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.
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.
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.
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.
What is SEO marketing? Why is it important? With “67,000 users perform[ing] a Google search every second of everyday,” people have a heavy reliance on the internet for accessing information, communicating, and performing business transactions. Search engine optimization (SEO) is an essential digital marketing strategy for all businesses to increase revenues and gain the attention of customers. It allows businesses to optimize their websites for search engines like Google in order to improve their customers’ experience and their own bottom line.
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.
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.
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?