3.
Campaigns that monetize existing leads and customers
If your business objective is to sell more to the customers you already have or to sell high-dollar, more complex products and services and profit maximizers (as described in Chapter 3), you need a Monetization campaign. In short, the goal of a Monetization campaign is to make profitable sales offers to the leads and customers you acquired with your Acquisition campaigns.
The stages of the customer journey completed by Monetization campaigns and shown in Figure 2-2 are the following:
Excite: You target Monetization campaigns at customers who have already spent time learning something from you, or have already purchased something from your business. Savvy digital marketers build campaigns that encourage prospects or customers to get value from the interactions they’ve already had with your business.
Cause customers to ascend: For every group of people who purchase something, some percentage of them would have bought more, or more often, if given the chance. For example, for every buyer of a Rolex watch, some percentage would buy a second (or third or fourth!) watch, or would buy the most expensive Rolex watch if presented with the opportunity. This concept is critical not only to digital marketing but also to your business goals. Your Monetization campaigns should capitalize on this concept by making offers that increase the value of your existing leads and customers.
FIGURE 2-2: Monetization campaigns create excitement and cause existing leads and customers to ascend to a higher level of purchasing.
Campaigns that build engagement
If your business objective is to successfully get new customers on board and move new leads and customers from being prospects to fans of your brand, or to build a community around your company, brand, or offers, you need an Engagement campaign. The most beloved companies create online opportunities for customers and prospects to interact with each other and with the brand. Companies that build engagement into their marketing enjoy the benefits of customer interactions that go beyond the simple transaction of buying goods and services.
The stages of the customer journey completed by Engagement campaigns and shown in Figure 2-3 are the following:
Advocate: You can create marketing campaigns to give your best customers the ability to recommend your business through testimonials and customer stories. These advocates defend your brand on social media and recommend your products and services to their friends and family when prompted. Advocates may talk about and defend your brand, but they’re passive about it. They won’t go out of their way to do it. That’s the main difference between an Advocate and a Promoter (discussed next).
Promote: Customers who actively seek to promote your business are worth their weight in gold. These are the customers who create blogs and YouTube videos about your products and services. They tell the story of your brand and their success with it on social channels, and do everything they can to spread the good word about the value you provide. They are true fans and believers in your product and what your business stands for. These people are your brand advocates.
FIGURE 2-3: Engagement campaigns can lead to the creation of brand advocates and brand promoters.
When done right, Acquisition, Monetization, and Engagement campaigns seamlessly move people through the customer journey. These three strategies help people go from their “Before” state in which they have a problem to their desired “After” state of having gained a positive outcome through your product or service. (We discuss the customer journey in greater detail in Chapter 1.) Figure 2-4 shows all the stages a person goes through, ideally, in the customer journey. Use the Acquisition, Monetization, and Engagement tactics discussed in this chapter to help move people down this path.
FIGURE 2-4: Use Acquisition, Monetization, and Engagement campaigns to move people through the customer journey.
Balancing Your Marketing Campaign Calendar
You may be thinking, “Which campaign should I be using in my business?” This is the wrong question, however. The right question is, “Which campaign should I be using in my business right now?” Every business should deploy each campaign type at different times to different people. So consider a few questions:
Do you want more leads and customers for your business?
Do you want to sell more to the customers you have or activate customers and leads who haven’t purchased in a while?
Do you want to turn customers into raving fans willing to buy anything you offer, and give you testimonials and referrals?
The answer, of course, is yes on all accounts.
But this point is critical to understand: One campaign can’t replace or do the job of another. An Acquisition campaign can’t do the job of a Monetization campaign. Likewise, a Monetization campaign can’t do the job of an Engagement campaign. Each campaign excels at meeting one particular goal. To maintain a healthy, sustainable business, you need to allocate time on your calendar for all three major campaign types.
If you run nothing but Acquisition campaigns, you’ll never be profitable. If you run nothing but Monetization campaigns, you’ll never add new leads and customers and, as a result, you won’t grow. If you run nothing but Engagement campaigns, you’ll have a loyal audience, but you’ll never convert your audience into customers.
