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.
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.
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.
The saying “out with the old and in with the new” no longer seems like a relevant turn of phrase as the past few years have seen a resurgence of repurposing old goods and bringing back old styles. For some consumers, secondhand goods are better than anything new. Everything from rare collectibles to couture gowns and one-of-a-kind purses are in high demand with apps like Depop, Thredup and, of course, local thrift stores fueling access to some of these items. These trends reflect generational preferences for sustainability, corporate social responsibility, and individuality that will be relevant to marketing strategy in 2023.
Influencers can be an integral part of marketing strategy, particularly for firms selling consumer products, but even B2B firms have successfully used influencer marketing to appeal to customers. When firms use influencers, they often showcase relevant product or service content through concise social media posts, videos, advertisements, or blogs. One of the best ways to inform customers about and promote products and services online is through a mix of influencer marketing and content 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.
From fat-free chips to flavor contests, market research has both failed and supported the well-known potato chip brand, Lay’s, in their product development process. The Wow! “healthy” chip disaster shows that promising market tests don’t always spell success. Crowdsourcing campaigns, while beneficial for increasing customer engagement and boosting short-term revenue streams, can provide inaccurate insight into long-term consumer preferences. This year, Lay’s has released a new product line, Lay’s Layers, but only in two flavors presumably as a large-scale market test for their brand-new chip design.
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.
Shipping issues are impacting supply chains in every industry, increasing lead times, and causing companies to rethink their operations in order to get cargo to their customers. Companies have rushed to fill rising demands for imports, leaving ports and roads alike clogged with traffic worsened by labor shortages. In this environment, one business-to-business (B2B) industry, ocean shipping, is turning to airfreight options to ease its struggles.
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?
Marketing Management 