Chart of the Day: Is a 360 degree customer view a myth or a reality?
I have been involved in marketing since the mid 1990s and I was brought up by Martha Peppers and Don Rogers, authors of 1:1 marketing encouraging businesses to develop a single customer view. The nirvana of a single customer view for large organisations is that all employees from marketing and sales through to customer service can easily harness profile information about a customer and all their marketing communications interactions with a company plus their sales and service transactions.
Since that time we have had an explosion of channels, martech and data which has made the theory difficult to put into practice. So I found this insight from Blue Venn on marketers perception of the SCV interesting:
On the positive side it's good and actually surprising that the percentage of marketers who think a…
Chart of the Day: Understanding subscriber loyalty - Part 1 of 2
This is the first of a two-part blog, covering subscriber loyalty and unsubscribing.
What will be covered:
Benjamin Franklin said there were only two things certain in life: death and taxes. Well in email marketing, there is only one: unsubscription.
Customers can move jobs, not feel engaged by the messaging or can just change their minds. In fact, I cannot think of one company that I have been subscribed to and stayed subscribed to. Having a unsubscribe/update preferences link is a legal requirement for all marketing emails. It's important to give your customers a simple and easy way to change their preferences/choices.
In today's chart, I look at unsubscribes by sector. The average unsubscribe rate is 0.49%. But the sector with the highest unsubscribe rate is B2B (non-retail) is displaying at 1.08%. While the best performing is Public Relations…
Chart of the day: Staying in touch with friends is the main reason behind social media use
We all use social media but why do we use it? A recent report interviewed a range of social media users and explored what keeps them coming back to social networks.
The study reported that 42% use social media to keep in touch with what their friends are doing. Conversely, it is becoming used less to share their own photos or opinions, with only 33% doing so.
Therefore what we can see is that many social media users are coming to view social networks as a passive form of networking. Users are just looking to consume content rather than sharing their own personal lives.
What does this mean for marketing?
It is good news that users are open to engaging with content, rather than just putting out their own. However, if users are uploading less of their personal content, this…
Chart of the Day: Snapchat's impressive growth is mostly confined to North America
Snapchat's explosive growth and popularity among 'Gen Z' means many marketers have started to see it as the future of social media. But perhaps this hype is only really relevant for those focused on the US market. Although Snapchat is growing in other areas, the level of penetration is far lower.
Snapchat's ad products are also clearly less used outside of the US, in part because of the lack of penetration. This can be inferred from the extremely low revenue per user in all markets other than North America.
Data Sample: 160,00,000 Snapchat users
Recommended Toolkit: Social Media Marketing
Chart of the Day: Annual churn hits 23% in the high-tech industry
Email marketing is a vital channel for B2B marketers. Providing a high ROI when compared to other marketing channels. Which drives us, marketers, to spend many hours creating engaging content for our target personas. After all this effort when you're ready to hit the send, are you sure that your data is accurate?
A recent study by Salesforce found that the rate at which B2B marketers were able to grow their email lists looks relatively healthy. In the High Tech and Retail sectors, the growth is as high as 21%. On the face of it, most marketers would take a 21% growth rate each year.
Average Annual Growth by Vertical and Department
But this is only one side of the story. The report also looks at…
Chart of the Day: Don't forget your Lead Scoring
We all know about Email Marketing Automation, but what is Lead Scoring?
In the chart, we can see that Email Automation is the most popular at 65.50%, which is expected. The chart also shows how little people either know or use lead scoring, as it's only at 11.80%.
Lead scoring is an excellent way of ranking prospects using a scoring method. These scores will help sales teams to prioritise leads or which should be nurtured by marketing more.
In the beginning of the process, marketing and sales need to work together to decide on what their ideal prospect is and what we want them to do on your site. And then assign or detract points from the prospects score for doing those activities. For example:
Visited Pricing Page = 20 points
Visited Blog = 1 point
Visited Careers Page = -20 points
Each time a prospect visits one of these…
Chart of the day: Data, analytics, and insight are critical to business success. Insight and data are empowering growth.
Marketers understand the important of data and businesses understand how data drives growth.
The research by Mediasense, in association with Ipsos MORI and ISBA, asked respondents what factors they thought would be critical to business success in 2020. Almost 8 in 10 (78%) thought data, analytics, and insight were the most critical factor.
Content marketing was down compared with 2015 data whilst SEO was found to be one of the least critical factors, but scores for SEO were not as low as Pay per click and community management.
Source: Media2020 report
Sample: 250+ senior marketers
Auto-play video and banner ads are seen to be least effective digital formats by global CMOs
What digital ad formats should you use to get the best ROI online? One way to answer the question is to flip it on its head, and ask, what are the least effective formats?
According to a survey of global CMOs, the worst ad formats are auto-play videos and standard banners. Standard banners are hardly surprising, as ad blockers and 'banner blindness' have taken their toll of the years. It's gotten so bad that on many sites the majority of banner ad clicks are actually accidental.
It's interesting that no CMOs thought that sponsored content was an ineffective technique, and very few thought pre-roll ads were ineffective. This shows that it isn't video ads that are ineffective, just video ads starting when the user hasn't opted in to watch anything.
Chart of the Day: The importance of having quality marketing data
Data is the not-so-secret weapon of each and every marketer across the land. Data-driven marketing takes the guesswork out of your daily decision making. Should you place more budget into Facebook Ads, more resource into email marketing or cancel your latest campaign early? It's hard to know unless you have accurate data at hand to inform your decision-making.
In a recent research report, Ascend2 asked marketing influencers "what are the most important objectives of a marketing data strategy?" Leading the way with 62% was improving marketing data quality. This result is encouraging because if you don't have accurate data you could be making worse decisions than if you had no data at all.
In a follow-up question, they asked "What are the most critical challenges to achieving marketing…
Chart of the Day: McKinsey Analysis rates machine learning marketing applications highly
I thought this was an interesting chart and article from McKinsey on 'What’s now and next in analytics, AI, and automation'.
McKinsey outline the range of opportunities for applying artificial intelligence in their article. They say:
'For companies, successful adoption of these evolving technologies will significantly enhance performance. Some of the gains will come from labor substitution, but automation also has the potential to enhance productivity, raise throughput, improve predictions, outcomes, accuracy, and optimization, as well expand the discovery of new solutions in massively complex areas such as synthetic biology and material science'.
At Smart Insights, we've been looking beyond the hype to look at specific practical applications for applying AI in marketing. Our recommendation is that the best marketing applications are in machine learning where predictive analytics is applied to learn from historic data to deliver more relevant personalization, both on site, using email…