Happy Columbus Day and Happy Monday! I hope everyone has a fantabulous week! I wanted to share a few marketing and business stories that caught my eye over the last few days:
My goodness, but my friend Kelly Hungerford finds so many great business and marketing articles. She’s a must-follow on Twitter. This study she shares found that businesses that personalize the marketing communications they deliver to customers see increased revenue from those customers. The study also found that the more customized the personalization, the higher the percentage of companies that realized increased revenue. So a more robust and customized personalization strategy works better, but of course will cost more. So there’s the fine line to walk between cost and benefit.
— Kelly Hungerford (@KDHungerford) October 11, 2020
I love this list of the marketing principles from the first head of marketing for Nike, circa 1980. In particular, I love the first two rules:
1 – Our business is change
2 – We’re on offense. All the time.
This speaks to a leaders’ mindset. Nike is saying upfront that its marketing will be proactive, not reactive. It will set market trends rather than respond to them. I love that.
40 years ago, Rob Strasser, @Nike's first marketing head, put out this internal memo called “Principles.” Quite incredible just how little the company has wavered from these since. pic.twitter.com/ZYOYYP2COl
— Hemant Mohapatra (@MohapatraHemant) October 10, 2020
Word of mouth is still the King when it comes to recommendations. A recent study from Bluecore found that Word of Month, Online Ads and Influencers were the top three drivers of recommendations. I did think this quote from the article was interesting: “However, when sorting by age, the results indicate that younger consumers are notably more impacted by the top three channels than older consumers. Comparing those younger than age 45 to those who are older, differences can be seen in the influence attributed to online ads (55% vs 30%), email (47% vs. 40%) and word of mouth (71% vs 59%).” This suggests that as customers age, they are perhaps less receptive to recommendations from digital or younger sources, and more open to sources that they have had a longer exposure to? Maybe, it’s interesting to ponder.
— marketingcharts (@marketingcharts) October 7, 2020
That’s it for this week, I hope yours is wonderful! Thanks for reading, see you back here in 24 hours!