Digital marketing is one of those areas that’s become, in a way, all-encompassing. There’s social media, there’s SEO, and there are the analytics that come with both. And with the rapid pace at which digital marketing evolves, it can be difficult and confusing to prioritize which parts deserve your attention.
Technology has finally advanced to the point where marketers can use real-time data in a way that is both meaningful to customers and profitable for companies.We’ve come a long way from “People who bought this, also bought that.”
Consider the experience of a representative customer we’ll call Jane. An affluent, married mom and homeowner, Jane shops at a national clothing retailer online, in the store, and occasionally via the app. When visiting the retailer’s website in search of yoga pants, she finds style choices based on previous purchases, the purchases of customers with profiles similar to hers, and the styles of yoga pants most frequently purchased on weekends. She adds one of the offered yoga pants to her shopping cart and checks out.
My point of view: First observation is do no believe that personalization will support a strategy to build relationships. It will support you – however – to mitigate a business world in which short lived encounters are more and more dominant. Second observation: do mix mix technology with martech. Technology is also about humans, their competences and their affinity to use an emerging martech.
It isn’t often that the broad infrastructure that underlies industrial civilization undergoes a dramatic transformation.
But just such a change appears to be happening now.
As sensors spread through factories and warehouses, software predicts the need for maintenance before it is manifest, power grids and loading docks become intelligent, and custom-designed parts are produced on demand, the label the next industrial revolution is coming to represent this great wave of technological change.
The leaders of this revolution are companies making advances in fields such as robotics, machine learning, digital fabrication (including 3D printing), the Internet of Things (IoT), data analytics and blockchain (a system of decentralized, automated transaction verification).
Because these technologies all reinforce the others’ impact, they are leading to a new level of proficiency, and new types of opportunities and challenges for business and for society at large.
One key example is that conventional boundaries between industries are eroding. It’s getting harder to tell the difference between, say, a telecommunications company and an entertainment producer, or between a retail bank and a retail store.
The relationships among suppliers, producers, and consumers are also blurring, more rapidly than many business decision makers are prepared for.
The key finding from our research is that over the next five years, marketers will invest in quality over quantity.
What does this mean specifically for digital marketing budgets?
US digital marketing spend will near $120 billion by 2021.
Investment in paid search, display advertising, social media advertising, online video advertising and email marketing will pace to 46% of all advertising in five years.
Working budgets will give ground to non-working ones.
Overall, digital marketing is pacing at a healthy 11% compound annual growth rate between now and 2021. But this is not the experimental “spend on anything to see what works” investment that we saw between 2008-2012.
Marketers are more mature now with capable measurement practices.
This means they will spend judiciously on just what works for their goals. And many are dialing back pure digital advertising investment, prioritizing instead non-working investments in data, technology and customer experience.
In 2017, word-of-mouth marketing will be a lucrative strategy and should allow small businesses and startups to carve out powerful niches in a marketplace that’s noisier than ever.
When was the last time you paused to consider the noise on the internet?
If you really take a look, it’s astonishing.
Data shows that every single day, 500 million tweets are sent out, 4 million hours of content is uploaded to YouTube, and 205 billion emails are sent. On top of that, roughly 3 million Facebook posts are shared every single minute. Then you have to consider that millions of new blog posts are published on a weekly basis
.In other words, the internet is anything but quiet.
It’s loud – obnoxiously loud.
For brands that want to stand out, the challenge of getting noticed is becoming more and more difficult. Thankfully, there’s one strategy that’s proven to be effective. It involves ditching paid forms of advertising and fully investing in word-of-mouth marketing.
Three Tips for Enhancing Word-of-Mouth Marketing
When you find yourself in the midst of a chaotic scene, what do you do? Naturally, your mind tells you to search for things that you can relate to. It’s why most people tend to gravitate towards people they know when in a crowded social situation.Well, we do the same thing online. When social networking feeds and search engines are filled to the brim, users seek out people, brands, and sources that they trust.In order to capitalize on the way in which people make sense of a noisy marketplace, it’s smart for marketers to consider investing in word-of-mouth techniques.
1. Excel at Service
If you want to encourage word-of-mouth advertising, then you need to be exceptional at something. If your product isn’t unique, then your service should pick up the slack. This is something Uber has used to its advantage over the years.“Word-of-mouth advertising is worth more than any exposure you could ever buy, and in the digital age, it’s faster and more effective to boot,” marketer Eric Siu says. “Uber actively targeted the tech community in San Francisco in the early days, knowing that they would share their experiences both off and online. By providing consistently exceptional service since then, they’ve made it easy for users to spread the word for them.”
2. Identify and Target Influencers
People gravitate toward figures they trust when they find themselves in chaotic environments. Understanding this, you should identify key influencers in your niche and target them with specialized content that you believe will be valuable to their audience (i.e. your customers). This will give you an immediate “in” with your customers that didn’t exist before