ecommerceIQ, together with Sasin SEC, created the Leadership Ecommerce Accelerator Program (LEAP) to provide the fundamental knowledge and skills needed to successfully run an ecommerce business in the world’s fastest growing market.
While buying search keywords and having attractive content are almost crucial for modern-day marketing, quite often companies ignore an equally important aspect of content marketing/communications – Public Relations.
During this week’s class, lecturers unveiled effective ways to increase brand awareness using the media with ‘smart’ communications and how to achieve positive unit economics.
1. Treat media relations like dating
Cynthia Luo, aCommerce Head of Communications and ecommerceIQ Product Manager
Not all companies can afford to have a communications team but this doesn’t mean they should neglect “free publicity”. According to Cynthia,
“You, the executives, are the walking-talking mascots of the brand. If I run a Google search for your name, what does the audience learn about you?”
To make things easier, she compared the procedure of creating a relationship with a media to dating and baseball games.
- Home Base: Similar to dating, you want to get to know the person that will be eventually writing about you. With journalists, introduce yourself by reaching out on Twitter or email, something as simple as complimenting their work. Twitter remains a popular social media platform among journalists.
- First Base: Establish meaningful conversation. It can be done by finding out what the journalist is interested in, tweet interesting articles to them and ask for their opinions.
- Second Base: Getting “physical”. With journalists, initiate a meet up, this can include a media visit to your office and/or a press event. This is also where a press release with newsworthy news should be shared.
Below are some headlines that typically make news:
- Third Base: In romantic relationships, it can be healthy to be exclusive. When your news is published, make sure you don’t damage the relationship with the media you created.
Common mistakes that would irritate journalists include spamming their inbox, using an unnecessary amount of buzzwords, and a delayed response to requests for comments.
2. Positive unit economics is the only way to be profitable
Michael Cluzel, eatigo co-founder and CEO
As a marketer, economist and founder of the popular dining application, eatigo, Michael doesn’t believe in businesses that don’t profit.
It’s common for a startup to depend on investors for financial injections but a startup should eventually be able to survive on their own if they choose to ‘break free from the aquarium’.
“Startups need to be independent from investors. Instead of relying on external financial sources, create your own source of income and be profitable.”
How? Ensure that Lifetime Value (LTV) is higher than Customer Acquisition Cost (CAC) is reduced.
3. Student case studies
Sheji Ho, aCommerce Group CMO
The insurance sector in Thailand is the second largest in the Asean Economic Community, and accounted for 5.5% of GDP in 2016. However, direct premiums purchased through online channels have a YoY growth of 25% in 2016.
The students wanted to know how could they launch financial services online successfully and what kind of marketing tools could be best leveraged?
According to Sheji, the real opportunity in this industry lies within the product, not distribution channels.
The local market is already saturated and mature with many fintech players moving into the space. What is missing is actually the innovation of insurance products and pricing.
“There is wide open space to disrupt this industry as you can create micro-insurance products to sell online.”
Traditional companies should look to China for examples of different types of financial products such as insurance for kidnapping, mobile phones, ecommerce returns, etc.
The next class in the 10-week program is on Thursday October 12th and will take a look at the fundamentals of app marketing, as well as learning from an omni-channel case study of Central Online. Stay tuned for next week’s takeaways!