Brief insights into six recent studies that every marketer should read
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According to Nielsen’s 2019-2020 Annual Marketing Report, only 28% of top marketing companies name data quality their priority. In the global study of the priorities of marketing companies, it was in fourth place — after targeting (53%), ad creative (37%) and audience reach (31%).
This trend persists despite the growing importance of accurate data in marketing — it determines how useful marketing insights will be and may also influence future decision making. This means that it is necessary to increase the amount of educational resources so that marketers finally realize the importance of data quality for developing successful long-term strategies.
Baidu-owned DuerOS, an AI technology that can turn any device with a microphone and speaker into a smart one, received 4 billion voice requests in 2019 only, SeekingAlpha reports.
DuerOS is the leader in Internet search in China. According to the most recent data, almost 190 million users visit it daily via desktop and mobile applications (25% growth year-on-year).
Competition for the user in the search market is fierce, so Baidu has experienced both highs and lows. Last year, the company’s shares fell to a historic low, but after that soared by 50% in just two months. Baidu’s advertising revenue fell 9% year-on-year.
And yet Baidu does not want to yield to the Chinese giants Alibaba and Xiaomi. It even challenged Google, biting off its share of the smart speakers market.
A satisfied customer equals a loyal one
According to a study Experience Index: 2020 Digital Trends by Econsultancy and Adobe, global companies with high-quality customer support is three times more likely to achieve their goals for 2019 or even exceed them than their competitors.
The chances of mainstream companies to succeed were lower, but still 78% of them were able to achieve their goals or even beat them.
Research data shows that out of two same-sized companies that offer a similar product to the same audience, the one that pays more attention to customer support will get more profit.
In the report, the leaders of customer support are described as those who have “advanced customer experience management in place that’s aligned across strategy and technology”. To maintain their leadership position, companies will have to constantly improve the quality of services and hire new talent.
The rise of gamers
GlobalData studies estimate that worth of the gaming industry will skyrocket to $300 billion by 2025.
In 2018, it was estimated at $130 billion. Further data from the report show gaming industry is growing at 13% annually, and apparently does not intend to slow down in the 2020s.
This growth, coupled with an ever-increasing diversification of the sphere, has forced brands to start working more actively with gamers-influencers, as well as sponsoring popular video games. Examples include Fortnite influencer Tyler Blevins collaborating with Adidas and Mac’s limited edition lipstick collection, which came out in collaboration with a mobile game Honor of Kings.
The more the popularity and capitalization of the gaming industry grows, the more actively brands will be interested in their customer base, and in the future such partnerships will become commonplace.
Threat of global warming becomes more and more urgent. Customers expect their favorite brands will not leave the problem unattended. Wunderman Thompson Future 100 2020 report states that 90% of customers want their favourite brands “taking care of the planet and its people.”
That is why more and more brands are focusing on environmental impact their strategies will have in the long run, while simultaneously trying to secure customer loyalty. But doing it for the sake of loyalty is not enough. If the brand will show environmental friendliness for show only, it will undoubtedly fall behind when activity becomes the norm.
Lizzy Willet, retail consultant at BJSS, notes, “Consumers can see through [clever marketing campaigns]. It’s not just about marketing and advertising, it’s about your whole company ethos and how you really bring that through in your products.”
Brands do not believe in goals they set
A recent study by Blue Core and Forrester shows that only 20% of decision makers in the martech industry believe that their company is effectively attracting new customers. At the same time, they called “attracting new customers” along with “improving the customer service” their main marketing tasks.
Furthermore, half of the respondents admitted that less than 30% of their time is spent on those key marketing tasks.
The data show that the role of the client in setting goals is growing, thus, brands are trying to survive the turbulence on the market and satisfy the growing expectations of potential customers. However, they still spend little time on achieving these tasks. This begs the question of whether brands are capable of reaching these goals in the long run.