Are you tired of seeing the same old results in your marketing campaigns? Have your efforts to improve your brand’s performance hit a wall? Welcome to the world of the “Performance Plateau,” where your marketing performance is as exciting as watching paint dry or a sloth on Valium.
At Booster Box, we know that the path to success is not always linear. Brands often experience a performance plateau, a point where they have optimised their current strategies and are struggling to break through to the next level. But fear not, we’re here to help you shake off the sluggishness and skyrocket your performance campaigns.
So, let’s take a closer look at what the performance plateau is, who is affected by it, why it happens, and most importantly, how to overcome it.
The ‘Meh’ Zone: What is Performance Plateau
The Performance Plateau is a common issue that many businesses face, but it’s essential to recognise the problem and address it before it’s too late.
The Performance Plateau refers to a stage in a brand’s marketing journey where growth and performance start to stagnate. At this point, the incremental gains from optimising existing strategies have begun to diminish, and the brand seems unable to break through a ceiling of growth. In other words, the brand’s marketing efforts have hit a wall and are no longer producing the desired results.
The Performance Plateau can be a frustrating and demoralising experience for any business. Brands that experience this phenomenon may feel like they’ve exhausted all their options and have no idea how to move forward. However, it’s essential to remember that the Performance Plateau is not a permanent state. By recognising the problem and taking proactive steps to address it, brands can break through this ceiling and reignite their growth.
One way to think about the Performance Plateau is to imagine climbing a mountain. At the bottom of the mountain, the ascent is relatively easy, and progress comes quickly. However, as you climb higher and higher, the climb becomes steeper, and progress slows down. Eventually, you may reach a point where you feel like you can’t climb any higher. This is the Performance Plateau.
What a smart way to convey the message, right? Yes, we know. “We do it damn well”.
To break through the Performance Plateau, brands need to take a step back and re-evaluate their strategies. They need to identify the root cause of the problem and develop new approaches to overcome it. It may require unlearning old habits, adopting new technologies or trends, and experimenting with new marketing channels. By doing so, brands can successfully break through the Performance Plateau and continue to grow and thrive.
Ultimately, the Performance Plateau is a natural part of the marketing journey, but it’s important to recognise it and take action before your brand becomes a snoozefest. So, what can you do to break through the Performance Plateau and revitalise your brand’s performance? Let’s find out. Well, not right now: we’re just at the beginning of this article and you need more context. Or maybe we’re just happy to guide you through it (read: to force you to read the whole bit. Just joking! Or maybe not?)
The Performance Plateau Strikes Both Titans and Tiny Tots
Even the biggest and most successful companies in the world have experienced the Performance Plateau. Take Apple, for example. In the mid-2010s, the company’s growth started to slow down, and its stock price stagnated. It wasn’t until the company introduced new products, such as the Apple Watch and AirPods, that its growth started to pick up again.
Startups are also not immune to the Performance Plateau. In fact, many startups face the challenge of breaking through the noise and standing out in a crowded market. Once they’ve reached a certain level of success, they may struggle to maintain that momentum and continue to grow.
So, whether you’re a startup or an established company, it’s essential to keep an eye on your marketing performance and be proactive about addressing any issues that arise. The Performance Plateau can happen to anyone, but it’s how you respond to it that will determine your brand’s future success.
The Culprits Behind the Performance Plateau Snooze Fest
Lack of innovation
One common reason for the Performance Plateau is a lack of innovation. Brands that fail to evolve with the times and adopt new technologies or trends will eventually fall behind. For example, Blockbuster, once a thriving video rental business, failed to adapt to the rise of streaming services like Netflix. As a result, they filed for bankruptcy in 2010 (scaaary!).
Over-reliance on existing strategies
Another reason for the Performance Plateau is an over-reliance on existing strategies. When a brand becomes complacent and fails to experiment with new approaches, it may experience diminishing returns. For instance, a company that relies solely on traditional advertising channels like print or TV may struggle to reach younger audiences who prefer social media and digital content. Wait. Are you really relying solely on print or TV? You need to get in contact with us right now.
Targeting the wrong audience
Furthermore, the Performance Plateau can occur when a brand isn’t targeting the right audience. If you’re not reaching the people who are most likely to be interested in your product or service, your marketing efforts will fall flat. And even if you are targeting the right audience, you may have reached a saturation point in your current market. Once your brand has captured a significant share of the market, it can become more challenging to continue growing.
Whatever the cause may be, it’s crucial to diagnose the problem and take steps to address it. In the next chapter, we’ll explore some ways to break through the Performance Plateau and reignite your brand’s growth. Guess what – we have what it takes to it. You can check our Martech stack for clustering audiences and executing masterful campaigns, and ultimately how to quantify the value of your marketing efforts via Marketing Mix Modelling.
How to Break Free from the Performance Plateau
Breaking through the Performance Plateau requires a combination of unlearning what you know, understanding your growth audience, reaching a wider audience, building a growth model, and getting the best of all of that.
Drop Your Old Habits Like a Bad Tinder Date
Sometimes, what you think you know can be as unreliable as a broken GPS. To conquer the dreaded Performance Plateau, you need to let go of your old ways and be open to new approaches. You might need to pivot your brand or even redefine your audience. The key is to stay flexible and experiment with new ideas.
Unlearning what you know means stepping out of your comfort zone and embracing the unexpected. It means challenging your preconceptions and being ready to think outside the box. To get started, ask yourself these questions:
- What are my biases about my market and audience?
- What’s new on the block, and how can I learn from my competitors?
- What exciting trends and technologies are popping up that I should be aware of?
By being open to new ideas and challenging your assumptions, you can create a marketing strategy that’s fresh, innovative, and ready to blast through the Performance Plateau.
Go for an assessment, change your point of view and address issues you never considered. Just like trying new things can lead to surprising new favourites, embracing the unknown can lead to incredible growth and success for your brand.
How to avoid talking to a wall and stalk your audience
Okay, maybe “stalk” is too strong a word, but you get the point. If you want to break through the Performance Plateau, you need to know your audience like the back of your hand (or your phone, since that’s where we spend most of our time these days). Take the time to research their behaviours, interests, and pain points. Use this information to create targeted campaigns that speak to their needs and desires. Just remember, don’t go full-on creeper mode or you might end up scaring them away.
To truly know your audience, you need to do your research. Start by analysing your current customer data and identifying patterns and trends. Use this information to build buyer personas that represent your target audience. These personas should include demographic information, interests, pain points, and other relevant details.
Once you have a clear understanding of your audience, you can tailor your marketing messages to their needs and preferences. This means using the right language, tone, and imagery to connect with them on a deeper level. You may also want to consider targeting specific segments of your audience with personalised content and offers. Well, basically our audience clustering superstar Galileo does just that. Literally.
But knowing your audience isn’t just about creating effective marketing campaigns. It’s also about building lasting relationships with your customers. By understanding their needs and preferences, you can provide them with better products and services, improve their overall experience, and increase their loyalty to your brand.
In short, knowing your audience is the key to breaking through the Performance Plateau and achieving long-term success. So, take the time to do your research and get to know your customers on a deeper level. It will pay off in the long run.
Why Reaching for the Stars (and Beyond) is Key to Breaking through the Performance Plateau
You know what they say, “go big or go home!” If you want to break through the Performance Plateau, you can’t be content with just a slice of the pie. You need to go for the whole damn thing!
That means expanding your reach beyond your current market and taking on new challenges. So, what are you waiting for? It’s time to break out of your comfort zone and make some waves!
Build a growth rocket to the moon (and back, don’t get lost)
Okay, okay, we hear you. You’re probably thinking, ‘What the heck is a growth model?’ But fear not, my friend. It’s not some convoluted tech jargon that only Silicon Tuscany insiders can decipher. We like to think of ourselves as the left-elbow neurosurgeons of Performance Marketing (you know, the best of the best), so sometimes we have to throw around some fancy terminology (noblesse oblige, amirite?). But don’t worry, we’ll always make sure to break it down for you in plain English – or as close as we can get without being too boring. Or too patronising.
Back to business, a growth model is simply a plan of action that helps you identify your goals and how you plan to achieve them. Think of it as your trusty roadmap to success.
But, building a growth model isn’t just about jotting down a few bullet points on a piece of paper. You need to dive deep and ask yourself the tough questions.
- What are your strengths and weaknesses?
- What sets you apart from your competitors?
- How can you leverage your resources to achieve your goals?
Once you have these questions answered, you can start to build a growth model that suits your brand’s unique needs. It’s important to be realistic and set achievable goals that are specific, measurable, and time-bound. Don’t be afraid to take risks and try out new strategies. You never know what might work until you give it a shot.
So, grab your notebook and pen and start building that growth model. Wait, we’re joking: are you really still making use of paper? You better think twice – global warming is not just a story. Use a digital, paper-free solution instead!
Anyway, it’s time to take your brand to new heights and break through that pesky Performance Plateau.
Mix and Match
When it comes to breaking through the Performance Plateau, why settle for just one approach? It’s time to mix and match and get the best of both worlds! By combining your existing strategies with new and innovative ideas, you can create a killer marketing campaign that will leave your competitors in the dust.
Think of it like making a delicious cocktail – you take your favourite ingredients and mix them with new and exciting flavours to create a unique and delicious concoction. The same goes for your marketing strategy. Take what works for you and add in new approaches that align with your goals and target audience.
Remember, the key to success is to be open-minded and willing to experiment with new ideas. Don’t be afraid to step out of your comfort zone and try something new. With a little creativity and a lot of determination, you can break through the Performance Plateau and take your business to new heights!
The Performance Plateau Epilogue
In conclusion, the Performance Plateau is a common challenge that many businesses face, but it’s not an insurmountable obstacle. By being open to change, understanding your audience, expanding your reach, building a growth model, and combining your strengths with new approaches, you can break through the plateau and achieve new levels of success.
Remember, the journey to success is never a straight line. It’s full of twists, turns, and even some roadblocks. But with determination, creativity, and a willingness to take risks, you can navigate those obstacles and come out on top.
For further reading on this topic, we recommend checking out the following sources:
- “Is Your Brand Stuck on the Performance Plateau?” by Tom Roach on TheTomRoach.com (https://thetomroach.com/2022/11/14/is-your-brand-stuck-on-the-performance-plateau/)
- “Tom Roach: How to get your brand off the performance plateau” by Ellen Hammett on MarketingWeek.com (https://www.marketingweek.com/tom-roach-brand-stuck-performance-plateau/)
- “What to Do When Your Marketing and Communications Plans Plateau or Fail: Time for a Brand Audit” by The CKP Group (https://www.theckpgroup.com/new-blog/2021/6/8/what-to-do-when-your-marketing-and-communications-plans-plateau-or-fail-time-for-a-brand-audit)
- “Moving beyond the growth plateau with customer lifetime value” by John Readman on TheDrum.com (https://www.thedrum.com/opinion/2022/06/29/moving-beyond-growth-plateau-with-customer-lifetime-value)