Narrow your focus on marketing for the greatest impact says Christine Alemany, CEO at TBGA.
Brand marketers are finding it increasingly challenging to meet rising customer communication expectations. According to Invesp, 95% of marketers say they understand the value of a multichannel approach, but only 73% have a vetted multichannel strategy ready to use. Quoting the study presented, a focused, "less is more" approach will be more beneficial than having your hands in everything. Determine how many channels you can handle, master them, cut them if they do not work, and add more as you are able.
Cases in point
Sophia Amoruso's success story, starting with a shoestring budget, mastered each social media platform as her customers migrated to newer ones, and grew her company 500% each year from its inception to 2014.
Trader Joe's took a similar approach to maintain its competitive pricing on high-quality goods, focusing on one channel, a newsletter, minimize marketing costs. Additionally, the company’s biggest marketing expense goes toward food sampling.
Understanding this "less is more" approach and tailoring it to your company's needs might be the breakthrough change that attracts and retains your most lucrative consumers.
Choosing the most efficient, cost-effective communication channels can be challenging. Here are some ways to determine which options are best for you:
The communication channels that your customers prefer might surprise you, says the report. Though email has been a staple for reaching audiences, direct mail is making an impressive comeback, especially among millennials. Research by Royal Mail MarketReach and TNS found that 87% of consumers consider physical mail "believable," while only 48% feel the same about email.
Marketing today requires staying vigilant and following consumer trends. The platform of choice might change, but for most companies, an approach that focuses on a carefully selected set of communication channels is most effective, concludes the report.