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THE DAILY INDEX

Technology, AI, software, security, crypto and business

NEWS & TRENDS

TLDR Marketing

THE WORST STRATEGIC MARKETING MISTAKE YOU COULD EVER MAKE

Although it’s understandable to want to go slow with a marketing plan, it is the worst move when it comes to realizing results from your investment. Most companies need foundational marketing, which must be in place to expect any lead generation. Marketing also works best when you have enough budget to cycle and optimize quickly. Moving too slowly will make it difficult to see significant results.

HERE’S A COST-EFFECTIVE WAY TO TELL IF YOUR DIGITAL ADS ARE WORKING

This study proposes a solution using randomized controlled trials (RCTs) combined with predictive models to estimate ad impact. RCTs are when a randomly chosen group of consumers is shown an ad and is compared with a randomly chosen control group that doesn’t see the ad. The difference in response between these groups reflects the ad’s impact. The study shows that even a small number of RCTs can effectively predict the return on advertising dollars.

SETTING PERSONAL AND PROFESSIONAL GOALS: A MARKETER’S GUIDE

Taking time now to reflect and set goals can help set marketers up for personal and professional success this year. Personal goals should inform and be intertwined with career goals. This guide outlines several areas for marketers to consider when setting SMART goals, such as communication skills and community engagement. It also includes helpful tools to use for specific goal areas, as well as overall goal tracking.

ASKING YOUR CUSTOMERS WHAT THEY WANT DOESN’T WORK

This article explores the challenge of determining customer needs accurately. It highlights how relying solely on customer feedback or internal team discussions often leads to confirmation bias, resulting in misguided product development efforts. A better way is to use the ‘jobs to be done’ approach to understand unmet needs and develop innovative product solutions. Some successful examples include Khan Academy’s inception and the birth of services like OpenTable and CVS MinuteClinics.

THE HIERARCHY OF ENGAGEMENT

This podcast transcript outlines Sarah Tavel’s Hierarchy of Engagement framework for growing a consumer startup. The 3 levels of the hierarchy include core action, retention, and self-perpetuation. To implement the framework, first identify the core action, which is the fundamental user engagement step. Then emphasize retention, making the product more valuable with continued use. Finally, achieve self-perpetuation through network effects and growth/re-engagement loops.

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