Marketing communicates the value of your product or service. This often leads to a transaction. We shout our "call to action" and hope the money rolls in, but there are times when the virtual currency we ask our customers to pay stops a transaction before the cash price is ever a discussion point.
How many times in your marketing career have you directed a potential customer to "like us on Facebook" or "sign up for our newsletter"? These are small, seemingly innocent requests. And yet, you are asking your prospect to pay you in virtual currency.
While these actions don't have a dollar value, they have a concrete virtual value. You are requesting payment any time you ask a prospect to complete one of these tasks:
- Act against ingrained biases
So what does your prospect consider when evaluating your request to sign up for an email newsletter, for example? It will be different for each "user profile" you create when planning your marketing campaign.
Nevertheless, using arbitrary VC, or Virtual Currency amounts, here is what a particular user might think when encountering your newsletter sign-up request:
- How interested am I in hearing from them? (+ 1 VC)
- Where did they hide the sign-up form on this website? (+ 10 VC)
- Are they going to sell my name to advertisers? (+ 2 VC)
- Am I going to be bombarded with their email messages? (+ 5 VC)
- Where was that sign-up form again? (+ 1 VC)
- Wait a minute. Why are they asking me for more information than my name and email address? (+ 9 VC)
- A CAPTCHA? I hate those things... (+ 20 VC)
TOTAL COST: 67 VC (Virtual Currency)
Imagine that amount in U.S. dollars. How many of your prospects are so eager to participate with your brand they would pay you $67 for the privilege of receiving your newsletters?
Very likely, none. No one. Not a single person.
Each call to action you generate in the course of your marketing campaign has both a cash value and a virtual currency value. If you want to reduce your virtual currency cost and generate a transaction, these are your options:
- Limit your calls to action.
- Streamline the process for answering your calls to action.
It would be a shame to scare away your prospects with a virtual currency price tag only a "millionaire" could afford.
How do you minimize virtual currency costs in your marketing approach? Leave your comments below (+ 2 VC).