There is no shortage of evidence that proves the criticality of brand awareness. It increases engagement, search traffic, interaction during the research and consideration phases of the customer journey, and ultimately, new business growth. However, many marketers find it very difficult to link the investment to business revenue, particularly to shareholders eager to see verifiable ROI. The good news is that there are some ways to demonstrate the ROI of brand awareness, and we'll discuss them here.
With so many ways to deploy your digital marketing tactics, your efforts can quickly become disorganized and misaligned. However, there are ways to take a streamlined approach to optimize your campaigns. Many businesses make the mistake of choosing the wrong tactics or utilizing too few of them, but the fact is that you don't need to know everything in order to succeed. The key is knowing which tactics work best for your business and how to deploy them effectively.
The Bay Area is home to an incredibly diverse population. Ten years ago, the 2010 census revealed that more than half of all people who live in the region represent diverse cultural groups. For example, Hispanics represented 23.8% of the population, Asians came in at 23.9%, and African Americans made up 6.7%.
One of the main goals for any marketer is to generate a positive return on investment (ROI) for their marketing efforts. While there are plenty of key performance indicators (KPI) to help determine the overall ROI, some are more important than others. You must figure out which KPIs are ideal to help calculate ROI, or you will waste time looking at vanity metrics that don't matter.
By 2060, the non-Hispanic white population will constitute only 44% of the United States population. Meanwhile, minority groups in the U.S. have a combined buying power of $3.9 trillion.
The buying power of multicultural groups is increasing, which means it's important to consider them when developing your marketing strategy. As of 2019, the buying power of multicultural groups made up a considerable share of the American economy, with Latinx communities accounting for $1.7 trillion, Asian Americans with $1.2 trillion, and Black Americans with $1.4 trillion. Those numbers have only increased.
Right now, businesses must use more creative strategies than ever. Many companies are pivoting their business model in light of the current situation.
In light of the COVID-19 pandemic, local businesses are trying to keep up with current regulations to meet the needs of their consumers. Some businesses have been forced to dramatically change their business practices. Your community members are facing unprecedented challenges--and you want to show that your business is there for them. As a local business, there are several strategies you can utilize to tailor your messaging for the community.