On AdExchanger this week, Facebook’s VP of Global Marketing Solutions, Simon Whitcombe, shares his top tips for marketing success.
1. Spend smarter
Focus less on CPA (cost per acquisition) and more on lifetime value.
Segmenting your audience and analysing their early behaviour can help to identify and target higher value customers.
The actions customers take in the first 30, 60 or 90 days can help to predict their lifetime value.
2. Diversify
Whether you’re a Fortune 500 company or a new venture-funded DTC brand, you can’t spend the majority of your budget on a single type of advertising.
As Whitcombe said, even Facebook doesn’t spend all its ad budget on Facebook.
“Yes, we’re one of the largest users of our own platforms, but we also invest in things like broadcast and outdoor. Communicating across multiple mediums and platforms is part of a sophisticated strategy, and that’s true for anyone.”
3. Focus on the creative
As the algorithm does more and more on its own, marketers should focus on the content they are putting out.
And it doesn’t all have to be highly produced. The companies that are taking a more authentic approach are enjoying greater success.
So, start shooting on your iPhone or creating more Boomerangs.
Social media platforms are undoubtedly a great way to find new customers but make sure you’re not just picking the low hanging fruit. And add new channels to your marketing mix if you don’t want to hit a plateau.