According to Harvard Business Review, it costs five to twenty-five times more to attract new customers than retain the existing ones. While retention is cost-effective, it also yields more profit for the businesses. If you increase retention rates by five percent, you can enhance your profit by 25-95%.
Social media marketing can hardly be effective without monitoring the attitude of customers toward the brand and its products. While in traditional marketing such monitoring requires through field research and surveying focus groups, the process is considerably less labor-intensive when it comes to social media marketing. Why? Because it is fully amenable to automation thanks to a variety of tools that can help you obtain the necessary data.
If there’s anything on social media that captivates people more than images, it is video. Just think how many times you have stumbled across another funny piece that sucked you in for at least a couple of minutes. It’s because videos are super engaging. Either entertaining or educative, they are easy to consume and can deliver tons of useful information while you just sit back and relax.
How often do you face the problem of choice in your digital marketing? How do you decide what’s right for your audience? What choices allow you to get the most out of your strategy and boost your conversion rate? These are the questions you can’t avoid when building a business website, creating content for your online presence, and engaging in marketing activities.
It’s no secret that the success of a business depends on its ability to meet the key needs of buyers. But buyers have different backgrounds, preferences, and goals, which makes it impossible to cater to just everyone.
That is why brands tend to look out for their own target markets, the people who would be interested in their products most. Identifying these audiences correctly is the first step toward successful brand building and establishing an effective marketing strategy.
This article offers insights on how to define your target market and reach your potential customers most efficiently. Whether you’re selling physical products, services or content, narrowing down your focus to a specific target market will help you optimize your marketing efforts and cut down the costs.
The era of chatbots is already here, whether you are ready or not. You can either ignore the trend or accept it as an opportunity to improve communication with your customers and help your business grow. After all, 69% of consumers prefer chatbots when a quick reply from a brand is needed.
The largest and the most influential companies such as Facebook and Microsoft are involved in the development of advanced chatbots. Smaller brands are also experimenting with the technology. Thus, we can safely say that we are on the verge of a boom.
