Reach Customers, Spend Less With These Expert Tips
Jun 6, 2024
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Eric Seufert, founder at Heracles Capital, and Andrius Baranauskas, director of product at Shopify, discuss navigating rising digital advertising costs, privacy constraints, and evolving marketing landscapes. They explore strategies for maximizing ad performance with Shopify Audiences, effective customer acquisition, and value creation for merchants. The podcast also delves into the benefits of Shop app and Shop Campaigns on Shopify for small businesses.
Marketers should adapt to privacy restrictions by using probabilistic methods for measurement.
Utilizing Shopify tools like Audiences and Campaigns can help merchants target buyers efficiently and reduce acquisition costs.
Deep dives
Marketing Challenges in the Digital Landscape
In the podcast, the discussion revolves around the increasing difficulty and cost of customer acquisition due to recent developments impacting digital marketers. Privacy restrictions, such as GDPR and Apple's privacy changes, have disrupted data sharing for targeted advertising. Marketers are advised to adapt by exploring new approaches like probabilistic methods for measurement and working with technology vendors to ensure privacy. A shift towards more holistic marketing strategies and embracing less precise measurement methods is recommended to navigate the evolving digital marketing landscape.
Shopify's Solutions for Marketing Complexity
The podcast delves into Shopify's tools like Shopify Audiences and Shop Campaigns, designed to assist merchants in customer acquisition amidst marketing challenges. Shopify Audiences leverages collective data insights, aiding merchants in targeting interested buyers on various platforms effectively. Shop Campaigns simplify marketing by enabling merchants to create campaigns, set budgets, and optimize creatives for customer acquisition across different channels, yielding reduced customer acquisition costs as demonstrated by brands like Unilever and LiquidIV.
Future of Enhanced Measurement in Marketing
The conversation extends to the potential for Shopify to develop measurement solutions to support merchants in optimizing marketing strategies. Suggestions include building flexible, generalizable media mix models for budget allocation and conducting incrementality testing to evaluate marketing channel effectiveness. Leveraging Shopify's scale and visibility could offer retailers enhanced measurement tools to improve marketing ROI and drive more traffic to their storefronts.
The marketing landscape is ever changing. Digital advertising costs are rising and there are more restrictions to access customer data. How can businesses navigate these realities and reach their business goals?
Eric Seufert, founder and partner at Heracles Capital, and Andrius Baranauskas, director of product at Shopify, uncover some of the answers.
For more on Eric, Andrius, and show notes click here.
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