MarketingDojo#23: 🔕To nudge or not to nudge
WhatsApp goes social, B2B & events have reignited their romance & lots more.
Hello,
I hope this week is treating you kindly.
It's international bath day today.
According to legend, the day was inspired by the Greek mathematician, scientist, and scholar Archimedes, who discovered while taking a bath that the volume of water displaced was equal to the volume of the part of his body he had submerged. Eureka!
While we might not make some incredible discoveries in our bathtubs, I hope today's newsletter helps you learn something new.
Here's what we will cover in this issue:
⏱️The right time to ask for a customer review.
🤖The latest chatbot in town.
💵Whatsapp’s slow march towards monetization.
📅The event calendar is about to get full.
and lots more.
Before we start, you know the drill; please subscribe if you haven’t already. No spam ever. Lots of marketing goodness, delivered every Wednesday.
To nudge or not to nudge: The effect of reminders on customer reviews & ratings.
Customer reviews are marketing gold.
90% of consumers read online reviews before visiting a business. 88% of consumers put as much trust in online reviews as they do in personal recommendations. The mere availability of reviews online increases conversion by 270%.
No wonder, as brand owners, we are so keen on getting our customers to share their reviews. But do the timing of the rating and review reminders matter?
The study "Ask for Reviews at the Right Time: Evidence from Two Field Experiments" has discovered some interesting findings about how the timing of the review reminder can affect the number of reviews from customers.
The researchers divided the customers of a South Korean tour and experience booking site into two equal, randomized groups:
a. The control group -No reminders to review were sent
b. The test group - Review reminders were sent on next-day, 5th day,9th day and 13th day from purchase
Results:
a. The group that didn't receive review reminders had double the response rate compared to customers who got reminders on the next day and 5th day.
b. But, if the reminders were sent on the 9th and 13th day, lead to more customer reviews.
Isn't that interesting? It just goes to show that timing is everything!
Conclusion:
It's not the best idea to send reminders for product reviews too soon after purchase. It can actually do more harm than good.
The timing of review reminders can have different effects on consumers.
a. If reminders are given immediately after a product experience, they may pressure consumers and result in an adverse reaction.
b. If reminders are given after some time, they may help bring back memories and encourage consumers to leave a review.
How can we implement the findings?
I suggest determining the average time between a customer's purchase and review without prompts. Then, send review reminders outside this baseline to get the most benefit for your product or service.
Everybody wants to chat now.
New week, new Chatbot!
Instagram has recently been seen developing its own Chatbot, following the release of similar AI-powered assistants by Snap and TikTok.
The Chatbot has 30 personalities and can help users find content, seek advice and create better IG posts.
Chatbots are having a resurgence of sorts in 2023. Usually, a Chatbot would remain part of the customer care strategy, but that's all changing this year.
From search to content creation, chats have become a UI of choice for various platforms for vastly different objectives.
Meta has a long history of copying Snap's features - Stories, Snapchat Lenses, and Bitmoji. But if the reviews on Snap’s Chatbot MyAI are anything to go by - chatbots in social media channels can be annoying.
Is Whatsapp Going Social?
Whatsapp announced the soft launch of Channels. And it might open new doors for hyperlocal content creation & targeting.
Whatsapp Channels is a one-way, private broadcast tool that allows accounts to update their followers through text, photos, videos, stickers, and polls.
The soft launch is underway in Singapore and Colombia. During the testing phase, Meta is partnering with NGOs, medical research institutions, and fact-checking bodies. Access across the world and individual creators will be opened up later.
Channels might work well for
Creators looking to monetize their content on Whatsapp
Organizations & brands to share their hyperlocal updates
This feature could also be a potential monetization opportunity for WhatsApp. Despite its popularity and large user base of 2.78Bn, Whatsapp's average revenue per user is dramatically low. The monetization of the platform has always remained tricky.
A feature like channels could feature ads & sponsored updates by brands.
It is interesting to see a messaging app taking a social turn. If done right, this might be the moneymaker for Meta-owned Whatsapp.
The Comeback Kid: B2B CMOs Bet Big on In-Person Events.
Covid put a full stop to all in-person events. Most B2B firms pivoted to digital outreach. Do you remember the number of in-person events during the Covid-era?
However, in-person events have made a strong comeback.
According to LinkedIn's Global B2B marketing benchmark report, 60% of B2B marketing leaders plan to invest in in-person marketing events this year. These leaders also believe that events are the most effective marketing channel available.
A few other interesting insights from the report:
B2B marketing organizations plan to spend 71% of their budget on initiatives that help find new businesses. Rest of the 29% in retaining existing customers.
70% Of B2B leaders measure the ROI of a campaign within 3 months or less, which is a relatively short period, considering that deal closures are taking longer than ever in 2023. 10% Start measuring within days!
The debate between brand and performance continues, with 50% of B2B leaders measuring marketing performance on brand awareness and reputation surveys, while 44% consider leads generated as the measure of marketing effectiveness.
Creative Excellence: The Art of Crafting a Scroll-Stopping Ad.
I couldn't locate the source, but I wanted to share the advertisement because the copy is irresistible.
The ad is for Signal, a messaging service that prioritizes privacy and encryption and rivals Whatsapp and Telegram. It's great copy, with a compelling hook and a clear focus on one message- privacy.
Short Stuff:
Amazon Prime may go the Netflix way - It plans to add an ad-support tier to its offerings. (Streaming ads)
LinkedIn jumped on the Generative AI for ad creation bandwagon. Advertisers can now get AI-generated copy options on the platform.
SalesForce unveiled Marketing GPT - a generative AI-supported functionality to support email creation, segment creation, dynamic product descriptor and more.
That’s a wrap for today. I hope a thing, or two caught your attention this week. If you liked the issue, please show some love with a like or a comment. It helps others discover the newsletter too.
Regards,
Garima
P.S: Assistance required: I am seeking to connect with individuals involved in digital transformation within the upcoming weeks. While the term "digital transformation" encompasses various interpretations for different individuals, I aspire to gain a comprehensive understanding of its meaning.
If you have experience in the digital transformation field, kindly reach out to me.