In B2C markets, digital marketers, trying to acquire new customers, face growing competition and increasing pressure from executives. But the obstacles they need to overcome, rising costs, consumer privacy concerns, and the challenge of differentiating their brand in a noisy marketplace, are just as formidable. This paper shows how marketers are responding.
“The State of Customer Acquisition” from SheerID examines marketers’ experience as they wrestle with these problems, and the channels, tactics and promotional strategies they’re using to meet them, says the report. The report also identifies how marketers plan to spend their budgets, and how promotions, discounts and gated offers are creating new acquisition opportunities in the highly competitive retail, travel and financial services industries.
Key insights from the study include:
When it comes to meeting acquisition and revenue goals, most digital marketers feel like they’re up against a wall. 77% said their teams are under more pressure than last year, and in some industries it’s even worse. 97% of travel marketers and 81% of retail marketers are feeling the squeeze. The only group that saw any relief was executives. Just 33% of c-suite members felt the pressure.
Marketers are racing to succeed, but their efforts to make their brand voice heard are being drowned out by a deluge of competing messages. Even with targeted advertising, marketers face fierce competition from companies attempting to reach the same groups of consumers.
The survey revealed that when it comes to customer acquisition, 23% of marketers, the most respondents among six categories, claim differentiation from competitors is their most challenging problem. The urgent need to stand out is driving more frequent promotions across industries.
Marketers’ efforts to reach their buyers are also imbedded by a lack of control of their data. They implement a range of programs, but information compliance and privacy laws restrain their efforts and prevent them from maximizing their results. 19% of marketers rate privacy concerns, and/or privacy regulations, as their most challenging problem in customer acquisition; 21% rate this as their second most challenging problem.
The report concludes by noting that Marketers today are under tremendous pressure to acquire new customers. Their greatest challenge is finding a way to differentiate their brand in a highly competitive and noisy marketplace, and the problem is compounded by growing privacy concerns and high acquisition costs.