Overcome the Google-Meta duopoly with the strategic use of referral marketing for customer acquisition
In today’s hypercompetitive world of ecommerce, retailers are facing more challenges than ever before. With new online brands appearing every day and economic conditions like interest rate hikes putting a strain on consumer spending, it’s becoming increasingly difficult for retailers to maintain their market share and keep revenue flowing. Success in this dynamic, high-pressure environment requires a combination of creativity, agility, and a willingness to take risks.
However, simply adapting to the changing landscape isn’t enough especially if the goal is to generate brand exposure and boost sales. To truly stand out and succeed, retailers need to elevate their customer experiences and be willing to explore new advertising solutions and engage with customers in fresh, exciting ways.
The digital advertising world: Navigating the Google-Meta duopoly
Businesses of all sizes are struggling with rising ad costs and decreasing conversion rates, resulting in a decline in their return on ad spend. Due to privacy and data regulations and fierce competition, they are finding it difficult to acquire customers through traditional advertising channels such as Google, Facebook, and Instagram. The new privacy regulations and the blocking of third-party cookies impose limitations that make it nearly impossible to effectively target ads, while the intense competition results in higher costs per ad and acquisition. These advertising challenges make it difficult for businesses to reach their target audience, generate traffic, and drive new sales.
Rising above the noise: Innovative strategies for capturing consumer attention in a crowded market
Google and Meta dominate the digital advertising space with their advanced targeting algorithms and ownership of popular websites and apps. Brands are willing to pay a premium to advertise on these platforms, allowing the tech giants to charge higher prices. However, it’s important for businesses to consider alternative advertising methods to gain a competitive edge and reach new audiences. By diversifying their advertising strategies and experimenting with different channels and tactics, businesses can improve their ecommerce performance and stay ahead of the game.
From our retail partners, national and global, we’ve found that:
- Google offers an unpredictable return on investment (ROI), around a 15% chunk of your ad revenue goes straight into Google’s pockets. And that’s not all, if you’re paying agency fees or investing your own time in campaign management, your advertising ROI will be drastically reduced.
- With our own advertising channel, called nextbuy, brands are achieving exceptional results, with an unmatched 6% conversion rate – a staggering increase from the average 2.3% conversion rate they’re seeing on Google search ads.
- nextbuy is a cost-effective advertising solution. With our 10x ROI and pay-per-conversion model, we’re seeing over a 50% reduction in acquisition costs from our customers
Google ads can be costly for brands as they pay for clicks regardless of conversions. This can rapidly accumulate, leaving businesses with a hefty bill for ads that aren’t driving results.
Michael Tutek, Co-Founder and CEO of preezie, says:
“Even with effective targeting and ad copy, there’s no guarantee that users will click or that those clicks will lead to sales. It’s a gamble that many brands are losing, wasting valuable ad spend on ineffective campaigns. Boosting your ROI is possible by adopting a strategic approach and venturing into alternative advertising methods.”
Ready to break free from the Google-Meta duopoly and take your ecommerce game to the next level?
“As marketers in the ecommerce industry, we have to stop looking at just being ‘quick and nasty’ and writing ‘blank cheques’ to Google and Facebook,” says Tutek. “The margins are so small because the cost is so high, so it’s unsustainable. We need to look at more channels – for example, instead of Google and Facebook drawing 40 percent of revenue, why not find eight channels that give 5 per cent each? The revenue will be the same, but the ROAS will dramatically increase.”
At preezie, we know that success comes from collaboration. With our innovative nextbuy network, you can leverage the power of shared audiences to drive customer acquisition and maximise your ROI. It’s time to ditch traditional digital advertising channels and explore new opportunities for growth through cross-promotion and referral marketing.
Unlock the power of referral marketing with nextbuy – The innovative advertising solution for ecommerce brands
Collaborating with other popular brands can be a game-changer for expanding your business and reaching new customers. By cross-promoting with similar brands, you can leverage their audience to gain exposure for your own ecommerce business. That’s where nextbuy, powered by preezie, comes in and provides a win-win situation for both brands.
To make your brand stand out amidst the many others vying for customers’ attention, you can join preezie’s nextbuy network and implement the nextbuy widget. This clever and integrated widget appears on the checkout confirmation page, displaying various offers from partner brands that may interest shoppers.
If a shopper comes across your brand’s offer and is intrigued, they can simply click through to your website and make an instant purchase. This seamless and frictionless process captures shoppers when they’re most likely to buy, making it more likely that they’ll take advantage of the offer. By cross-promoting with non-competing brands, you can reach a new audience that is similar to your own and tap into a whole new realm of growth opportunities.
The nextbuy difference: A customer acquisition network that charges only for conversions
Brands in preezie’s nextbuy network are achieving exceptional results, with an unmatched 6% conversion rate – a staggering increase from the average 2.3% conversion rate they’re seeing on Google search ads. It’s a cost-effective advertising solution with a pay-per-conversion model that offers a 10x ROI. Our customers are seeing over a 50% reduction in acquisition costs.
The best part about nextbuy is that you only pay when the shopper converts. This means you’re not spending money on advertising or marketing unless it results in sales. It’s a low-cost, high-impact way to get your brand in front of new audiences and boost your sales.
Setting up nextbuy is a breeze! All you need to do is plug in preezie’s code onto your checkout confirmation page, and after that, minimal maintenance is required. Let the power of nextbuy referrals work effortlessly for you, bringing in a steady stream of new customers who are ready to buy.
To learn more about nextbuy, powered by preezie, click here.