In 2005, in a historic first, women “under the age of 30” in the biggest U.S. cities surpassed men “in earning power. ” Across the globe, women are faring better than men in employment trends. In Brazil and the U.S., for example, far more men than women are out of work. Even in higher education, women are “outpacing” men, achieving 140 bachelor degrees for every 100 that men attain. From 1969 to 2000, the number of female graduates increased 157%, but the number of male graduates increased only 39%. As a result of such advances, women are gaining prominence in the global marketplace as new “economic powerhouses.”
A study, conducted by Bain & Company, along with the Harvard Business School, shows that, “Increasing customer retention rates by 5% increases profits by 25% to 95%.” The study reveals some other notable facts about customer retention:
Meredith’s new proprietary study designed to help marketers understand the buying behavior and decision-making processes of women by category (beauty, food, home) through the lens of life stages and the use of technology.
Marketers’ tectonic shift toward customer experience is having a ripple effect on roles within the marketing department. Over the past 12–18 months, 61% of marketers say they’ve become more focused on evolving from a traditional marketing structure to roles aligned with a customer journey strategy . Recent years have introduced a slew of new positions, ranging from “customer experience analyst” to “lifecycle marketing manager.”
Only a quarter of all respondents, in a survey, globally are satisfied with their experience participating in research, indicating researchers lack of prioritizing the respondent experience shows through to respondents.
Spending on digital channels continues to rise. At the end of 2016, global spending on digital advertising was set to top $180 billion, according to Magna Global, which projects double-digit growth through 2020. Unless advertisers improve their performance, they will need to outsource cam- paign development and execution, for which they will pay a heavy price in terms of consumer engagement. To add the most value, agencies need to improve their own capabilities, but the bigger opportunity lies in building long-term partnerships with their clients based on the development of mutual skills.
According to a survey, the top three marketing challenges of respondents is “proving the ROI of marketing activities”, “collaborating between departments/offices” and “adapting to changing consumer behaviors”. While proving marketing ROI remains a top challenge, marketing departments are struggling to keep up to pace with changing consumer behaviors.
It’s time to bury the myth that social media marketing can actually help brands achieve their marketing goals. The “so called experts” should be called out and so should marketers who followed their foolish, self-promotional nonsense. Continue reading