Minimum Viable Marketing: A New Approach In The Digital Marketing Arena
In the bustling arena of online business, everyone is on the struggle to make it big in the online market. With increasing opportunities and improving technology, online businesses have become more and more challenging. The challenges have also entered the digital marketing arena thereby pushing it to change and evolve. And in the changing light a new form of marketing approach, minimum viable marketing has emerged and is expected to be the digital marketing form of the future.
Minimum viable marketing is a relatively new concept especially in the digital marketing sector. However, its emergence promises to bring a wave of new changes in this arena. Already a number of firms, big and small have started to apply this approach in as a part of their digital marketing campaign.
Minimum viable marketing can be defined as a scientific approach to marketing based on data and statistics and not on any idea or theory. It involves the use of lean and flexible business approach that can be easily changed or moulded as and when required. It basically uses the apply, learn and improve approach instead of the traditional marketing approach. This makes the marketing campaign simplified and provides a learning experience throughout the campaign.
Minimum viable marketing involves the use of a mixture of informative, strategic and tactical components which are assessed together to produce the most effective marketing strategy. This however involves few key steps which are worked on to collect the information.
Choosing an authentic approach
The first step in minimum viable marketing is authenticating the approach that a marketer chooses to use. This involves the verification and authentication of the marketing campaign that you plan to use for your product promotion. The type of approach you plan to use, whether methodical, tactical or strategical. The scale and volume of your marketing approach too needs to be authenticated to anticipate the investment involved and returns.
This data collection can be for a prolonged period of time or for a short span. However, collection and authentication of data is necessary to create a minimum viable marketing campaign that would best serve your marketing purpose. Each data and information collected should be evaluated so as to understand their value proposition in your promotional campaign.
Application and learning
Once you have gathered all the data and information, begin to apply them within your marketing campaign. Continuous application of this data enables you to understand what is liked by the audience and what is not. Keep learning what works thereby improving your data collection technique.
Improving your campaign
Minimum viable marketing involves you to constantly make improvements on the go. The changes you apply are made within the campaign itself thus changing and improving your overall campaign output while still within a single running campaign.
Minimum viable marketing involves the keen study of data and information. Thus it is best to use smaller, more homogenous forms of market to get optimize the output. A strategically used form of this marketing enables a more defined approach at promotion with quicker and better result while being cost effective at the same time.
This marketing approach allows marketers innovation of their promotional technique. Marketers can jump into trying new approaches frequently. However, being viable allows marketers to approach various new innovation strategy without stressing on cost and expenses. The approach allows marketers to experiment with different audiences, marketing data and techniques. The use of different combinations of marketing mixes opens up new avenues of marketing for entrepreneurs thus allowing innovation in their marketing campaign.
Higher control on funds
The minimum viable marketing allows higher control on marketing funds. The approach uses a crucial element of learning and improvement. By measuring the improvement and forecasting the future investment and returns, you can better segregate your funds and allocate them accordingly to make the optimum use of them.
Using this marketing approach in various paid marketing forms like paid search marketing or paid social marketing is highly recommended. As this approach helps in validating the use and allocation of funds in different or multiple campaigns it minimizes the loss of funds through undertaking random campaigns. Once a particular campaign is found useful and lucrative enough, it is then used up with a higher investment amount.
This also holds true for contents within the promotional campaigns. The contents which are most liked by the audience is used in the future for other campaigns as well thus multiplying the ROI with a single investment.
Faster returns not only imply faster returns on investment but also in the number of audience and traffic. With the minimum viable marketing, the marketing mix is simplified to the core. This helps in creation and execution of the approach more easily and quickly bringing in faster returns as a result. With the chosen campaign, marketers tend to slowly increase the allocation of funds in the campaigns. The fast working approach ensures that the return on investment is quick as well thus resulting in a successful campaign.
Highly results oriented
The minimum viable marketing uses a search, learn and improve approach for its marketing campaigns. This results in constant improvement of the campaign resulting in the running of a highly competitive and successful campaign. The approach optimally utilizes every element of the marketing mix. This results in minimum wastage of marketing features and budgets as well as constant improvement in the campaign design.
Beginning the campaign with a small budget and low activity, the marketing tool progresses through analysing the results and increasing the budget if the marketer finds the chosen approach fruitful. Thus the approach is highly result oriented.
Every business, in its initial phase is always small and vulnerable. The determined focus on growth and success of the entrepreneur is the sole element that keeps the business going. Constant working on various features of the product as well as strategical promotion results in the success of the business. The minimum viable marketing approach works in the same model. It initially starts with multiple smaller campaigns that are constantly tested to ensure its viability. Once a campaign runs successfully, it is then chosen for making bigger investments which brings better and higher returns.