful
- Learn about the mistakes that marketers make and how to fix them
So, let’s talk about it.
How to harmonize your marketing with everything you do as a business?
Your tone of marketing is the first thing your audience notices about your brand.
For example, if you use the CRED app to pay your credit card bills. You know that the company is obsessed with cricket.
Whether it’s their user interface, choice of celebrities in their tv ads, or sponsorships. Cricket is at the heart of everything they do. With this approach, CRED creates virality, as there’s a fan in every household.
Thus, solving the product awareness problem.
Next comes the customer engagement challenge, their solution — In-app gamification. Once you’re inside CRED, you transact in a utopian currency — Cred coins. Plus, there are plenty of surprises and mystery boxes that keep you engaged. Scratchcards, slot machine games, you name it.
However, you unlock this world when you complete certain payment milestones. Thus, ensuring repeat usage. Plus, if you win? Share it with the world. Make it viral, create FOMO.
How to drive sales for your product?
Most businesses missed out on building virality in their product experience. It’s the biggest reason which stops a sale from happening as your product isn’t delivering an immediate value in taking that decision.
Ask yourself — how many times have we tried something because not just our friends but everyone on the internet was trying it? Candy Crush Saga, Pokemon Go, Oculus gears are all examples of how virality plays a role in the user acquisition strategy for these products.
Other factors we block a sale from happening are:
a) When we’re not listening closely.
Listening is the most potent skill which can help you close more deals. Hear what your prospects do all day. Their challenges and pain points are all opportunities to position your product or services.
b) When our brand isn’t trustworthy
Like a viral loop create FOMO and reduces the barrier of entry, the opposite is also true. No or little social proof adds a burden to trying new things.
Virality, Empathy, and Validation are three pillars of any conversion. Make sure you have them all before you set your marketing campaigns for success.
How to prioritize your marketing efforts?
Now, to decide which marketing projects to pick first, here’s a framework that helps you plan better. It’s called the RICE framework. Reach, Impact, Confidence and Effort.
Let’s go over each one of them one by one:
To Identify Reach, ask yourself—How many people will this channel or activity attract in a given period? How likely are you to reach ideal customers through this campaign or channel? Award points to your reach accordingly.
Amazing reach = 3 points, moderate reach = 2 points, low reach = 1 point
To estimate Impact, ask yourself — How much marketing impact can I create or expect from this campaign or activity?
3 points = Massive Impact, 2 point = decent impact, 1 point = low impact
To measure confidence, ask yourself — How confident are you about the reach and impact you estimated?
3 points=If you’re confident about return, 2 points = moderate confidence, plays a role, and 1 point if you’re not sure or experimenting with this channel.
To calculate effort, ask yourself — How much time or effort investment does this initiative requires?
Measure it in hours of work done by you or your team member in a day, week, or month.
Low effort = 3, Moderate effort = 2 and Too much = 1.
Once you have awarded points to each component of the framework, calculate the overall scores of the marketing activity. Similarly, you can calculate the RICE score of other marketing activities which you plan to execute.
How to organize your marketing campaign roadmap?
Once you have the scores, you can then prioritize these marketing activities in descending order.
To keep things tidy, you can use Trello and segment product into four buckets:
- Things I am doing Right Away (High Priority tasks)
- Things I’ll Pick Next ( second priority based on RICE score)
- Things that we must do soon (things to add to backlog)
All these efforts will make you and your team more organized and focused on crushing your marketing goals. Having a methodological approach helps you overcome two common mistakes:
- It adds visibility to your marketing effort within their organization.
Marketing to internal stakeholders is as hard as our prospects. It exposes you to take criticism from your peers and colleagues than from outsiders. However, the upside is that you gather a lot of feedback.
Sales, support, and customer success are our internal customers, and there’s a lot of value we leave on the table by not taking their buy-in.
2. It reduced the risk of overestimating the impact of our efforts.
The framework I shared helps in setting realistic expectations and identify opportunities to achieve your final goal.
To be successful, make sure you spend enough time evaluating your marketing ideas before going all in.
Having a strategic approach towards marketing is how we all grow to become better marketers.