#5 Digital Marketing during COVID-19: Roadmap to market experiments

The market experiment in Digital Marketing

Our challenge is to find the “cheapest way to fail”. So in the current market conditions, we are trying to prepare such a scenario of activities that will answer the question of whether the product will be accepted on the market as cheaply as possible.

The trick is not to invest a lot, the trick is to invest as little as possible and learn as much as possible.

 

Market experiment – simplified approach:

  1. Defining product/service communication, i.e. answering the most important questions: What problem is solved, how? What is unique about it? Who is it for?
  2. Defining the customer journey, i.e. developing the theoretical path followed by the customer, from the first contact with the advertisement until the moment of purchase.
  3. Creating infrastructure, understood as preparing a website (landing – product), installing tools for analyzing customer behavior. Thanks to this, it will be possible to answer the question of which ads, keywords, campaigns, and finally customer acquisition channels are the most profitable. So an investment in which of them is profitable.
  4. Scale, spend more and more money on things that work – bring you a profit.

Market experiment – agile approach:

Agile Method

Stages:
  • Preparation of the idea (in the picture: light bulb), i.e. preparation and carrying out of a brainstorming – heuristic, creative stage. Most of the activities we undertake currently are based on searching for new market products and / or methods of on-line marketing. These are often difficult conversations, because in some companies sales have dropped drastically, so there is not much budget for additional marketing activities. It is a big challenge, we are happy to share our experience, we try to help as we can.
  • We define the basis of the business model as soon as possible. We answer questions from the canvas.
    • Problem – what customer problem is solved by our product / service.
    • Solution – what exactly will the solution to this problem be.
    • USP (Unique Selling Proposition) – what is the unique value proposition of the product (what stands out and why customers would like to buy it).
    • UA (Unfair Advantage) – which means that the product will not be replaced by competitive solutions.
    • Segment – who will the product be prepared for, who is its recipient?
    • Key indicators – how will we measure whether our product is attractive to customers. Most often it is profit, but it can also be: number of users, number of website views, etc.
    • Channels – through which channels we will reach customers with information about the product.
    • Income and costs
  • We create MVP (minimum valuable product) – a product of minimum value. So possibly, the cheapest product that would answer the question – what is unique about it and what makes the product worth buying. This is especially important when creating a communication message.
  • We prepare a hypothesis – most often it concerns ROAS, profits, number of sales, or number of views, an increase of fans, etc. We conduct an experiment and check whether customers are responding well to the product or not.

Which tools are best to use for the experiment:

Organic:
    • Ubersuggesthttps://neilpatel.com/ubersuggest/, allows you to answer the question of how many people have searched for a keyword in the last months on average and how much is the cost of visiting a website from a Google Ads campaign.
      • We assume that if entering a website from a keyword costs PLN 5, we assume that 100 people will enter the website and one will buy it. The question is whether PLN 500 investment in advertising, under such conditions, will guarantee us a profit at the same or higher level.
Hosting:
  • In 99% of cases, the experiments are carried out by setting up a new website – landing/ product. One whose purpose is to present an offer for one product for one market segment. It is best if such a website is prepared in one day and does not cost much.
  • Often, for companies that have websites, it is faster to buy a new domain than to edit a website made by IT specialists a few years ago. Apage landingcan be made very quickly today, thanks to very modern themes – engines.
  • Theme – this is an engine for a WordPress website, thanks to which it is possible to create a website in three hours. Of course, you should add work related to the preparation of texts, structures, etc. The place where you can buy the best themes is ThemeForrest:  https://themeforest.net/, nearly 48 thousand. themes to choose from.
    • We recommend those using WPBakery Page Builder, it works brilliantly in marketing. It gives you the ability to change pages by talking to the president of the company on the phone. We are big fans of the Integrio theme.
    • When choosing, it is worth investing in a theme that is constantly updated. One way to protect your instance from attack is to have the latest WordPress version and theme.
  • Google Ads, Facebook Ads – The fastest way to run an experiment is to buy traffic from these two tools. The time to optimize the cost of entering the website, or SEO activities, will come when it turns out that there is a demand for the product.
  • Google Tag Manager, HotJar – of course, you cannot forget about tracking customer behavior. These two tools are brilliant for this. Google Tag Manager is a container for installing tracking tags. HotJar allows you to record customer behavior and check which parts of the website are most frequently visited.