So we always read about different companies and how they are succeeding with a digital strategy that captures 200 million people. Under Armour is doing exactly that by integrating a workout app and experience with their product. Then they track your fitness efforts via their app while wearing their clothes.
What Under Armour did is by far amazing and if it can be duplicated, all the power to you. Though most brands don’t have the budgets to execute on digital strategy such as this one.
So what should you do:
Most brands that we speak with have a digital strategy that must return a positive ROI right after inception. Some have runways that allow us to collect data for 2-3 months but they are watching their dollars very closely.
So it’s important that expectations are set right upfront.
1. Always start with the low hanging fruit efforts that can generate quick and recurring revenue. This will likely take some pressure off the team once money comes in the door.
2. For the profit that this effort generates, allocate it for testing and scaling. Once you get to a healthy ROI then the budget becomes unlimited because every dollar spent generates a positive return.
3. Tackle branding on the profit only.
a. With branding, you first want to get users to ‘like’ you. Do not go in with a ‘sale’ message to users who never heard or seen your product.
b. Start users with the brand journey and brand message. Consumers feel attached to a message or what the brand stands for more than the products that the brand offers.
c. The brand message should be reflected in the product. The marketing should always bring the user back to the brand message.
d. To measure if you’re going on the right track, do geographic testing and execution and measure brand searches in the same geographic area. If you see a spike in impressions and search volume, you’re going on the right track.
Using the above ‘formula’ will get you to start building your brand online. It won’t get you to where Under Armour is unless you’re able to spend the money that they did.
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