JT's Biz-News. Living and Breathing Digital Media
SECRET TO SUCCESS IN E-COMMERCE?
Customers don’t only buy from a company because they like the products or services. They buy and become repeat customers because they feel a positive connection with the business. And once you have a customer, it makes dollars and sense to invest in making them repeat customers.
Creating repeat customers is easier than attracting new customers. It’s also much more cost-efficient to build customer loyalty with someone who’s already bought from you than to attract brand-new customers. Consider these powerful metrics about repeat customers:
- Acquiring a new customer can cost five times more than creating a repeat customer.
- Bolstering customer retention by a mere 5% can increase profits anywhere from 25% to 95%.
- The success rate of selling to an existing customer is 60 to 70%, while the success rate of selling to a new customer is anywhere from 5 to 20%.
Read the full article here: https://jeantouboul.com/2023/02/23/customer-centric/
This article initially appeared on Mailchimp
Bing's AI Chat Marks a New Web Era: Please Don't Kill It (From PCMAG)
Author: Michael Muchmore – Publication Date: February 23, 2023 – Source: PCMAG
This isn’t another story about spending hours with the new Bing AI trying to troll it and stump it so that it generates wacky and disturbing answers. There are plenty of those online already, most notably from The New York Times’ tech columnist Kevin Roose.
The articles are amusing, but they miss the main point. Microsoft’s new chat search tool is much different from previous AIs and is more compelling and delightful to use, compared with standard search that merely spits out links. It opens a new era of interacting with information on the web, because it’s conversational AI that taps both a huge search database and AI language models.
Audiences are spending more time watching just about everything but traditional TV
Surprising absolutely nobody, Americans are expected to watch more digital video—YouTube, TikTok, that terrible rom-com on Hulu—than linear television this year.
That’s according to a report released this week by Insider Intelligence that broke down how adults in the US are spending their precious free time.
The specific breakdown amounts to a daily intake of three hours and 11 minutes of digital video (streaming and social video)—so, enough time for about nine episodes of Friends—and just under three hours of traditional linear television. This year marks the first time that digital is projected to surpass linear in terms of time spent per day, according to its estimates. Click here to read the article
A 100% AI PRODUCED ESSAY ON INTERNET ADVERTISING THANKS TO CHATGPT
Internet Marketing Mumbo-Jumbo (Are we too technical about this?)
71 brilliant and inspirational ads that will change the way you think
The 71 brilliant ads featured in this article represent some agencies and designers that have flexed their creative muscles to get it right. As you can see, the tactics that these creative teams used to deliver their messages varied greatly, but they have at least one thing in common – stellar storytelling skills. Read the entire article by clicking here
Marketers Increasingy Turn to TikTok for Influencer Marketing
Source: eMarketer – Sara Lebow
The forecast: US marketers’ interest in TikTok for influencer marketing has skyrocketed since early 2020, as the app has transformed from a novelty to a social media mainstay. Nearly two-thirds of US influencer marketers plan to use the video sharing app in 2022.
- In 2020, 36.0% of US marketers used TikTok for influencer marketing, a 33% growth from the prior year. That number rose slightly to 42.0% in 2021 and will continue to rise to the end of our forecast in 2025, as TikTok continues to close the gap with Facebook for influencer marketing use.
- Only Instagram and Facebook beat out TikTok’s popularity among influencer marketers. More marketers plan to use TikTok than YouTube, Twitter, or Snapchat in 2022.
- While brands are still pinpointing their TikTok marketing strategies, the app is popular for use on an experimental basis, in combination with campaigns on more stable platforms like Instagram and Facebook.
O.M.G. Now we (the retail world) are really in trouble.. “Amazon to open its first in-person clothing store. What we know about the new Amazon Style.”
From USA TODAY – Kelly Tyko
Amazon is taking another step into the physical retail space.
The tech giant announced Thursday that it is adding its first in-person clothing store dubbed “Amazon Style” to its lineup, joining its cashier-less convenience locations, grocery and book stores.
The first apparel store, which will sell women and men’s clothes, shoes and accessories, is set to open “later this year” in The Americana at Brand, a Los Angeles shopping complex in Glendale, California, Simoina Vasen, Amazon Style managing director, told USA TODAY.
“We believe our unique store design, our advanced technology and thoughtful curation will make it easier than ever for customers to have an inspiring, convenient, enjoyable and ultimately successful shopping experience,” Vasen said.
Neil Saunders, managing director of research firm GlobalData, said other retailers should worry about Amazon’s new store because if successful it would give the company “a presence in malls and locations where traditional retailers have reigned supreme.”
“With its new venture, Amazon will be testing whether it can widen its customer base, carve out more of a name for itself in fashion, and learn more about shopper behavior,” Saunders said in a statement. “Like most things Amazon does, this is an experiment and may, or may not be, one that is rolled out on a national basis.”
Amazon app key to shopping at Amazon Style
Vasen called the 30,000-square-foot store “an entirely reimagined shopping experience” and said that customers will notice a few differences when they walk through the front door.
The store displays one of each item “so we’ve taken all of the size and color variations and we put them in our back of house,” Vasen said. “This allows us to offer more selection without requiring customers to sift through racks to find the right color, size and fit.”
This allows the store to carry more styles, she said, adding there’s also a physical lookbook of styles curated by top influencers.
As shoppers walk through the store, they use the Amazon shopping app to scan an item’s QR code and can add the item to a physical fitting room to try on or directly to the pickup counter, Vasen said.
When the fitting room is ready, shoppers will get a notification on the app and the app is then the key to opening the room.
Shoppers can request additional items from a fitting room touchscreen which are then placed in the room’s closet. “It’s like a magic closet with seemingly endless selection,” Vasen said.
For shoppers who decide not to make a purchase during the in-store shopping trip, they’ll be able to see what they tried on later
Marketplaces - What you need to know
Are you too focus on the fast return but high cost of SEM? Unless you are Nike or some SEM wizard (and they are a myth) Google will kill your budget in no time. Perhaps you are drawn toward the magic spell of paying only when an action is taken or the famous CPA model (whatever A means to you). You signed up with an Affiliate Marketing Network only to see low return so turned to a CPA Marketing firm to manage it for you and now your costs are skyrocketing.
There is no simple answer to digital marketing and the best approach is to diversify. Here is one suggestion. Something you can do to quickly get your product or service represented and increase your online sales:
- OFFER YOUR PRODUCT OR SERVICES THROUGH A MARKETPLACE LIKE AMAZON, RAKUTEN OR EBAY
Need a reason? Here are some stats that I saw today, thanks to Dror Hoffman
– According to webretailer.com : Globally, 47% of e-commerce sales were made through online marketplaces in 2020,
– According digitalcommerce360.com : 83% of U.S. power shoppers said online marketplaces are the most convenient way to shop; they cite better delivery options (58%), better selection (57%), and better prices (56%) as top benefits. And, three-quarters (75%) wish more of their favorite retailers had online marketplaces.
– A total of 62% of U.S. respondents who shop online say they often buy from third-party sellers, that is, the outside merchants that sell on a marketplace operated by another company.
There is no magic wand when it comes to digital marketing and advertising so don’t overlook this option, and make sure you are using the right mix of advertising channels for your digital marketing campaign. Not 100% sure what that is call me at 702.998-3090 or send me an email at jeantouboul @ jeantouboul.com