The 2018 holiday season is already upon us and as with years past, consumer shopping preferences have shifted in accordance with technology. Specifically, retailers should plan for: a mobile dominated shopper experience, the growing influence of social networks, and artificial intelligence-powered personalized product recommendations.
The second-largest line item on a company’s P&L is often trade marketing. It eats up nearly 20% of gross sales, and every year, manufacturers spend over $200 billion on trade marketing with their American partners alone.
Most businesses are focused on acquiring new customers. But what about retaining existing customers? The rate of customer loss, or your churn rate, is how companies keep track of customer retention. As Dan Schoenbaum, COO or RiskIQ explains, even a five percent monthly churn rate, compounded annually, could amount to a loss of almost half your customers.
Marketing hasn’t always had the best transparency for high ROI and organizations of all sizes have struggled to understand the impact marketing has on their sales and overall growth. But the insurgence of data analytics, and penetration in the marketing space, may soon render this ambiguity a thing of the past.
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