How to increase revenue through digital marketing?
Marketing, under current recessionary pressures, is challenging. Amidst all the darkness digital marketing comes as a ray of hope!
Compounding the harm caused by the current global pandemic, the Russian invasion of Ukraine has intensified the global slowdown. According to the World Bank’s latest Global Economic Prospects Report the world economy is fast moving towards a prolonged period of high inflation and low growth. The World Bank chief says that inflation is expected to last for the next two years, and some countries will find it quite difficult to avoid recession.
Marketing, under these recessionary pressures, is challenging for all global businesses. Amidst all the darkness digital marketing comes as a ray of hope! It brings a lot of opportunities to drive revenue growth. Appropriate digital marketing strategies during the current economic slowdown will set businesses apart from competitors. Brands are here to become revenue rich, so brand marketers should concentrate on digital marketing strategies that will increase revenue in a recession.
Businesses willing to come out of recession victorious need to be making intelligent decisions. They should resort to new marketing technologies. Digital marketing using new technologies will generate the leads which brands need to ensure business continuity in a recession. Digital marketing in a recession will provide businesses the leads and enhance the sales pipeline. It will also improve the level of confidence that buyers have in brands adding to customer engagement, sales, loyalty, retention and advocacy. The right selection of digital marketing tools can help brands improve revenue share.
Most small and big businesses are struggling with limited cash flow. It is understandable that businesses from different industry verticals need to cut costs. Cutting costs during a recession requires breakthrough digital transformation in business processes. Consequently, this means adding tools and technologies to the digital marketing mix generating more revenue.
Here are some of the best digital marketing strategies that businesses should implement today to increase revenues :
1. Optimize Mobile Advertising Spend
Many businesses tend to decrease their advertising spend during a recessionary period. In fact they should do exactly the opposite. However, this doesn’t mean that businesses should blindly increase their ad spend. Experts are of the opinion that during a recession the budget devoted to digital advertising should increase.
They need to be more focused. They are required to show their ads to customers having a high propensity to purchase. Businesses can reach such high propensity customers only via digital advertising. To be more effective they should target such customers via mobile as the number of smartphone users in the world in 2022 stands at a whopping 6.648 Billion, which translates to 83.72% of the world’s population owning a smartphone. In all, the number of people that own a smart & feature phone is 7.26 Billion, constituting 91.54% of the global population. (Source: bankmycell.com)
As more customers will be using smartphones and tablets instead of desktops to browse products, businesses need to embrace digital mobile advertising technologies like moLotus, InMobi, AdColony, etc. to acquire and engage this mobile savvy customer-base. moLotus comes as a real mobile advertising platform offering unique campaign creation capabilities with high margin revenue generation opportunities.
The best part is that moLotus campaigns are directed to the mobile inbox of customers, remaining there till the customer willingly deletes it. Unlike other mobile advertising technologies, moLotus doesn’t require any app download or data charges. Moreover, it is the only spam-free technology.
2. Personalize Marketing Campaigns
During a downturn promoting a sense of individuality and personalized approach wins customers resulting in more conversions and sales. Digital marketing delivers a high level of personalization in marketing communication that becomes fundamental for all kinds of businesses.
Hyper-personalization is already the most preferred way for digital brands to communicate and reach customers with tailored products during the current economic upheavals. A research by leading research firm McKinsey shows that hyper-personalization will be a key factor in attaining success in digital marketing.
The best choice of digital marketers for personalizing communication would be moLotus. Using customer data, AI, and advanced algorithms moLotus precisely personalizes. It offers multiple personalization options including names, greetings, rewards, and more. Businesses can create hyper-personalized digital offers and engage their customer base better and generate more revenues.
3. Reach out to Bigger & Better Audience
Past economic downturns have illustrated that digital marketing works best at enhancing the campaign reach and customizing the campaign according to the target audience. Marketers have the opportunity to optimize campaigns according to location, language, online behaviors, interests, attitudes, perceptions and other business related criteria in order to draw the attention of customers. For brands seeking superior cost-effective brand promotions during recession customized campaigns have shown excellent results.
Experts say that this is the most opportune time to invest in digital marketing tools in customizing campaigns including AdColony, moLotus, HubSpot, Facebook, etc. It is worth mentioning that moLotus campaigns can be targeted according to demographics, interests, languages, and more by using massive data at micro-levels, assisting digital promotion and maximizing revenues for global brands.
4. Increase the Output of Rich Media-Based Content
During these turbulent times, customers are more likely to spend time watching videos on smartphones. A research from YouTube suggests that smartphone users are more likely to view and share advertisements compared to those viewing on a desktop or television. Rich media, especially video ads, are perfect for smartphone viewing because they offer a quick way for customers to know about products and services, making them more likely to purchase and leading to an increase in sales revenues.
Several brands have been depending on digital platforms like YouTube, Facebook and Instagram for rich media advertising and generating revenues. A platform like moLotus has disrupted mobile video advertising for businesses looking forward to further enhancing revenue generation during unfavorable economic conditions.
Leveraging moLotus mobile videos for business promotion catches the attention of more customers, generates more leads and acquires more customers. They can conveniently incorporate brand & customer success storytelling for revenue generation. Businesses can easily design and create attention-grabbing high impact mobile videos up to 40 sec.
moLotus provides multiple rich media formats other than videos including brochure, greeting, showcase and slideshow. Brand marketers are adding product pictures, voice-over and music to their promo campaigns.
5. Strike Superior Customer Interaction
Recessions are inevitable and during such times, laying down a foundation for success through superior customer interaction via digital marketing tools can help brands navigate the economic downturn and position them for long-term revenue growth.
Earlier, businesses used traditional marketing channels to bombard customers with messages, pushing them to buy their products and services. Now marketing has improved 360 degrees with the inflow of new mobile marketing and mobile video advertising platforms like moLotus providing easy customer response options easing out brand-customer conversation. More customers are likely to get attracted towards the brand offerings and quickly share their contact information through these interaction points.
Therefore, marketing experts these days recommend businesses to interact more with customers via tools like moLotus, providing easy response options like SMS, Web URL, USSD, Call Back, etc. rather than email marketing. Some marketers are using app based digital tools like Zembula, TwtPoll, etc., for interacting with customers.
6. Reward Loyal Customers
Customer loyalty has become the most important for revenue generation during a crisis. Studies have established the fact that loyal customers are most likely to stay with a brand regardless of changing market rules and operational conditions during recession. Also, it costs 5x more to get new customers than it does to maintain the existing customers. This makes customer loyalty vital for revenue growth.
The question arises: How can businesses increase customer loyalty in turbulent times? The best answer is by bringing out digital loyalty & reward programs for customers. Among other digital programs mobile loyalty programs are clear winner as about 75 percent of customers more actively participate and engage with loyalty programs accessed using mobile devices (Source : CodeBroker Loyalty Research Report)
Research reveals that well-crafted digital reward campaigns run via mobile marketing tools like OptinMonster, moLotus, HubSpot, AdColony, etc. can be of great help. moLotus loyalty & reward campaigns have enhanced customer experience with top global brands. Building strong rapport, the loyalty & reward campaigns have offered a strong reason for consumers to stay in touch with brands, buying from them even during downturns. They have engaged and retained a huge customer base via digital rewards, generating new leads from them time and again adding to fresh revenues.
7. Digitize & Transform Processes
With the World Bank raising alarm bells, recessionary pressures are likely to bring more digital transformations in different industry verticals. The pace of digital transformation has already accelerated replacing the previous inefficient and costly customer processes.
With disruptive digital platforms like moLotus playing the pivotal role this year, breakthrough transformation is expected to boost high margin revenues, enhancing the customer processes with agility, speed, and cost savings. moLotus powered digital transformation would help organizations in new customer onboarding, automating and streamlining recurring services, getting more conversions via mobile document submission, replacing plastic cards with mobile cards, and much more.
8. Analyze & Enhance Campaign Performance
Digital marketing is measurable and enables performance tracking of any campaign. Tracking and campaign analysis becomes all the more important during market recession. Digital marketing technologies have empowered brand marketers to directly track the performance of campaigns. They can easily tweak marketing tactics in real time with changing consumer preferences. Also fine-tuning of the campaigns for superior outcomes and more leads & sales is possible. In fact conversion tracking is one of the most important metrics that contributes to the success of marketing campaigns.
Digital marketing platforms like moLotus offer effective real time campaign tracking and big data analytics empowering brand marketers to keep a watch over the campaign performances. They are capable of enhancing campaign performance and better revenue management.
An economic downturn is not the right time to pull back on advertising spend; it’s the time to strike. To stay ahead of the curve during the current downturn, businesses should focus on innovative digital marketing tools and technologies. They should be putting extra effort into streamlining digital marketing activities according to changing demands of new-age customers. Digital Technology like moLotus is key to scaling revenue and must be ingrained in the business strategy for better market acceptance, breakthrough transformations, product sales, and finally reaching the revenue goals rapidly.