Generating Investments In A Niche Industry
The most important factor for a successful business is sales. Without sales, you have no business. For considered purchase brands, this can be challenge as the buyer is required to make a greater investment. Speed Queen is already an established and successful leader in the laundry industry. Their challenge was not necessarily making sales, but rather, finding new investors. The challenge here? Speed Queen didn’t just want laundry investors. They wanted the businessperson who may be looking into retail, food service, or any of the other business opportunities out there. But how do you plant the idea of a laundromat investment into the minds of investors who may have never considered this space before? With a digital-focused campaign that eclipses our goals before it’s even over.
For an established leader in any industry, the best way to keep up the momentum built around your brand is for people to continually invest in your product. Speed Queen, a brand within the Alliance family, is already a leader in the laundry industry and, to keep that dynamic going, was looking to us for a marketing strategy to attract new investors. Beyond seeking investors that already showed interest in the laundry industry, we wanted to prove that an investment in laundromats is superior to the multitude of other business opportunities out there. Specifically, we wanted to reach:
- Sophisticated business owners searching for their next investment opportunity.
- Early retirees seeking an investment opportunity for their retirement dollars that would not require their constant presence during business hours.
- Immigrant investors looking to start their first US business.
This eight-month campaign is still underway, but from the beginning we decided to use this campaign to create awareness of Speed Queen and the laundromat industry to those who may have never considered either before, and as a result, increase demand. In addition to the challenge of promoting laundromats over the many other (potentially more well-known) small businesses and franchises that currently exist, our entire campaign relies on digital tactics and therefore requires our audience to be able to access the internet. For phase one of this campaign, we built a website and created foundational materials. Now we’re in phase two – generate leads.
To execute our plan, we increased paid media spend to heighten awareness of the laundromat investment and move potential investors down the sales funnel. Because the campaign is exclusively digital, all media spend is focused on online outlets in order to effectively drive online lead generation conversion.
The goals of the campaign are to create awareness with top of the funnel investors and to convert bottom of the funnel investors into sales leads. To reach those at the top of the funnel, we are utilizing a combination of paid media outlets – publications geared towards entrepreneurs, business owners and franchises. This includes display banner ads that drive traffic to the website we created, eBlasts directing to the website or Speed Queen’s home site, newsletters featuring banners and callouts, PPC text ads and profile directory pages to collect leads.
For lower-funnel conversions, we are targeting through PPC Search programs, which were expanded to include both Google and Bing. We also expanded our keyword use to include a broader range of prospects, while still maintaining PPC best practices.
Though the campaign is set to run through December, we are already seeing tremendous results! Our original goals for the entire campaign were to obtain 3.75 million paid media impressions, 22.8 thousand landing page/microsite visits, 1,000-1,250 total leads and three media placements. From the start of the campaign (May 1 of this year) through the end of July, we have already seen 6.34 million impressions, more than 10.7 thousand landing page visits, about 15.7 thousand microsite visits, six key media placements and 1,126 leads at a 4.4% conversion rate.
We still had five months left of the campaign when we last analyzed the results, but metrics prove that our original goals are already blown out of the water. This is the result of creating a very strategic media plan to connect with our target audience and executing in an effective and creative manner.