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Learn a little more about the 80/20 rule, also known as the Pareto Principle

Whether in sport, security, personal life or socioeconomic analysis, many analysts apply the Pareto Principle to make their observations. In this rule it is understood that 80% of effects comes from 20% of causes. Check out our today's content to learn a little more about the 80/20 rule and how it can be applied in marketing.

Origin of the Pareto Principle

Contrary to what many may imagine, the principle was not a suggestion by the Italian sociologist, political scientist and economist Vilfredo Pareto, but by the Romanian business consultant Joseph Moses Juran, who applied Pareto's observations in his authorial works related to the management of quality.

Read too: 9 tips on how to retain your customers

In one of the analyzes documented by the Italian, the cultivation of peas was observed, in which he noticed that only 20% of the pods produced approximately 80% of the grains.

Although the application of the rule is practically universal, it was the areas of administration and marketing that most contributed to the popularization of this concept with the publication of articles, books and cases in which the rule was applied in favor of productivity.

The 80/20 Rule in Marketing

As it is a rule, it is worth remembering that it is not an absolute truth, since there may be exceptions and even variations in this regard. Some scholars point out that alternations like 85/15 and 75/25 happen too. Another evaluation worth mentioning is that it is not recommended to apply this rule all the time, since the Pareto Principle is just a propensity for results.

Read too: Know what Performance Marketing is

Therefore, variables such as the market situation, target audience, investment and other numerical data are fundamental to be used as a basis for any commercial decision. Check below some data expressed by the 80/20 rule in marketing:

  • 80% from billing results from 20% from customers;
  • 80% of sales come from 20% of products;
  • 80% of the complaints are made by 20% of the customers;
  • 80% from sales are due to 20% from the sales team;
  • 80% of results are due to 20% of investments.

From this information, it is possible to mathematically design a relationship between effort and reward, in which 20% of inputs, efforts and causes are responsible for 80% of outputs, results and consequences.

In this way, the Pareto Principle turns out to be very useful in resource management, concentrating efforts and time of managers and employees on key points. That is, in the 20% that guarantee 80% of your return.

Pareto Principle in Digital Marketing

The percentages don't change much when we apply the Pareto Principle in Digital Marketing. Check out!

  • 80% of online sales are related to 20% of available products;
  • 80% of searches come from 20% of keywords (pattern also known as long-tail distribution);
  • 80% of traffic is generated by 20% of posts;
  • 80% of leads are generated by 20% of published content;
  • 80% of engagement is generated by 20% of audience.

That said, always have the results of your channels at hand, which can be websites, blogs or social networks, to focus more on producing content on the platforms that have the most engagement or leads.

Read too: Understand what Lifetime Value (LTV) is and why it is important to know how to apply this concept to your brand

Tips for adopting the 80/20 rule

As it was possible to see throughout the article, the 80/20 rule can be used in different ways, but this in no way means that it should always be applied and taken as an absolute truth. The results can indeed escape the rule. Therefore, always analyze your own reality and consider other variables.

The Pareto Principle is not a magic formula, much less a great universal law. It is simply a trend observed on several occasions, which can be used as a tool to optimize business productivity.

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9 tips on how to retain your customers

It doesn't matter where you're from or the size of your company, men and women business owners know how important it is to retain customers, as each loss to the competitor costs a lot. And if you assume that making up for that deficit with a new customer is simple, reevaluate. The cost of attracting a new customer can be five to seven times higher than maintaining a loyal one, as pointed out by marketing theorist Philip Kotler in the late 1990s.

Check out our article today to see how to retain customers ethically and effectively.

word of mouth marketing

Regardless of the market value of the business, word of mouth is a precious asset, as it is easily the most effective and reliable type of marketing out there.

But, after all, what is word of mouth and what does it have to do with customer loyalty? It is about taking advantage of people's power of influence, to indicate a service or product of the brand, emphasizing its qualities.

According to a survey by the Nielsen Institute, 92% of consumers surveyed around the world said they trust a referral from a friend or family member above all other advertising.

With social networks in play, word of mouth can have an even greater degree of amplitude, since publications from customers who are completely satisfied with your brand can reach people from the neighborhood, city, region and even the whole world.

Read too: Know what Performance Marketing is

Always have a plan at hand.

The answer to the question of how to retain customers takes planning and a lot of work. On this path, there are three steps in particular that can guide you and help you build a solid relationship with the customer.

  • Know your target audience well: to provide an excellent service, it is necessary to know perfectly the needs of the customers. In this way, when developing profiles of the target public and/or persona with the marketing team, it is possible to make technically based decisions, which will certainly contribute to the continuity of the customer.
  • Qualify your leads: Once you've created the profiles, you'll want to get a system in place to qualify your leads. Qualified leads are those who fit your profile and want, in addition to being motivated, to do business with you or one of your competitors.
  • Design your customer experience: by conquering the customer, the brand has a new challenge: to propose a largely satisfactory experience to him. So design his journey in a technical way. Thus, it will be possible to develop improvements in the products and even think of a new one, which will further strengthen the relationship with the customer.

Read too: What is Branding and why does your company need it?

Manage customer expectations

Negative experiences happen, however, they are often due to the fact that expectations are not met. And worse, maybe they never occurred to you or that external factors, beyond your control, got in the way and frustrated the customer. To do so, use this method:

  • 1st step: take advantage of social networks to talk to your customers and find out, as quickly as possible, what they expect from your product. Ask open-ended questions to listen and understand.
  • 2nd step: The key to managing a new customer's or customer's expectations is to be thorough and honest about all terms, even those you deem to be moderately important prior to purchase.
  • 3rd step: communicate well and frequently with the customer, especially in the case of complaints or service questions. Constructive criticism helps in brand growth.

Be honest in interactions with customers

Don't underestimate your audience, they feel it when they're just being used for profit. When they feel that way, they don't think twice about going to the competitor. The Know/Like/Trust (KLT) principle is also an important element in building a successful business, no matter the niche or business model.

Remember that sooner or later the truth always comes out. As a result, your company will only benefit from your commitment to integrity from the start.

Read too: Better understand the difference between Target Audience and Persona

Treat the customer like royalty

Throw the first stone who never stopped being a customer of a brand after having a bad experience. According to a survey conducted by Accenture, 87% of customers think companies should do more to deliver more consistent experiences.

Another factor that gets worse with this is the reverse effect of word of mouth marketing discussed at the beginning of this article. Because, when having a bad experience, the former customer does not think twice about negatively criticizing the brand to a friend or family member.

An interesting way out of this is to add features or services without increasing the price, whenever possible, and make sure that it is something desired by your audience. And in case you think about increasing the value, double-check about it and let your customers know clearly.

There is no way to retain customers without listening to them

With social media, it's easier than ever to let customers know about news and promotions. However, in addition to issuing announcements, it is also necessary to listen to what they have to say, be it good or bad feedback. Don't disregard what the public thinks, it is the lifeblood of any business.

1st point: be humble, and instead of trying to come up with ready-made answers or figure out how to convince them how wrong they are, listen first.

2nd point: be open to change and if you understand that customers are really right, change and don't forget to give them credit. It will certainly be a win for the brand.

Read too: Local Marketing: check out some tips that can help your business

Give customers solutions that fit their budget

Bolder entrepreneurs dream of winning over millions of loyal customers. But keep in mind that you can't do it all yourself, and you have to be smart about support.

Therefore, the ideal solution for your customer service needs is one that fits their budget, is easy for them to use, and also fits their core business system.

Learn to manage disruptive customers

Don't run away from responsibility. Disturbing customers and consumers can arise and it is necessary to know how to confront them, in an ethical, polite and obviously grounded way. One of the ways that can help you with this is the creation of a customer service policy based on the core values of the brand.

Read too: Digital Marketing: 10 trends your brand should pay attention to in 2020

The maxim “the customer is always right” is not true

At no time was the phrase “the customer is always right” mentioned.

There is no reason for that. Sometimes the consumer is not only wrong, but he crosses the line. There are no excuses for abusive behavior.

Set clear boundaries for customer support. There is no requirement that you have to accept being abused or harassed, and it goes without saying that you must never let employees abuse or harass you.

The customer is, however, human. Keeping this in mind can help you develop and communicate empathy, which can quickly pacify disgruntled customers.

Be open, be honest and look for feedback. Be prepared to act on customer feedback as soon as you are aware of it.

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New Facebook Supervisory Committee has a Brazilian; look

Last week Facebook announced new names for the Oversight Committee. Among them, the one that stands out the most for us is Ronaldo Lemos, who is the only Brazilian of the 20 members. As reported on several news sites, Lemos is a lawyer and director of the Institute of Technology and Society in Rio de Janeiro.

Know more: Online Media: research points to growth of 26.6% in accesses to social networks

What is the role of the Facebook Oversight Committee?

The Facebook Oversight Committee is a tool that will have the function of deciding the platform's positioning in the face of controversies such as the repercussions of the offline world, analysis of the terms of use to prevent dubious or controversial interpretations in addition to removing and restoring content from social networks following user requests. In this way, discussions about what to remove, what to allow and why should be emphasized and directly impact the way users behave on the platform.

In an interview with the Uol portal, Lemos clarifies that the council is independent and that it is an autonomous organization, which will take care of issues from around the world related to both Facebook and Instagram collectively. That is, it will function as a collegiate body, in which no one decides anything alone.

Know more: Practical and dynamic: see how to use Whatsapp Business and optimize your company's communication

What is the Committee's guidance? of Supervision of Facebook and what to expect from him?

As the Facebook Oversight Committee is made up of members from around the world, it is expected that the plurality of voices will benefit the billions of users. “The council will be guided by international treaties that protect human rights and freedom of expression,” said Lemos in the interview that ended the speech by emphasizing that freedom of expression is the main focus of the new body.

Read too: Find out about the changes to Facebook Messenger that are in effect from March onwards for business pages

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Know what Performance Marketing is

Before buying an ad, the company conducts several surveys to find out which will be the best strategy. However, it is also necessary to know if the public was actually reached, otherwise all planning could be compromised. And this is exactly what Performance Marketing fits into.

To better understand the subject, it is necessary to know that this marketing category fits in the digital environment. Like the other strategies, the planning is aimed at reaching the greatest number of people, however, this case has a great differential.

Read too: Understand what Lifetime Value (LTV) is and why it is important to apply this concept to your brand

Unlike other strategies, Performance Marketing stands out for being advertising in the right place and at the right time, a method that allows you to save money on ads that never convert. By applying this methodology, it is possible to pay only when consumers engage with your ad, since the brand will know where to invest and what the exact results of that decision will be.

Check out some tips to implement Performance Marketing in your company

1. Define your segments precisely

The more specific your audience, the more specific your ad. And the more specific your ad is, the more relevant it is to your audience.

Read too: How Digital Marketing can help overcome the crisis

2. Opt for SKAG

Simplicity is the best way. Therefore, avoid complicating too much when choosing keywords. As tempting as it may seem, placing a high number of keywords will only complicate your Performance Marketing strategy. The more keywords you choose, the more SERPs you'll ask Google to place you on. Choose 20, and you'll have a lot of words to work with in your sales copy.

Therefore, choose only one for each ad group (SKAGs).

Read too: What is Branding and why does your company need it?

3. Understand the importance of writing good headlines

As it is the first contact that the public has with your ad, it is essential that the title is eye-catching and holds it. It's also important to remember to be direct.

4. Go beyond Google and Facebook

You're probably advertising on Google and Facebook for the same reasons everyone else is. But if you take the time to explore smaller niche networks, you'll find platforms where your ads will generate an even greater ROI.

Read too: Better understand the difference between Target Audience and Persona

5. Buy the best times

Betting on an ad means bringing people to your site and eventually convincing them. Therefore, one of the most effective Performance Marketing strategies is to plan a good time for the ad to appear.

It is important to monitor the campaign and evaluate the best times. The afternoon period, for example, is much more likely to convert the public into new customers.

6. Use remarketing lists for Search Network Ads (RLSAs)

Bidding on broader terms may seem risky, but under certain circumstances, bidding on popular terms or competitor names can be a great idea.

RLSAs allow you to rank for the broadest terms for the consumers you are remarketing to. Therefore, your ad will appear to users who have visited your site before. This means you can bid on broad terms to maximize your reach and still avoid new costs, as your ad will only run to past visitors. Put what you've learned about Performance Marketing into practice!

Read too: Local Marketing: set up some tips that can help your business

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What is Lifetime Value (LTV) and why apply this concept to your brand?

Lifetime value (LTV) is a very simple concept. This is the total amount of profit or revenue – it is up to the company to determine which variable is most important to work on its strategies – obtained from a single customer during its entire lifetime. That is, a specific customer who buys your products annually will have a higher LTV than someone who buys every two years.

Read too: What is Branding and why does your company need it?

Why is Lifetime Value important?

It's important to have your customer's lifetime value at the tip of your pencil for very simple and practical reasons. First, because the cost of attracting a new customer can be five to seven times higher than that of keeping a loyal one, as pointed out by marketing theorist Philip Kotler in the late 1990s.

Another reason is that the probability of selling to an existing customer is 60 – 70% higher, as the article says Don't Get Lazy About Your Client Relationships published in Forbes, which cites data from the book Marketing Metrics. In contrast, the chances of selling to someone who has never used your product and/or service are 5 to 20%. In addition, existing customers are more willing to try new products compared to the public that does not consume your brand. There are estimates that point up to 50% more prone.

Read too: Better understand the difference between Target Audience and Persona

How to increase my client's Lifetime Value?

To increase your customer's LTV, you need to know them better than anyone else. That is, knowing your desires, needs, socioeconomic position, where you live and the entire booklet of your persona and/or target audience. What's more, hearing opinions about your product is essential to grow as a brand and gain competitiveness in the market.

By making a careful assessment of the answers obtained, the brand's strategic decisions will have a technical-numerical basis, which will actually serve the customer and will have many more chances of retaining him. After all, with the exception of price issues, nobody switches brands if they are fully satisfied with what is being offered.

Read too: Local Marketing: check out some tips that can help your business

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What is Branding and why does your company need it?

Since its emergence, marketing has gone through phases that revolve around three major disciplines: product, customer and brand management.

In this last aspect, one of the items that stands out the most is the visual identity, in which we relate the term brand to a logo, colors and symbols. However, its real meaning goes further.

See too: Better understand the difference between Target Audience and Persona

In reality, brand is the whole set of experiences and feelings that the consumer has experienced and created from your company, from his first impression, to what he saw and heard about it.

That is, everything that the individual experiences, added to the social, cultural and economic contexts, forms what we call a brand.

With the emergence of Branding, the main objective of brands that are attentive to marketing trends is to ensure that these experiences are positive, since it is the process of managing a brand, which includes everything from planning, going through structuring, to promoting it.

Positive experiences, the quality of its products and services, as well as customers' identification with its values will define whether or not the brand will become a market leader like Apple, Nike and Coca-Cola have become.

Read too: How Digital Marketing can help overcome the crisis

From the practice of Branding it is possible to keep employees motivated, take care of the image and reputation of a brand, adapt its positioning and bring more and more visibility. Within this process there are some terms that need to be created and managed:

  1. Brand identity;
  2. Brand platform;
  3. Brand architecture;
  4. Brand extensions;
  5. Employer Branding;
  6. Brand perception;
  7. Brand consistency.

from the Branding, a brand can positively impact people's lives, without it, it's just names, and names don't sell, don't connect and don't relate to the public.

Read too: Content Marketing: understand why it is a relationship strategy.

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Online media: research points to growth of 26.6% in accesses to social networks

Online media has taken on new meaning in recent weeks due to stay-at-home guidelines. However, in addition to this, research indicates that the use of social media also showed growth.

Read too: How Digital Marketing can help overcome the crisis

According to a media analysis by Comscore, the interval between the 16th and 22nd of March had 26.6% more hits on social networks than between the 9th and 15th of the same month.

The balance also explains that sessions on platforms such as Facebook and instagram went from 34 billion to 43 billion, as the average time spent in these online media increased by 19% in the compared periods.

However, in addition to using these tools to connect with loved ones and search for information, it is observed that users are also using digital platforms to distract themselves.

Read too: Digital Marketing: 10 trends your brand should pay attention to in 2020

Online media users are looking for lighter and more relaxed content

Comscore's analysis points out that content of the genre familiar and young had an increase of 43.1% in the analyzed period.

This means that from 637 million views it went to at least 900 million. Other expressive ranges are games and entertainment which grew, respectively, by 20% and 22.8%.

Read too: Learn about the changes to Facebook Messenger that will apply from 2020 to commercial pages

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Better understand the difference between target audience and persona

When creating a business or rethinking a company's marketing actions, it is necessary to go through the definition of the target audience. However, in recent years, brands have been trying a new technical modality to get to know the customer better, the creation of a persona. Check out our content today and better understand the difference between target audience and persona and how both can be advantageous for your company. 

The target audience is used to define the consumer's socioeconomic status in order to start a marketing campaign. In this way, it brings very broad information such as gender, age, marital status, education, purchasing habits, in addition to the profession and region of the country where you live.

See too: Digital Marketing: trends your brand should pay attention to in 2020

More complex: persona brings information beyond the target audience

With digital networks and the high volume of data that companies can work with, the persona emerged, which is a more complex structure in relation to the target audience, since it is the profile of the ideal customer. Thus, in addition to what is already addressed by the target audience, in the persona it is possible to find: fictitious name, brief story about the persona's daily life, lifestyle, favorite social networks, as well as personal values, hobbies, doubts and ambitions. See this comparison, in topics, between target audience and persona.

Target Audience

  • marital status;
  • training;
  • gender;
  • buying habits;
  • age;
  • profession; It is
  • region of the country.

Persona

  • a fictitious name, to facilitate the connection;
  • a brief story about the persona's daily life;
  • profession;
  • buying habits;
  • Lifestyle;
  • favorite social networks;
  • hobbies;
  • values;
  • pain related to your product;
  • doubts;
  • ambitions.

Now that you know more about the difference between target audience and persona, check out this practical example of persona

Marcia is 37 years old, earns between R$ 10,000 and R$ 20,000 and works as an HR manager at a medium-sized technology company in São Paulo. In his daily life, he faces the difficulties of a lot of work for a team of only 1 employee and 1 intern. She is married, has a young son who has just started school, and her favorite social networks are Facebook and Instagram for her social life, and LinkedIn for recruiting professionals and keeping up with industry news. He likes to travel with his family and go to concerts on the weekends.

See too: Learn why it is important to invest in a Digital Marketing strategy, such as SEO

See what benefits and when to use the persona

  • Better language;
  • Which social networks to invest in ads;
  • What issues to address;
  • Optimal content formats;
  • Key words;
  • Which media to invest in;
  • Upsell and cross sell opportunities;
  • Best times to offer a product;
  • Style and periodicity of email marketing.

Thus, by creating a closer connection with the customer, the brand better understands their needs and is thus able to adopt a specific language to communicate with them, understand which social networks are worth investing in ads, choose the best time to offer a new product , as well as email marketing style and periodicity.

With this, your company's marketing becomes more sophisticated and customers are much more satisfied for having a brand that understands them and does what is necessary to meet their respective demands. Ready to put what you just learned about target audience and persona into practice in your company?

See too: How Digital Marketing can help overcome the crisis

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Local marketing: check out some tips that can help your business

According to data from the consultancy Empresômetro released in February 2019, at least 13.5 million companies are classified as small in Brazil, which represents 70% of national enterprises. Among these millions are local initiatives dedicated to providing services and products to certain neighborhoods and regions. Faced with a reality in which consumers use digital channels to find somewhere that meets their respective needs, investing in local marketing can make a big difference.

Read too: Digital Marketing: 10 trends your brand should pay attention to in 2020

With that, one of the tools that can most help to put the brand name in evidence in the region is the Google My Business. With this feature – in which companies appear in a box on the first page of the search engine – the result related to your company happens through geolocation and can be accompanied by images, addresses, customer reviews, thus arousing interest in new people.

Also optimize your results on Google with SEO

When knowing the name of the company, one of the things that the user can do is search for a possible website of the brand. In this context, it is beneficial to meet some requirements, such as having a special layout for mobile devices, adopting SEO (Search Engine Optimization) strategies, in addition to inserting a map with your location, phone number and WhatsApp contact link. Everything for the person to have at hand what he needs to contact your service immediately.

Read too: Learn why it is important to invest in a Digital Marketing strategy, such as SEO

In addition to a good position on Google, the local business can also invest in specific content for Instagram and the Facebook page. On these platforms, it is possible to periodically post the services provided, the news, in addition to building a closer bond with customers, demonstrating that it is open to dialogue with people in the region, whether clarifying doubts or thanking for a compliment.

Local marketing in times of crisis

Currently, in the midst of the coronavirus pandemic, major brands and digital influencers have mobilized to encourage preference for local businesses, which, among companies, are the ones that have suffered the most from the impacts of the quarantine. With this, local marketing can be very useful in expanding the famous word of mouth and making the brand name reach more people.

Read too: How Digital Marketing can help overcome the crisis

In addition, adapting the product portfolio, offering promotions and disclosing these news on social networks are often interesting ways to attract and retain customers. However, adopting a good tone is as important as the publications themselves. Therefore, having a communication agency can be essential to help your business in these times and gain credibility in the region.

Read too: Practical and dynamic: see how to use Whatsapp Business and optimize your company communication

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How Digital Marketing can help overcome the crisis

The coronavirus crisis will test us all, but business owners need to think long term and continue to build their brands, protect their people and honor their values. And nothing better than having a Comunication agency by your side in this very complex moment.

If you work with different sales channels and/or different products, start measuring which ones are more or less affected by the crisis right now. Chances are, you'll have to make changes to your digital marketing strategy, channels, and product distribution at breakneck speed. Having these numbers at hand will help you make more assertive decisions.

It may seem silly at first, but your dedication (especially if you are the sole manager of the business) will be highly responsible for the success of your actions.

Planning your return to the market, thinking about new ways of distribution and focusing efforts on customer service can put you in an advantageous position when the market returns to normal. Therefore, no arms crossed. It's time to work!

First wash your hands!

primeira fase - dicas de planejamento
marketing digital

Talk to your consumer

It is necessary to understand the scenarios, whether by chat, Instagram, Facebook, WhatsApp, etc. It is worth asking how the customer is doing, how he prefers the delivery to be carried out… This relationship is very important now.

marketing digital

Adapt the operation

Focusing on new delivery partnerships and strengthening the delivery service is a good option. It is time to reinvent the business. It is possible to review the approach and not miss the opportunity.

marketing digital

Order, coordination and planning

These are the key words to go through a crisis. You need to plan your actions and evaluate all scenarios. Nothing leaves the paper without having been validated within a planning beforehand. Plan everything. This type of data will give you the necessary security to make decisions.

marketing digital

Financial control

As you may have noticed, during a crisis everything changes too fast! It is also important that you know exactly how much cash flow and financial reserve you have to maintain your operation in case things get complicated.

marketing digital

rethink your prices

In general, product pricing involves some basic rules. You need to take into account issues such as your market price and company expenses. The pandemic of the new coronavirus, however, brings a different context for entrepreneurs. Even resorting to deliveries, the tendency is for it to be more difficult to maintain the pace of sales as before. It is also worth resorting, to a lesser or greater extent, to more attractive promotions and conditions, such as free deliveries.

Opportunities

In addition to reviewing its product/service portfolio, new customer needs create innovation opportunities for its business. Don't get focused on defensive actions. Take this moment to innovate around emerging opportunities. Keep an eye on the signals your consumer will give.

segunda fase - invista em marketing digital

At a time when the customer has withdrawn and is practically reclusive at home, small business owners need to use digital marketing to reach the public. Use technology to your advantage!

Announcement and positioning

The first step is to make it clear that you care about the safety of your employees, customers and stakeholders. Use the power of your blog and das social media to make publications informing the adopted solutions. You can also rely on an email marketing strategy to expand this message.

Use the power of videos

Record videos showing the public the procedures you are carrying out to ensure everyone's safety. Ideally, the video should be as illustrative as possible. In addition, have a positive positioning, showing that you are always available to your customers and partners.

offer contents of value

What people are most looking for right now is a little comfort and a way to reduce uncertainties. So it's time to take even lighter strategies. Offer content to customers without the intention of selling immediately, focusing on building a relationship that can later bear fruit.

Humanize your brand

Sharing the behind-the-scenes of your business can also help you better connect with customers – and provide a foundation for supporting them. It is also worth sharing the pains of the business, such as the challenge of facing this crisis. People have a fondness for local businesses.

Invest in lead generation

Broadly speaking, leads can be defined as people (or companies) who came into contact with your company and have the potential to become customers. Even if they don't close a deal now, having this base of people can generate results in the medium and long term. One of the common ways to generate leads is to offer something of value, such as content, through a lead.

invest in adverts 

While long-term relationship building is important, short-term strategies help to gain momentum at this time. One of the possibilities is to invest in advertisements on online platforms, such as Google and the social networks themselves.

Set goals – and measure the results

For advertisements, communication or any other strategy to work, you must first have well defined your objectives. Data analysis is especially useful at this time, helping to define strengths and weaknesses and map out next decisions.