Surprise, surprise, it’s me again. Back with yet another edition of Fresh Salmon. Your favorite B2B marketing newsletter. 

Those of you receiving this email are part of a couple of experiments I am running at the moment to optimize performance.

This week, on Fresh Salmon, I share how to leverage partnerships to drive down costs, what Owned vs Rented vs Paid Media is, and Hick's Law.

Let's jump right in. . . .

1) Leverage Partnerships to Drive Down CAC 

I think this is one of the most useful hacks I've learned so far this year.

One of my mentees, who is a field marketer, has used it successfully. In all fairness, he introduced me to the possibility of implementing something like this through him. Let’s call him: AJ.

AJ works for a SaaS company in the Martech industry.

Each month, AJ and team hold dinner events in major metropolitan areas across the country. The company has also been taking advantage of partnerships to drive down CAC over the past few months.

How?

The company has implemented three sponsorship spots for each dinner event for marketing partners that provide complementary solutions to the target audience.

As a result, they are able to drive down costs of these events by 70%.

Genius!!

This is a perfect example of how more businesses prefer to sponsor events rather than organize their own. It's a low risk investment for them without a lot of work involved in creating a meaningful event.

2) Owned vs Rented vs Paid Media 

Creating sustainable growth is a challenge for marketers today.

Reaching the masses is easy with social media-but at what cost? Marketing professionals today find it increasingly difficult to translate their efforts into business outcomes they can report to management due to data privacy changes and rising advertising costs.

In reality, social media platforms and third-party networks like YouTube and Spotify have lost their engagement power compared to when Web 2.0 was first launched. Their prices are going up, they're becoming more competitive, and they're becoming more difficult to use.

This is why businesses are now turning to owned media.

Owned Media is content you create and distribute through your own channels and media. There are many ways to do this, including blogs, resource centers, email newsletters, podcasts, etc.

Media placement on free online platforms like Instagram, Facebook, Pinterest, Twitter or Linkedin is referred to as rented media - you don't pay for exposure on these channels, but you are subject to their rules and policies.

The term Paid Media refers to any media placement that has been paid for... For instance, Facebook Ads, LinkedIn Ads, TikTok Ads, Google Pay-Per-Click, and sponsorships.

Paid and rented media can still provide leverage for owned media. Using social media, for example, can help you amplify owned content. Is that our goal? Promote your high-converting media on high-exposure platforms.

3) The Hicks Law in Marketing

Hick's law is often used in marketing to understand how consumers make decisions and to design effective marketing campaigns. The principle of the law states that the more choices a person has, the longer it will take them to make a decision. Therefore, in marketing, it is generally considered best to provide consumers with a limited number of choices, so that they can make a decision quickly and easily.

For example, a marketing campaign might offer consumers three different products to choose from, rather than ten or twenty. This would make it easier for consumers to compare the products and make a decision about which one to purchase. Similarly, a website might present users with a limited number of options, rather than overwhelming them with too many choices. This can help to reduce decision-making time and improve the user experience.

In addition to limiting the number of choices, it is also important to make the choices clear and easy to understand. 

This can help to reduce decision-making time and improve the effectiveness of the marketing campaign. For example, a marketing campaign might use clear and concise language to explain the benefits of each product, and use visual aids to highlight the key differences between the options.

Overall, the use of Hick's law in marketing can help to create effective and user-friendly campaigns that help consumers make decisions quickly and easily. This can lead to increased sales and customer satisfaction.

NOTE: Barring the image, the entire text was generated by OpenAI’s ChatGPT. Isn’t that crazy?

What do you think?

Interesting Thing That I Read Last Week

Oooouch…..

Tweet That I Noticed Last Week

Such a good reminder. 

Meme of The Week

What Do You Think?

This concludes this edition of Fresh Salmon.

I would like to hear what you thought of today's newsletter.

Also, let’s connect on Twitter and LinkedIn.

Cheers,

Vivek

PS. I love you ❤️