WHAT’S UP? “Board To Death,” a new report from Bango, reported that corporate CEOs have issues buying into digital Marketing tactics, specifically social media marketing. The report found that 62% of CEOs believe too much of their digital marketing budget is wasted on activities that don’t deliver meaningful results. Ouch…but true.
QUICK READ: According to the Ad Contrarian “the ISBA found that only 12% of ad dollars tossed into the programmatic were traceable end-to-end. With over $300 billion invested annually in online advertising, and 80% of it run through the programmatic black box, the amount of money unaccounted for is staggering”. “Less than 60 percent of web traffic is human”:
QUICK READ: Consumer reviews of products can influence purchase decisions or they can erase months of marketing if not answered quickly and correctly. Too many brands are ignoring bad reviews or their products and customer service and it’s hurting them where it counts.
QUICK READ: Americans have built up excess savings worth $2.6 trillion since the start of the coronavirus pandemic that will help power the economy’s recovery from the crisis, according to Moody’s Analytics. The US has amassed the most excess savings of any country, with the cash pile amounting to 12% of gross domestic product. They won’t spend recklessly, and they will demand more from brands at a lower price.
QUICK READ: According to different polls, most brands are shifting more money into digital marketing when people are starting to go shopping again at local retailers. The reason? Because the majority of marketers are brain dead. Marketers are shifting ad spend from traditional channels (especially TV) to digital channels. But in doing so, they risk eroding brand ROI.
QUICK DIVE: For the past three years, Setup has conducted a Marketing Relationship Survey to take the pulse on how Companies and Agencies operate and work together. Setup surveyed over 300 Marketers from both Brands and Agencies – 66% of Brand respondents are in Director, VP, or C-level positions, and 55% of Agency respondents are at the Executive level. The responses are puzzling to say the least.
HERE’S WHAT’S UP: 53% of marketers say that “you can never have too much data but unless the data leads to actionable insights that can be tested with your customers and prospects it’s worthless. Studies show that data complexity ranks as the biggest marketing challenge today. How can we take this abundance of customer data, turn it into actionable insights and trash the rest?
QUICK READ: You can’t just assume happy customers will buy from you again. Instead, you need to have consistent systems in place which will cultivate long-term customer loyalty and repeat business. Customer loyalty is lucrative. If you can increase your customer retention, long-term customers will refer additional business to you, buy more of your products, and cost less than new customers. Loyalty boosts your competitive advantages and generates superior financial returns. Remember about 20 percent of your current customers generate 80 percent of your business’s profits.