If Anheuser-Busch hewed to the status quo, they’d still sell suds, but we wouldn’t have beer for our dogs! It’s time to take off your blinders and look outside your purview for new opportunities. These six POIs will give you some ideas.
Live chat is your next digital channel
Due to the pandemic, the top new digital channel used by small- and medium-size businesses is live chat, according to a new survey by Twilio.
More consumers are getting used to chatting with either a human or a robot to solve problems and answer questions. Is your business utilizing live chat or a chatbot? This post explores the benefits for adding live chat to your site, including:
- A live chat option boosts consumer trust that you are there to solve their challenges, according to a survey from Oracle.
- By analyzing the chats, you can see what common challenges or pain points customers have, and address them quickly.
Find new ways to connect
Businesses realize digital marketing is more important than ever with the end of the pandemic nowhere in sight. Marketers are adding analysis and data experts to their teams in order to prove return on investment for digital spends.
Martech Today interviewed Adidas Marketing Analytics Assistant Manager Dimos Papadopoulos on the subject in a new piece.
Why are data analytics more valued today?
Dimos: “The pandemic brought an overall shift to eCommerce channels as well as increased traffic and time spent in an already congested space: media. In order to properly evaluate the performance, success and strategy of those activities, data analytics and advanced analytical methods need to be in place.”
Which industries recently increased their focus on data analytics?
Dimos: “The retail sector, as they relied a lot on physical stores. The retail sector noticed the current need for digital stores which practically remain open all-day, every day. That also shifted their requirements for analytics. … I believe that it has impacted every single sector and industry.”
Meet the Marketing Monsters
The Status Quo Monster says, “We’ve been doing it this way for 20 years. Why should we change now?”
Ugh. Because it’s not working and you’ve lost market share. Your competitors vanquished the Status Quo Monster a long time ago, so what are you waiting for?
Team Savoir Faire helps break bad or outdated marketing habits. We want to open your eyes for a fresh look at your situation and develop new ways to reach your goals. We’re good at guiding our clients away from the Status Quo Monster through uncharted territories, heading toward treasure. We dig the adventure and you’ll relish the results!
Here’s more on how to break free from the Status Quo Monster and the benefits of doing so!
Customer acquisition cost (CAC) is the cost of convincing a potential customer to buy a product or service. Companies use CAC to optimize the return on ad investments. Reducing the cost to acquire and maintain customers equals higher profit.
Marketing blogger Neil Patel digs into how to measure acquisition and acquisition tactics in a new post. Calculate CAC by dividing all costs spent on getting new customers by the number of new customers from the period of the ad spend. If you spent $100 on marketing in a year and acquired 100 customers that year, your CAC is $1.
Knowing the CAC for each of your marketing channels is useful, as you can see what efforts are paying off and which need work (or need to go away). The simplest way to do this is add all data to a spreadsheet. (There are caveats to this approach in the blog post.)
One consideration for improving CAC is enhancing an existing product or service for greater positioning. Or you can come up with new ways to make money from existing customers, such as using positive customer satisfaction ratings to increase your retention rate.
Beer for dogs
We like to celebrate a marketing win with a cold one. And, most celebrations include our four-legged best friends – especially in 2020.
Cheers, then, to Anheuser-Busch for introducing a dog beer on National Dog Day last month. Yes, your pooch can now sip (or lap) a brew that is alcohol- and hops-free. Country Living shared consumer reaction to Dog Brew in a new article.
“I can now crack a cold one with my dog. 2020 is finally looking up” was the general reaction on Twitter.
Wisely, Anheuser also promoted that they’re donating $5 per case of Dog Brew sold to Best Friends Animal Society.
Guess what? The beer sold out almost instantly, but we bet they’ll be brewing more for your pup soon.
The rise of video in 2020
If Millennials and Generation Z aren’t your customers yet, they soon will be – or you won’t be around for the long haul. Those generations prefer learning and getting problems solved via videos, and that preference is spreading to those in Gen X and Boomers, too.
Video is now the most-used content type, ahead of email and blogs, according to Hubspot. That’s partly due to the influx of how-to, unboxing and review videos from influencers. Consumers want to see and hear about your product or service before buying.
Video makers quickly become trusted sources for whether to buy or not. (There are kids who, quite literally, make millions talking about the toys they like on social media.)
Hubspot offers a thorough look at how video consumption is changing. For example, a poll shows most consumers watch videos to relax and escape first and to learn something second.
Therefore, your videos shouldn’t be simply cold, structured step-by-step instructions but need some entertainment value, too.
Today’s viewers also don’t care about perfect production values. What matters most is content that engages, educates and intrigues your audience.