The latest Bellwether Report has revealed that marketers are taking a more ‘cautious approach to marketing expenditure’, with a decrease in marketing budgets for the second consecutive quarter, even though direct and digital fared better overall.
As another sign of faltering confidence in the industry, it’s important for marketers to take stock of their campaigns, ensuring their budget is spent wisely and their campaigns are nurtured.
It’s easy to fall into the trap of only using traditional marketing methods due to a strict company policy, or hopping onto the latest social media bandwagon, but each marketing strategy should have one constant focus; the customer.
More than ever, consumers have a choice when it comes to how they interact with brands – from the products and services they favour most, to the personal information they choose to share. Marketers must honour their customers’ unique preferences, by focusing marketing efforts through a channel they know their customers prefer and respond well to; leaving marketers confident in knowing that they aren’t wasting financial resources on sending emails or posting status updates that will largely go unread.
In addition to focusing your strategy on individual consumer behaviour, it’s important to look at the bigger picture. Some marketers continue to store the data they gather in separate, siloed locations. Why not use the customer data obtained through each marketing channel to create one, complete picture of your customers? By encouraging efficient information flow you will be more strategic in your interactive programmes, and more able to streamline your campaign wherever possible; saving both time and, ultimately, money.
Make the most of your customer interactions and allow yourself to be more dynamic with your campaigns. Responding well to individual customers, and taking advantage of the personal data they provide, will improve customer retention and prove the effectiveness of your marketing campaign. Optimise your campaign, and you will optimise your budget…
Nigel Arthur is managing director of ExactTarget UK
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