Digital marketing is an ever-growing part of business success. According to Statista, in February 2020, U.S. marketing executives were devoting a whopping 13.2% of their company’s revenue toward marketing budgets. The allotted budget spend was up from an average of 7% to 10% in previous years. The statistics website also reiterated that digital marketing continues to increase while traditional channels shrink.
Even if a company has already invested in digital marketing in the past and present, facts like these continue to emphasize the need to maintain those online efforts in the future. It’s an ongoing phenomenon that Jason Hennessey is well aware of. The CEO of and founder of digital marketing agency Hennessey Digital knows that online marketing isn’t a “set it and forget it” kind of deal. It requires patient and steady attention over time.
Digital Marketing Tips From Marketing Master Jason Hennessey
Truly successful digital marketing requires consistent improvement in multiple areas. With that in mind, here are a few tips that Jason Hennessey has found helpful as he’s reverse-engineered the Google algorithm and perpetually improves the ongoing digital marketing efforts of both his own enterprise and countless other companies.
1. Put Conversions First
Convert, convert, convert. That is the golden rule of online advertising, or any marketing, really. It doesn’t matter how much attention or traffic you generate if you aren’t converting it into sales or some other pre-set objective.
This is why conversion rate optimization is critical to consider, particularly once your digital marketing is up and running. But, of course, at that point, you’ve already created things like landing pages, long- and short-form content, and contact forms.
Now, it’s time to tinker with the formula to see what helps and what hinders your ongoing digital marketing efforts. This can optimize each aspect of your marketing collateral and ensure that it’s helping to generate action on the part of consumers.
A big part of this process involves tracking and analyzing data, something we’ll cover more thoroughly in a minute. The main takeaway here is to keep your eyes fixed on conversions at all costs.
2. Prioritize Continuity
Continuity is another part of digital marketing that’s easy to lose sight of — overtime. When you create an initial marketing strategy, it’s easy to have everything in place. Brand messages, vision, logos, and color schemes are all laid out and clearly understood.
As you create your online content across various marketing channels, though, it’s easy for things to begin to drift. The demands and focus of each platform can chip away at the continuity of your brand’s digital content.
If you’re trying to improve your digital marketing efforts, consider reviewing your continuity. Look for any areas where your branding has slipped over time, and then take steps to ameliorate the issue.
3. Follow the Data
Data is an important part of modern marketing. It can be particularly useful when you’re trying to improve ongoing digital marketing activity.
SEO is a great example of the value that data offers. As your digital marketing gains momentum, your SEO will begin to pick up speed, too. When this happens, you can begin to tailor your SEO efforts to enhance your results.
You can do this by using SEO and analytics tools to research industry-specific keywords that you should try to rank for in search results pages (SERPS.) You can also use analytics to track traffic and engagements, use heatmaps, set up A/B testing, and of course, make sure you’re converting in the right areas. Regardless of the specifics, data and analytics are excellent tools that can hone your digital marketing over time.
4. Focus on a Big Picture Strategy
Digital marketing can often be splashy and exciting in the short term. Pay per click (PPC) campaigns offer a quick and effective way to generate traffic. Social media interactions are intriguing yet fleeting. Emails can get a response, but they don’t last long.
If you want your digital marketing to last over the long haul, you have to both invest in and maintain a big-picture strategy. By all means, continue to plan short-term campaigns and promotions. However, make sure that they are part of a larger digital marketing plan.
This should revolve around your audience. Ensure to stay up to date on your customers’ pain points, interests, and other needs. Keep a fleshed-out and updated buyer persona to inform your digital marketing efforts, as well. Also, make sure to invest in long-term marketing activities like brand awareness, content, and SEO.
5. Create a Complete Customer Journey
Finally, make sure that your digital marketing doesn’t stop at the point of sale. If you want to get the most out of your digital marketing efforts, they should be part of a unified and comprehensive customer journey.
This doesn’t mean you have to spread yourself thin as you try to cater to your customers through every possible communication channel. When writing about his personally coined term harmonized retail, strategy and innovation consultant Steve Dennis explains that “the customer is the channel.” Dennis elaborates that “a great customer experience has never been about being everywhere and being all things for all people. What matters is showing up for the right customers, where it really matters, in remarkable ways.”
In other words, your digital marketing shouldn’t be a stand-alone effort to siphon traffic to your website or generate sales. Instead, it should be part of a larger, all-inclusive customer journey that starts with the first point of contact and continues past the point of sale and on throughout your customer service endeavors.
Digital marketing can be an overwhelming activity. As a result, it can feel scattered, disjointed, and expensive. That’s why companies mustn’t just set digital marketing efforts in motion and then leave them on their own.
Instead, take the time to revisit and improve your digital marketing efforts. Optimize conversions, analyze data, consider continuity, and create a big-picture strategy that keeps the whole customer journey in mind. If you can do that, your digital marketing efforts will continue to deliver maximum results both now and far into the future.
Image Credit: negative space; pexels; thank you!
Fintech Kennek raises $12.5M seed round to digitize lending
London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.
According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.
The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:
“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”
The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:
“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”
The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.
The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.
Featured Image Credit: Photo from Kennek.io; Thank you!
Fortune 500’s race for generative AI breakthroughs
As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.
Goldman Sachs’ Cautious Approach to Implementing Generative AI
In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.
According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.
One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.
To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.
Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.
Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!
UK seizes web3 opportunity simplifying crypto regulations
As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.
Streamlining Cryptocurrency Regulations for Innovation
To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.
The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.
Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.
The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.
Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!