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Ineffectual marketing costs businesses billions each year. According to research conducted by Proxima, 40% to 60% of organizations’ digital marketing budgets are strained. That means 40 to 60 cents out of every marketing dollar they spent was unfruitful.
This inefficacy is a waste of funds and a lost opportunity for businesses to connect with their customers and grow. The root cause? The blind spot in their marketing strategies.
What are the blind spots in marketing? It refers to the gaps in visibility, insights, tracking, or resource allocation that specify marketing effectiveness. For example, focusing on vanity metrics like website clicks rather than meaningful outcomes suggests a damaging blind spot.
In this blog, we’re going to talk about these marketing blind spots and discuss how technology can be utilized to address these. By addressing these blind spots in 2024; marketers can ensure that every marketing dollar is well spent.
So, let’s get started.
Marketing blind spots in 2024 and tech to fix them
Let’s explore the most common marketing blind spots that marketers often overlook but severely affect the success of marketing campaigns:
Understanding where to allocate your budget, whether on customer acquisition or retention, is a significant blind spot. This is because both play an essential part in the success of a business.
Marketers often believe in maintaining a 60:40 ratio: 60% on customer acquisition and 40% on customer retention. But does this formula work for all marketers?
According to research by Bain & Company, startups achieving balanced growth have a 30% higher customer retention rate and a 15% lower customer acquisition than those fixated on acquisition.
This suggests that there needs to be an ideal ratio of the budget allocation. It should be done based on your business model, industry, and specific goals. This budget should be allocated based on customer acquisition vs. retention outcome.
How could you analyze the effectiveness of acquisition and retention marketing efforts? This is where technology can help.
Tech to do it:
Customer relationship management platforms like Salesforce unite customer data from all sources. This data provides granular insights into customer acquisition channels, customer lifetime value (CLV), churn rate, and more. Having this information readily available, marketers can measure the effectiveness of the acquisition and retention efforts, thus appropriately allocating the marketing budget hacks to achieve more in less in 2024.
Marketers often get laser-focused on what customers buy, ignoring the why. They put efforts into the sales funnel and conversion optimization without digging deep into the underlying reasons that drive the purchase decision.
This narrow focus must include insights that could strengthen messaging and marketing strategies. According to a survey by Gartner, marketing analytics have only a 53% impact on marketing decisions. Marketers could best target the leftover 47% of customers by understanding root motivations, whether they are practical needs, sentimental desires, or social pressure. Addressing these needs directly in marketing could improve the chances of inspiring the prospect to purchase in 2024.
What marketers can do about it?
Marketers can conduct an AI sentiment analysis to unveil customers’ emotionally influencing decisions and patterns. It’ll help them in exploring whether their target audience craves practicality, emotional connection, or social validation. Tailor your messaging to their hidden desires. A/B Testing will be your call to personalize messaging based on emotional cues. Test headlines that tap into curiosity or highlight shared values. Customer Journey Mapping allows you to map the entire purchase path, exposing where your communication resonates or falls flat. Optimize touchpoints where emotional triggers can be activated, making the journey one they can’t resist.
Businesses fixate on vanity metrics like website traffic and social media followers, losing sight of meaningful outcomes like customer retention and brand loyalty.
In marketing, vanity metrics like website traffic and social media followers can be seductive, but they often tell a shallow story. For long-term success, marketers need to focus on metrics that reflect real customer engagement, brand loyalty, and business impact.
Invesp reports that 44% of companies prioritize customer acquisition, with 18% focusing on retention. Experts emphasize that prioritizing customer retention is crucial for sustained organic growth and brand loyalty, as a dependable base of repeat customers is essential.
Technology and Artificial Intelligence are two names gaining popularity in helping businesses deliver effective customer retention and brand loyalty numbers. By leveraging AI, marketers analyze vast customer data for insights, tailoring campaigns to enhance individualized engagement and loyalty.
Tech To Do It:
AI-powered CRMs like Salesforce delve deep into data, predicting needs and personalizing campaigns. They attribute touchpoints to more intelligent marketing. Segmenting customers and optimizing resources, these systems save time and unveil trends. Marketers can focus on achieving higher ROI, stronger retention, and increased revenue.
For too long, marketers have been stuck in a rut, clinging to the outdated notion of a linear customer journey. This one-size-fits-all approach assumes a predictable path from awareness to purchase, ignoring the reality of today’s dynamic and often messy customer experiences.
Customer data, generating 1 zettabyte annually, unveils individual preferences and behaviors. Ignoring it and pushing generic journeys is like driving blindfolded – missing crucial turns in their experience.
With an average of 6+ touchpoints in a purchase journey, assuming a linear progression through these diverse channels, from social media to chatbots, is like relying on a 19th-century map in a city with ride-sharing and GPS- hopelessly outdated.
Accenture notes that 91% of consumers expect personalized experiences, emphasizing the pitfalls of generic marketing tactics – akin to shouting in a crowded room, easily overlooked and forgotten.
How marketers can deal with it?
Connecting better with the power of Hyper-personalization, 84% of marketers believe AI-powered personalization will be critical for business success in 2024. Consider the Customer Journey as a vast web of touchpoints; each interaction is significant. Tailor strategies to individual behavior, not predetermined stages. Leverage AI and analytics to understand each customer’s unique story through data, personalizing interactions from content to product suggestions. Ensure a seamless, consistent journey across all channels for impactful marketing.
Are you aware that 65% of customers have adjusted their spending habits because of geopolitical disturbances? Or should I mention that stat why the World Bank has estimated that supply chain disruptions will cost the global economy $2.5 trillion in 2024, impacting product availability and prices?
Before you put another marketing strategy or campaign on rolling, take a step back from micro-analysis to zoom out on the bigger picture. The world beyond your marketing bubble is in constant flux, and these external forces are potently shaping customer behavior and market trends.
So, how do you navigate this unpredictable landscape? In that case, make technology your co-pilot:
Tech To Do It:
In 2024, Marketers can rely on real-time dashboards, such as Google Trends and social listening platforms, to monitor economic indicators, consumer sentiments, and social media trends. AI-powered scenario planning could be your go-to approach for diverse economic and geopolitical models, adjusting marketing strategies accordingly. Agile marketing makes adjustments in messaging, targeting, and product marketing based on external shifts a breeze.
According to a 2023 McKinsey report, 70% of businesses need help operationalizing their marketing data, meaning they have the information but need the knowledge to use it effectively. Overwhelmed by metrics, they lose sight of the bigger picture and make decisions based on noise rather than signals.
The marketing world is flooded with various data – website clicks, app downloads, and social media engagement. But as we enter 2024, the tables are turning. Less is becoming more. Drowning in data won’t help; it will surely sink you to the bottom.
80% of your results will likely come from 20% of your data. Sure, data is valuable. It paints a picture of customer behavior, campaign performance, and market trends. But drowning in numbers can obscure the true jewels: the key performance indicators (KPIs) that tell us what truly matters.
In 2024, a Salesforce survey found 58% of marketers overwhelmed by tracking numerous dashboards and KPI metrics, causing decision paralysis and missed opportunities.
So, how do you, as a marketer, navigate this data paradox?
How marketers can deal with it?
Make 2024 the year of smart focus & smarter decisions. Instead of chasing every data point, you can prioritize key performance indicators (KPIs) that truly matter – those that align with your business goals and tell the story of your customer journey. Conversion rates, customer lifetime value, and brand engagement guide your marketing ship to success.
Avoid settling for broad A/B testing. Enhance your strategy by automatically testing every element across digital touchpoints. This meticulous approach enables the delivery of genuinely personalized content at scale. By adopting a data-driven, hyper-personalization marketing approach, brands can cultivate profound customer connections, boost engagement, and establish enduring loyalty in a competitive landscape.
The Pareto Principle isn’t just a theory in 2024; it’s become more of a data-driven wake-up call. No matter how much you get lost in the fancies of clicks and impressions, the truth is that 80% of your revenue likely comes from just 20% of your customers. While many marketers ignore this, that’s where RFM Analysis comes in.
Gartner (2024) warns companies neglecting RFM-based personalization: 25% of their marketing budget may be wasted on generic campaigns. Generic emails lack the value of personalized ones. New customers prioritize price, while high-value repeat buyers seek quality and exclusivity. A generic campaign must include both segments, resulting in wasted ad spend.
Missing out on implementing RFM-driven customer analytics may result in losing the opportunity to achieve 18% more customer acquisition and a 15% higher retention rate compared to those who are already following. If you’re still stuck using traditional demographics to target new customers, you might be missing out on a significant competitive advantage.
What RFM is actually and how it is driving marketing dynamics in 2024:
RFM analysis – Recency, Frequency, Monetary – is no longer a dusty marketing relic. It allows you to segment your customer base into loyal champions, repeat buyers, and new faces based on actual purchase behavior. This isn’t just about demographics; it’s about understanding who drives your brand toward success.
What is suggested to marketers in this?
Ignoring RFM is like whispering in the dark. Start including RFM Analysis in your practices as it indeed whispers customer futures. RFM crafts laser-focused campaigns, forecasting purchases to drive a 7x click-through surge and a 2x revenue boost. Don’t just crunch data – build customer lifetime value. 72% of your peers agree: RFM empowers personalized experiences, from bespoke loyalty programs to curated recommendations. It also presents purchase history insights, propelling customer-centric growth and a VIP clientele for your brand.
Conquering these blind spots in 2024 is only the first step. To truly thrive, marketers must evolve beyond mere awareness of these obstacles and embrace a holistic marketing mindset. This means treating every aspect of the customer journey as a cohesive narrative, from the initial touchpoint to the post-purchase experience.
Here’s how to avoid future marketing blind spots:
Adopting a holistic approach prioritizing data-driven insights, personalized experiences, and human connection helps marketers confidently avoid 2024 blind spots in this evolving landscape. The future of marketing belongs to those who see the whole picture, not just the isolated pieces.
Remember, conquering marketing blind spots is an ongoing journey. Stay tuned for more insights and tech trends to keep your holistic marketing strategy sharp and effective in 2024 and beyond.
The youngest Salesforce MVP in the world in 2019, is a successful serial entrepreneur and CEO of Cyntexa - a prominent global Salesforce Consulting and Implementation Partner. He's also the driving force behind Salesforce Hulk, a popular YouTube channel providing valuable insights to Salesforce enthusiasts. As a thought leader in the Salesforce ecosystem, Shrey is committed to driving business growth through technology.
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