Digital Economy: The Inside Track on Driving Revenue
[0:04] Intro to Profit from the Inside with Joel Block
[0:55] How Matchnode increases revenue in the digital economy for clients
[2:39] What do the clients expect Matchnode to carry out for them?
[8:46] Crowdfunding campaigns and how does it become successful
[10:46] Creating the want as an advertising agency
[12:43] ROI metrics and rules of thumb on advertising
[15:03] Working with different companies with different priorities
[17:45] Core values and how it drives a company
[22:33] Did Matchnode influence bigger companies?
[25:02] Trends coming on social media advertising
[28:23] How are NFTs relevant to businesses?
[31:27] Key takeaways and final thoughts
Chris is invited as a guest in this episode of Profit from the Inside with Joel Block to discuss driving revenue in the digital economy. Surely, there are many ways to increase revenue, but in terms of the new digital economy, Chris discussed in this podcast about how his team at Matchnode help their clients increase traffic to their websites that could drive a positive ROI by being an extension of the client’s marketing team. As an advertising agency, Matchnode provides expert ways to run digital ads to maximize a business’ efficiency.
Joel and Chris talked about crowdfunding campaigns. Joel mentioned that being from the venture capital business, he loves seeing all the ideas people come up with, but how does one take off and actually become something? Chris shared that what really works is having a great product that the market wants, which could be difficult when establishing an effective Kickstarter. This is where an agency like Matchnode could jump in and assist one’s campaign to take their brand messaging and run tests to determine which of their value propositions matters to people, eventually driving strategic insights from the market to reach a client’s audience with ease. With this in mind, one may ask what metrics do advertising agencies such as Matchnode uses to measure efficiency? Chris answered this question by sharing what his team sees as a good start: looking at a baseline of three to one. For instance, you spend one thousand dollars on running a campaign, a return of three thousand dollars in revenue should come after. He clarified that this rule of thumb varies for many kinds of businesses that work differently, so it is important to know what the required return a client wants. It is the job of a digital marketing expert to provide feedback to help their clients look at both the small details and the bigger picture of data tracking and strategic opportunities. Core value is a substantial topic for the Matchnode team in order to achieve this.
For Matchnode, the concept of core values is a very clear fundamental in framework – accountability, putting yourself in other’s shoes, lifelong learning, and strategic growth. In practice, the team meets at the exact time from Monday to Thursday and within four to five minutes, each day is a day a team member at Matchnode thinks about these core values and its embodiment. Chris believes that core values should be specific enough to attract the right teammates and the right clients. He said that having core values is how Matchnode influence the clients they work with at both a small or large scale.
As the world of social media advertising gets complex and more data driven, Joel asked Chris what he thinks are some trends coming on the horizon. Chris gave three trends he could see: (1) the massive centralization of Facebook, Google, and Apple which lead to the concept of ATT or App Tracking Transparency, could change over time; (2) the importance of individual customization and personalization; and (3) Web 3.0 and NFTs getting interesting and relevant to regular businesses, which could help in higher brand engagement.
It is certain that the world of digital marketing and advertising could be complex and fascinating at the same time – a world where some fundamentals could be improved, but it could also be a place of many opportunities for businesses, whether small or big, to appropriate cost-effective, scalable and measurable techniques and create brand loyalty in a competitive marketplace.
