Posted by Paladin on March 01, 2016
Management guru Peter Drucker said, “The aim of marketing is to make selling unnecessary.” Marketing may be an age-old staple of business, but the digital age is forcing the profession to change rapidly. Fortunately, emerging technologies are enabling marketers to better understand their customers.
Here are three ways that companies can improve their marketing campaigns and fine-tune their value proposition.
1. Marketing Analytics
Modern marketing requires “quantitative marketers” who embrace technology, analytics, market intelligence, and emerging platforms. While classic marketing retains its merits, more organizations are leveraging the quantified approach. According to the Bureau of Labor Statistics (BLS), market research analyst jobs are projected to grow 19 percent through 2024.
The title of chief marketing technologist is becoming more common, and that’s because today’s marketing solutions enable companies to run insight-driven campaigns that are based on empirical data. Analytics allows marketers to assess the effectiveness of their campaigns by measuring performance such as traffic, conversion, customer engagement, ROI, and others.
Analytics also enables marketers to evaluate whether they are allocating resources to the right efforts and channels. A recent survey by Smart Insights finds that when it comes to digital marketing activities, big data (17 percent) will have the second greatest commercial impact in 2016, trailing only content marketing (22 percent). More touch points are also transitioning from static content towards more engaging and interactive content. Interactive content (such as surveys, games, assessments, product demonstrations, etc.) can be a simple and direct way for customers to tell your business what they want—they simply click, touch, press, and select their preferences.
Customers increasingly expect brands to know more about who they are and what they want. Since marketers are increasingly expected to improve the customer experience, their efforts often require a personalization of the customer’s journey across various touch points. According to Mindshare’s 2016 Trends Report, 58 percent of surveyed Millennials prefer unique goods over mass-produced, which is up 13 percent in just two years.
Marketers can gain an edge by using the right information to customize people’s experiences where possible. One of the key drivers in this area has been emerging solutions that enable real-time personalization.
Personalization works because it allows marketers to create “purchase-bait” content based on customer patterns. That means asking questions such as:
- What parts of our Website or social channels do consumers they engage with the most?
- What products complement their recent purchases?
- What kind of promotions should be offer based on their tastes and preferences?
When done right, it can improve your engagement and sales. When it comes to improving Web personalization efforts, marketers most often focus on metrics such as return visits (24 percent), conversion rate (24 percent), time on site (22 percent), and page views (20 percent), according to a 2015 report by VB Insight.
3. Social Marketing
Common ways of marketing on social media include posting products and special offers on Facebook, YouTube, and Twitter. However, advocate marketing could provide a bigger boost to your referral business. And with social media, identifying potential advocates has become relatively easy. Thus, consider building relationships with influencers who have had positive experiences with your products or services. These advocates can boost your metrics by sharing their experiences with your company to their social media fans.
Another effective way of using social media is to have useful and timely interactions with current and potential customers. Social media monitoring technology enables you to respond to people who have questions about your product or who are ready to order. Social media should be a platform for engagement—not a one-way news feed.
Learn more about how marketers can succeed in the digital age.
Read our white paper, “Marketing Must Adapt to Digital Realities,” to keep up with the latest marketing technology trends.