Savvy marketers understand the lifetime value of a customer. As a result, they build their acquisition formulas around long-term success, not one day revenue. To gain a competitive advantage, follow this “not-so-secret” four-step formula: Step 1: Determine the lifetime value (LTV) of your customer. LTV is the forecast of a customer’s worth over the lifetime…
Local businesses, which represent 56% of businesses used by U.S. internet users, provide a better customer experience over national chains, according to recent research. Respondents cite how local outperforms national on service and quality: 96% – better at personalizing service. 91% – more trustworthy and better at treating them fairly. 88% – better at customer…
The goals of advertising, Sales Activation and Awareness Building, are valuable in both the short and long-term. Sales Activation generates short-term sales uplifts: Targets people looking to purchase on the spot. Aims to trigger a purchase impulse. Does not build long-term growth and loyalty towards a company’s product/service. Awareness Building promotes long-term sales growth: Targets…
Growth comes from reflecting on both successes and failures. Below are the four most common advertising mistakes to avoid. Don’t wait to share news about your company, product, service. Communicating news is a prime opportunity to grab attention and motivate consumers. Research shows that news is strongly correlated to purchase intent. When you have news,…
Keeping Up with Advertising Trends Can Help Businesses Make and Save Money Marketing has no finish line – its process must constantly be monitored, refined and adapted to changing trends. Below are some marketing trends impacting the cost and effectiveness of today’s advertising campaigns: Television People are spending less time in front of traditional TVs. Numerous…
RECENT ADVERTISING TRENDS “The exceptionally strong growth for digital place-based media reflects a movement toward … media planning in what is rapidly becoming a ‘video everywhere world’.” ~ Barry Frey, President & CEO, DPAA U.S. Digital Place-Based Advertising: Ranked #1 in growth among other media. Grew by 14.3% for first half…
Online presence is the sum of all your personal and business identities ― website, online communities, social media ― and allows people to find, like, trust, get to know, and interact with you. Following are seven ways to help build your online presence. Strategize: What are your goals? Write down your long- and short-term business goals…
Setting a Marketing Budget That Fits Your Business Goals Marketing is essential to the profitability and growth of small businesses. The following tips can help determine how much money should be allocated to marketing and how to spend it wisely: CALCULATING YOUR MARKETING BUDGET Small businesses with revenues less than $5 million and margins in…
Ad dollars spent in out-of-home (OOH) advertising, which includes digital signage found in motor vehicle offices, “positively impact purchase behavior,” according to Jim Spaeth of RealityMine, who conducted a recent study. The report determined… “Consumers… rarely leave home without their trusted mobile devices. OOH’s reach, interactive capabilities, and captivating messaging move the consumer to reach…
The Right Media Mix is Essential for Effective Marketing With the growing importance of digital, even businesses with modest marketing budgets need to review and potentially adjust how they allocate their media dollars. In April 2015, Millward Brown Digital conducted a study about the marketing mix choices among leading U.S. marketing executives. Following are highlights: The…