Self-regulation is the American standard for promoting innovation and growth while reining in businesses using industry standards and enforcement. The rise of the internet created unique challenges, but this is not the first time Americans have addressed these challenges.
You can’t afford to just guess what’s working and what isn’t when it comes to obtaining a better return from your marketing efforts. For this reason, you’ve likely relied on measuring the effectiveness of your returns by way of some type of attribution.
However, in this evolving multichannel environment, traditional attribution models often lack the sophistication needed to determine how wisely marketing dollars are spent—whether in converting a prospect or getting repeat sales from an existing customer.
If you’re wondering what impact the power of Big Data is having on how brands are communicating with consumers and even changing the role of marketers, look no further than a recent survey of leading brands conducted by the CMO Club.
They say the devil is in the details, and that’s especially true when it comes to loyalty programs. Loyalty programs often rely heavily on capturing transactional data that they miss vital insight that can only come from personal interactions with their customers.
Those little snippets of information gathered from one-on-one exchanges can be considered “small data.” Brands can use this information to personalize every future interaction, creating a bond with customers every step of the way.
“Thirty percent [of our shoppers] make less than $40,000 a year and one quarter use public transportation to the store,” Jocelyn Wong, CMO for Family Dollar, said during her keynote at the Shopper Marketing Expo in October.
These are shoppers who have specific behavioral patterns and sometimes have to make tough purchase decisions, creating a “tradeoff mindset.” Understanding this mindset can help marketers and retailers reset priorities to drive value among cost conscious Hispanic shoppers.
The world of digital marketing is changing. Empowered consumers demand that brands engage with them through personalization and relevance, while marketers struggle with rapid changes in technology, the proliferation of mobile devices and siloed organizational structures.
These challenges make it difficult for even the most skilled marketers to create meaningful, sustained customer interactions that drive revenue and improve ROI.
With the month of January almost over, I hope you’ve all had a chance to analyze and evaluate your holiday campaigns. By this I mean diving deeper than just clicks, open and leads. While these are important metrics, the holidays are a great time to see the total impact your marketing has had throughout the year on customer loyalty.
The ways consumers engage with brands will continue to evolve in 2014. In last week’s post I shared two of the top five trends marketers should master this year. Below are the remaining three:
2013 was a great year for marketing innovation. Email continued to reinvent itself to change consumer behaviors. Consumers were introduced to the concept of sending money via email using Square Cash and Google Wallet. Video became more commonplace for brands via live streaming, animated GIFs and sophisticated integration of Vine, YouTube and Instagram.