Does your audience trust your brand? Do they engage with you in a positive way?
If your answers are yes to both questions, then you’re one of the few lucky ones. Because the truth is, the consumer’s trust in brands is very low – and it continues to fall. These are issues that many brands struggle with: gaining their audiences’ trust and driving positive engagements with them both online and offline.
But luckily, every brand has an amazing asset that can help: their very own employees.
“A company’s employees are its greatest asset and your people are your product” Richard Branson
Employee advocacy is a tactic that is slowly gaining traction in the marketing world, with more and more brands leveraging their employees to promote the brand in all kinds of unique and exciting ways. And the results are often amazing.
One great example of employee advocacy comes from Johnsonville, a sausage company based in Wisconsin. For one of their advertising campaigns, they tried something completely unique: they asked all of their employees that were willing to participate to come up with ideas for the ads. Over 100 of their employees came up with ideas – and the best ones were turned into actual advertisements, like the Regular Speed Chase, by Brett:
Not only that, but they also created behind-the-scenes videos from when they were filming the ads and posted about the campaign on their blog and social media, including reactions from their CEO. With well over 1.5 million views generated just on YouTube, it’s safe to say that the campaign was a huge success.
Other brands, like Starbucks, regularly leverage their employees to talk about their brand on social media. So much so, that they created accounts on most major social networks – Facebook, Instagram and Twitter – where their “partners” (aka their employees) can post updates regularly:
Their accounts have accumulated over 500k fans and followers and they often drive very high engagement rates on posts.
There’s a big reason why brands are increasingly using this tactic: people will always trust other people more than they will ever trust brands. Plus, your employees probably have a bigger reach than your brand does – and they’re likely generating more engagement as well. In fact, a study from the MSLGroup found that brand messages shared by employees reached 561% more people than the same messages when shared via the brand’s official social channels. Not only that, but they also see more engagement – 8 times more engagement than content shared by brand channels, to be specific.
And the thing is, it’s quite likely that your employees are already posting content about your brand: 98% of employees use at least one social media site for personal use – and studies found that about 50% of them are posting updates about the company they work for (source).
So, the question now is, how do you get your own employees involved in your brand’s marketing campaigns? How do you get them to contribute, engage and become an integral part of the company?
Start a Dialogue with Leadership
Before you go to your employees and ask them to participate, you first need to discuss this project with the executives in your company – not just the leadership, but all the various departments as well.
After all, you’ll be using up some of their team’s time to create content so you need to get all of the team leaders and department heads on board to establish:
Whether they can dispense any time and resources
How they can contribute
How much time they can spend on this project
Once you’ve got the go-ahead from everyone, you can start planning your employee advocacy program.
Develop Clear Brand Guidelines
Another essential step you need to take before your employees start posting any content is to develop brand and employee advocacy guidelines. Even better, provide some training – this way, your employees will know exactly what they can and can’t post and how they can ensure they’re in line with brand policies and guidelines.
Here’s a great example from Humana, the health insurance providers:
Their advocates – aka their employees – can attend a training webinar to learn what they need to know. They call employees to use a specific hashtag whenever they post something about the brand. And they provide a resource where employees can find content to share on their personal profiles, as well as submit content for others to share.
Get Your Employees to Participate
Employee advocacy should never be mandatory since this isn’t a part of their normal role. Making it mandatory will likely put off a lot of your employees which defeats the purpose of this campaign. Rather, you should simply invite them to participate if they want to:
Send a company-wide newsletter talking about your employee advocacy program and explaining how it all works
Make it as easy as possible for people to create and share content: use a centralized platform where everyone can share content and ideas, provide your employees with content they can share and suggest hashtags they can use
Consider offering free training for blogging, social media, and content creation to entice your employees to take part
Explain why they should take part and start sharing: what’s in it for them? What’s the incentive?
Offer Rewards for Employee Participation
One of the easiest and most effective ways to get your employees involved in your employee advocacy program is to offer them rewards for participating. After all, you need to make it worthwhile for them too – not just for your brand. A great way to do this and to encourage even more participation from your employees is to gamify the experience: offering rewards based on performance using leaderboards.
A great example of this comes from Cisco; their idea was to leverage summer interns to promote their brand on social media. In order to do this, they created a contest for all interns, whereby everyone could post updates on their social profiles using the #WeAreCisco hashtag – the intern who got the most engagement would win an Apple Watch.
You don’t necessarily have to do a contest; there are numerous other ways you can encourage your employees with rewards:
Highlight top sharers and any employees who generate great results with their blog posts, social media content, vlogs and so on
Offer rewards such as coupons and gift cards for reaching certain milestones
Re-share your employees’ best content on your brand’s official channels to recognize their efforts
Increase Trust, Engagement and Sales by Leveraging Your Employees
Your employees can be huge assets for your brand – not just for the work they do for you, but also because of their huge marketing potential. In fact, they can be your very own micro-influencers and help you reach more people, increase trust in your brand, products and services, and help increase your sales.
To create a successful employee advocacy program, start by discussing this project with your company and department leaders. Then, develop clear guidelines and provide your future advocates with all the tools and resources they need to create and post content about your brand.
And finally, invite your employees to participate in your program and encourage them to start posting by offering various incentives and rewards.
Does your audience trust your brand? Do they engage with you in a positive way? If your answers are yes to both questions, then you’re one of the few lucky ones. Because the truth is, the consumer’s trust in brands is very low – and it continues to fall. These are issues that many brands […]
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As marketers, we’re always in search of the best digital marketing strategies to promote a product or service. Should we focus on Google Ads? Facebook Ads? Email marketing? Organic search?
With so many different strategy options, the problem is figuring out which ones are really paying off and which ones we should avoid investing more time and money into.
The Growth Share Matrix can help with that.
What Is the Growth Share Matrix?
The Growth Share Matrix is acompetitive analysis framework that divides your company’s products into four different classifications, based on their success. The framework was created by Bruce D. Henderson, founder of the Boston Consulting Group (BCG), which is also why the Growth Share Matrix is sometimes referred to as the BCG Matrix. It was initially designed to help companies decide what products to invest in or cut, based on market attractiveness and competition. But the Growth Share Matrix has evolved over time.
When the framework was first introduced in 1970, the business landscape was much different from what it is today. BCG revisited the Growth Share Matrix concept in a 2014 article that highlighted how it had changed since 1970. The article pointed to how the often unpredictable and rapid pace of today’s business landscape, brought on by technological advancements, has shaped the Growth Share Matrix for the modern era.
One of the key takeaways from the 2014 article was also a question about whether the Growth Share Matrix had lost its value in the modern era, to which the writers — Martin Reeves, Sandy Moose, and Thijs Venema — respond: “No, on the contrary. However, its significance has changed: it needs to be applied with greater speed and with more of a focus on strategic experimentation to allow adaptation to an increasingly unpredictable business environment.”
The 4 Classification Types of a Growth Share Matrix
The Growth Share Matrix follows a pretty simple premise. Essentially, you divide each of your company’s products into one of four matrix quadrants, or classifications, which follow:
Low-growth but high-share products. These are products that bring in cash and can fund investment in your Stars. An example of this might be Coca-Cola, because it can’t really grow — the flavor doesn’t change. That said, the Coca-Cola Company can always count on this product as a consistent top seller in their market and fund other soft drinks with its profits.
Products that are likely to achieve high growth and high market share. Your company should invest heavily in these products. One example would be the iPhone. Apple knows it’s going to sell a boatload of their smartphones every time they hit the market, and they keep evolving with every iteration.
Question Marks (?)
High-growth but low-market-share products, often new products with high potential. These should be invested in or let go, depending on how likely a product is to become a star. Think about a product like Tesla’s Cybertruck, which certainly has a lot of potential in the electric car market but has received mixed reviews in terms of design. The jury is still out on whether this car will become a top seller.
Low-share, low-growth products considered failures. Your business should reposition these products or stop investing in them. One example that comes to mind is Twitter’s foray into the mobile phone space back in 2009 with TwitterPeek. The device itself cost $200 and could only send and receive tweets. Safe to say, Twitter didn’t invest in this product for very long.
How Do You Create a Growth Share Matrix for Digital Marketing?
Normally, you’d put growth and market share on the axes of a Growth Share Matrix to help you decide which products your company should invest in or cut. But, in digital marketing, put individual strategy growth and ROI on the axes of your matrix to help you assess success across your different channels and strategies.
We’ve created a Growth Share Matrix that shows hypothetical ad campaigns by location. Because our hypothetical Google Ads campaign has low growth but a high ROI, that’s our cash cow. Our SEO strategy yields high growth and ROI, so it will be positioned as a star.
Our cash cow, a Google Ads campaign, also gives us some room to experiment. We have more flexibility to invest in our Facebook or Instagram strategies, and there’s an opportunity for us to try these question marks out without absorbing massive financial risk. Meanwhile, our LinkedIn strategy is proving costly, with no growth, so we’d cut it.
It’s also important to revisit your Growth Share Matrix regularly because the success of your marketing strategies can change quickly. Those question marks can quickly become stars, cash cows, or even pets. If you suddenly see that your Instagram strategy is bringing you a high ROI and growing, you can make it a star. If a Facebook strategy you invested money in isn’t performing the way you had hoped, and has minimal growth and a low ROI, you can safely categorize it as a pet and move on.
Analyze Your Digital Marketing Strategies with Growth Share Matrix
Digital marketers sometimes forget to analyze strategy performances holistically. As in, they look at the success of an individual campaign but don’t always judge it against similar campaigns. A Growth Share Matrix puts all of your efforts in context by pitting your strategies against each other.
Equipped with the information from your Growth Share Matrix model, you can make better-informed decisions about the digital marketing strategies that generate the most profit and growth for your company and the ones that generate the least.
Let’s say you look at metrics for that hypothetical paid marketing campaign you ran, and it appears to have an ROI of 300% while maintaining a low CPC. Not bad, right? But if you compare this to an organic campaign for the same budget that drove an ROI of 600% and an even lower CPC, you would understand that your paid marketing campaign may not be the star you initially thought it was.
If you’re looking for specific ways to determine the ROI of a marketing strategy, you can use KPIs likecustomer lifetime value (CLV) and conversion rate. These types ofkey performance indicators (KPIs) can give you better insight into how much value individual customers have from a buyer perspective. CLV, for example, can tell you how much money to expect from a customer over the time they remain a customer.
If you’re looking for specific ways to determine the ROI of a marketing strategy, you can use KPIs like customer lifetime value (CLV) and conversion rate. Click To Tweet
You can use these KPIs to understand your most valuable channels in driving growth. By analyzing this quantitative data, you can understand customer patterns, especially since they change over time. Keep in mind, however, that with changing algorithms on Facebook, Google, LinkedIn, etc., this Growth Share Matrix should be evaluated on a quarterly basis, at the very least, so you are most accurately planning your growth strategy.
Get More Competitive Insights with Alexa
The Growth Share Matrix allows you to take a step back and determine how your digital marketing strategies are working compared to one another at a high level. That said, you need to get more detailed with your competitive insights to get a fuller picture.
Well, look no further. Alexa offers comprehensivecompetitive website analysis that can help you find competitors and compare metrics, such as website traffic and share of voice.
As marketers, we’re always in search of the best digital marketing strategies to promote a product or service. Should we focus on Google Ads? Facebook Ads? Email marketing? Organic search? With so many different strategy options, the problem is figuring out which ones are really paying off and which ones we should avoid investing more […]
The post Using Growth Share Matrix to Improve Your Digital Marketing Efforts appeared first on Alexa Blog.Read MoreCompetitive IntelligenceAlexa Blog