Scaling Marketing Campaigns: 8 Ways to Gain Market Share
Marketing campaigns can offer both rewarding and frustrating experiences. Setting up a campaign involves more than adding keywords, copy, and a budget. Understanding the key differences between successful marketing efforts that convert and those that only deplete your budget is crucial.
In this post, we will explore and discuss a few of these differentiating factors, which you can learn and effectively implement to optimize the outcomes of your marketing campaigns.
Scaling Towards Greater Market Share
Let us first understand what 'scaling' a campaign means.
When discussing scaling, it refers to optimizing your campaign's technology, systems, and strategies to enhance its effectiveness without requiring additional resources, financial or otherwise. In essence, scaling enables you to attain a larger market share by leveraging a systematic effort focused on optimization.
We will discuss methodologies used in this approach to maximize market presence, unlock the growth potential, and gain a competitive edge.
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8 Ways to Scale Your Campaigns to New Heights
1. Scale What Works
How would you define a marketing combination that works? Some of the most essential elements that marketers universally agree on are:
- An ad with a high click-through rate (CTR)
- A landing page with an inviting call to action (CTA)
- A one-step checkout process to complete payment
If your campaign can tick all the above, you should see a healthy return on investment (ROI) from your website conversions. You can pause the campaigns that do not yield similar results. Focus on expanding this winning formula across additional advertising channels to generate more traffic. Maintain a relentless focus on the metrics, ensuring they consistently exceed the benchmark.
Here are a few points to remember while you are scaling your campaigns.
- Scale Gradually: What you have may be working, but you need to know for how long it will continue to do so. Therefore, monitor the pace at which you advance.
- Consistency: Stay on track with the principles you applied when implementing these strategies. Don't let the team get sidetracked.
- Delegate: You should assign tasks as the chief marketing officer (CMO) or team head. According to the CMO Survey from Deloitte which states, 55% of CMOs want more time to implement new marketing strategies. Delegation can help you achieve this.
- Processes and Templates: Introducing templates for your team to replicate processes quickly and easily can help them work efficiently. A template library for each strategy step can help your team deploy and test effectively.
2. Best Practices
Your campaigns are now running, and you are starting to see some returns. That's great! Now, let's explore how a tweak in your best practices can further enhance their performance. You may not know it yet since you're already experiencing success, but you have created a new "best practice" system.
Rather than imitating or trying to surpass your competitors, strive for originality in your approach to your campaign, product, and target customers. While being creative may sound cliché, increasing the efficiency of the methods you have used so far is what you need to do.
To illustrate an example, let's say you conducted your initial keyword research using search engines. Now that you have some customer data, you can use client feedback, surveys, and how people on social media talk about your product or similar ones online. This method can give you new ideas for the next phase of keyword targeting.
3. New Markets
Servicing a specific demographic by location will eventually reach a saturation point. Moving to new markets to grow your order book would benefit your business. If you are nationwide in your sector, you could look into international markets.
When venturing into new markets, you may need to adjust your ad copy and landing page style to align with local sensibilities. Let's look at some data from the CMO report to give you an idea of the scope other companies are looking at with this method.
- The CMO Survey* report states that B2B companies have increased their spending on market development and reaching new markets with existing services by 19% in 2023, as opposed to 2020. Whereas in the B2C category, the services increase is at a staggering 111%.
- The same report states that B2B companies have increased spending on market penetration with existing products into existing markets by 19.7%, and B2C companies have increased it on their existing products by 7.8% in 2023, compared to 2020.
4. Fix The Landing
In line with the previous points, your landing page should serve as the point of no return for your customers. Therefore, if your statistics indicate a high bounce rate, you should ideally halt all campaigns and address this issue.
Here's a rough guideline on bounce rates:
- Reasonable Bounce Rate: A bounce rate below 40% is generally considered good, especially for content-heavy websites or blogs.
- Average Bounce Rate: An average bounce rate falls between 40% to 60%. This range is typical for most websites and indicates a moderate level of engagement.
- High Bounce Rate: A bounce rate above 60% is considered high and may indicate issues with the website's design, content relevance, or user experience.
Increasing ad spend or tweaking the ad copy would make sense once your landing page has a better CTR as a purchasing decision. To address this issue, focus on A/B testing, enhancing the user interface and user experience (UI/UX), and hiring a talented copywriter.
5. Stay on Target and Goals
Measuring your return on investment (ROI) and return on time invested (ROTI) for the targets and goals you want to achieve is essential. If a team is managing your marketing efforts, assessing the amount of return generated compared to the time invested by each team member is crucial.
The goals of the team have to be clearly defined.
- How much engagement are they achieving through social media profiles as an outreach medium?
- Are they utilizing data to enhance campaign creativity?
By analyzing your ROI and ROTI, defining goals, leveraging social media engagement, and improving campaign creativity, you can track progress and ensure your marketing efforts align with your objectives.
Additionally, a proven tactic includes implementing SMART (Specific, Measurable, Achievable, Relevant, Time-bound) goals to align marketing efforts with business objectives.
6. Measure your Effectiveness
While you may know how much you are spending financially, it is equally important to recognize the investment of effort and time. As you evaluate your marketing attempts, you can eliminate those, giving a negligible return. If you only use one avenue to advertise, you must introduce variations in how you showcase your business, commonly known as A/B testing.
Several metrics can help measure the effectiveness of a campaign while factoring in effort and time:
- Cost per Conversion: Divide the total cost of the campaign by the number of conversions, which can be campaign goals, such as leads, sales, or sign-ups, generated.
- Customer Acquisition Cost (CAC): Calculate the total cost of the campaign divided by the number of new customers acquired. This metric provides insights into how much it costs to acquire a new customer through the campaign.
- Time-Adjusted Metrics: Some campaigns may have a more prolonged impact and generate returns over an extended period. Consider metrics like Customer Lifetime Value (CLTV) to account for it.
- Marketing Return on Investment (MROI): This metric focuses explicitly on measuring the impact of marketing efforts. It considers the revenue generated directly from the campaign and other attributed income divided by the total marketing costs.
7. Spend Wisely
Allocating your budget across your channels based on their outreach and estimated ROI helps in better business decisions down the road. To be positioned well, you want your budget to be spread evenly across to measure verifiable sales data.
Once your conversion data reveals the most profitable channel, allocating your funds becomes effortless, ensuring effective use of your marketing budget.
8. Management Solutions
Finally, you will need a system that helps you track all the above and be available for access anywhere. Use any online project management tool to bring all your marketing needs under one roof.
In conclusion, effective marketing requires a strategic and data-driven approach. Businesses can drive growth and expand their market share by continuously analyzing and optimizing campaigns, refining best practices, and scaling successful strategies.
Unlock the power of your data, and find out how Livedocs can help you make intelligent decisions. Sign up today.
* - CMO survey
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