By Erica Garman, VP of Marketing, Intero Digital
Adapting your digital marketing strategy to ever-shifting consumer behavior and market trends isn’t just smart — it’s survival.
Leveraging the power of analytics, decoding consumer behavior, and staying nimble enough to pivot on a dime are the essential moves you need to stay relevant and competitive — no matter what changes around you.
Understanding Consumer Behavior: The Power of Analytics and Agility
As VP of marketing, my world is an ocean of Excel spreadsheets and dashboards, teetering on the edge of obsession. But in our data-driven age, being a number cruncher is not just necessary; it’s the lifeline of an effective marketing strategy. Let’s explore this with “a tale of two marketers.”
Golden Goose Gone Under
Once upon a time, cold email outreach was the golden goose of our lead generation strategy. Prospects were genuinely delighted by our messages, leading to appointments and, ultimately, new clients. But as the market caught on, inboxes became overrun with spam, and our response rate plummeted by 63% in six months. By tracking all the right data, the message was clear: Spam filters had evolved, and recipients were numb to the impersonal onslaught.
Faced with the decline of our cold email strategy, we pivoted. We transitioned to a more nuanced, multitouch approach. Our copy got a facelift, our offers became more precise and compelling, and we introduced additional touchpoints like direct mail and cold calling. The result? Our appointment rate soared beyond previous benchmarks, and our closed revenue for that channel increased by 47% in the first seven months.
Lackluster Remarketing Results
Corel Software, a professional graphic design software company, wanted to improve the results of its remarketing campaign. Diving deep into the analytics, it scrutinized its buying cycle, examining visitor return rates and purchase paths. Its data-centric approach allowed the company to segment its prospects and craft more targeted retargeting campaigns.
Corel Software didn’t just sleep on its data. The company segmented its prospects into three categories: those who visited the product page for at least 25 seconds, those who downloaded the trial, and those who had already purchased. Targeted ad campaigns were then crafted based on each prospect’s position in the purchase cycle, with tailored ad frequency to boot. The outcome was a remarkable 106% increase in revenue year over year.
The moral of these two stories? Track your metrics and, more importantly, act on them! Agile organizations grow revenue 37% faster and generate 30% higher profits than their less adaptable counterparts. Be nimble, be data-driven, and pivot when the outlook is not favorable.
Apart from internal data, effective marketers also keep a pulse on consumer trends. Let’s dive into some ways you can use consumer data to inform your marketing strategy: social listening, diversification, and predictive analytics.
Social Listening: Tuning Into Consumer Conversations
Social listening provides insights into consumer sentiment and preferences. Tools like Brand24 and Mention offer real-time monitoring capabilities that keep marketers aligned with what their audience is discussing online. This proactive listening enables companies to adjust their messaging, products, and services to meet consumers’ demands and preferences.
By analyzing social media conversations, marketers can identify emerging trends, gauge brand sentiment, and uncover areas for improvement to facilitate a more responsive and informed marketing strategy that truly connects with the audience.
Diversified Channel Strategy: Expanding the Digital Presence
Consumers are interacting with companies on more devices and more platforms than ever before. And companies that meet their audience across platforms as consumer preferences change can reap big rewards.
B2B campaigns that take a multichannel marketing approach see 24% more ROI. And businesses that use more than four channels see 300% better performance than their single- or dual-channel campaign counterparts.
Expanding your presence across platforms can help you make sure your messages reach a wider audience (and reengage the same people in different formats), cater to different preferences and behaviors, and enhance the overall impact of your digital marketing efforts.
Predictive Analytics: Anticipating the Future
Predictive analytics offers a powerful tool for marketers by providing insights into future trends, enabling them to prepare and adapt their strategies with greater precision. This methodology leverages vast amounts of historical data and employs advanced algorithms and machine learning techniques to identify patterns and predict future outcomes.
By tapping into predictive analytics, marketers can anticipate market shifts and evolving consumer preferences with remarkable accuracy. This foresight allows them to tailor their marketing efforts, optimize resource allocation, and make more informed decisions. For example, predictive analytics can help identify potential high-value customers, forecast demand for products, and even suggest the most effective marketing channels for specific target audiences.
What’s more, predictive analytics facilitates a proactive approach to marketing. Instead of reacting to changes after they happen, marketers can implement strategies that preemptively address emerging trends. This enhances your competitive advantage and improves customer satisfaction by providing personalized and timely experiences.
Adapting your digital marketing strategy to market trends and consumer behaviors is crucial for staying competitive. Thankfully there are many tools at your disposal to not only keep up with trends, but also leverage them to your competitive advantage.
About the Author
Erica Garman is the VP of marketing at Intero Digital, a 400-person digital marketing agency that offers comprehensive, results-driven marketing solutions. Erica has over 12 years of experience in digital marketing and is passionate about helping brands build meaningful connections with their audience. With a deep understanding of consumer behavior and trends, she specializes in developing integrated marketing campaigns that leverage both traditional and digital channels for maximum impact.