With smartphones and laptops becoming an everyday essential, anything that is available or can be viewed and purchased through your mobile becomes an instant hit. Also, social media is the new habituate to today’s populate. Want to reach people? Put it on social media, because that is where you can find a lot of audiences.
Importance of Paid Social Media
This exponential increase in social media usage led to using this platform for marketing. As time flew, this marketing platform became more reliable. Say you post a picture of your product on social media. Someone from your friend’s circle views it. They happen to like it, so they do either of the following:
- Share it with their friends
- Inquire about the product
- Post it in their story
- Retweet your post
Ask yourself some questions to get to the best point of your social media output.
- Who is your target audience?
- How will you know the traffic source?
- How to find the bounce rate?
- Will you analyze your customer touchpoints?
To understand the question — we need to understand the traffic and age groups visiting the various social media. Analyzing the touchpoints based on source, local, and age group will help get this data. Your touchpoint questions are where paid social media will help you. Paid social media is the answer to the above key insights. So, how will this paid social media work for you?
First, let’s explore what exactly is paid social media?
Social Media is not that different from other forms of advertising. You pay to various social media companies like Facebook, Twitter, LinkedIn, etc., to display your ads to their consumer’s profiles. The biggest advantage of paid social media is that those companies have relevant data about their users, and your ads will be displayed to users who need your product/service.
Identify and filter out people who are most likely to convert.
It is different to pitch to a crowd to identify your product, but it is a whole another thing to make potential consumers aware of your product and make them your consumers. The latter is exactly what paid social media does to your business!
Are you guys still wondering why you should embrace paid social media marketing? The listicle below will help us gain depth about paid social media marketing and how it is the most profitable route,
- Flexible Budget
- Help Analyze Touchpoints
- Optimize Content
- Easy Funneling Potentials
- Enhance Brand Awareness
- Gain Awareness of Current Market
You can plan your budget. You can promote your brand on social media with a minimal budget. You will be charged on the type of ad, length of your ad, and the placement of your ad in the potential customers’ media feed. There are many schemes from which you can opt for the one that best suits your budget. The coverage of the scheme varies based on your budget.
Apart from that, there’s PPC which is pay per click which means you have to pay a certain amount to the social media company for every click your ad gets via their media. This means you can pay after seeing the results you desire on your webpage.
Such options help you carefully plan all the aspects of your advertisement, like length, content, and placement. You’ll look at the prospective clicks you want to make planned profits with planned costs and make the most of your ad.
Research and analyze the plan that best suits your needs and invest appropriately. Fortunately, the best part about social media marketing is that it can be done both at an exorbitant price and at a low-cost budget.
Look for: 10 Low-Cost Social Media Marketing Tactics That Work
Help Analyze Touchpoints
You will be able to plan a more concentric campaign if you get to know the touchpoints. Touchpoints are the possible ways to interact with your consumers (not physically or directly), which influences them to feel a certain way about your product.
Categorizing the points based on age, source, campaign medium, and the monthly trend will help customize your marketing plans.
Upon delving deep, you should choose the appropriate customers who really need your product/service and try to market your product in a meaningful way to establish a bond with them. Touchpoints are basically like the race you need to run to make your potential customers become your actual and regular customers.
What are Touchpoints
Touchpoints involve a lot of demographic detailing and planning, which is a pretty huge and essential task you need to undertake when you’re organically marketing your brand.
Who knows people better than the media, where most people spend most times of their lives? Yup, you guessed it right, it’s social media companies. In the case of paid social media, the touchpoints covered under social media are taken care of by those companies for your brand.
By analyzing the touchpoints, you can optimize the content based on your target audience’s preferences. Content construction and framing is a crucial step in marketing. You have to carefully frame and spread your ads to decide how your touchpoint connects with or perceives your brand.
No amount of ads or paid marketing or quality products can save your brand if your marketing content does not convey much. You get to see, analyze and, to an extent, control the success of your ads based on deciding its content wisely.
As an initial wave, consider using your most successful ad, which had high reach and conversions organically into paid social media marketing. You’re basically going to project your most successful campaign to a larger group of potential customers. The larger amount of potential customers might help you kick start your product on a wider platform and kind of assures most profits because the content you’ve chosen has worked the best already.
In the long run, you may have to apply different strategies to pin down the content, leading to most conversions. Other famous tricks of the trade are to A/B test your best campaigns in specific sample groups to choose the campaign with the most potential.
Easy Funneling Potentials
Paid social media will help find target audiences easily. This will help you plan your marketing strategies. By understanding what type of marketing works for your product, you can help increase the magnetizing rate. This will also help divert more traffic to your web pages.
Enhance Brand Awareness
Customizing the content will ultimately enhance the user experience, thereby help your product reach its audience better.
Gain Awareness of Current Market
By constantly analyzing your audience’s interaction with your page, you can learn which product stands out in which locale. You can also thereby gain awareness about the current marketing working for that locale.
Image Credit: from the author; thank you!
RUSSIA’S DEFAULT IS A REALITY AS GRACE MONTH IS OVER
Russia’s default has finally arrived on its sovereign debt in foreign currency for the first time in more than a century. Moscow has been unable to pay the interest on two bonds in dollars despite having enough foreign exchange reserves to do so. Investors assure that they have not received payment after the grace month.
Russia is showing the consequences of the sanctions the West has massively imposed on it after the war against Ukraine.
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For months, the country has managed to find ways and shortcuts to wade through the measures that tried to isolate the government of Vladimir Putin and make the country fall into technical default. In the end, the West has achieved its goal, albeit somewhat later than expected.
Although Russia had the capacity to meet this payment, leading economic indicators —the composite PMI sank in March and remain below 50, indicating that the economy is contracting— reveal that the country is facing one of the major economic crises of recent decades.
With double-digit inflation and several leading companies on the way out, Russia will face a deep recession and perhaps years of economic stagnation.
The one-month grace period expired on Sunday on around $100 million of trapped interest payments due May 27, a deadline that is considered an event of default if not paid in the correct currency, according to Bloomberg.
Russia’s default is also backed by other data. The International Monetary Fund (IMF) reveals that the Russian Government had a debt of around $40 billion in hard currency at the end of 2021 —a relatively small amount.
Although the total foreign debt exceeds $470 billion, only part of that amount is in foreign currency and a smaller part is still a liability to the Russian Government.
This is a clear symptom of the rapid transformation that the country is facing, both financially and economically. Russia will have to go on without the foreign capital flows that have historically helped finance investments in emerging countries.
The nation’s Eurobonds have been trading on the secondary market at very low levels since early March, while the central bank’s foreign exchange reserves remain frozen. Russia’s largest banks are cut off from the global financial system, leaving the country in isolation.
Published First on ValueWalk. Read Here.
Image Credit: by Happy Donut; Pexels; Thank you!
Take Inspiration From Trending and Successful eCommerce Businesses
Believe it or not, online shopping has become a massive trend nowadays, and its popularity is increasing daily. Of course, we were already in the era of digitalization, but this entire pandemic situation has made eCommerce industries flourish more than expected in the last few years.
Nowadays, everything is digitized as people buy food, groceries, cosmetics, clothes, and even electronic gadgets online. This digital revolution has made it easier for creative founders to convert their dreams and ideas into a waking reality.
Old ways and patterns of handling businesses are changing every day, and business owners need to adapt to the fluctuating market trends. And in this, some trending eCommerce businesses have taken this eCommerce industry to a whole new level. They are ruling and conquering like a boss.
Here in this blog, we will be discussing such inspiring eCommerce businesses. So, keep reading to find out more and cope for the better.
What are The Types of eCommerce Businesses?
E-commerce businesses are not limited to one particular business model. Instead, there are various sorts of eCommerce business models as per their business offerings. So have a look at some of the highly prevalent eCommerce models.
- Business to Consumer (B2C): The process of selling from business to customer comes under B2C type E-commerce.
- Business to Business (B2B): The buying and selling process between businesses comes under the B2B type of E-commerce.
- Direct to Consumer(D2C): This new idea of selling directly to end customers without the involvement of any retailer comes under D2C type E-commerce.
- Consumer to Consumer (C2C): Consumer-to-consumer sales on platforms like eBay, Etsy, Fiver, and many more come under C2C type E-commerce.
- Consumer to Business (C2B): An individual selling their services to different businesses comes C2B type E-commerce.
Examples of Successful E-commerce Businesses
1. Warby Parker
Warby Parker is popularly known for producing designer, reliable and inexpensive frames for eyeglasses. An MBA student, Neil Blumenthal, and 3 of his friends launched this eCommerce company in 2010. They proposed the idea in 2008, and took nearly two years to implement.
Their idea of business was something very essential at that period because Luxottica (Another eyewear brand) was one of the few companies that used to sell designer and reliable frames, but they were costly as compared to Warby Parker.
Warby has a free try-on policy with free shipping and numerous return offers, and this is what the brand has adopted to stand out from the crowd and appeal to its customers.
An online Mattress retailer is helping people sleep better and comforting their sleep cycle. The whole idea behind this business model was to help people realize the importance of sleep and how an adequate amount of sleep can increase their productivity and quality of life.
Their first-ever mattress was “Universal Adaptive feel.” It was so flexible that it could easily adjust to all body types.
The 100-night free trial policy worked well for their customers and made the business model a huge success. Leesa had traditional showrooms at first, but with time they also opened online stores.
ModCloth is an eCommerce company launched in 2002, selling women’s clothing worldwide. They sell fun and quirky clothes that are not so exclusive but are comfortable and budget-friendly.
Everything about their store is creative and exciting – which customers nowadays love. The copies describing their clothes are also fun to read because every product has a name and story behind it – now, this is something very catchy.
ModCloth became a brand within a few years of its launch because of its targeted marketing strategy. They know who their target audience is and what requirements they have. Knowing this has made their business reach exceptional heights within a short period of time.
Mostly we know Amazon was launched in 1995 as an online bookstore and has been flourishing since then. Now amazon is not limited to books anymore because now it sells almost everything you can think of. From groceries to clothes and even jewelry, Amazon has it all.
Right now, Amazon is one of the largest eCommerce stores by revenue worldwide. Though amazon started with no competitors, now it has Walmart as one of its biggest competitors. Last year Amazon made a revenue of $470 billion.
Amazon has adopted a stellar marketing strategy, which is targeting the right customer and offering products at comparatively lower rates.
Shopify is a SaaS (Software-as-a-service) company that provides all the tools needed by a business to run its eCommerce business smoothly. It helps them with website building, marketing, payment processing, financial tracking, and everything in between.
It is a tech infrastructure that supports more than 2 million merchants and various operations ranging from mom-and-pop businesses to global brands. Shopify made $389 million in revenue in 2016 to $4.6 billion in revenue in 2021.
The profitability of Spotify has been improving with time because, just like every SaaS business, it has also scaled up.
LARQ is a business model that makes self-cleaning water bottles that are reusable, rechargeable, and also have some advanced features. For example, it has UVC technology used to eliminate viruses & bacteria from water bottles.
LARQ has the initiative to provide clean water to everyone. They also raised $1.7 million for the same. In addition, LARQ donates 1% of its earnings to help maintain clean water worldwide.
The product was so unique and exciting that it attracted numerous customers. As a result, many environmentalists and aware citizens switched to these LARQ bottles and saved their money from buying single-use water bottles.
7. Beer Cartel
Beer Cartel, as the name suggests, is Australia’s number one beer subscription service. It is said that some ideas sell themselves; the same was the case with this one.
Beer Cartel sells beers from all around the world to their subscribers at their doorstep. This online store gives people the freedom to select their unique beer bottles at a price better than traditional stores.
One of the significant reasons for Beer Cartel’s success is that they offer exclusive taste under budget. In addition, they have a wide range of varieties that keeps their customers interested and coming back.
8. Berlin Packaging
Berlin Packaging is well known for sourcing, designing, and even distributing containers and closures for companies like fortune and various family-owned startups.
They have always provided products at a lower cost to their customers to increase the overall efficiency of their enterprise. One interesting fact about it is that it is not a new startup; it is 80 years old, in fact. But Berlin Packaging has somehow still managed to bring their customers the latest and top-quality beer.
They started this eCommerce business model to keep up with the times, which worked out well for them.
With the introduction of eBay, Bonobos knew that the eCommerce business was getting more competitive with each passing day. So, they introduced a unique business model targeting only a super-specific audience.
This strategy of narrowing down to a particular audience helped them make loyal customers who also flourished their business in the long run. Bonobo’s success made everyone realize that focusing on the competition is not good for your business’s health.
They should focus on the value they provide to their customers, and they will reach greater heights of success.
The name of the company seems fascinating, right? Well, so is their initiative. TOMS is an eCommerce company that sells its customers quality shoes that are reliable, comfortable, designer, and inexpensive.
What separates TOMS from other similar eCommerce is that with every transaction, they will help one in need. Yes! Not only this, but they also run various social media campaigns with hashtags like #withoutshoes and many more to stand out from the crowd.
Everything about their business model is catchy and interesting, making it easier for them to drive more traffic to their online shop.
What are the Biggest Benefits of eCommerce?
Shopping in the comfort of home: eCommerce has made shopping easier and more convenient for our customers. Buying and selling things is a child’s play nowadays. As a result, our purchases are simpler, faster, less time-consuming, and not so hectic.
Markets are globalized: Now, you can shop from anywhere around the world at the convenience of your home. The impact of eCommerce on the planet can easily be visible. There are no limitations or barriers to buying from a different state or country.
Building startups is not so expensive anymore! Yes, in this era of digitalization, anyone can set up their online store at a meager cost. In addition, the operating cost is minimal because both buyers and sellers are now digital.
Technologies are evolving rapidly because of this, eCommerce businesses have to see a lot of changes frequently.
If you have an eCommerce business that is not growing as expected, you must adapt to new business models that add value to your customer’s life and your e-commerce services (my business: krishaweb dot com).
Image Credit: Provided by the Author; Thank you!
What Does the G7 Russian Gold Ban Mean for Gold Stocks?
The G7 plans to announce a ban on Russian gold imports. But does that really matter for investors? While there hadn’t been an official Russian gold ban until now, this news isn’t exactly a surprise to the industry. Today, we’re seeing that lack of reaction in gold prices.
Typically, a ban on imports for a particular commodity sends prices soaring higher. Just look at what happened to oil after Russia invaded Ukraine. As it pertains to gold, prices also initially ticked higher this morning, with the futures opening up by under 1%.
However, it has now turned lower on the day, as have the VanEck Gold Miners ETF (NYSEARCA:GDX) and the VanEck Gold Miners ETF (NYSEARCA:GDXJ).
Does the Russian Gold Ban Matter?
This latest decision does matter. However, it will have a limited impact on the global gold market and gold-mining stocks. Warren Patterson, Head of Commodities Strategy at ING Groep NV (NYSE:ING), had the following to say:
“The impact from a ban on Russian gold imports by G-7 nations is likely to be fairly limited, given that the industry already took steps to restrict Russian gold […]It looks as though its largely symbolic.”
Russia has the world’s fifth-largest gold stash according to the World Gold Council. However, it only exported roughly 5% of the world’s gold supply in 2020. A bulk of those exports — over 90% — went to the United Kingdom, a G7 member. Still, Russia will likely find buyers in China and India.
In actuality, the buying pool may shift, but it will not completely evaporate.
How Does This Affect Gold Stocks?
At this point, the ban does not seem to have much of an impact on gold stocks. There’s multiple reasons why this is the case.
- The industry seems to have largely prepped for such a ban.
- Russia is not that large of an exporter of gold.
- The efforts from central banks to raise interest rates and strengthen currencies is likely playing a more important role in regards to precious metal prices.
Ultimately, a Russian gold ban certainly doesn’t hurt gold prices — if anything, less supply is a bullish catalyst — but right now that catalyst is not reverberating through the market. However, removing Russian supply from the market will be a modest positive for gold miners.
Published First: InvestorPlace. Read Here.
Image Credit: by Pixabay; Pexels; Thank you!