The Crazy Competition in the Marketing Agency Industry
The Crazy Competition in the Marketing Agency Industry

The Crazy Competition in the Marketing Agency Industry – How To Survive in the Noise?

The current global marketing agency industry has become more competitive, with most organizations, whether big or small, adopting modern strategies to stay ahead of the competition. However, technology has not made it more accessible since digital marketing has dramatically expanded the reach of businesses through platforms that enhance their visibility.

Most organizations have had to redesign their organizational strategies and integrate them with modern digital solutions to widen the target audience. As a marketing agency in an industry that has grown ten times more over the past decade, you must consider the following strategies to help you succeed over the competition.

Know Your Target Audience

Don’t be part of the 80% that lacks sufficient client information to design a successful marketing strategy. Apart from keeping tabs on purchasing patterns used by clients, there is a lot of relevant data you can collect to enhance the success rate of all your marketing campaigns.

In an era where a vast majority of the global population has a digital footprint, gathering their social activity data is vital when timing purchases. Digital tools like Facebook Analytics is an efficient and effective tool that provides insight into what triggers your customers to purchasing.

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Get To Know The Competition

It is crucial to understand how the industry and market operate by assessing what the competition is doing as an organization. This is the best way to learn about areas you can improve as a business and learn other ways of reaching customers within your line of business.

Once you have made improvements to your business strategy, the next step involves finding out what the competition has not done—identifying the one thing that has not been done and designing ways to integrate it into your business model. This will give you an upper hand and expand your target audience.

Make Your Message Known

Tell your customers what they benefit from your services that the competition cannot provide. This is achieved by having a clear, precise, and concise message that speaks directly to your audience. As a result, a more significant percentage of prospects and leads have not made up their mind when seeking a marketing service provider by directly informing you how to cement their trust in your brand.

Personalize every message to suit the specific audience you aim to reach to broaden your chances of increasing sales and client loyalty.

Target New Markets

Venture into new markets aside from the one you have established your business. There are numerous pools of clients in many different markets for you to reach out to. Maintaining the same market may stagnate your organization since you compete for the same customers as many other industries.

However, before leaping into new markets, conduct an in-depth analysis of the preparedness of your business. Although new markets may result in better and faster growth, switching without really being ready can lead to deterioration.

As you implement these strategies into your marketing model, remember to keep current customers engaged through feedback and enhanced experiences.

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Pay Attention To These Granular Metrics On Social Media

When measuring social media engagement, pay attention to these granular metrics.

The use of social media platforms during marketing is the most efficient way to keep track of every campaign and its performance online. However, traditional marketing strategies provided a challenge when it came to keeping track of the progress made by marketing campaigns, making it difficult to conduct a comprehensive assessment of performance, engagement, and improvement, among other vital factors to consider.

With social media, four vital metrics can help your organization keep track of how a specific campaign is doing by giving access to relevant tracking and measuring engagement. For example, according to a customer’s journey from prospect to an active participant, these granular metrics can help you assess the rate at which a campaign is converting prospects through client engagement.

Social Media Engagement Granular Metrics

Here are some of the key engagement KPI’s which can translate into your brand outreach on social media.

Awareness metrics

These metrics reflect the number of potential and current audiences on social media platforms, informing you of the attention your brand has acquired online. This is mostly associated with the ‘Impression’ or ‘Reach’ statistics on social channels. Therefore, it is essential for businesses that regularly use social media to monitor their brand awareness through the number of users they reach and develop ways to either improve failing areas or increase high-performing sectors.

Pay Attention To These Granular Metrics On Social Media

Several social media metrics can be used to assess your brand awareness, such as impressions, links, shares, and mentions. For example, to keep track of the number of times users mention your brand, using a brand monitoring tool is recommended. This will give you an accurate and precise measurement of the traction gained across different social media platforms.

Audience growth rate

This metric enables you to monitor the rate at which your brand is acquiring new followers, especially with increased Internet access across the globe. An audience growth rate helps your organization decide how to increase the rate at which new followers join your brand online.

Instagram Follower Statistics

Instagram Follower audience A

You can easily use this strategy to assess the rate at which your competition is gaining new followers and come up with ways to improve your own. Basically, by dividing the number of new followers by the total number of followers and multiplying it by a hundred, you can get the audience growth rate.

Potential reach

A potential reach metric provides you with the approximate number of users who could view your post during a particular reporting period. For example, if one of your followers shared your post, then a certain percentage of their audience is likely to consider, increasing your chances of increasing followers. Thus, an effective way of gauging progress is through analyzing the number of people who can be reached by your post.

Social Share of Voice

Knowing what people are saying about your brand is vital in planning ways to improve your campaign strategies. Most businesses can keep track of both direct and indirect mentions online. These metrics help organizations measure their brand scaling with competitors.

These Four engagement metrics are some of the most important and influential in knowing your position on the online space. Online marketing is highly competitive, and without the necessary tools, it becomes challenging to keep up with rival brands.

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