As a result, both marketers and major brands face the same challenge of attracting the attention of potential customers without drilling holes in their marketing budgets.
Discussed below are some critical predictions to bear in mind while preparing and finalizing your marketing plans for year 2017:
Consumers Will Prefer Online Transactions
Millennials are most likely to purchase via Amazon. On the other hand, Baby boomers will continue purchasing from their homes, depending on newspapers and TV. After all, shoppers are shoppers. They will still step out and buy from stores.
In the coming year, businesses should improve the sales of their products in order to drive out competition – that calls for being something more than an Amazon or Google marketer. In order to rise on top of the competition, you must accommodate for ways consumers want to make purchases.
Year 2017 is expected to be all about making customers happy, satisfied and comfortable about purchasing your products and services online. And to do that, you must modify your marketing campaigns from now.
TV Is Here To Stay
We’ve all heard how people have been claiming that buyers will no longer purchase from TVs or physical stores. That isn’t true at all. Even though the purchasing patterns of millennials are changing and impacting the markets, but they alone aren’t strong enough to break age-old buying habits.
In the coming year, make use of televisions as credible drivers of sales, website traffic and customer engagement. An increasing number of businesses are expected to come up with marketing strategies that lead to better conversions for lesser money. This can be accomplished with infomercials for TVs, personal endorsements, radio, Facebook ads and more.
Focus will be on Lifetime Customer Value, Not Attracting New Clients
Have you ever heard about Lifetime Customer Value (LCV)? Every customer has a lifetime value that’s indicative of the amount of money he/she has spent on buying products/services from your business. If your business is based on products, LCV is the lifeblood.
There are always some customers interested in purchasing from you, regardless of whether you own a law firm or an electronic store owner.
Make sure you ask yourself these crucial questions:
- What’s the LCV of your customers?
- Do you have any idea where this figure stops?
- When do you plan to let your customer go?
- In what ways can you improve LCV?
Remember, it is always cost-effective to keep an existing client than to attract a new one. With these predictions in mind, you can surely create an effective marketing plan for 2017. Find a host of other small business marketing tips, articles on pharmaceutical industry, and business management improvement guidance here.
