Twitter, Kiva, Google discussed on Marketing Trends
I'm like twenty dollars for this comes back to me at some point in my life but does executive rate so The challenge we have is a marketing organization. Is How do we get to? What's really beneficial to our customers rate? Nobody very few people I would say are are going on Google googling Howard participating microfinance no total. That's not the thing most people are looking for. I you know I want to give back. I've been lucky a few times And I WANNA do some good. I WANNA pay forward. What are the best ways for me to pay it forward? And and how do we insert Kiva in that in that decision? Set that consideration set. I'm sorry So that they can understand what's unique AKIVA versus all the other amazing options to do good and can be considered and then ultimately convert and get them to become a given customer because our retention rates are incredible. The you know once you gotTa Repaid. Eighty percent of our customers would go inland again. Yeah so it's really about. How do we feel the top of the funnel Which is you know. It's challenging for any brand because we live in an incredibly busy time. We live in a time in which customers are buying themselves out of advertising right. Think about the media. The Media. Space Today When you when you sign up Netflix. When you're buying Hulu without ads when you subscribing to Disney plus when you're doing is you're buying yourself out of advertising that's one of the main value props which means that wait. How do I reach that person now? How how can I get in front of them? And when we're now you put on top of that. That is a nonprofit which means that we are incredibly careful about how we use our funding because if any dollar that goes into marketing means that it's a dollar doesn't go out on the field so we have to be incredibly incredibly awful and and in rigorous about our marketing investment which makes complete sense so That's the challenge right. How do we get more and more people aware of what we do aware of? What makes Khiva unique enjoying the Kiva community? Yeah if this was attack product it would be like in the first thirty days like you position like if you had an algorithm that could position and this would would not be something that would be a good idea. But for Siegel argument. Go on you position that the first project that somebody does that somehow you know they get that back in the first thirty days or sixty days or ninety days or whatever a transparent time horizon so it's like they know that the system works and that they get the more immediate gratification and then it's like you know after that you were to go into like the less likely once again not not saying that that that's a good idea. But that's that's the sort of thing people want to to no end like this is like the classic. What is the person really buying? I would posit. I don't know if you know anything on this that it's not like customers are sitting there at the end of twenty nineteen like. I have a hundred bucks this year that I'm going to spend on charity. Which one am I GONNA do like? That's probably not what they're doing. They probably come across. Kiva somehow through one of your funnels and is saying like wow. I didn't know about this like I can. I can do this. Twenty five bucks today. This is fine. I'm just GONNA fire. Fire the bullet or you know. Maybe it's after the Thirteenth impression impression that that are like hey. I'm finally ready to do this. Or Hey you know I got my bonus this month or whatever it is And now top of mind in some way but I would imagine that. It's not like a traditional You know type of a thing because they're such a specific way to do it right and there's such a specific thing that they're supporting I don't know maybe I may be wrong but no I. I think I think you're onto something one. I WANNA address your earlier idea which is not a bad idea. I think you're onto something which is to make an analogy right. It's the urban legend or of facebook. Once you get that fourteenth friend yeah. You're not locked in every single successful product. Has that that loop of like once you close the loop? That user now has a much higher likelihood of becoming a retained customer keeping us no different and we believe a Lotta that is once you're able to get your repayment back in help some new. I think there's a there's there's there's a light bulb goes off. Say Oh I get it my number my my investment or my my contribution goes further on Kiva Org than other places that could investing in so we are actually working through a lot of ideas of how do we. How do we make that feedback loop shorter? I think that I think that's the right problem to try to solve whether it was exactly the same way that you described it. I don't think they'll be the case but I think that's exactly the question right. It's how do we make that feedback loop really really short? Or how many updates like is it right? You know if you are donating to you know jill to buy a cow or something like that. It's like an. She gets to do so. Do they get to go from just individual contributors or is it like a goal plus? Kiva or like you know if she needs two hundred box and like Ian does you. A hundred and then Dylan are headed girl. Sitting next to me does fifty and then it's like open that extra fifty bucks like open a month is how does that last part. Every loan has thirty days to be fully funded. Okay yeah so let's say Joe who needs a cow post on key without org in. She needs five hundred dollars to buy that cow. Then people can come in discover her story and they can give as little as twenty five dollars but someone might be become so enamored with with her story to say I will give you. I will not give or lend you the full for a five hundred dollars. However the the more typical experiences Dylan will give twenty five. I'll give fifty IAN will give one hundred dollars or until we get to five hundred we get when we got the five hundred. Got To say Jill your guy funded so it's really it's like we in the actually what's really cool. Is You can see when you when you make alone. You can see the other people in the community who helped in that alone and then you can actually build teams so in so for example. I every loan that I make on dot org is associated with the northwestern university team. And it's just a cool way to keep tabs on parts of a keeps communities. How different communities are giving? What are they passionate row giving to? This is really funny. But it is for example the most to active communities on Kiva The most active teams are Christians. The Christian team in the eighth east team like yeah. It's it's amazing. It's incredible how everyone can agree that when you get to help somebody to be empowered into their lives that everyone wants support that idea so you can join any number of teams when you're Kiva Org weather it's university whether it's your religious affiliation whether it is worth the city you live in an but they're all these cool teams and you get updates in some. You know if you're in a team you can say. Oh I just saw this amazing loan to Joe who needs a cow. Who else wants to help out there? Can you can actually communicate with one another and and drive up and drum up support from a specific borrower. Yeah I would imagine that those network effects are probably pretty massive. Especially 'cause you're giving people who are already have an affiliation with each other a platform to do do it on final piece on even that I wanna get into some of the stuff From from twitter Fan So When you came into the role was one of the things that surprised you about marketing Akiva. What surprised me really shouldn't have been a surprise. But it's just the level of passion for the brand you know Marketer spend their whole careers trying to get people to be really passionate about the service or the product that they offer and I came into. Kiva assuming no different the great. I want a big part of my job will be to convince people that was a great place for you to be engaged in and turns out people who are our user base are just so passionate about it already. They get it. In fact they feel ownership over over the Kiva brand they've been with us for years and years and make our jobs in a way a little bit easier because you're a great people really get in their fashion other brand in in other ways you feel you feel so much You really don't want to disappoint them. You know you really. It really makes you think twice about intake really seriously How to create the best brand of the best product experience The best way to do good you can't in the world so it's a Dow. That was something that now that I've been here for a while. It's obvious that people re Pasha could this is. This is a very personal decision to go. Help somebody but coming in. It's something I hadn't quite considered that was. That was a really fun in different challenge to come in two different set of circumstances. Let's get twitter so I'm a huge fan. I think twitter is is an incredible An incredible place. I know that there are issues with it. Of course there's issue with any platform where you're working with billion people or whatever. Three hundred million people whatever's on twitter. And I think you know from an advertising perspective. It's something that's not nearly talked about as much as facebook obviously So I'm curious what what did you. What did you do there? I was a part of the growth team that was growing the Self Service advertising platform on twitter at the time. Shout out to them by many of my friends. Still there In it's a wonderful team. And if they really felt a start up within a young company red at that point when I joined twitter had IPO year before so they weren't like they weren't a startup anymore but the self service advertising business was it was a very small very nimble team of people really wanted to crack the ability to convert regulatory users were small and medium businesses to to become advertisers on the platform whether they wanted to grow their following whether they wanted to drive traffic to a specific business or website or APP that they were developing And it was really fun because there was no playbook for it right. I mean you always pick things up from other businesses But we were really trying to do things for the first time Especially for twitter so it was just really fun to opposed to approach challenges in problems with a hundred with all the creativity you could. Yeah so it was. It was a really fun period and I learned a lot and stay in touch with many of those friends. Yeah you need A. We need some like twitter classes for all the all the folks that are are people borrowers on Kiva. They probably need those twitter tips to figure out how to market themselves better. It's definitely Bernie's improve the market growth. Right yes. So how much were people spending onto like? What was that target segment? Are they spending like twenty five bucks a year? They spending twenty five hundred bucks a year. You know it was very the time there were people who were spending fifty bucks because they wanted to get a few extra followers but but there were companies that were spending Alex. Small businesses were startups. They're only getting started. We're spending tens to hundreds of thousands of dollars a year quickly graduated in to manage. Count those different thing but it was really very which made as a as a marketer was really it was really fun challenged work right at one point. I'm working with a HOT STARTUP. That has fresh budget and trying to emulate. I want to spend all this money in one. Part of my marketing investment to go into twitter and other times was someone who writes a blog and just once again a few followers on or like they wrote a very funny tweeted. They want people to see that tweet there. They WANNA buy impressions in one by They want to They want to pay to have their their tweets. Show up and people timelines. I don't follow them right so it was sort of. It was very widened and how to think about the product experience marketing capabilities to do this at scale in in a segmented way personalized way. It was really fun. Yeah that is really fun. I remember I remember. When the first time I was seeing like promoted tweets consistently was T. MOBILE. Oh Yeah John legare whatever. He's GonNa be me now anyway. Is John La- gear? Yeah I'm probably butchering yes. How to pronounce the name but I remember his account was always Roy now. Yes like millions. Millions millions But But I did always. I always felt like and I still feel this way and a lot of listeners to the show I'm sure in the same boat where you have tons of people on twitter that our senior executives or just any buying persona that are on there that might not be super active but like leverage twitter. Like their new source right and they follow one hundred fifteen people that sit and they stay up to date on those people. Whatever it is for sports or this or that or whatever and but they're really impactful people in there and they could be buying from you and I always felt like it was underutilized because who you follow is so intent based And it was something that I just felt like and I still feel like is really underutilized. I know price comes into a lot of that. Should've miked up Dylan for this We'll give you some questions Since he's are headed growth but Yet curious like what? What did you see that advertisers? Doing a great job of or some stuff. That was really interesting that you saw novel innovative. I mean what was interesting about twitter. Is that the the immediacy of your engaging with can be such a powerful signal totally right and that's what really sets it apart in all these all the networks have something that sets them apart right if you google for if.