Top 7 Trends in Marketing Efficiency: 2019 Predictions
There’s no doubt marketing is key to any successful business. From promoting specific products to building and communicating a company’s brand, marketing plays an essential role in creating both short- and long-term sales opportunities for greater financial success.
A great marketing strategy isn’t just effective – it’s efficient. Even with limited budgets, marketing leaders are still expected to deliver big results and improve the bottom line.
An efficient marketing strategy creates more value for your company and should be a top goal for any marketing or sourcing professional who wants to really impact company success.
Here are the top trends we are seeing that can help you achieve greater efficiency in your upcoming marketing tactics.
There’s a lot of information out there. Of course, there’s always been a lot of information available, but thanks to steadily rising Internet usage (an average 19.2 hours per weeki), companies are able to leverage that information now more than ever.
Big data comes from a lot of sources and in various formats, but at it’s heart is valuable information that provides greater insight into a company’s specific customer base or prospects.
Whether it’s demographic information, purchase history, customer experience, or even behavioral information, big data is helping companies know more about their customers than ever before.
This intelligence enables companies to get really targeted with their marketing efforts, generating more value and efficiency across campaigns.
Try This: On your next upsell campaign, target your content only to the customers who have visited that specific product web page or viewed content relating to the product for better results.
As the role of big data expands in how companies gain knowledge about their customers and prospects, customer segmentation is also an increasingly powerful tool.
Instead of a traditional one-size-fits-all approach, the wealth of information available to companies makes it possible to categorize groups of customers and prospects that share similar characteristics.
Failure to do so, according to a Harvard Business School professor, is the main reason why 95% of new product launches fail each year.
Try This: Before launching your next email marketing campaign, break down your prospect lists into various groups for targeted outreach. You could categorize them by psychographic, demographic, geographic, or behavioral data. These segments should be easy to identify and represent potential profitability for your company.
Lack of knowledge about marketing performance is the bane of many marketing professionals’ existence. On top of not understanding the effectiveness of their tactics, there’s also no visibility into what isn’t working.
Without valuable performance information, how can a marketing department improve and operate with more efficiency?
Don’t shy away from measuring. Measure everything from campaign development to social media engagement and more. The ultimate goal, of course, is to be able to measure ROI on each campaign to determine what to keep doing and what to pull the plug on.
When setting goals, make sure each objective is actually measurable. This not only simplifies the process, but also enables you to easily identify areas of strength and opportunities for improvement. The end result will likely be a more effective and efficient marketing efforts.
Try This: Optimizing your website performance is a great place to start. These questions below can help you begin evaluating the strengths and weaknesses of your company’s website:
• What are the most popular and least popular web pages?
• What is the website’s bounce rate? In other words, what percentage of users leave after only visiting the home page?
• What keywords are performing best to generate traffic to your site?
At first glance, creating two separate versions of something doesn’t seem like a more efficient way to do anything, but the efficiency gains of A/B testing are very real.
Used in comparing web pages, landing pages, applications, emails, and more, A/B testing is a valuable marketing practice that allows marketers to introduce changes to the user experience. By analyzing the different versions of something as big as a web page or as small as an email subject line, marketers can determine which option positions itself better for the desired outcomes.
Ultimately, user experiences are better optimized and crucial steps in marketing campaigns are more effective and efficient.
Try This: On your next digital advertising campaign, develop ads with two different phrases for your call to action buttons. At the end of the campaign, evaluate which was more effective, and make a note of it for your next campaign.
SCALING CONTENT PRODUCTION
There’s arguably no better way to reach a company’s desired audience than through content marketing.
Content is king. And effective content marketing can enable marketers to be much more efficient. It generates over three times as many leads as outbound marketing and costs 62% less.
As companies see the fruit of their content marketing, greater resources can be allocated to scale their content production. Working with a creative company that specializes exclusively in content production is both practical and efficient for marketers.
The key is to work with a company that handles all aspects of the content production in-house, rather than through additional third-party agencies. By removing the middle man, companies are able to reap the benefits of:
• 30% increase in speed to market
• 25% reduction in production costs
• 35% faster delivery of content
Try This: CreativeDrive’s studio network is uniquely positioned to supercharge their clients’ content production. With all interactions occurring between the client and CreativeDrive’s in-house content specialists, your company gets the intelligent, high-quality content it needs at the right time and the right place.
Agile marketing is an experimental approach that values adaptability and responsiveness over long-term planning.
While this has been popular for a long time in software development, its benefits extend to a marketing setting as well.
This is a great approach for marketers that are incorporating other trends, such as big data, segmentation, and A/B testing. With an emphasis placed on smaller, iterative campaigns, agile marketers are able to test multiple strategies, measure their effectiveness, and optimize them for future use.
Ultimately, agile marketing allows marketing departments to accomplish more tasks, gain better knowledge of what works and what doesn’t, and leverage that intelligence for better overall campaigns.
Try This: Keep an eye out for current events or fly-by-night social media trends. Agile marketing can include something as small as incorporating a specific event into social media post that your audience will enjoy. Don’t overdo it, but the occasional clever post or ad can generate a lot of positive momentum for your brand.
DIGITAL ASSET MANAGEMENT
Since content is king, organizing digital is a very important piece to the puzzle for many marketers. Utilizing a digital asset management (DAM) system offers a variety of benefits, including greater efficiency.
A recent report estimates that utilizing a DAM system boosts productivity by 10%iii for marketing teams that no longer need to spend time searching for materials.
When looking for a DAM system, ensure that it’s a comprehensive solution. DAM systems should be more than simply storing digital assets like logos and graphics. To get the most benefit both in the short- and long-term, your DAM should be flexible, collaborative, and provide analytics.
With touch points across the entire process (planning, creation, distribution), a DAM system will not only make marketing more efficient, but also help create successful campaigns with impactful digital assets and content.
Try This: CreativeDrive’s Technology Content Production Suite provides touch points across the entire process. From planning to the creation all the way through distribution, CD’s tech suite improves marketing efficiency, while also providing real-time information and intelligence about each digital asset in your system.
TO SUM IT ALL UP…
Intelligent marketing is efficient marketing.
Yes, limited budgets and resources make for an uphill battle for many marketers, but there are many intelligent tools and partners to ensure your message is resonating with the right people.
Marketing is more than just being effective. It’s about being efficient, too. Accomplishing both will best position marketing leaders to play a greater role in the overall success of their companies.
i McKinsey & Company: “Using Big Data to Optimize Digital Marketing”
ii Harvard Business School: “Working Knowledge – Business Research for Business Leaders”
iii Simple.io: “Why Marketers Need a Digital Asset Management (DAM) System”