customer acquisition

Three metrics every business needs to know

Businesses today often have more metrics than they know what to do with.

Thanks in large part to multiple online platforms, companies frequently have access to large volumes of data.

From their websites to their bank accounts, data is plentiful, and there is no shortage of services that aim to analyse that data and make it meaningful.

Almost a quarter of businesses don’t carry out any relationship marketing: report

Loyal customers are extremely important for businesses as constantly attracting new shoppers and converting them into customers is a costly process.

In fact data from the new Econsultancy/Responsys Cross-Channel Marketing Report 2013 shows the value of building customer relationships, as 70% of respondents agreed that “it is cheaper to retain than acquire a customer.”

Similarly, nearly half (49%) agreed that “pound for pound, we achieve better ROI by investing in relationship over acquisition marketing”.

However businesses aren’t necessarily making a huge effort to retain their customers, as just 30% of companies say they are “very committed” to relationship marketing, with 22% conducting no relationship marketing at all.

Word-of-mouth: focus on the steak, not the sizzle

Is social media, and the data it produces, overvalued? As companies continue to struggle the ROI from their social initiatives, some are starting to suggest that social’s impact might have been overestimated.

But social media proponents say not so fast: social media is the digital channel for word-of-mouth, and although word-of-mouth has historically been hard to quantify, its importance is rarely questioned. Which raises an interesting question: instead of talking about social media, should we be talking about word-of-mouth?

Five big marketing mistakes companies make

For most businesses, marketing is a crucial component of success. If you can’t market effectively, you can’t sell and grow, and that spells trouble.

Thanks to the internet, the rise of digital marketing channels, and the abundance of marketing tools and technologies, companies have more marketing assets and capabilities than ever.

But figuring out how to use them correctly is often a challenge and there are a number of common mistakes that hold companies back. Here are five of the biggest and most detrimental.