I have just been reading some of the summaries from the latest gathering of digital marketing “stars” (in their own minds) at SXSW and it’s no wonder that there is so much money that is being wasted in digital marketing. Would I like to be able to whatever I want when it comes to marketing online? You bet, but I understand that my client is in business to make money and I have to clearly show them that what we are doing is driving brand objectives.
Many of the heavy hitters of the corporate world – like Apple, Amazon and just about every big start-up around – are busy at present changing their business models from selling individual products to offering memberships which generate ongoing recurring revenues. This is indicative of the rise in the membership economy which looks set to become much larger in the future.
Male and female decision-making is very different. When it comes to shopping, men have very technical needs and want instant fulfillment. Need a pair of jeans? I’m off to Gap. Women want endorsement and confidence through conversation. They look at practical, aesthetic considerations and make lifestyle choices. Buying a sofa? Men shoppers look at functionality.
What in the wild world of sports is going on here ? Companies and agency clients have a greater focus on customer acquisition than retention (44% vs. 16% for companies and 58% vs. 12% for agency clients). KISS Metrics states retaining your customers is low-hanging fruit. Understanding how to create loyal customers so you can retain them is one of the most important things for a business. So why is gaining new customers an issue when servicing existing customers is so important ?