Harvest and Mill was grappling with several critical challenges that hindered their growth. These included issues with brand positioning, where the brand struggled to differentiate itself in a crowded market, leading to difficulties in establishing a unique value proposition. Revenue a n d efficiency were significant concerns, with the company seeking ways to optimize operations and improve profitability. Marketplace relevancy was another hurdle, as evolving market dynamics and consumer preferences made it increasingly difficult to maintain a strong presence. Audience targeting and brand awareness issues compounded these challenges, with the client needing to better identify and reach their ideal customer segments.
Hive Digital encountered its own set of challenges while attempting to address the client’s needs. Ad spend limitations imposed a significant constraint, requiring the team to be more strategic and efficient with budget allocation. The saturated market in which the client operated made it difficult to achieve standout visibility, and the product’s price point further complicated the marketing strategy. Additionally, relying heavily on Google as the main marketing effort introduced vulnerabilities a n d limitations to the overall strategy.
The recommended strategy involved a comprehensive overhaul of the client’s marketing approach. This included repositioning the brand in the marketplace to highlight its unique value. A new account structure for campaigns was introduced to improve targeting and efficiency, and the introduction of a full-funnel strategy aimed to nurture prospects at every stage of the customer journey, from awareness to conversion. Implementing a full-funnel strategy allowed Hive Digital to create a more cohesive and effective marketing approach, ensuring that potential customers were engaged at all points of their decision-making process. This strategy not only helped in improving conversion rates but also in maximizing the impact of the marketing spend by targeting users more precisely.
The strategy implemented by Hive Digital led to significant improvements in key performance metrics over three years. From 2021 to 2023, the Return on Ad Spend (ROAS) saw a remarkable increase, with the Conversion Rate (CVR) also showing substantial growth. Notably, from 2022 to 2023, despite a -42.06% decrease in spend, revenue increased by 2.73%, ROAS increased by 77.32%, and the Conversion rate increased by 33.72%.
