The Importance of Opportunity Marketing Today
Chief marketing officers care about the same goal: growth. It determines the health of the business. Almost 38% of chief marketing officers stated company’s growth as the top challenge, while a near 29% ranked it as the second or third challenge. In this era, opportunity marketing will be important than ever.
As brands live among economic uncertainty and increased competition, they need to look for innovative ways to stand out. Many brands are depending on social media.
CMOs Use Social Media As a Strategic Tool
Social media started as an online place to connect with friends, but that was just the beginning. Now, it enables brands to post content and ads tool to increase engagement and growth.
A CMO Survey Organizations’ study found that 88.2% of companies use social media to increase brand recognition. In contrast, 60% of companies use social media to acquire new customers, while 64.7% of them introduce new offerings.
Unfortunately, it becomes more difficult to stand out among so much posted content. Therefore, the key is how to use it effectively. The solution… opportunity marketing!
What is Opportunity Marketing?
Every day, there are new memes and hashtags that become popular quickly. For businesses, these hashtags can be a good way to ride the wave to benefit from opportunity marketing. There are everyday events, online and offline, to promote your brand to increase engagement, visibility, and sales of your product or service.
For example, you may find a special day or time of the year to launch a product or service to amplify its buzz. Finding unique ways to get the public to talk about your brand is the heart of opportunity marketing.
The advantage of this strategy is its low cost. It is ideal for businesses that have a limited marketing budget. In many cases, you only need a design, a good briefing, a communication channel, and lots of creativity.
However, it is also important to not leave possibilities for negative interpretations.
Case Studies of Opportunity Marketing
Recently, a clash between McDonald’s and Bob’s caught the attention of Internet users. Brands fought to see who would have the exclusivity of the milk shake, Ovaltine. While many fast food chains have the same product, the main ingredient of the drink cannot be disclosed.
For example, our client, Burger King, said it sold the milkshake with “the-ingredient-that-can’t-be-named.” Many brands took advantage of this controversy.
2- Entre Amigos
The restaurant, Entre Amigos, took the frustration of a client, who arrived one minute after closing time. So, the restaurant created an opportunity marketing campaign that announced: “You may come to Entre Amigos at 11:01 pm. At this hour, the night is still young.”
Our Last Words
There are many opportunities to ride the wave of opportunity marketing. Some of them will be more controversial than others.
You will have to determine the best trends to leverage for your business!