In
business, delivering customer value is more important than ever before. And
marketers are responding by embracing digital media and channels to enhance
customer experience by focusing on Big Data and its ability to drive value.
Customer-centric analytics enables brands to keep focused on the customer and
keep them at the center of the business strategy. The ability to collect,
analyze, and act on available data is essential to a business’ success, which
helps personalize and improve customer experiences. Because all customers are
different, Customer Lifetime Value helps predict future purchases of each
individual customer based on past transactions and behaviors. The most
successful brands focus on the target market experience.
Using visuals to communicate your
message to consumers can have a massive impact on your content marketing and
social media campaign success. Visual content marketing is increasingly
becoming one of the most popular trends in the industry. Using visuals helps
grow more traffic, clicks, and conversions. They help grab the user’s attention
and make it easier and faster for them to process information. In addition,
images help personalize and make your brand more memorable and help create more
engagement. In fact, posts that include images receive 120-180% more engagement
from fans than text-based posts. Types of visuals you can include in your
content are: images, videos, infographics, presentations, virtual tours, and so
much more.
Brand measurement provides a snapshot of
your brand’s position relative to your competition’s. It highlights your brand’s
strengths, opportunities, and need for improvement. When conducted consistently
over time, brand measurement serves as a tool for evaluating changes in brand
image and diagnosing category trends. Why measure? The overall goal for is to
provide an ongoing view of your brand’s health and competitive strength to
better inform decisions for driving business and brand value growth. How do you
measure? You can achieve brand measuring by performing surveys, analyzing your
website traffic, looking at your search volume data, and using effective social
listening. Brand awareness is the basis on which you build a successful
marketing strategy. Increasing the number of consumers that are able to recall
your brand is the key.
Co-branding, which is also known as
“brand partnership,” is when two or more brands collaborate and advertise
together with a goal to market and sell a new product or service. When it comes
to your brand’s marketing strategy, it is essential to highlight your unique
selling points to increase lead generation. The key to successful collaboration
is to choose another brand that will complement or enhance your products and
services. Here are a few quick advantages of co-branding in today’s market
place:
1.
Decreases the costs for both
brands and reach a larger audience.
2.
Increases market size.
3.
Improve both brand’s reputation.
4.
Fans of your brand will feel an increase in value.
5.
Establishes credibility and extends market reach.
Do you know the difference between brand
image and brand identity? The terms are commonly juxtaposed; however, they are
different. While brand identity is how the brand owner defines his brand, brand
image determines how the consumer perceives the brand
Brand Identity: It is the company’s
face, which reflects the values, personality, and ideas of the company. It
comprises of features, attributes, quality, performance, services and support
facilities that it possesses.
Brand Image: It encompasses the collection of beliefs, ideas, and impression held by the customers about the brand. It explains the way customer think of a brand and the feeling it portrays when the consumer hears its name.
So many factors are combined to create a
brand image – some of which you have no control over. This increases the
importance of the elements within your control, the strategies you make
regarding your brand, and your marketing efforts.
It’s essential that you keep
track of your marketing efforts, so you know exactly where to spend your
marketing dollars. Having a positive ROI is the goal of every digital marketing
campaign. So, how can you find out if your digital marketing efforts are
successful?
Here are five ways to track
the success of your marketing campaigns:
1. Website Analytics: Online Sales from your
website may be the simplest method conversion for evaluating your progress. You
can easily track your online sales by using Google Analytics or another Web
Analytics platform.
2. Phone Tracking: Tracking calls is an
effective way to make use of your lead generation sources. By taking advantage
of call tracking technology, you can figure out which marketing tactics are
generating the highest number of phone calls.
3. Website Visits: Checking your website
visits can tell you which of your digital marketing campaigns are getting the
most views and visitors to your website. This is especially helpful when
tracking traffic trends over a period of time.
4. CRM Tracking: These databases are useful
when it comes to staying organized and tracking results. They can help you
create customer profiles which include their name, company, phone number, lead
source, etc.
5. Bounce Rates: Discovering bounce rates on
your campaigns will let you know if there is a disconnection between your
customers and your marketing strategies. Google Analytics will help you measure
your bounce rates so you can spot trends in each of your campaigns.
How can you tell if your business is prospering?
Customer Lifetime Value can benchmark your future growth and let you know how
your brand is resonating with your audience. It will tell you what you’re doing
right, what you may be doing wrong, and what you can improve. CLV helps predict
the future revenue for your company and demonstrates the significance of repeat
customers, so you can shift your priorities appropriately. It can tell you who
will invest time, energy, and money in your products or services for years to
come. Calculating the CLV is made up of three components: Average order
value, purchase frequency, and customer lifetime length. CLV is essential to grow your business’ long-term success.
Brand equity describes a
brand’s value. It refers to the additional value that a customer attaches with
the brand that is unique from the rest of the brands in the market. Brand
equity is challenging to estimate because it relies on the customers’ beliefs.
A company needs to successfully develop brand equity in a customer’s mind
before it becomes effective.
On the other hand, brand
value is the financial worth of the brand, and it’s easier for a company to
estimate. A company can determine the market value of the brand by asking other
companies how much they would be willing to pay to purchase the brand. A brand
may have a positive value yet still, lack brand equity.
The Digital Branding
Analytics Miami 2019 Conference may be one of the best Digital Marketing
conferences I have attended so far. All seven speakers were knowledgeable, professional,
and engaging. A speaker that I was particularly impressed by was Joni
Fernandez, who spoke about becoming a master leader. She explains that you need
more than just hard work and determination to be successful; you also need
gumption and fearlessness. This lesson applies to personal branding because it
reminds us that we must be willing to accept failure and learn from it to
become who we are. Failure is the greatest teacher, and as long as you learn
from your mistakes, you will grow in both your career and personal life.
The Digital Branding
Analytics Miami 2019 Conference may be one of the best Digital Marketing
conferences I have attended so far. All seven speakers were knowledgeable,
professional, and engaging. In my opinion, Britney Muller’s backstory and
message were the most thought-provoking and relevant to our everyday lives. We
learned about Imposter Syndrome, which is a psychological pattern in which a
person doubts his or her accomplishments. I found this interesting because this
is something I believe most of us have dealt with before. We all have that
voice in our head that says we’re not good enough or that we can’t do
something, which keeps us from being great and working to our full potential.
Her speech was a great reminder that we need to eliminate negative thoughts and
overcome any fear that we may have within our lives. This was especially
valuable going through the MSM program where we are taking ourselves out of our
comfort zones and striving for more within our careers.