Customer Lifetime Value: A Better Compass to Guide Your Marketing Automation
With marketing technologies growing ever more powerful, many companies are deploying the latest tools to personalize marketing or make ad spending more efficient. There’s no question that new digital technologies allow marketers to approach customers with surgical precision, unlike the blunter instruments of just five years ago. But the rush to invest in new technologies designed to boost the return on investment (ROI) of a single purchase or channel often misses the foundational goal of knowing who your target customers are, what they’re worth to the firm and how they behave. By Laura Beaudin, Brian Dennehy and John Grudnowski
The agency refusal to cooperate infuriated procurement. As one exasperated executive told me in 2003, “Who the hell do they think they are, anyway? A bunch of prima donnas. I’m going to whack their fees by 10% — maybe that will send them a message.” By Michael Farmer – Madison Avenue Manslaughter
Everyone in the marketing ecosystem realizes mobile is inextricably intertwined with the consumer journey. The challenge is in learning how to leverage it.
Influencer Marketing has become a central focus of marketing strategies and budgets for 2017. According to Bloomberg, an estimated $255 million is now spent on influencer marketing every month. With a buy in like that, what’s the ROI? EMarketer reported that advertisers earned an average of $6.85 for every $1 they spent on influencer marketing.
The report, which analyzed a population of roughly two million Hispanic Millennial consumers and thirteen million non-Hispanic Millennial consumers, produced some interesting behavioral findings including brand preferences, social and mobile habits, auto buying trends, and the people that influence them to purchase.
Broadcast news (52%) and Facebook (53%) continue to be top news sources for Americans, distantly followed by cable news (43%). Similar to previous waves, few trust news from social media sites and apps like Snapchat (11%), Twitter (14%) and Facebook (19%). Topping the list of sources most trusted, most Americans trust broadcast news (61%) and print newspapers (59%).
While labor-based fees are the No. 1 method preferred by agencies (45%), incentive methods were the top choice among marketers (40%).
The key performance indicators most commonly tracked by retail executives may be distracting their attention from broad, omnichannel goals and performance.
The GenForward Survey is the first of its kind—a nationally representative survey of over 1,750 young adults ages 18-34 conducted bimonthly that pays special attention to how race and ethnicity influence how young adults or Millennials experience and think about the world.
After numerous delays to its planned initial public offering, Univision Communications’ owners are reportedly considering an alternate exit strategy—an outright sale of the company.
In 2012 a leading retailer began looking for a new chief marketing officer. The job description made the opening sound exciting: The new CMO would play a big, important role, leading the company’s efforts to boost revenues and profits. It seemed like the kind of opportunity any would-be CMO might desire. By Kimberly A. Whitler and Neil Morgan
Marketing leaders and agencies are finding it increasingly difficult to keep pace with growing demands to localize and adapt their creative strategies. Facing a widening range of digital and physical channels that each require rapid adaptation in order to remain relevant to individual geographic, cultural and customer audiences, too many organizations are failing to take the necessary steps to improve their capacity and agility, according to a new study by the CMO Council.
America is in the midst of seismic changes. Unprecedented demographic shifts. Rising educational attainment. Migration of young talent to urban centers. A technology revolution reshaping our economy and empowering consumers in ways previously unimaginable. What does this mean for the face of tomorrow’s consumer market? Are we witnessing the emergence of a new mass market?
Ad agencies and advertisers are victims of the belief that “creativity” is the basis of their current relationships, and that “more creativity” will give them more of what they need. Ad agencies have promoted “creativity” since the days of Bill Bernbach, more than 50 years ago, when agencies were at the top of their game. Advertisers, as their clients, continue to hire agencies for their perceived creativity, provided costs are rock bottom. However, “creativity” is no longer delivering improved brand performance or increasing shareholder value. The search for more creativity is making victims of agencies and CMOs alike — neither lasts very long in a relationship. It’s time for a new paradigm. The “Creative Paradigm” is out of date. It’s not working. By Michael Farmer
The ownership experience should be a critical brand differentiator and revenue generator for both manufacturers and retailers. Yet only 17 percent of North American consumers believe brands truly care about them after the point of purchase, which might be an accurate reflection of the importance that acquisition-centric marketers place on the aftermarket service and support that drive and solidify satisfaction, loyalty and advocacy.
Make no mistake about it: The fast-moving consumer goods (FMCG) and retail landscape is facing systemic change unlike anything in recent history. While the first quarter of the year kicked off with slowed growth, the recipe for selling hasn’t really changed: retailers need to find more customers and get them to load up bigger baskets while raising prices. Yet slowing U.S. population growth, fragmented spending across channels and deflationary pressures remain key challenges.
Everyone I know in advertising and marketing is interested in ideas. Not just good ideas. Extraordinary ideas. The kind that elevate our work and make an unmistakable impact on people, industries, and the world. By Matt Magee, VP of strategy at PJA Advertising + Marketing
In 2011, Michael Chorost published a truly visionary book called “World Wide Mind: The Coming Integration of Humanity, Machines and the Internet.” It was and remains a really smart book that lays out an evidence-rich case that the melding of humans and machines is not just the futuristic noodling of science fiction writers, but an increasingly likely eventuality. By Tom Stein, chairman and chief client officer at Stein IAS
The United States always assumed that its forward momentum would carry the next generation toward greater prosperity, just as it took for granted that its technical prowess in manufacturing would guarantee its global market share. But now those assumptions have been upended. Although unemployment is down and wages are finally ticking up again, these indicators can distract from the bigger picture. Tens of millions of workers are struggling to make it in America, and even a full-time job does not guarantee a decent standard of living.
