Fearing failure in business can be paralyzing, making it difficult to try new strategies. However, doing nothing is a surefire way to fail. So, when your business is struggling to survive, can digital marketing come to the rescue?
Investing in marketing and advertising gives your brand a powerful voice.
When personal budgeting tool Mint launched in 2007, it faced competition from Wesabe, which had built a loyal customer base over the previous ten months with minimal marketing spend. Despite the challenge, Mint adopted an aggressive digital marketing strategy to acquire users.
Founder of Wesabe, Marc Hedlund, observed that while Mint spent heavily on search engine marketing, Wesabe didn’t, resulting in slower growth.[1] Could Wesabe have fared better against the competition if they had invested in digital marketing?
Effective Promotion Requires Clarity
Pouring money into an ill-conceived marketing message generates noise but not results. An unclear brand message and a poorly defined value proposition can lead to wasted advertising spend and disappointing outcomes. If your brand and messaging are unconvincing, digital marketing cannot save your business.
Transform Your Customers’ Lives
Customers care about the value your brand delivers, not the brand itself. Successful businesses drive meaningful transformations in their customers’ lives by addressing their needs and providing solutions. Sharing compelling customer testimonials and stories of change can help amplify your brand.
Maximize Digital Marketing ROI
Once you have a clear brand message and demonstrate the positive impact of your products or services on customers’ lives, digital marketing can be more effective. Sharing authentic transformation stories through various channels, such as social media, blog posts, podcasts, and videos, can resonate with your audience and boost your brand’s reach.
Can Digital Marketing Save Your Business?
After clarifying your brand and messaging, digital marketing can play a significant role in your business’s growth. For example, if Wesabe had used strategic pay-per-click advertising, they might have been able to keep pace with Mint. Unfortunately, Wesabe shut down in 2010 and sold its assets to Due.com.
Without a clear brand message and a transformation story, businesses risk a similar fate. Invest in developing a strong brand identity and effectively communicate the value you offer to maximize the potential of digital marketing.
According to the founder of Wesabe, Marc Hedlund, “Mint aggressively acquired users by paying for search engine marketing (reportedly spending over $1 for each user), while Wesabe spent almost nothing on marketing; yet in the end we grew at about 1/5th the rate they did.” ↩︎
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