With the introduction of ChatGPT in November 2022, questions surrounding the use of artificial intelligence (AI) have risen in every industry, including what might be the best ways to utilize these emerging technologies. For marketers, AI software can help generate ideas, develop strategies, and optimize campaigns to make our jobs a little easier. These benefits, however, do come with some drawbacks, making marketers cautiously optimistic.
Building Brand Loyalty: Not to Be Overlooked
In modern marketing strategy, a large focus is placed on acquiring new customers. In fact, a recent research survey showed that 72% of small businesses planned to use the majority of their marketing budget to try to attract new customers as opposed to marketing new benefits and products to their existing customers1. However, expanding a company’s customer base does not always equate to business growth. Recent studies have shown that building loyalty with existing customers is equally important, as existing customers tend to be more profitable.
Performance Marketing: What is it, and Why does everyone need it?
As the marketing field continues to evolve, one key component has exponentially increased in value and necessity: digital marketing. More specifically, implementing data analytics in concert with digital marketing is essential for understanding and improving upon advertising and promotion strategies, campaigns, budgets, and more. An integral part of this developing world of digital marketing, performance marketing involves measuring the success of paid campaigns.
The Balance Between Data and Privacy: A Fine Line for Digital Marketers
One of the most powerful entities for a marketing department is data. For a business, having data on their customers and their prospective buying habits can impact how the business markets their products and services. Today, the constant advancements in technology have made it easier for companies to collect large amounts of data ranging from customer demographics to customer satisfaction.
Marketers Beware: Cryptocurrency Pitfalls
This week the SEC fined Kim Kardashian $1.26 million for illicitly touting a cryptocurrency on her Instagram. The SEC’s move sends a message to marketers and influencers that promoting cryptocurrency is not the same as promoting whitening toothpaste or a handbag. Understanding how digital assets can be marketed is still unclear to many, and Kim K’s settlement with the SEC highlights both the importance of being familiar with promotional regulations and the fluidity of the marketing field.
Free Services! Low Prices! … Kind Of
Advertising can pose a challenge to marketers. On one side, they want to present their products and services in the best light to appeal to customers. On the other, high prices or flaws in quality may be an unappealing aspect of their products and services, causing potential customers to choose competitors instead. Marketers have to balance highlighting best qualities in order to attract customers and being honest about the realistic – and possibly negative – features of products and services. Because of this, some marketers fall into a trap of false or deceptive advertising.
Mental Health Marketing
Stigmas associated with mental health have been breaking down over the last few years, especially through the COVID-19 pandemic as stress, anxiety, and depression have risen to alarmingly high levels. While brands have previously either faced backlash for mental health in marketing campaigns or completely shied away from the topic, now consumers value brands that acknowledge and relate to their personal struggles.
The Grande Escape
Taco Bell’s latest advertisement campaign pokes fun at market leader and competitor McDonald’s. The ad features singer Doja Cat escaping from a clown school whose ice cream machines are broken. Sound familiar? Using comparative advertising, influencer and social media marketing, and rewards program incentives, Taco Bell’s recent ad campaign not so subtly asserts their superiority over the fast-food leader plagued by broken ice cream machines.
Super Bowl Sunday
Every year marketers and customers alike prepare for the largest advertising event in the United States: The Super Bowl. The famous sports event provides a unique mass marketing opportunity to utilize television advertisements to promote everything from chips to cars. This weekend is Super Bowl LVI, and everyone is wondering which of the multimillion-dollar commercials will flop and which will triumph. But why do companies willing spend huge portions of their marketing budgets for a 30-second ad? Super Bowl Sunday is the one time of year that people actually turn on the TV just to watch commercials.
Fetch Rewards is a company that allows users to earn rewards back on their purchases from several companies, eliminating the need to participate in brand-specific rewards programs. In exchange for a partnership with Fetch Rewards, companies can gain access to certain user data. User data analytics allows companies to strategically target customers based on their purchasing habits and favorite rewards, among other usage metrics. Would you give up data on your spending preferences for appealing rewards and personalized advertisements from your favorite brands?