The Perfect Campaign: Test, Optimize, Repeat

The Perfect Campaign: Test, Optimize, Repeat

Take a hundred dollars and turn them into a thousand. That’s the basic principle in marketing, right?

No matter if you work with clients or an employee in some company’s marketing department, at one point, we all hear something along the line of “I want you to get me 10 actions every day right from the start.” My answer is usually: “There is no magic formula. Marketing is A/B testing”

And that’s exactly my point. Marketing is all about data. You make a decision based on data you get from clients, purchases, leads, conversions or educated assumptions. It may be an assumption regarding your target audience.

Let’s say you are launching a jewelry store online. Who is your target audience? To asses that, you need to get input from the designer: Who is the jewelry made for? Then, you can create a sample targeting group that matches the demographic information the designer provided. This will be your first test. Once all the creatives are done and live, you are able to measure the results by a few factors.

• Click-Through Rate (CTR): The average between the number of impressions and the clicks the ad got.

• Quality/Relevance Score: How relevant are the creatives and landing pages for the targeted audience? This number is usually rated one to 10.

• Conversion Rate: What percentage of the users who clicked on your ads actually purchased?

• Time On Site Or Bounce Rate

By assessing the results for the different creatives (at least three to four for the first test), you can choose the best-performing one for that audience. Or you may realize that you need to adjust the targeting if, for example, the quality score is low (below six), the CTR is OK but the conversion rate is low and the time on site is short. That will tell you that this is not the right target audience. However, if the quality score is good, the CTR is good but the conversion rate is low, you need to analyze the traffic performance on the landing page and optimize it.

This is just one example of how you can test an assumption and optimize based on that. When you are trying to create a marketing strategy, always question your assumptions. Never promise anyone a magic campaign or huge results with a strict budget.

So, how do we set the right budget for the audience? What I like to do is look at the target audience’s estimated size. Most tools will also give you the exposure-per-set budget, so you can choose the right amount of exposure per day or overall for the test period. There is not a minimum budget to run with, but I never go for less than a few thousand impressions per day. I find that this will give you the best exposure for the test. It may be $20 per day or even $200 per day, depending on the system, audience, competition or keywords.

Many clients expect to spend very little or as little as possible and get amazing results. Never make promises you can’t keep. And until you have tried a target audience and a product, you never know how it will work. Even if you work on a product that already sells, you will be expected to show better results than before, and this is the exact same thing as working on new objectives.

The best campaigns likely had many variations before they saw amazing growth and success. Make sure you always have a few approaches ready to go. The whole point of A/B testing is to test two or more different assumptions. This may be a combination of different creatives, audiences and landing pages. By doing this, you allow your budget to be spent on two different assumptions and optimize the one that works better. Sometimes, you even get good results with the two approaches and it’s a win-win situation.

The thing that never changes is that you need to base your decision on data. You begin with an assumption or past performance data, you go into real-time performance optimization, and then you optimize based on results and do it all over again.

A campaign has to be optimized all the time. Treat it like a little baby — it needs care and love or it will die.

 

Looking for funding? Apply here.

 

POST WRITTEN BY:

Kobi Ben-Meir

Marketing Director at Got Capital. Overseeing the brand and marketing strategies in the US. View the original article published on Forbes.

Increase Returns By Building A Business Model Based On Value

What makes customers choose a product or service provider over another? Customers typically compare their options to find the best value, but this concept goes beyond the mere price of a product or service. Customers are developing a more complex approach to assessing value. For 70 percent of them, a great service is a form of value since they would spend more for this positive experience. Also, for 73 percent of millennials, sustainability is valuable since they would spend more for a sustainable product.

Delivering Value Through Your Products

You need to identify all the ways in which your products deliver value. Shape your message to draw attention to value and look for areas that could be improved to deliver more value.

Shoppers will look at product quality to assess its value. Durable and reliable products appeal to shoppers. More consumers are adopting a budget mindset, and they will spend more if a product lasts longer.

Convenience is another important factor. Your product should be convenient to use, and the process of researching and purchasing the item should also be convenient.

Shape your marketing campaigns around the value that the function of the product brings. Your content can inform shoppers about the value of the product by explaining how the product saves time or how it simplifies a task.

What A Valuable Service Looks Like

For 62 percent of companies, customer experience is seen as a differentiator. Consumers’ behaviors confirm this trend because 86 percent will pay more for a great experience.

Invest in a consistent multichannel experience that delivers the right interaction at the right time. The quality of each interaction matters and can be assessed in terms of how well it meets the customer’s needs and expectations.

Customers will also weigh the cost of the service offered and look for evidence that you are putting efforts into offering the best service possible. They will also consider the reward of the service offered, which you can demonstrate by offering tools customers can use to track their progress while using your services or products.

Building Trust

Trust is a crucial element of the relationship between consumers and brands. You can establish trust by repeatedly meeting and ideally exceeding a customer’s expectations.

Here is what you should focus on to build trust:

  • The values of your organization should appeal to consumers so they can form an emotional attachment.
  • There is a concrete dimension to building trust. You need to consistently deliver quality products that function as advertised.
  • The social impact of your brand matters. Did you know that 53 percent of consumers believe that brands can do more than governments to address social problems? You can deliver value and build trust by connecting with your community.

Further Considerations On Value

A customer won’t be able to assess the real value of a product or service until they make a purchase. Until then, the value is projected or perceived. Your marketing efforts help shape the perceived value of what you offer, but you need to make sure there that are no discrepancies between the perceived value and real value.

Value can be broken down into four elements:

  • The social impact of your business.
  • The life-changing qualities of your products or services.
  • The emotional connection with your audience.
  • The functional aspect of what you offer.

You need a strategy that addresses these four elements. Calculating the ROI of your efforts to increase value can be difficult because sales numbers alone won’t be very indicative. Instead, focus on performance indicators such as your customer satisfaction index and how many shoppers make repeat purchases. Track customer advocacy for your brand on social media.

Investing in value will result in satisfied customers, more sales, and more returns for your business. However, your approach should be tailored to your audience and how they define value. If you are interested in potential strategies to consider, we think exploring AI and chatbots is a great place to start since they can help you offer a better experience and form stronger connections with your audience.

 

Get funded now. Apply here.

Increase Returns By Building A Business Model Based On Value

What makes customers choose a product or service provider over another? Customers typically compare their options to find the best value, but this concept goes beyond the mere price of a product or service. Customers are developing a more complex approach to assessing value. For 70 percent of them, a great service is a form of value since they would spend more for this positive experience. Also, for 73 percent of millennials, sustainability is valuable since they would spend more for a sustainable product.

Delivering Value Through Your Products

You need to identify all the ways in which your products deliver value. Shape your message to draw attention to value and look for areas that could be improved to deliver more value.

Shoppers will look at product quality to assess its value. Durable and reliable products appeal to shoppers. More consumers are adopting a budget mindset, and they will spend more if a product lasts longer.

Convenience is another important factor. Your product should be convenient to use, and the process of researching and purchasing the item should also be convenient.

Shape your marketing campaigns around the value that the function of the product brings. Your content can inform shoppers about the value of the product by explaining how the product saves time or how it simplifies a task.

What A Valuable Service Looks Like

For 62 percent of companies, customer experience is seen as a differentiation. Consumers’ behaviors confirm this trend because 86 percent will pay more for a great experience.

Invest in a consistent multi-channel experience that delivers the right interaction at the right time. The quality of each interaction matters and can be assessed in terms of how well it meets the customer’s needs and expectations.

Customers will also weigh the cost of the service offered and look for evidence that you are putting efforts into offering the best service possible. They will also consider the reward of the service offered, which you can demonstrate by offering tools customers can use to track their progress while using your services or products.

Building Trust

Trust is a crucial element of the relationship between consumers and brands. You can establish trust by repeatedly meeting and ideally exceeding a customer’s expectations.

Here is what you should focus on to build trust:

  • The values of your organization should appeal to consumers so they can form an emotional attachment.
  • There is a concrete dimension to building trust. You need to consistently deliver quality products that function as advertised.
  • The social impact of your brand matters. Did you know that 53 percent of consumers believe that brands can do more than governments to address social problems? You can deliver value and build trust by connecting with your community.

Further Considerations On Value

A customer won’t be able to assess the real value of a product or service until they make a purchase. Until then, the value is projected or perceived. Your marketing efforts help shape the perceived value of what you offer, but you need to make sure there that are no discrepancies between the perceived value and real value.

Value can be broken down into four elements:

  • The social impact of your business.
  • The life-changing qualities of your products or services.
  • The emotional connection with your audience.
  • The functional aspect of what you offer.

You need a strategy that addresses these four elements. Calculating the ROI of your efforts to increase value can be difficult because sales numbers alone won’t be very indicative. Instead, focus on performance indicators such as your customer satisfaction index and how many shoppers make repeat purchases. Track customer advocacy for your brand on social media.

Investing in value will result in satisfied customers, more sales, and more returns for your business. However, your approach should be tailored to your audience and how they define value. If you are interested in potential strategies to consider, we think exploring AI and chatbots is a great place to start since they can help you offer a better experience and form stronger connections with your audience.

 

Get funded now. Apply here.

Got Capital Signs a Multi Million Senior Credit Facility With Shawbrook Bank

A leading FinTech-driven financing company for small and mid-sized businesses (SMEs), Got Capital, has announced the closing of a senior credit facility to increase its funding capabilities.

Got Capital logo

​​Got Capital is pleased to announce the closing of a senior credit facility from Shawbrook, which increases Got Capital’s funding capabilities and enhances our ability to take advantage of significant market opportunities.

“The new facility, from a leading institutional financing partner, is a validation of the strength of our team, our track record of success and the robust platform that Got Capital has built” stated Got Capital’s CEO, Alex Afek.

Since inception, Got Capital has provided thousands of SMEs with over £100 million in working capital solutions. Proceeds from the transaction will be used by the Company to execute its strategic growth plan and accelerate their ability to provide more small businesses with access to attractive non-bank flexible financing.

Small Businesses in UK

Mr. Afek continued, “Small businesses are thriving; representing 99 percent of all UK businesses, accounts for 60 percent of employment and 52 percent of turnover in the UK. Yet, high-street bank credit to this important sector of the economy has contracted sharply. It is estimated that the amount of small business loan origination plummeted by more than half during the financial crisis and has seen only a very limited recovery post-crisis, leaving small business loan originations down 40%. The small business funding space has drastically changed in the past two years. We see more and more sophisticated players in the space, and to me, it’s a sign that the industry is on the right track to be the major funding source of businesses in the U.K. Being able to close this credit facility is strong evidence that Got Capital has a lot to offer. As pioneers in this space, I think it’s important we stay ahead of the curve, specifically in terms of analysis of our customer’s needs and our internal decision-making process. In that sense, Shawbrook Bank and Got Capital share the same vision.”

When small businesses find it hard to overcome finance issues from traditional sources of capital, Got Capital remains committed to helping them accomplish their goals. Got Capital offers small business owners in a variety of industries across the U.K. the option to fund their businesses for any purpose with up to £250,000. The Company’s technology-enabled platform allows for a streamlined process, with most qualified businesses funded within 24 hours.

Mr. Afek concluded; “The closing of this transaction demonstrates that institutional investors have confidence in our business model and expect to see continued, rapid growth.”

Karan Burman, Structured Finance Director at Shawbrook Bank says: “Specialist funders are playing an increasingly important role in plugging the funding gap within the SME market, delivering the dedicated products and support that a business owner or management team requires. Dealing with complexity to deliver the right SME finance solution is what we do at Shawbrook and it’s clear to us that the Got Capital team understand the dynamics of SME finance and the complexity of the market, which is how they’ve already successfully supported thousands of small business customers.”

About Got Capital Ltd:

Founded in 2014 and headquartered in the City of London, Got Capital Ltd is a technology-enabled specialty lender, leveraging proprietary origination, disciplined underwriting and performance analytics to improve the speed, cost and choice of capital available to small and mid-sized businesses throughout the UK.

Grow Your Trade On Instagram With These 3 Easy Steps

For many people, the internet can be a gift and a curse. One terrible review can destroy someone’s business while a tiny hole-in-the-wall, in the middle of town somewhere, can become a gold mine because of a simple search. Word of mouth still exists but these days it spreads faster than cute cats, missed Football field goals or an egg post on Instagram that gets almost 50 million “likes” in 24 hours.

For many, managing an Instagram account can be challenging and frustrating when you’re spending more time managing the day-to-day operations of your trade or your results from your posts have been underwhelming.

 

 

  1. Get Help

 

 

If you’re running a small business it can be almost impossible to manage social media accounts to gain awareness and grow your business, all at the same time. But Instagram is not something to be ignored. It’s not only a bunch of Millenials posting selfies, food pictures and sharing “memes” because in June 2018 Instagram hit 1 billion active monthly users.

                                                                       https://techcrunch.com/2018/06/20/instagram-1-billion-users/

 

That number is proof that It’s worth to add a Social Media Manager to your payroll. Even if the manager is a part-time student, with little experience, they can help you take a lot off the plate by posting quality photos and videos, attracting new followers and building on a brand identity.

 

  1. Geo-tagging and Hashtagging

 

Now that you’ve got your new manager, it doesn’t mean you’re totally off the hook. Lot’s of small business owners will say that the service or business they provide is irrelevant for Instagram because they’re local or it might not appeal to young consumers.

 

  • Ages 13–17: 57 million (7%)
  • Ages 18–24: 270 million (32%)
  • Ages 25–34: 270 million (32%)
  • Ages 35–44: 131 million (15%)
  • Ages 45–54: 68 million (8%)
  • Ages 55–64: 30 million (3%)
  • Ages 65+: 18.3 million (2%)
(https://blog.hootsuite.com/instagram-demographics/)

 

Even if your target market is in the older range, those numbers are still in the millions. Now, that’s just a perspective. So how does this help your local business? Geo-tagging lets customers know where you’re located. It lets them know you’re near and brings your business awareness. If Im looking for a printing service or contractor, seeing your work online and an “identity” will help me compare, discover and make a more confident decision.

                                                                                                                                                           https://blog.wishpond.com/post/115675437680/how-to-use-hashtags-and-geotags

 

Hashtags also bring more awareness to your business. If im looking for a packaging service, I can search for a business on Instagram it can help me find your business, especially with the combination of geotags and hashtags.. Usually, hashtags should go after a good caption and while Instagram allows up to 30, I personally recommend putting 5 relevant tags about your post or business.

 

  1. Engagement

 

Just as if you would engage with your customers in person, face to face. It’s just as important to do so on your profile. Engage by being active in the comment section, collaborate with other relevant business where both can benefit off of eachother. You can also create community events and drive awareness. Ask if you can follow your customers on Instagram and send a Happy Birthday card, or tell them to enjoy their new Cat. Whatever life event they share, make sure you’re there for the support. Word of mouth is still very much alive and well and in today’s world, it’s amplified on Instagram. The little things count and go a very long way. Don’t focus on how much “followers” your account has, it’s more important that whatever number it is, those followers are or can turn into real customers.

 

Need funding to expand your social media presence? Apply here!

Written By: Avi Milman

Purchase Order Financing: Funding without the Hassle

We at Got Capital are highly determined to make business financing simple and easy for our clients. We are passionate about making sure our customers have a positive and streamline funding experience. We don’t only offer MCA funding, we also offer Purchase Order Financing.

What is P.O financing you ask?

It is a funding option for business owners that need cash to fill single or multiple customer orders. Cash flow problems do exist for many business owners- and Got Capital is here to help.  There will be times when there is not enough money to cover expenses in a business. For an example, an owner of a kitchen appliance store may get more demand for a heavy duty oven they have…than supply. If they turn down orders- they can lose revenue, quickly.  It can also tarnish reputation and restaurateurs may go elsewhere for their kitchen needs. To avoid this scenario, it is imperative that businesses find the capital that they need. A Purchase order financing can be a great alternative to traditional funding.

How does it work?

It involves one company paying the supplier of another company, for goods that have been ordered to fulfill a job for a customer. Many Purchase order financing services have way too many requirements to secure their funding. These requirements can also prohibit and limit capital access to new businesses. At Got Capital, we put our financial expertise to work. We offer a solution without the hassle and fewer requirements. We are determined to make sure you never have to stop gaining revenue and your business stays afloat, always….and that is the Got Capital way.

8 Invoicing Mistakes

Invoicing sucks. It can be highly tedious with tons of numbers and something that people may leave to the last minute. But it is absolutely crucial if you want your business to maintain an organized and positive cash flow.  In order to get compensated for your goods or services on time, there are some mistakes you have to avoid! Capitalize on opportunities and don’t let them slide by!

1) Procrastination

It’s not college anymore. You can’t leave things to the last minute. The best time to send out an invoice is immediately following the completion of a sale.

2) Having unclear terms

When writing out an invoice, avoid using vague language. If you want the client to pay the invoice in a timely manner- make sure that you include a clear state item description, prices, and quantities.

3) Not itemizing services

Some clients require a detailed and itemize service breakdown. For many customers, it can be a matter of procedure and helps tracking, recording and reporting expenses.

4) Poor formatting or editing

 Always make sure that your invoice looks super tidy as the button down white shirt you are wearing. Spelling errors, incorrect dollar amounts, and generic formatting can make your business look unprofessional. It can also prevent you from receiving correct payments on time. Always make sure you double check and proofread your invoices- so you can catch them before they are sent out.

5) Not understanding invoice factoring

Invoice factoring is a popular option when you need funding fast. In a nutshell, it is an option that you can sell unpaid invoices to an invoice factoring company for cash–*hint* GOT CAPITAL OFFERS THIS*

6) Not branding your invoices

Having a company logo on your invoice can verify it to be an established brand and differentiates you from other invoices that your clients are receiving. You can also take advantage of this to vamp up your branding opportunity and awareness!

7) Not taking your invoice as a marketing opportunity

Invoices can be a great medium for your company and your customer- to know more about your products.  You can use the invoice as a marketing tool- this can have a positive effect and increase your revenue! When you send out an invoice, try including marketing materials such as newsletters or promotional flyers.

 

8) Sending an invoice with hidden charges

This is a massive no-no. Transparency is key to any business-to-business relationship. When sending an invoice, each charge should match the terms and expectations as agreed upon by both parties.

Bottom-line: Avoid these common mistakes businesses make when they send out invoices- as a business owner you should always strive for a streamlined transaction process. Cash flow is critical to managing day-to-day operations and is key to maintain a stable organizational structure.

 

What mistakes do you think are also important to address?

Please comment below – we would love to hear what the rest of the business community is saying!

What is Invoice Financing?

Did you know as a business owner you have the ability to turn your unpaid customer invoices into fast cash?

With invoice factoring, …its is ‘Mission Possible’.

Invoice Financing is also known as Factor Financing- it a great and easy solution for businesses offering their clients specific payment terms. Offering easy terms to your clients is a viable asset for businesses.

Invoice financing is fast. It can provide immediate working capital to help cover a funding gap caused by slow payments from customers. Also, it improves cash flow in a small business. You can keep loyal customers on longer payment terms but still improved your cash flow- helping your business grow. Got Capital provides an easy and quick capital to companies that might not be able to get it from other sources- like a traditional bank.  A big benefit of invoice financing is that no collateral is required- no hassle…the Got Capital way.

Top 5 Entrepreneur Resolutions for 2019

Your goal for 2019 should be to accomplish all of the goals you’ve made in 2018, which you should have done in 2017 because you made a promise to yourself in 2016 and planned in 2014….Stop waiting and start doing! Let Got Capital be the solution to your resolution!

1) If a product fails, call it Beta Version

Never give up on your entrepreneurship dreams. If you feel like something is not going your way, take it as a valuable lesson and grow from it. Regardless if you are going through a rough patch or experiencing substantial growth, always remember why you became an entrepreneur in the first place. Allow 2019 to help you grow and remember why you have embarked on creating a difference in the business world.

2) New Year. New Web

If your business website is older than a fine aged wine- it may be time to update it.  Evaluate the usability and user experience of your website- meaning the colors, images, content copy, page layouts..etc. As time changes, websites should go with it too. It is important that websites maintain modernity and is easy for users to navigate. Furthermore with this change, it may have also a positive effect on your digital marketing strategies.

3) Keep on Learning

Read all about the latest trends that are going on in your industry and how you can take advantage of it. Furthermore, take benefit of major industry events. A big success in business is to absorb the knowledge around you.

4) Financial Statements Don’t Read Themselves

Commit yourself in understanding your finances more. Many business owners are too busy to check or don’t understand their financial statements- so they bypass them straight to a bookkeeper, CFO or accounting professional. Make a commitment to yourself to learn what the balance sheets mean to your business.

5) Keep Growing your Business with Confidence

The founder of the Virgin Group, Richard Branson says When employees tell you about their good ideas for the business, don’t limit your response to asking questions, taking notes and following up. If you can, ask those people to lead their projects and take responsibility for them. From those experiences, they will then have built the confidence to take on more and you can take a further step back.  Stepping back frees the founder to focus on the bigger picture — to dive in when there are problems or to help close a deal. This is how I manage our diversified group: I am not involved in the daily business of any Virgin company, unless I need to be.”  Teamwork certainty does make the dream work.

Bottom Line: Let your New Year’s Resolution be 1080p. Concentrate on ways to constantly make your business brighter and stronger. Got Capital is here to help you achieve your business dreams- our business representatives are happy to help you with any questions you may have.

 

3 Ways AI Can help your Business

When you think Artificial Intelligence, you may think of a Will Smith movie where he fights off robots or a robot who does your roommates dishes. But also AI can be a solution to many everyday business problems.

What is AI? Artificial Intelligence is a simulation of human behavior in computers (sounds so 2080 doesn’t it?). It is not the Matrix or the future, it is the technology of today.

Technology is racing ahead faster than ever before!-or faster than Usain Bolt’s Olympic debut race time. With more technological advances in the realm of Artificial Intelligence, it increases the possibilities for what we can accomplish without human intervention. If you are a small business owner, you may want to take advantage of some of these advances- they can make a big impact on the way you drive sales!

 

1) ChatBots = Extra Support for Customer Service on your Website

Having a ChatBot on your website for customer service/ support is deemed highly beneficial. AI is helping ChatBots get better at recognizing what are customer wants and needs. It is important to think of it as another user interface for customers to interact with your company. ChatBots are also useful for obtaining specific customer information without digging for it. Think about your most commonly asked questions from your customers-for an example- “How late are you open?”, “Do you have this item in stock?”, “Where is your location”…etc. These kinds of calls can eat up a good portion of your customer service care- even if they are easy to field. If your ChatBot has the info it needs to answer your commonly-asked questions, your company can save a lot of time. Which also means it reduces the friction for customers, allowing them to quickly find what they want and making that decision to buy easier.

 

2) VA…Virtual Assistant

AI is ever-evolving to making your life easier and with less hassle. If you are a business owner- you wear multiple hats and sometimes it may be difficult to stay organized. When you have an average of 150 different emails every single day- it is easy for important emails to slip through the cracks. AI provides an alternative solution to having 10 different color post-its and an angry client who thinks you are ignoring them…a virtual assistant.  These assistants need more instructions but they can easily be used to help chase down people for meetings, follow up on important emails and help you stay on track.

 

3) AI for Accounting (AcoBots)

Automating things that are tedious and repetitive can be a beneficial thing for your finance team. It can free up time for them to focus more of their energy on strategic thinking. AcoBots help you keep track of your bookkeeping to generate helpful insights that can help you create valuable decisions for your company.

 

Bottomline:  AI is there to help you and take away some of your stresses in your businesses.

X