Today’s rapidly evolving business landscape has forced startups to seek new growth strategies to enhance their competitiveness. Among these, fractional marketing has emerged as a compelling solution, though not many organisations have fully considered it. By leveraging fractional marketing, businesses can tap into a wealth of knowledge and skills, ranging from strategic planning and digital marketing to partnerships and customer engagement.
The search for a cost-effective solution has never been more pivotal, particularly in Singapore, where we’re witnessing approximately 83 per cent of businesses being impacted by rising business costs and 40 per cent of small-medium enterprises (SMEs) suffering from a limited pool of local high-skilled labour.
A way to elevate traditional marketing departments rather than replace them
Fractional marketing is an innovative model that allows businesses to engage seasoned Chief Marketing Officers (CMOs) or specialised marketing teams on a part-time or short-term basis, significantly alleviating the financial burden associated with hiring full-time executives.
It also empowers companies to leverage the diverse expertise of multiple experienced marketers specialising in various areas, offering a well-rounded perspective and comprehensive solutions to complex marketing challenges. This collaborative approach enables businesses to access a broader range of skills than what could be provided by a single full-time hire, allowing them to adapt and respond effectively to evolving market trends and competitive landscapes.
Furthermore, companies can access this wealth of experience and expertise, particularly during critical campaigns or peak periods, without the long-term commitment of a full-time hire. This flexibility not only ensures that businesses receive in-depth support when they need it most but also fosters a more adaptable and efficient marketing strategy tailored to the organisation’s unique needs.
A cost-effective approach to driving customer acquisition and retention for growth-stage startups
As growth-stage startups strive to establish a foothold in their respective markets, they’re also met with the inevitable challenge of having limited resources and budget constraints. Having worked alongside multiple early and growth-stage startups, we, OtterHalf, understand the nuances of the target market and its challenges. As such, this has enabled us to quickly ramp up campaigns, test new marketing ideas, and understand how best to pivot strategically based on real-time feedback, all while maintaining a keen focus on our client’s budgetary constraints.
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Recently, we collaborated with Lendela, a prominent online platform for personal loan matching in Singapore, to enhance both customer acquisition and retention efforts. As a growth-oriented startup, Lendela aimed to refine its marketing strategy by utilising META ads, a crucial element for their revenue generation. The organisation needed a comprehensive execution plan to boost click-through rates (CTR), lower cost per application (CPA) for ads, and identify potential opportunities through affiliate partnerships.
- Optimising performance marketing to increase CTR
To support Lendela’s performance marketing efforts across Singapore, we conducted a comprehensive review of their strategy, ensuring they could maximise results.
Gaining access to their META ads was the first step in our analysis process, allowing us to delve into the data and categorise the ads based on their position in the marketing funnel: top of the funnel, middle of the funnel, and bottom of the funnel. This categorisation enabled us to assess whether the different types of ads have effectively translated into measurable impacts or results.
Additionally, we investigated the strategies employed by similar competitors, providing us with a broader context for evaluation. By marrying insights derived from internal data and external research, we formulated well-informed suggestions to optimise their advertising strategy, effectively increasing CTR after Lendela implemented those changes.
- Reducing marketing costs through effective marketing planning
It was apparent that given our specialisation, our team has a competitive edge when evaluating the optimal marketing approach. Our experience in the industry empowers us to not only craft tailored strategies but also execute them with efficiency. This often translates into substantial cost savings for our clients.
By refining Lendela’s marketing campaigns, we worked alongside them to achieve up to a 51 per cent increase in click-through rates and a 25 per cent decrease in cost per application. These results highlight our commitment to delivering tangible results through data-driven strategies while freeing companies from the overhead costs associated with full-time hires.
Our partnership with REFASH further exemplifies the benefits of engaging our team, where we supported the REFASH team by recruiting partners into their co-marketing partnership programme which resulted in savings of nearly US$40,000, which is more than 3X their return on investment (ROI). This case underscores our ability to not only enhance marketing effectiveness but also optimise expenditure.
- Driving meaningful affiliate partnerships
Affiliate marketing is a performance-driven yet cost-effective marketing strategy in which businesses compensate affiliates for their efforts in promoting products or services. Collaborating with affiliates enables companies to reach new demographics while leveraging the credibility and influence that these affiliates have established with their audiences. This mutually advantageous arrangement allows affiliates to generate income by endorsing products or services they are passionate about while assisting businesses in enhancing visibility and sales growth.
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The process of enhancing an affiliate partner programme began with a thorough review of the existing structure to identify opportunities for improvement. This involved aligning specific categories of affiliates that would be most beneficial for outreach efforts. Once these categories were established, we focused on lead sourcing, identifying potential affiliates that fit within the selected categories and facilitating direct outreach on behalf of our clients.
To strengthen these outreach efforts, we collaborated closely with Lendela, co-pitching to potential affiliates to present a united front and showcase the value of partnership. Following our initial outreach, we maintained consistent follow-up efforts with the prospects to ensure engagement, guiding them through the decision-making process until a contract was successfully signed. This comprehensive approach not only bolstered their affiliate network but also established meaningful relationships that would contribute to mutual growth and success.
Fractional marketing emerges as a strategic solution for growth marketing
The innovative marketing approach presents a compelling solution for businesses seeking innovative and cost-effective strategies for growth. By leveraging the expertise of seasoned marketing professionals on a fractional basis, companies can access high-level insights and tailored strategies without the overhead of a full-time hire.
This flexible approach not only allows for the optimisation of marketing efforts but also fosters agility in response to market changes. As organisations continue to navigate an increasingly competitive landscape, embracing fractional marketing could very well be the key to unlocking sustainable growth and driving long-term success.
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