Companies too often become obsessed with simple analytics and neglect five broader metrics and formulas that should be central to measuring success, writes Matthew Goulart. He explains how to track return on investment, cost per action, return on ad spend, customer lifetime value and customer retention rate.
Search-engine optimization has evolved from the dark arts of keyword stuffing and hidden links to a personalized approach with customer-centric content on individual websites. Social media is an important way to boost links, and mobile optimization is as essential for business-to-business companies as it is for their consumer counterparts.
Software as a Service vendors can learn from Amazon's hugely successful subscription-based strategy to develop long-term relationships with customers. Establish referral programs that reward loyalty, or build your own marketplace to capitalize on other vendors' audiences.
Small businesses should invest in high-quality photography that builds their brand, choosing photos that are contextually appropriate, make use of angles and are wide as opposed to tall, Jake Rocheleau writes. Rocheleau also recommends using professional photography and avoiding out-of-date photos that may appear gimmicky.
Samsung is connecting with consumers by focusing on social media and experiences, with one of its recent ventures being the launch of Samsung 837 in New York City that gives consumers the chance to play with the brand's technology. The company is also investing in virtual reality to create experiences that consumers will be compelled to share, Samsung's Marc Mathieu said.
Adidas carefully orchestrated the current obsession with its Stan Smith sneakers by removing them entirely from the market in 2012, and then enlisted the help from influencers and celebrities such as Pharrell Williams to create a buzz about their relaunch two years later. "You have something hot and you make it even hotter by not having enough of it," Forrester's Sucharita Mulpuru said.
Brands like IKEA, Google, Apple, Microsoft and Samsung are getting it right with consumers by staying culturally relevant and building emotional connections, the CMO Council and Fresh Squeezed Ideas report. Marketers should have an in-depth understanding of the culture their consumers are influenced by and show how their brand links to that culture.
Use Facebook Live to host discussions about trending issues in your industry, and build an emotional connection by giving behind-the-scenes live footage of your business. Tap into the zeitgeist by streaming popular live events, and conduct interviews with customers, staff or leading experts in your field.
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