For the first time it’s been reported that more money is flowing into digital media than offline channels. As more and more “experts” tell you why you should be increasing your digital marketing budgets very few actually are talking about the primary objective of ANY marketing initiative: to drive bottom line results.
What are the key lessons that are continually being reinforced via new stories on the Web ? Well first we are seeing the shine come off the social media hype train as marketers look at new digital platforms and geting back to basics like ensuring their products are promoted at retail. It seems that a lot of brands believed social media was THE answer to their problems but in reality it’s another piece of the puzzle for a great integrated marketing strategy. Here are 10 things that every marketer should know by now…
A new study has lambasted marketers’ financial skills and the marketing programs run by education providers, claiming that as many as 90% of marketers are not trained in marketing performance and ROI, partly due to the fact that nine out of 10 marketing courses don’t have a unit focused on the topic. Because of this educational void, 80% of marketers struggle to properly demonstrate the business effectiveness of their marketing spending, campaigns and activities to their top management, the report says.
POST SUMMARY: The emperor has no clothes! After years of marketing hype around social media, big data and content marketing it seems that consumers will only purchase from us if they like our products and we deliver on all aspects of the brand promise. More than ever, marketers need to view new technologies as tools which may or may not play an important part in conversion and execute on all marketing initiatives.
In 1971, the middle class included 61 percent of Americans. Today we see only 51 percent in the middle income tiers. In short, the middle class has changed. If I had to sum up what separates the middle class from those classes above and below, I’d have to say it’s about lifestyle and a word marketers love and fear: discretion. The middle class has the economic flexibility to make choices, but its members understand that trade-offs must be made and are forced to consider the impacts.
One big problem with big data the hype. Champions of big data promote it as a revolutionary advance. But even the examples that people give of the successes of big data, like Google Flu Trends, though useful, are small potatoes in the larger scheme of things. They are far less important than the great innovations of the 19th and 20th centuries, like antibiotics, automobiles and the airplane. Big data is here to stay, as it should be. But let’s be realistic: It’s an important resource for anyone analyzing data, not a silver bullet. So says an editorial in today’s Times.
While the digital age has changed the rules of marketing, a panel of experts at the recent Wharton Marketing Conference suggests that the most effective outreach, even for international brands, centers on personal connections rather than random tweets or texts. Too many companies are just looking to expand the numbers they are reaching. That approach does not amount to much. In the last five years, the volume of advertising has doubled, but just saying, ‘How many hashtags do I have?’ is not the purpose of digital marketing. That is just taking the new technology and treating it like what they knew. Just as companies have more data, consumers also have more access to information. In the deluge of digital marketing, good and bad, they are exposed more often to advertising pitches. Even if they want to whittle it down to the more personal pitches, the haze of information can blot out any individual message.
There has been quite a discussion going on over at LinkedIn on my post about social media marketing. While most marketers know that they have to have social media the issue seems to be how much to invest in social media in relation to the bottom line. It’s especially hard to justify a full-time position to be a social media community manager since the line back to ROI is jagged at best.