MarketingDojo #17: When in doubt, sold-out. 🙃
Swipe file recommendations, the effects of a bad customer review, LinkTree v/s IG and more.
Hello,
I am melting in the heat. I dunno why but every summer feels hotter than the earlier ones. Do you feel the same?
Here’s what we will cover in the newsletter this week:
⚔️Instagram v/s LinkTree
🖰Inspiration is just one click away
📉A 3-star rating can drown your sales
💯LinkedIn video ads cheatsheet
And more.
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Social Proof Can Make Your Empty Shelves Look Good.
Ideally, "out-of-stock", "unavailable", or "sold-out" should be interchangeable terms indicating the unavailability of a product.
However, our thought process regarding these terms is often influenced by emotions and not logic.
In 2019, Robert Peterson from the University of Texas showed participants a product on a page. The product was either “sold out”, “out of stock”, or “unavailable”.
The term Sold Out created the least disappointment - 8% lesser than “out of stock” and 15% lesser than “unavailable”.
Sold Out strongly correlates with the popularity of the product, thus making the inability to buy more understandable.
It’s incredible how a play of words can make a difference in customer perceptions. I am learning more about biases in the book The Illusion of Choice. I hope to review the book in detail next week, but this tidbit was too tempting to share.
Inspiration is a swipe away.
The internet is full of inspiration if you know where to look. Here are five swipe files to get creative juices flowing:
Swipe File: Classic to modern ads with amazing copywriting.
Really good emails: Email templates for a vast range of categories
Growth design case studies: If you are looking to create growth loops
When life gives you lemons…
For the longest, Instagram would allow only one link in the profile. This limitation led to the creation of third-party tools that provided "link in bio" services - a landing page that can include multiple links. It was a game-changer for businesses, influencers, and creators looking to promote their content and drive web traffic.
Linktree, valued at $1.3 Bn, is one of the most widely used services.
All this changed last week when Instagram finally increased the link limit to five. It's funny that Instagram took this long to roll out "one of the most requested features".
But what took the cake was Linktree's response to IG pulling the rug from underneath their feet.
Savage!
The true cost of bad customer reviews.
Checking reviews before making even minor purchases has become our default behaviour. However, a survey by GoFishDigital highlights the massive impact that just a couple of negative reviews can have on sales.
Firstly, there is a 70% decrease in trust for a product with a 3-star review compared to one with a 4-star review.
Secondly, 55% of the respondents stated that it takes 2-3 negative reviews for them not to purchase a product.
Whether you are collecting reviews yourself or a third party is doing it for you (e.g. TripAdvisor), keep an eye on the results. Even a couple of negative reviews can significantly derail your business results!
B2B Marketing is 98% Boring.
Alan, a UK-based agency, has recently published a thought-provoking report titled "Power of Provocation," highlighting the current state of B2B marketing.
The study involved conducting interviews with over 200 C-suite executives, leading to the discovery of some compelling data:
82% Of the respondents expressed disappointment in the lack of creativity, inspiration, and repetitive nature of B2B marketing, up from 71% in 2021.
Source: Alan 2. An overwhelming 98% of the executives didn't believe that B2B brands connect with their audience on a rational or meaningful emotional level.
3. Interestingly, CMOs, when asked to assess their marketing efforts against those of their competitors, consistently rated their own brands in the highest quartile while rating their competitors' brands in the lowest 5% - A classic example of self-delusion.
So why is B2B marketing communication uninspiring? Albee Ardeth’s article B2B Content Marketing > Going Bold or Fading to Beige? says it like it is.
Lights, Camera, Action: Best Practices for LinkedIn Video Ads
LinkedIn ads can be expensive. So I jump at every opportunity I get to improve their performance.
This cheat sheet for LinkedIn video ads by VidMob is a useful resource for designing a LinkedIn campaign. VidMob analyzed 16.7K ads and identified some common themes:
Get to the point quickly:
Displaying the main message in the opening quarter resulted in a 149% lift in 25% view-through of an ad.
Featuring the call to action in the first 6 seconds led to a 98% lift in view-through rate.
Including the brand logo in the opening 2 seconds resulted in a 17% lift in click-through rate.
Use contrast: High-contrast text overlays can lead to a 102% lift in view-through rates and a 15% increase in click-through rates.
Leverage authority: Including words such as "leaders" or "experts" in the opening frames can double the click-through rates.
Deploy effective call-to-actions that lead to significant changes in click-thru rates
"Get a Quote" resulted in a 33% lift
"Register" resulted in a 31% increase.
"Sign-up" resulted in a 17% increase.
Create shorter videos for awareness and longer videos for consideration: 7-15 second duration videos for awareness and 15-30 second videos for conversion and consideration.
Meme-time: SpaceX’s unfortunate launch explosion gives failure a new name.
SpaceX Starship rocket that exploded this week was the most massive and powerful rocket ever built, standing nearly 400 feet tall. While the explosion was unfortunate, SpaceX’s tweet put it across quite creatively.
Rapid unscheduled disassembly is my new favourite phrase to describe things that go wrong with my campaigns.
ShortStuff:
Microsoft dropped Twitter from its social media management platforms. Microsoft Business Suite users might reduce ad spending on Twitter (Yet another trouble in the Twitterverse).
Snap is releasing its ChatGPT-based chatbot for all users. It was previously meant for paid subscribers only. (ChatBot experiences are multiplying).
Netflix’s ad-supported subscription service is beginning to gain traction, with over 1 million monthly active users in the US after its second month. (Battle for Ad dollars will heat up in 2023).
That’s all for this week. I appreciate your time and attention. If you have any feedback to improve the newsletter, send them my way.
See you in your inbox next week.
Regards,
Garima
P.S.: Manifesting a Nobel Award in Chemistry!
My nine-year-old learned about manifesting from her friends. She came back and drew this in her scrapbook. I am still in a bit of shock that kids talk about manifesting. But I am over the moon that she is aiming for the most prestigious award in Science.
