Nut Monthly May
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Nut Monthly
“There’s always the danger that the need for comparison and the need for self-justification causes people to lean very heavily on one measure. Generally, the things that digital media do particularly well aren’t measured by attention metrics. ‘How many eyeballs did I reach for every thousand pounds I spent’ doesn’t factor in things like engagement — it doesn’t factor in that a voluntary audience is purer and more valuable than a random audience.”?
This edition of Nut Monthly is all about results. Specifically, it’s about the results you can’t really measure, which are arguably the most important results your business will ever get for sustainable and consistent growth.?
Guide: The Intangibles
Business growth?can be?measured in turnover, profit,?staff headcount, customer?numbers, and?order?values. All of those are expressed with numbers.?A lot of people expect that the marketing that grows a business will be just as easy to?define and report.?However, when B2B marketing is at its best,?it’s?about trust,?it’s?about emotion, and?its impossible to put on a spreadsheet.?
Read our latest guide?and?master the intangibles of business growth.
You can approach marketing?(and business growth generally) from two main directions. You can?aim for quick growth, focusing?on sales and turnover, and?getting more customers through the door?as soon as possible. Or, you can?make?recognition, identity, and trust the goals of a campaign.?It’s?not about immediate conversions, but?about making a name that people want to buy from,?which of course leads to a more consistent sales pipeline and reliable business growth.?
Some people refer to?those two?as?‘performance marketing’ and ‘brand marketing’.The revenue-driven approach is always tempting?because,?put frankly,?you?want?leads. You?also?get to justify?your?spend?much more quickly?—?you can show your colleagues,?investors, and senior?decision-makers?encouraging figures, and?you?don’t have to worry about?whether or not?your strategy is working.?
However, if what you want is sustainable growth, and?ultimately?more profit, you need to concentrate on your brand.?A strong?and well-established?brand?creates the most?important factor?in the sale — trust.?
Until your?business’s?longer-term?sales growth?is at the top of the agenda, the commitment to brand building will continue to be a challenge. Securing?budget?for?it,?and placing?it at the heart of your marketing strategy will be tough if you?need to show a quick result.?
If?you’re?trying to grow a brand and a business that?people not only trust, but?think of as soon as they need help, drop me an email?and we can?put a coffee in the diary.?It’s?[email protected].?
Defend the Spend: Marketing budgets facing scrutiny?
A new survey suggests that many marketers are facing pressure to report their performance with hard data. 50% of respondents report that finding that data is their biggest challenge. It’s perfectly understandable that during economic instability and inflation, budgets face scrutiny, but as we’ve suggested throughout this newsletter, measuring marketing the wrong way doesn’t help create sustainable growth.?
Fake reviews outlawed?
A new bill is set to give the Digital Markets Unit (DMU) new powers to fine businesses who use fake reviews, or do not take reasonable steps to verify them. First of all, the fact that it’s worth legislating proves just how powerful social proof is for marketing. Secondly, the new law could make it even more powerful, with even more reason to trust the testimonials that we read.?
Nice Story, doesn’t belong on LinkedIn??
The BBC published an article discussing LinkedIn, Marketing, and personal branding, in which it weighed up the controversial topic of personality and authenticity on the website. It notes a prevalence of very personal, vulnerable posts and asks what is the ‘correct’ way to conduct a professional profile online. There probably is no ‘right way’, except authenticity. If you consider LinkedIn to be a sales channel, and your profile part of your brand, then the right thing to do is present a reliable image of what your customers will buy.?
To start standing out from the crowd and giving your business the growth it deserves, call 020 3941 0305 or email [email protected]?