Feature Friday: How Behavioral Economics Impacts Marketing Strategy and Research
Guest Post by Allison Vale
As a woman, I don’t always take too kindly to being called “irrational.” It’s pretty easy to accidentally hear “you’re crazy and I think you’re crazy because you’re female.” But when Dan Ariely (@danariely), Professor of Behavioral Economics at Duke University is the one calling me irrational, it’s hard to stay mad at someone with so much research to back up such an accusation! (Not the crazy lady part - but the irrational part.)
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Measuring Marketing ROI: The Truth
The Marketing Accountability Standards Board (MASB) recently held a meeting to discuss the important research being done about the financial impact of marketing investments. The Board’s mission is to “Establish marketing measurement and accountability standards across industry and domain for continuous improvement in financial performance and for the guidance and education of business decision makers and users of performance and financial information.” Several of the world’s foremost authorities who are studying the effects of marketing activities on financial results discussed aspects of their work. A growing body of empirical evidence suggests that (in general) only 20% of the financial returns from a marketing investment occur in the year of the expenditure… the other 80% of the benefits carry over to future years. This finding could change the way companies account for marketing expenditures – shifting a short-term view of marketing as an “expense” to a longer-term “investment” perspective. It’s not out of the question that, at some time in the future, marketing investments will be capitalized and amortized much as R&D is treated today.
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Customer Satisfaction Best Practices
The importance of measuring customer satisfaction and its related construct, customer loyalty, continues to grow. Also, the “State of the Science” has improved dramatically as more companies have focused on generating customer satisfaction, which inevitably raises the bar for all. We thought you might enjoy reviewing our take on the top 10 best practices for improving customer satisfaction.
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Feature Friday: Three Opportunities to Stay in Tune with Your Core Audience
Guest Post by Jessica Dewell
You’ve heard this before: know your audience in order to make the best connections, build lasting relationships and successfully close business deals. Effectively reaching a group you understand well should then be a simple matter…right? Wrong!
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Importance of Market Research
Remember back when you were in the 5th grade and your teacher said “We have an important history quiz on Friday, make sure you study.” If you were like any other kid, you probably spent the next 5 minutes trying to convince yourself that you know the material like the back of your hand and that you don’t need to study. Taking an honest look back at the times you studied for the exam vs. not studied, I would assume the times you studied benefited you academically as well as your free time (avoiding being grounded for bad grades). Market Research is just like studying for an important exam. Except this time, if you forget to study you may lose your job. Market Research is sometimes an overlooked step in the marketing/innovation process but if we can learn anything from our 5th-grade selves, we would recognize its importance. Still not convinced you need Market Research? Let’s look at a few more reason why:
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Feature Friday: Fatal Flaws of the B2B Marketer
Guest Post by Heather Hinman
Do you feel like your monthly marketing meeting is like the blind leading the blind? Is your CTR (click-through-rate) less than 10%? Is your lead database a sea of no-name, no-company, bad email addresses? If you answered yes to any of these three questions you are likely committing fatal flaws of B2B marketing and you should keep reading.
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Leveraging Marketing Analytics
I think it’s safe to say the importance of Marketing Analytics is widely understood. A recent MarketingSherpa study, 2013 Marketing Analytics Benchmark Report, really drove this point home; but also pointed out the biggest marketing analytics challenge marketers face today; making sense of data. In the report they asked marketers, “What were your organization’s most frustrating challenges with marketing analytics in 2012?” The study showed that the top two challenges dealt with interpreting data, not data collection. So how do Marketers overcome this challenge?
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Feature Friday: The Marketing Talent Gap—And How To Overcome It
Guest Post by Jessica Donlon
Are you a marketer feeling pressure to learn new technologies; integrate with sales, service and management teams; or continually tie activities to “up-and-to-the-right” impact on the bottom line? Are you feeling the pressures of the marketing talent gap?
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Improving Marketing Effectiveness
I think it’s safe to say that every Marketer is always looking to improve the effectiveness of their Marketing. However, sometimes we don’t know the best ways to do this or run out of ideas. The first step in improving your marketing effectiveness is understand what’s currently working or not working (novel idea huh?). In all seriousness though, you’d be surprised at how many Marketers are not measuring their efforts. Our recent Marketing Confidence Survey showed that less than 10% of Marketing Managers utilize metrics to measure marketing effectiveness (collective gasp). To help Marketers out we created the Marketing Efficiency Checklist. Let’s take a sneak peak at some of the ways Marketers can improve their marketing efforts.
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