customer retention

CMOs Using Marketing Analytics Sparingly; Most Forgo Formal Evaluation of Quality

source: http://www.marketingcharts.com/wp/topics/financial/cmos-using-marketing-analytics-sparingly-most-forgo-formal-evaluation-of-quality-36312/?utm_campaign=rssfeed&utm_source=mc&utm_medium=textlink

Duke-CMO-Survey-Marketing-Analytics-Trends-Aug2013Worsening trends for marketing analytics in the US, according to the latest CMO Survey [pdf] from Duke University’s Fuqua School of Business. The percentage of projects estimated by CMOs to be using marketing analytics has dropped to 29% from 35% at this time last year, while two-thirds of CMOs now say their company doesn’t formally evaluate the quality of marketing analytics, up from 53.2% last year.

Another measure of marketing analytics’ influence is the degree to which its use contributes to company performance. And CMOs’ responses in this latest installment of the survey again show a declining trend: On a 7-point scale (with 7 being “very highly” and 1 “not at all”), CMOs gave analytics’ contribution a mean rating of 3.5, down from 3.7 in the February 2013 survey and 3.9 in the August 2012 survey.

Currently, analytics are most commonly being used to drive decision-making in the areas of customer acquisition (31.7%), digital marketing (28.5%) and customer retention (27.6%), per the study.

CMOs indicated that they infrequently leverage marketing analytics to answer their most challenging marketing questions. More than 1 in 8 said they weren’t leveraging analytics any of the time to answer such questions, compared to just 4.3% saying they do so all the time. (The mean rating was 3.7 on the 7-point scale, with 7 referring to use “all of the time.”)

Numerous studies (such as this one) have highlighted the difficulties marketers are facing when looking for the right talent for data analysis, and CMOs’ responses support those findings. On a 7-point scale (7=has the right talent), almost 4 in 10 respondents rated their company’s analytics talent as a 1 (12.9%) or 2 (25.4%).

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Friday, August 30th, 2013 news No Comments

Retailers Struggling to Keep Pace With Consumers’ New Uses of Technology

source: http://www.marketingcharts.com/wp/topics/branding/retailers-struggling-to-keep-pace-with-consumers-new-uses-of-technology-36337/?utm_campaign=rssfeed&utm_source=mc&utm_medium=textlink

RSR-Retail-Marketing-Challenges-Aug2013Asked to identify their top 3 marketing business challenges, almost half of retailers indicated that they can’t keep up with the new ways consumers are using technologies, according to [download page] new survey results from RSR Research. While that wasn’t the top response overall (61% complained that customer retention has become more difficult and building customer loyalty is challenging), it was the top concern for so-called “winners,” who boast comparable store/channel sales growth of more than 5%.

61% of winners cited consumer use of technology as a top-3 marketing business challenge, with customer retention and loyalty concerns trailing (50%).

By contrast, “laggards” (with comparable store/channel sales growth of less than 5%) are very concerned with customer retention (89% citing as top-3), with few (31%) worried about the new ways consumers are putting their technologies to use. In fact, laggards appear to be more anxious about differentiating their brand from the competition (44%), a concern that that isn’t shared by those in the winners category.

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Friday, August 30th, 2013 news No Comments

Small Businesses Favor Tactics that Balance Customer Attraction, Retention – eMarketer

source: http://www.emarketer.com/Article/Small-Businesses-Favor-Tactics-that-Balance-Customer-Attraction-Retention/1009794

Small business websites widely seen as most effective marketing technology

Small businesses, frequently strapped for both time and cash, often need their marketing dollars to work double time—using the same resources to attract new business and retain loyal customers.

Online marketing service provider Constant Contact conducted a survey in October 2012 of 1,305 small businesses and nonprofits from its customer base to see how different tactics and channels balanced customer acquisition with customer retention.

Respondents were most likely to say that their website struck an effective balance: 77% said the site was well-suited both to engaging existing customers and attracting new ones. A majority of respondents felt similarly about their blog (69% said it was effective at both tasks) and their social media marketing efforts (60%).

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Thursday, August 22nd, 2013 news No Comments

Dr. Augustine Fou is Digital Consigliere to marketing executives, advising them on digital strategy and Unified Marketing(tm). Dr Fou has over 17 years of in-the-trenches, hands-on experience, which enables him to provide objective, in-depth assessments of their current marketing programs and recommendations for improving business impact and ROI using digital insights.

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