CEO of Buyapowa, Gideon Lask, talks to thegoodwebguide about how customer referrals are helping leading brands and retailers overcome this problem.
While the current headlines might focus on buzzwords like adblocking and the rise of Dark Social, I could also mention ever declining email open rates, paywalls on social networks reducing organic social to near zero, the trend towards delayed TV watching, Google's continued assaults on the whole concept of SEO, banner blindness etc. as all contributing to the crisis. But whether we point to one cause or several, these few simple statistics clearly illustrate the point that all the tools marketers have traditionally relied upon either no longer work as well as they used to or no longer work at all:
- Open rates on emails dropped 12.9% between 2014-2015
- Email click through rates declined by 14.9% between 2014 and 2015
- Average online conversion rates dropped 10% between 2010-2015
- Average costs per acquisition online increased 59% between 2013-2015.
And with the costs of paid search, affiliate bounties and content marketing soaring every year, marketers cannot simply spend their way out of this crisis without ruining profitability. So it is not surprising that innovative marketers have been looking for