1. L’Oreal chief digital officer Lubomira Rochet on the future of digital marketing
When you think of cosmetics giant L’Oréal, you’re probably not thinking about advocate marketing. But L’Oréal chief digital officer Lubomira Rochet isn’t like the rest of us. Six years into her role at the company, she’s driving the heritage brand’s transition from makeup brand to a digital beauty giant, via savvy advocate marketing strategies. Example? While Rochet admits bigger influencers are still used by the company for content reach, it’s regular consumers that they’re looking towards more and more for innovative advertising with high engagement rates. On top of that, L’Oréal is investing in AR tech and other strategies that are meant to start a conversation with customers and develop referrals and engagement. The key to it all? Consumer centricity. Technology and social media are constantly transforming, but you won’t know what to invest in until you know your customers. Read the full article.
2. What top tech firms can teach you about marketing
While we love a successful marketing campaign, sometimes it’s the horror stories that are the easiest (and the most fun) to remember. The infamous Peloton ad, New Coke – we could go on. Windows 8 fits into that tradition. Facing tough competition, Windows engineers built a platform packed with every possible feature. In other words, they built what they could, instead of what they should. Without any attempt at consumer feedback, they didn’t know the difference. This classic mistake isn’t limited to tech giants: few companies can actually dictate what their customers want. It’s much easier (and smarter) to ask. So, what can you do to avoid this all-too-common mistake? Put the customer first. And not just any customers, your top customers. Look outside for the ideas to bring inside. You’ll be surprised by what you learn. Read more.
3. A decade of advocacy marketing, Royal Weddings and Red Weddings.
Advocate marketing has been a phenomenon since the dawn of time; since that first caveman recommended this rock to bash that rock with. But, fast-forwarding just a little, digital advocate marketing has dominated the last decade and helped create multi-billion-dollar titans of industry like Uber, Airbnb, Dropbox and Tesla, to name but a few. Over the last ten years, as the world enjoyed a decade of Marvel movies and mourned the fallen Blockbuster empire, referral and advocate marketing has only grown larger and more urgent, boasting greater conversion rates, higher average spends and lower CPAs than any traditional marketing tool. So enjoy this infographic, celebrating a decade of advocacy marketing and toasting to another. Check it out.
4. Three Effective and low-cost marketing strategies for your business
The bigger the marketing budget, the higher the ROI, right? Wrong. While today’s marketing landscape has more and more options for businesses, that doesn’t mean you need to invest more in flashy ads and sponsored content. In fact, some of the best marketing strategies are low-cost. So, what can you do to get the most bang for your marketing buck? Focus on a few pivotal relationships. Less is more if you’re being strategic about the partnerships you make. And invest in initiatives that can help spur word-of-mouth marketing. You can’t guarantee consumers will love your product or service, but you can open your company up to customer reviews via focus groups and feedback software. Understanding your customers is vital for effective and economically-savvy marketing. Finally, be both agile and diligent; experiment with new tools and creative tactics, but be meticulous in calculating ROI. Look before you leap. Read more.
5. Referral marketing on the rise with D2C businesses
Trying to stay on top of the trends for 2020? Take a leaf out of a new crop of D2C fashion companies’ playbook and choose referral marketing. While referral marketing isn’t new (especially not to us), there’s a fresh wave of fashion brands like Everlane, Rent the Runway, and Outdoor Voices relying on the strategy as a cost-effective and reliable way of acquiring new customers (especially as Instagram and Facebook ad costs rise). The reason? Like Catherine Merritt, CEO of marketing firm Spool explains, as direct-to-consumer brands bypass traditional retail channels, it simply “makes a ton of sense to build out [a] community through loyal consumers and unofficial ambassadors.” Plus, referral marketing is not only good for creating new customers, it also works long-term by boosting customer retention. In fact, customers acquired through referrals have a 37% higher retention rate. So, whether you’re D2C, BB, or B2C, referral marketing is always a good idea. Read the full story.