How can online marketers handle the new challenges with the help of one KPI – Customer Lifetime Value?
Marketers are facing a new era in online retail, combining both technology and customer-centricity. It might not be a new thing for most of you and yet a survey shows that most companies are in “digital denial”, not accepting that it is tools and technologies now to help marketers acquire and retain their customers. Important as it is, one-to-one personalization is a challenge as well, which Chloë Thomas indicates in her recent book.
Why that matters in eCommerce?
Customers are more demanding than ever. eCommerce is more competitive than ever. Marketing tools, channels and data flows are more overwhelming than ever.
Online retail marketers today need to be present at the right time with the right message to the right prospect.
So how can we address that?
Let’s try an ACKNOWLEDGE – LEARN – ACT –…
Showing how integrating personalisation and automation can deliver a more personal experience
Long gone are the days when a website was a 'one size fits all' online brochure. Now your web presence needs to play a fundamental role not just in reaching prospects, but also leading them through a personalised customer journey toward conversion to customers and long-term engagement.
According to Econsultancy, 77% of companies are currently planning to increase their digital marketing spend in 2016. Whilst 38% of companies are focussed most heavily on acquisition, 62% recognise that retention is either as important or more important. It’s vital to remember that getting visitors to a website through acquisition tools is an expensive exercise if you don’t also successfully convert the customer and grow your customer equity. Estimates of how much it costs to acquire a new customer vary wildly from the conservative 3 times to an eye-watering…
Taking action with the collection and analysis of survey data to help improve the customer journey and strengthen company processes.
Data collected from online surveys can do so much more than tell you what your customers are thinking. Research is a vital addition to any B2B and B2C marketing toolkit. Successful companies are developing their business strategy - with the aid of data - to make marketing decisions that identify and resolve customer issues.
The team at SmartSurvey (the UK’s leading online survey provider) have put together a guide to demonstrate effective use of online questionnaires and how to utilise surveys to shape your marketing strategy.
Sections covered in this guide include:
The Benefits of Collecting Customer Data
How to Collect Reliable, Honest Feedback
Designing Effective Online Surveys
The Market Research Society (MRS) recently published an article demonstrating that the UK research market has increased by 62% to £4.8 billion. A recent comprehensive…
Tips for brands adapting to Digital from the author of Youtility
Many brands are struggling to adapt to a digital first culture and more seriously, struggling to remain relevant.
It’s clear that brands moving from the industrial revolution to the connected economy need to be doing a lot more than creating a digital marketing dept in their organisational chart. Rather, they need to be adjusting and adapting their culture.
I interviewed Jay Baer, author of the New York Times best seller, Youtility and one of my favourite business books. We discuss the challenges for brands that struggle to grasp “digital”, what brands can do to differentiate themselves in competitive markets and Jay’s latest book, Hug Your Haters.
Q. Many brands struggle to grasp how “digital” is structured within their organisation with many treating their digital activities within a silo -what words of wisdom could you provide brands to adapt a digital…
New research highlights different approaches to engaging retail customers
The DMA has identified four different types of consumers when it comes to brand loyalty. Some customers are always loyal, others only loyal for certain purchases. But whatever their natural propensity for brand loyalty, you need to engage them and build trust. The DMA's 2016 research presented below shows that over half of consumers will stick to a brand that provides good service when they know they could get a cheaper deal elsewhere. In addition in found customers don't particularly like being asked to provide reviews, yet brands are keen to do this. One the flip side, almost half of customers would like to receive free gifts from brands, but only one in ten companies do this. There is clearly currently a big mismatch between consumer desires and brand actions, and this needs to close. Find out more by checking out the infographic below.
Millennials want the same thing as every other age group, it's just the channels for delivering it that have changed.
They have youth, influence, and spending power. They can also spot BS from a mile away, and it’s not easy to win their hearts.
AdWeek calls them “easily the most sought-after demo for marketers and advertisers.”
Others call them “Generation Y.” Whatever you choose to call them, the demographic has reached an important point where their purchasing power is heading towards its peak.
And it’s a huge generation, born anytime between the early 1980s and 2000. And of course there are major differences in life experience and expectations between someone born in 1983 and someone born in ‘99, but the important thing to know about the entire group is that they’ve grown up alongside an information boom. That means they know just how to navigate online to get the info they want,…
The connected customer
On average, the British household owns over 7 internet devices and unsurprisingly, smartphones are the most common followed by laptops and tablets. More than 60% of all email opens are with a smartphone (Communicator Benchmarking Report 2016), with 50% of all mobile searches conducted in the hope of finding local results and 61% of those searches result in a purchase being made according to Search Engine Watch. The customer is more connected than ever and this is changing buyer behaviour.
A change in behaviour means a change in strategy
A change in behaviour means an impact on the customer journey. Journeys are no longer linear –now we must focus on the multiple touch points to create the ultimate customer experience. The change in customer journey has developed a change in consumer behaviour and expectations, meaning brands need to evolve their products to be one step ahead to stay competitive;…
Learn how to create interactive content and use it to boost your PR efforts
One of the biggest challenges that digital PR practitioners face today is getting their client noticed by customers. In addition, they work very hard at differentiating their clients from their competitors in the market with the help of social media, articles, and blogs.
Customers are bombarded with volumes of information every day through their laptops, smartphones and tablets. In order to grab and hold their attention, PR professionals need to stop selling and start engaging.
Herein lies the importance of interactive content.
The last thing modern customers want to do is sieve through a pile of data for a small piece of pertinent information. It is, therefore, necessary for marketers and PR practitioners to whip up creative ways to not only gain audiences’ attention, but also keep them engaged.
Enter interactive content
Speaking of interactive content, here are a few interesting facts:
Leverage the power of emotions to enhance your marketing
Every decision your customer makes consists of many conscious and subconscious emotions. The key to success in any business is an understanding of psychology and human behaviour.
We all have the same basic mental triggers and needs that drive action. If we understand these psychological triggers, we can craft more effective marketing messages and increase sales.
Below is an introduction to 7 important psychological and emotional triggers that can increase your sales, backed up with examples and further reading.
Human nature gives most people a strong desire to belong to something; a group, a clan, a gang, a family, or a social network. Call it what you will, but very often customers purchase goods and services to show and feel a sense of belonging to their chosen ‘thing’…be it real, or fabricated.
They even carry out some highly illogical activities just…
The 7 elements you need for superior retention automation
It costs a lot to acquire a new customer, but most clients will make a single purchase and leave. A repeating purchase, on the other hand, costs far less than acquiring a new customer, estimated at between 4 and 7 times less actually.
Retention automation has a simple, well-known theory that deals with this issue. Retention automation aims to get better ROI by turning one-time buyers into repeat customers and keeping them, rather than focusing on acquiring additional new customers.
Retention automation can be done with the basic understanding that customers are different, then analyzing them as groups, connecting them to automated campaigns designed to move them in the right direction.
There are plenty of examples that demonstrate programs and multichannel campaigns addressing customer retention according to the customer’s current lifecycle situation and their importance to the business. Surprisingly, although the theory is so…