Global ad spending is predicted to reach reach $662.73 billion by 2018. Unfortunately, a lot of those dollars will go to waste.
Marketers regularly throw away money onSuper Bowl ads, promoted social media posts and bot traffic. The typical spray-and-pray approach is often utilized by brands with multi-million dollar budgets hoping to boost brand awareness and affinity.
Nike, for instance, spends $3 billion a year on what they call “demand creation.” It works but is inefficient. Smart businesses can become household names without a seven-figure marketing budget.
For companies, big and small, that want to maximize opportunity and growth, micro marketing gives you the best bang for your buck.
Snipe targets and tap influencers.
In an age where marketing is no longer limited to TV and radio, and advertising technology offers limitless targeting, mass consumer marketing is plain lazy.
in today’s competitive marketing environment, firms place various strategic bets on different channels (hence the term “omnichannel”), rather than spending the entire budget on a single campaign and hoping for the best. In the age of data, traditional channels such as radio and print advertising typically have little impact and produce small or hard-to-measure ROI. Marketing departments are being forced to become wiser with their dollars, which has led to the current trend of running smaller, more focused, micro-campaigns.
What Are Micro-Campaigns?
Micro-campaigns have become commonplace in modern firms’ marketing playbooks. Companies now run many, small, hyper-targeted promotions, simultaneously to better reach key demographics that are valuable to their business. This omnichannel effort helps concentrate dollars across channels that are performing well, allowing brands to increase the effectiveness of their spend.
Targeting With Micro-Campaigns Pays Dividends
A prime example of an effective micro-campaign was a promotion run by Shoes of Prey, an online women’s footwear startup. They partnered with a 16-year old YouTube personality for a giveaway, and this resulted in hundreds of more clicks and views, and apermanent sales lift of 300%. This goes to show that zeroing in on the right market and running a small but focused campaign can end up paying dividends for a brand.
While many firms have embraced this paradigm shift, they are not utilizing data to drive micro-campaigns to their full potential. Many modern companies are still living in the past; while they do employ micro-campaigns and find some success, it is like a game of chance. Marketers are using antiquated technology and cannot objectively measure the success of their work, leading them to make guesses when it comes to figuring out what actually worked.
Marketing departments need to be able to measure how effective their micro-campaigns were, and manage them accordingly. If they can’t do this, then these innovative micro-campaigns can become as wasteful as their predecessors. Micro-campaigns, when executed properly, can help brands and marketers engage and connect with key customers to help generate sales and relationships.
With micro-campaigns starting to play such a large role in a company’s overall marketing strategy, firms must have a tool that empowers them to make smart decisions. Qoints offers such a tool, allowing organizations to both manage and measure their micro-campaigns in an effective manner. Qoints can show a firm how well each campaign performed, looking at a campaign’s key performance indicators such as cost or conversion rate. With these insights, companies can adjust their spending across channels, getting more for their money and running more successful promotions. This extra help can aid brands and agencies when they call the shots and allow for them to be more precise, instead of a utilizing the traditional one size fits all model.
With the advent of peer-to-peer fundraising, more charities are implementing micro-campaigns as an essential part of their fundraising strategy. A micro-campaign is any program conducted by an individual, over a short period of time, targeting a relatively small fundraising goal. As organizations realize the advantages peer-to-peer fundraising has over traditional charity-to-donor appeals, micro-campaigns are beginning to form an integral part of the “isosceles donor triangle.” Considering the nuances of this type of fundraising, there are three key elements to making sure your micro-campaign is as successful as it can possibly be.
Make it personal.
Micro-fundraising has one primary advantage over regular fundraising: you begin your campaign with existing relationships, to varying extents, with every donor. Whether or not they are passionate about contributing to a cause or an event, your donors are likely to have at least a passing interest in contributing to you. Therefore, a micro-campaign should begin and end with your story. Why do you care about this cause? What has been your experience with the organization you’re fundraising for? How has your participation in this organization or this campaign affected you? What are you going through to train for the race, compete in the dance-a-thon, or participate in the protest? A micro-campaign hinges on your relationships – youare the biggest draw for your donors at the outset, so make it personal.
Make it high-tech.
Perhaps as important as what you say, is how you say it… not to mention where and when! The Internet can be your best asset when it comes to engaging your donors. Peer-to-peer fundraising tools streamline your donation and appeal process, and using any of the wide variety of social media platforms can help make the appeal stronger, timelier, or more accessible. You can expand the reach and portability of your campaign by using an application on Facebook, posting notes, inviting friends to attend your event and keeping them updated on your progress through status updates. For more detailed progress reporting, you can keep a blog and allow donors to subscribe via RSS. An indirect but important way that social media can help your campaign is by connecting you with other micro-fundraisers and cause leaders to share inspiration, motivation, tools and tips for meeting your goals.
Make it matter.
By running a micro-campaign, you have the unique opportunity to cultivate not only donors, but fellow cause champions. Use your appeals to educate friends and family about the cause or the organization you’re supporting. When doing this online, you equip them with the resources they need to engage as deeply as you have. While the primary purpose of a micro-campaign is to generate funds, one of the largest influences you can have on your cause is to generate the type of passion that spurs others into action, allowing your micro-campaign to multiply organically and at no further cost to you. One evangelist is worth much more than one donation.
Though micro-fundraising takes place on a small scale, the difference between a good micro-campaign and a great one can become exponential when applied across a dedicated base of cause champions. Fundraisers need to recognize the tools at their disposal and work to make their communication with donors as personal as possible. Organizations should always be on the lookout for ways to give their volunteers technology that will increase the reach and convenience of their fundraising efforts. Ultimately, fundraisers should strive to create fellow fundraisers in parallel to creating donors. When participants craft their appeals with these principles in mind, micro-campaigns can have enormous impact on a nonprofit’s total fundraising strategy.