Profit-driven marketing is a new trend that several marketers have started recently. In the face of typical problems, profit-driven marketers employ unconventional techniques. For example, they recognize that to produce more money, they must strategically invest more of it. You must ditch traditional marketing strategies and measurements to think like a profit-driven marketer—and persuade your stakeholders to do the same. As a result, your digital marketing activities will begin to reach new heights in terms of total revenue.
We’ll show you how these savvy marketers have pushed their ROI limitations and purposefully increased their CPAs to achieve new levels of profit bidding in this guide. Continue reading to learn how they achieved it.
Establish Your Profits
Reports are the lifeblood of performance marketers. The indications used in this reporting, on the other hand, are typically linked to out-of-date marketing strategies. It’s up to you to figure out how to put a number on everything you’ve done. Don’t forget to credit those who deserve it. The more long-term value you can quantify, the more lucrative opportunities you and your firm will have.
Yes, it will require a lot of willpower to get there. However, this is your opportunity to speak up and suggest a different perspective. As part of your preparation for a job in profit-driven marketing, you’ll form new relationships, have stimulating conversations, and conduct in-depth research. When the overall (and more accurate) profit number of your marketing efforts emerges—and your true value is recognized—the extra hours you put in will be well worth it.
There are three components to consider if you want to maximize the value of your digital efforts:
- Customer lifetime value
- Customer journey on and off the web
- Customer word-of-mouth referral and brand.
Consider the customer’s lifetime value.
A customer who has a positive experience with your brand and makes a purchase is likely to make multiple additional purchases in the future. This could be someone who hasn’t bought from you in a while or someone unfamiliar with your brand.
In the long run, being able to predict the entire profit of a long-term customer relationship will be beneficial. A marketer who calculates a new customer’s lifetime value also benefits from a lifetime of conversions. Consider the competitive advantage you’ll gain if you can bid or invest up to a new customer’s complete lifetime worth.
Recognize your consumers’ entire experience.
Previously, you could only track a simple website conversion. It’s now crucial to consider the complete buying process. Consumers today have a plethora of options to choose from, from what to buy to how and where to acquire it. An intent to purchase can begin with a potential customer looking online and then making a purchase using several devices and browsers, whether in-store, on the phone, or through an app. There is no such thing as an island when it comes to marketing campaigns. Brand keywords, for example, do not convert sales on their own when utilized in a sponsored search campaign.