Data is everywhere. The number of unique data sources out there is larger than any one organization can wrangle. And make no mistake – these big data sets are the source of competitive advantage for companies across all industries. But finding the right information from today’s huge data ecosystem is a hurdle that more than one marketer has yet to cross.
It’s the age of Big Data, digital shopping, social media, and mobile marketing. Companies of all sizes are diving into the on-line world to find new data, new opportunities and new ways to grow business.
At the heart of good marketing is data. And when data drives your marketing, the average return on investment (ROI) is a whopping 224%! (VB Insight)
Smart marketers understand that traditional marketing is becoming less and less effective. Consumers fast forward through advertisements on TV, flip the pages on magazine ads, and ignore banners when they surf on-line.
Marketers must cut through the clutter with relevant content and information to attract consumers. By constantly creating and sharing educational and informative content, marketers can engage consumers without selling. Instead of pitching products, content marketing focuses on the art of intelligent communications.
Research confirms and we know this intuitively, positive customer experiences will keep our customers coming back. No one wants to continue doing business with a company after a bad experience, poor customer service, wrong product shipments that aren’t quickly rectified, or for any number of other reasons that can ruin a consumer’s attitude towards a brand.
We are all familiar with the 80/20 rule – 80% of your revenue can be contributed to 20% of your customers. But did you know that according to a study by Bain & Company, increasing customer retention rates by just 5% increases profits by 25% to 95%?
And it’s much less expensive to keep a customer than acquire a new one - 82% of companies agree that retention is cheaper to execute than acquisition, according to an eConsultancy report.
Are you a data hoarder? If your data looks a bit like this, read on. Many businesses are feeling the pressures of data overload.
Buyers are evaluating products on Twitter and LinkedIn, watching YouTube videos, searching through blog posts, and comparing products through multiple online channels. They then purchase, decide to talk to a sales rep, post a review, or go back to do more research.
Content marketing is gaining more traction among manufacturers as a way to engage today’s digitally engaged consumers. Manufacturers must be available at every point during the buyer’s journey. This means having instructional videos, blogs, pictures, manuals, product reviews, and other types of content easily accessible on-line. A good content strategy is an important component of the initial research phase of a buyer’s journey.
Most marketers realize that millennials are more than just social-savvy, smart-phone toting hipsters – but rather a generation of consumers who are ready to spend money. Millennials – the population born in the US between 1980 and 2000, are now the largest population segment of over 79 million people, and they have purchasing power of over $170 billion per year. This means huge opportunities for those companies who know how to reach this generation of consumers.