Millennial moms are a large segment with huge spending power, according to Baby Center. They are 84mm US adults aged 18-34 with $1.3t in annual spending and $430b in discretionary spending. 83% of new moms are Millennial moms.
When looking at accomplishments in the past 12 months, more than half of marketers pointed to their effectiveness in uplifting digital marketing capabilities and improving engagement with customers online. Not surprisingly, there is still much room for advancement as nearly 60 percent of chief marketers list “digital marketing makeover” (involving platforms, programs and people) as the number one transformational project in the year ahead.
Fresh ideas for improving your business probably won’t come from your senior managers – you’re already doing what they think. Instead, the best ideas are far more likely to come from your front-line people who interact with customers, make your products and deliver your services. Instead of suppressing those ideas, idea-driven organizations pick up on them and apply them.
In an age where it’s harder to attract and retain profitable customers, marketers are being asked to clearly demonstrate the value of their marketing efforts. Still, only 1/4 of marketers can answer the question, “What is marketing’s impact on the business?” Is this a case of bad marketing, bad marketers or a little bit of both?
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.
Sixty-four percent of marketers expect their role to change in the next year; 81% in the next 3 years and while two in five (40%) marketers surveyed stated that they wanted to reinvent themselves, only 14% of those marketers actually know how to go about it. Lack of training in new marketing skills (30%) and organizational inability to adapt (30%) are cited as key obstacles to becoming the marketers they aspire to be.