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Marketing Archives - Page 4 of 6 - NVISION, A BradyPLUS Company

NVISION Insights and Innovation Team
In CMO, Hospitality, Marketing Trends, Digital Marketing, Marketing Performance Measurement, Marketing Strategy, Online shopping

Millennial Marketing: It’s a Whole New Ballgame

Millemmial Marketing

The world is changing, thanks largely in part to the efforts, habits, and preferences of “millennials.” And the field of marketing is no exception.

Millennials, those of us born between the early ‘80s and early 2000s, are now the single largest age demographic in the United States. There are currently 87.5 million millennials living in the U.S., compared to just 83.7 million “Generation X” Americans (those born between the mid-‘60s and early ‘80s) and 66.4 million “Baby Boomers.” This means one thing very clearly: to be successful in marketing today, you must engage with these millennials, and savvy marketers must understand their psychology.

Which is why NVSION has gathered some of the latest data on the psychology of millennial shoppers, and how marketing organizations can leverage this information.

hand holding mobile phone with AR

Millennial Spending Preferences: What Marketers Should Know

Due to broader differences in modern culture and values, millennials show distinct preferences for certain industries when it comes to how they spend their hard-earned money. By understanding this fact, marketers in these industries can feel confident in strategically focusing their efforts on capturing this millennial audience and allocating their marketing budgets accordingly.

Here are the Top 5 areas where millennials spend their money.

  1. Socialization. Whether nights out on the town, social organizations like recreational sports leagues, or just fun, once-in-a-lifetime experiences, millennials spend the lion’s share of their disposable income on socialization. Fun is on the menu for them.
  2. Education. We’ve all heard horror stories about student loan debt and for-profit colleges. But millennials are also spending their money on personal continuing education opportunities, like language courses, classes that teach specific skills (like cooking or brewing), and other opportunities to increase their knowledge.
  3. Apparel. We all want to look our best, and that’s especially true for millennials. Clothing retailers and marketers would be wise to closely study the psychology of millennials’ shopping behaviors.
  4. Services. The most precious commodity to millennials is time. As such, they are more willing to pay for time-saving services than any generation before them.
  5. Eating Out. Similar to the Services industry, millennials love to get their food out because it saves time and effort. They’re willing to pay a little more for it. Just look at the success of on-demand food delivery services like GrubHub and Uber Eats.

When you compare these trends to the top areas of spending focus for Gen X shoppers and Baby Boomers (things like pensions and insurance), it becomes clear that a one-size-fits-all marketing strategy just won’t work. Personal insurance marketers should be investing their marketing budgets differently than socialization marketers because their audiences – and their audiences’ preferences – are different.

Best Practices for Marketing to Millennials

Keeping the above spending preferences in mind, here are some best practices for marketers to leverage and increase millennial engagement.

Millennial Personalization

According to a study by the University of Southern California, millennials are 85% more likely to purchase a product if they have been exposed to it via personalized content. Whether this is with marketing promotions based on their personal shopping history or unique materials segmented for their unique buyer persona, millennials prefer highly personalized marketing.

In fact, a 2018 SuperOffice study found that 86% of consumers are willing to pay more for a product if marketed to them with personalized experiences. And that trend will only continue: customer experience will overtake price and product as a key brand differentiator among consumers by 2020. Agile marketing operations that can accommodate the creation of personalized experiences will win more millennial business for your brand.

Multi-Channel Marketing to Millennials

More than any other generation, millennials engage with brands across multiple different channels, including digital, mobile, in-store, and direct mail.

A recent study by the Harvard Business Review found that 73% of consumers regularly engage with their preferred brands via an average of four (4) different channels. What’s more, retail brands that engage their customers with a multi-channel marketing strategy see an average increase of 89% in customer loyalty and retention.

These numbers only increase for millennial shoppers, who own on average 7-8 internet-connected devices each. In fact, 60% of millennials expect a consistent experience across all of that brand’s channels. By working to establish well-organized, agile marketing operations, marketers can create the unified, multi-channel marketing experiences that win over millennial shoppers.

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The millennial generation becomes a larger portion of your marketing audience each and every day. By understanding their unique preferences, spending habits, and preferred methods of engagement, marketing teams can capture more of their business, increase overall revenue, and improve brand loyalty.

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Why NVISION?

For more than three decades we’ve partnered with Fortune 500 companies to deliver marketing operations solutions. Led by a strategic account management team, we’ll help you develop, procure, fulfill and distribute printed collateral, signage, point-of-purchase displays, direct mail, branded merchandise and much more.

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NVISION Insights and Innovation Team
In Marketing Trends, Digital Marketing, Print Marketing, Direct Mail

2019 Top Marketing Trends: The Holy Matrimony of Digital and Print Marketing

print-holy matrimony

As forward-looking brands begin to build their marketing plans for 2019 and beyond, a few key trends have already started to emerge and will be important areas of focus for CMOs and marketing teams in the coming year. That’s according to John Hall of Forbes, who explains that more than ever, effective management of marketing operations resources – and its benefits – will be the way savvy brands set themselves apart in 2019.

Digital Advertisements Are Losing Effectiveness

Call it digital fatigue or an inevitable result of technology, but online advertisements – which used to be the hottest new things in marketing – are beginning to reach their saturation point. In fact, according to Business Insider, 30 percent of all internet users are expected to be using some form of online ad blocker by the end of 2019. Explains Hall, “[This] means that traditional digital ads now won’t even reach 30 percent of possible target audience members.” To get around this and reach that untapped audience, CMOs will need to get more creative with their marketing materials.

Creative Marketing Materials Can Set Your Brand Apart

As we mentioned above, no one is saying digital is dead. But to maintain (and grow) its effectiveness, ROI, and conversion rates, CMOs must find creative new ways to keep it fresh. And one of the best ways to do that is by linking it to your print and physical marketing activities. “People have been saying for a long time that print is dead,” Hall explains, “but I recently came across a company that used software to obtain physical addresses for clients and started sending them print newsletters. I also found that this campaign was extremely successful.”

Another compelling new trend using print marketing to add increased value to digital marketing is using postcards and direct mailers with URL links to digital assets. Sending direct mailers with URLs to digital assets is a clever – and creative – way to make your marketing rise above the digital noise, spam folders, and ad blockers.

man shaking hands partnership

Strategic Partnerships Correct Many Internal Roadblocks

Many otherwise savvy brands balk at the idea of using an external partner to manage any aspect of their marketing operations. But understanding the strategic benefits of these partnerships can add real value and help internal marketing teams hit their quotas. “There’s too much red tape with other departments,” Hall says as he describes the attitude of many internal teams. But bringing in outside management of certain activities can “fuel other parts of the company, resulting in better talent, lower costs, and improved relationships with investors.”

And indeed, that is the real added value of strategic marketing partnerships in 2019. With more and more “X as a service” industries opening up, more and more areas for highly specialized expertise have emerged. And by leveraging this expertise in specific areas – like print management or marketing supply chains – your brand can actually do more and enjoy a greater ROI than would be possible without the partnership.

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As 2019 draws near, new marketing trends are on the horizon for CMOs everywhere. By keeping these tips in mind – not relying solely on digital, using print marketing to add value to your digital efforts, and leveraging trusted partnerships – your brand can succeed and stand out from the crowd in the new year.

 

[This] Business Insider, Mar 23, 2017. “30% of all Internet users will ad block by 2018.”

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Why NVISION?

For more than three decades we’ve partnered with Fortune 500 companies to deliver marketing operations solutions. Led by a strategic account management team, we’ll help you develop, procure, fulfill and distribute printed collateral, signage, point-of-purchase displays, direct mail, branded merchandise and much more.

LEARN MORE
NVISION Insights and Innovation Team
In Print Marketing, Direct Mail

Print Marketing Strikes Back with Stronger Force for Retail

colorful printed books - print strikes back

When it comes to retail and print marketing, a changing landscape is shifting the priorities of marketing teams everywhere. Digital media marketing continues to grow – industry estimates forecast digital marketing spend to hit $100.8 billion in 2018[1] – and this means CMOs must find new ways to get the most from their print marketing activities. But according to the same estimates, print marketing spend is expected to reach $97.8 billion this year – nearly equaling digital media marketing. There are a few big reasons why print marketing is still huge for retailers, and why smart CMOs are finding new ways to leverage it. That’s according to Neil O’Keefe of DMA, who breaks down the big uses for print marketing today.

NVISION postcard - direct mail insights

Direct Mail Marketing Driving In-Store Retail

O’Keefe points out that one of the largest drivers of 2017 holiday sales was direct mail marketing activities. “Retailers often use print to leverage their private label offerings, as a means to drive visitors into their stores,” O’Keefe says. Though it may seem counterintuitive, physical mail is now a far more unique means of outreach than email. While countless junk emails go directly into customers’ spam folders each and every hour, an actual letter or mailer from a brand shows a much more personalized touch. And because of its physical nature, direct mail is an extremely effective way to drive customers to your brick-and-mortar stores with by-mail only promotions and coupons. Plus, you don’t need an up-to-date list of email addresses and several spam filter-dodging best practices to deliver it!

Print Marketing Still Reaches More Customers Than Digital

Digital channels are growing rapidly, but that growth still hasn’t equaled the overall market share that print still holds. “Print advertising is still very effective and doesn’t show signs of going away any time soon,” writes O’Keefe. “A recent International News Media Association article cites a Nielsen Homescan survey and concludes that about 80% of U.S. households still use traditional printed sources as their primary medium for information about stores, sales, and specials.”

QR code scanning from direct mail

Combining Print and Digital Marketing for Greater Conversion

One of the newest and most ingenious ways CMOs and marketing teams are leveraging print marketing is by using it to promote their digital marketing assets. Many marketers have discovered that a key way to take advantage of the higher open rate of physical mail is to send mailers with custom URLs and hyperlinks, directing the recipient to go online and download an asset, like a case study or infographic. This type of print outreach can make your digital marketing assets go further, too.

What’s more, many savvy retail marketers are using what they’ve learned about targeting and segmentation from digital marketing and applying those lessons to print marketing. “Retailers are doing more experimenting with new ways to send out deals on paper, sometimes mining online behavior or databases of shopper trends to improve their print marketing,” O’Keefe says. “This form of marketing reactivation is seen as cutting-edge, and capability that is generating much retailer interest.”

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It’s no secret that digital marketing is growing rapidly. But, as O’Keefe says: “It is hard to imagine a strategy which accomplishes its goals without print as an integral component of the overall plan.” By understanding the new ways marketing teams can leverage print marketing, and how print marketing fits into a comprehensive marketing strategy, CMOs can make their budgets go further and enjoy a greater return on investment.

[1] MediaPost, Jan 12, 2018. “Digital Ad Spend To Surpass Traditional in 2018.”

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Why NVISION?

For more than three decades we’ve partnered with Fortune 500 companies to deliver marketing operations solutions. Led by a strategic account management team, we’ll help you develop, procure, fulfill and distribute printed collateral, signage, point-of-purchase displays, direct mail, branded merchandise and much more.

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NVISION Insights and Innovation Team
In CMO, Marketing ROI, Marketing Performance Measurement, Marketing Operations, Accountability

3 Marketing Tips to Deliver ROI Accountability

a hand with pencil on a calculator - ROI

For marketing teams everywhere, the name of the game is ROI. From budget to revenue to cost reduction, no figure reflects a CMO’s performance in the eyes of the C-Suite more than the return on investment. The best organizations don’t leave ROI to chance. In fact, they plan for it by building ROI accountability directly into their marketing plans. That’s according to Amy Gallo at Harvard Business Review, who explains that with discipline and foresight, marketing teams can give their ROI accountability a head start for the coming quarters.

Here are the top three tips for ROI accountability in marketing.

account-management-professional presenting in the meeting

Create a Single Point of Truth for Marketing Inventory and Resources

Taking stock of the assets, inventory, and resources at your disposal is a critical first step towards ROI accountability. Especially in larger organizations, this can be a challenge. With multiple vendors, distributors, delivery timelines, invoices, warehouses, and more, just getting a clear understanding of what’s at your fingertips can give even the bravest CMO pause.

Gallo goes further, explaining that for many organizations, it simply makes more sense to outsource this business process to an expert. “Recognize areas where it may be more cost effective to partner with an agency rather than trying to bootstrap a solution on your own,” she says. Think of this exercise as a sort of audit for your marketing procurement process. If you can’t see and understand every link in the supply chain, you simply cannot identify areas prime for optimization and cost reduction.

Build a Marketing Schedule That Sticks

Time can make fools of us all, but it doesn’t have to for your marketing organization. That’s why it’s so important to plan, establish, and stick to a schedule. Your team should do this upfront, before solidifying your strategy for the quarter.

“Set clear milestones and deadlines for each [asset]… We recommend scheduling team check-ins in advance around deadlines for key deliverables,” Gallo explains. Not only do these check-ins keep everyone accountable, but they help ensure that every member of your team knows what is expected of them and when, and gives them proactive opportunities to push back against unattainable deadlines.

But anyone can make a schedule. Sticking to it is the real key. In modern marketing, customer demands shift nearly every week. The ability to adhere to strict timelines helps guarantee that your marketing operations remain flexible, on-message, and poised to capitalize in a timely manner on any new development or opportunity. As noted above, business process outsourcing (BPO) for the procurement of physical marketing materials can help build this schedule. With experience and best practices around timelines and delivery, a trusted partner can provide both realistic deadlines and baked-in reporting, so visibility and accountability remain top priorities for your organization.

marketing management

Focus on Your Marketing Activities that Matter

This is another area where BPO can be hugely beneficial. Outsourcing generally provides higher ROI by applying expert talent, best practices, and buying power to your marketing operations, not only improving the effectiveness of your marketing materials, but also significantly lowering the costs of each procurement.

The C-Suite wants to see the bottom line. “Connect your marketing activities to ROI by tracking the path from strategy to tactic,” Gallo says. “Show how each step helps build a program that leads to a shared business goal.” Looping in a trusted partner can secure that bottom line, take unnecessary work off your already-full plate, and help ensure that marketing hits every one of the targets it outlines. With the support of the leadership team, marketing is free to aggressively pursue every opportunity.

Smart marketing teams always build ROI accountability directly into their marketing plans. By partnering with NVISION to optimize your marketing procurement and operations, you can stick to the plan.

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Why NVISION?

For more than three decades we’ve partnered with Fortune 500 companies to deliver marketing operations solutions. Led by a strategic account management team, we’ll help you develop, procure, fulfill and distribute printed collateral, signage, point-of-purchase displays, direct mail, branded merchandise and much more.

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NVISION Insights and Innovation Team
In Marketing ROI, Marketing Supply Chain, Marketing Operations, Accountability, Procurement

How Marketing and Procurement Can Work Together to Improve Revenue

There is no responsibility more important to marketing leaders than driving revenue. This can be done in two primary ways: growing existing revenue streams by acquiring new customers and improving customer retention, or by improving profit margins by effectively limiting costs. Nearly all marketers are focused on the former: “How do I win and retain more business?” But as Jon Smith of Marketing Week explains, there is another, even smarter way.

Procurement has a major role to play in managing revenue and marketing costs. So, how can marketing and procurement work together to improve revenue? We’re glad you asked!

people in the meeting room

Strategic Alignment for Procurement and Marketing

The name of the game for marketers today is accountability. Whether it’s in the form of revenue attribution, ROI, or highly granular cost analysis, new technology has made KPIs an even bigger part of marketers’ lives than ever before. As Worldwide Business Research Digital reports, “marketing teams are being held increasingly accountable for ROI.” Of course, for procurement teams, this level of accountability is nothing new. Cost reduction, optimization, and business process outsourcing (BPO) have been their primary job roles forever. Which is why aligning the goals of your marketing and procurement teams is so important.

Thanks to BPO, procurement can offer powerful solutions to marketing’s biggest problems. Solutions around time-to-market, brand control, cost reduction, and responsiveness are all under the purview of procurement but matter immensely to marketing as well. That’s likely why, according to WBR Digital, 51% of companies rely on BPO for marketing execution, especially around print production. By recognizing this natural synergy, and formalizing the alignment of their goals, procurement can help marketing departments do more with less.

Why BPO for Marketing Procurement?

Optimization can only follow where visibility exists. That’s why your marketing and/or procurement teams should always be looking for opportunities to achieve greater efficiency, optimization, and cost reduction through BPO. This visibility opens the door to more profitable outcomes. With reliable, granular information about marketing costs, delivery timelines, and critical areas to improve these figures, marketing can not only make more accurate predictions and plan for success, but can better understand – and subsequently optimize – how they maintain brand control, guarantee quality, and keep production velocity running smoothly.

As Smith says, it’s a “win-win” for marketing. With BPO carried out by marketing execution experts, your marketing team can focus on improving their customer experience and sales results, and leave the optimization to trusted partners.

meeting in the conference room

Marketing Execution and Print Procurement

According to WBR Digital, the majority of businesses already agree that they reap greater benefits from managing their print procurement externally. 58% of those surveyed believe that their supply chain and marketing execution partners do a better, more efficient, cost-effective job with print procurement for marketing materials. In fact, they identified the top 4 reasons why they prefer to outsource their print procurement to partners:

  1. Cost Reduction
  2. Improved time-to-market versus competition
  3. Better ROI
  4. Stronger brand and quality control

These are powerful benefits to marketers, made possible by outsourcing their print procurement.

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Procurement has a major role to play in managing revenue and marketing costs. By outsourcing it to a trusted partner, your business can enjoy the benefits of greater visibility, optimization, and success. Whether your marketing department measures success by ROI, cost reduction, or overall revenue, understanding the value of aligning your marketing and procurement goals, and the insights BPO can deliver, is a sure-fire way to increase your odds of hitting your annual goals.

Subscribe to the Blog

Why NVISION?

For more than three decades we’ve partnered with Fortune 500 companies to deliver marketing operations solutions. Led by a strategic account management team, we’ll help you develop, procure, fulfill and distribute printed collateral, signage, point-of-purchase displays, direct mail, branded merchandise and much more.

LEARN MORE