Consumer Product Marketing:  Clever Ways to Boost ROI ✨

#HTE 315 -Strategies, examples, and much more!

Author

How to E-commerce
August 08, 2024 • Estimated Reading Time: 11 minutes

Hello there, HTE rock stars! 😎

Welcome to our latest newsletter! 🌟

In today’s fast-paced digital landscape, finding ways to maximize your marketing ROI can seem like a daunting task. But fear not! Whether you’re looking to revolutionize your consumer product marketing strategy, dive into the latest GenAI use cases, or understand why lifecycle marketing could be your next big move, we’ve got you covered.

Our latest edition brings you cutting-edge insights and actionable tips designed to propel your marketing efforts to new heights. From clever tactics to boost your ROI, to a deep dive into eMarketer’s GenAI report series, and compelling reasons to embrace lifecycle marketing, this newsletter is your go-to guide for staying ahead of the curve.

Ready to transform your approach and drive meaningful results? 

Let’s get started! ✨📊

Newcomers welcome to HTE's hub! Join 35k+ CEOs, CMOs, and marketers for game-changing insights. Get ahead, sign up for brilliance, and let's rise together! 🚀

Consumer Product Marketing:  Clever Ways to Boost ROI ✨

GenAI Use Cases: eMarketer's New Report Series 📊

5 Solid Reasons to Shift Your Focus to Lifecycle Marketing

Top Reads - Real-Time News Right For You. 📚

HTE Job Board- Get Your Dream Job With A Click! 🧐

Consumer Product Marketing:  Clever Ways to Boost ROI ✨

Production costs are rising, marketing budgets are shrinking, and consumer purse strings are tightening. One thing is clear – marketers are facing a new era of consumer products with many challenges. 🌟

Today’s consumer product marketers must achieve more with less. To meet this challenge while adapting to shifting consumer behaviors and rising competition, they need strategies that are both cost-effective and impactful. 🚀

Here are four ways brands can maximize their consumer product marketing budget:

  1. Acquire Quality First- and Zero-Party Data: Offer compelling value exchanges.

  2. Focus on Data Quality: Prioritize quality over quantity.

  3. Use Automation: Achieve more with less.

  4. Streamline Budget Planning: Optimize planning and management. 💰

  1. Consumer Product Marketing and Value Exchanges

Consumer product businesses understand the valuable data their retail partners hold. This includes customer identities, purchasing habits, and frequency of purchases. Yet, these customers aren't directly known to the product brands but are rather the retailers' data.

Customers are reluctant to share personal information without a compelling reason, making value exchanges crucial. In a value exchange, customers provide details like their name and email in return for something they value, such as a free download or a discount. For consumer product marketers, value exchanges are essential for acquiring valuable first- and zero-party data.

Brands can leverage their owned channels to set up value exchanges and gather this data. Options include adding QR codes to packaging that link to landing page offers, and using pop-ups or forms on blogs to offer discounts or downloadable content. 📈

  1. Focus on Data Quality Over Quantity

Customer data is inexpensive to acquire but costly to maintain. For a direct-to-consumer brand with 100,000 records, this isn’t a significant issue. However, for a consumer product company with 100,000,000 global customers, managing data involves regulatory processes, data engineers, and extensive infrastructure, turning data collection into a substantial endeavor.

To maximize profitability, focus on the quality of data rather than sheer volume. Regularly update and cleanse data to remove outdated records. Evaluate your needs carefully: which data points are essential for your marketing campaigns, and which can be omitted? Collect only the data that is relevant, actionable, and manageable. 

  1. Leverage Automation to Maximize Efficiency

Achieving more with fewer resources might seem daunting, but leading brands are using marketing automation to make their budgets go further. 🌟

With the right platform, consumer product businesses can activate and unify first- and zero-party data to create personalized marketing automations. This approach helps in driving revenue and acquiring new customers by dynamically segmenting audiences based on lifecycle stage, historical data, and real-time behavior, leading to tailored engagements that boost sales and reduce churn.

  1. Enhance Marketing Budget Planning and Management

To improve ROI on marketing spend, effective budget planning and management are essential. Brands should be adaptable and ready to adjust resources as needed.

  • Scenario Planning: Prepare for various market shifts by anticipating different outcomes and strategizing accordingly. This keeps ROMI on track despite external changes.

  • Campaign Visibility: Use a centralized dashboard for real-time performance insights to identify synergies, avoid redundancies, and allocate resources efficiently.

  • ERP Integration: Seamlessly manage budget transfers, track spending, and make real-time adjustments based on campaign performance through ERP technology. 💼

Turn Budget Constraints into Opportunities

Amid a fluctuating economy and persistent inflation affecting consumer spending, consumer product marketers face ongoing challenges.

However, with effective strategies and the right technologies, brands can leverage their limited resources to exceed consumer expectations and drive growth. 🌟

GenAI Use Cases: eMarketer's New Report Series 📊

Generative AI (genAI) made waves when it entered the spotlight with ChatGPT in late 2022, shifting from a behind-the-scenes tech to a consumer-facing powerhouse. Unlike its predecessors, genAI delivers rapid results directly to users, transforming a once-vague concept into a dynamic, interactive tool. It’s not just a step forward; it’s a leap into a new era of AI.

Accessible to All 🚀

GenAI democratizes AI by allowing those with no coding skills to use it effectively. Its natural language prompts mean users can learn, test, and refine results without needing a technical background. With low monthly costs and reduced demand on engineering teams, genAI opens doors for innovation, especially for small and medium-sized businesses.

Driving Bottom-Up Innovation 🌐

Gone are the days of top-down AI deployment. GenAI empowers employees at all levels to identify and implement solutions. Tech teams and enthusiastic users collaborate to refine use cases, often shifting the role of senior tech executives from direct execution to policy guidance.

Bridging the Knowledge Gap 🔍

To harness genAI’s potential, companies must address the disconnect between tech expertise and internal process knowledge. Key challenges include:

  • Expertise vs. Internal Processes: GenAI leaders often lack deep knowledge of all internal processes, needing to focus their expertise on high-impact areas.

  • Spread Knowledge: Process knowledge is dispersed, making it challenging for those without strong genAI skills to pinpoint automation opportunities. Concerns about job displacement can also hinder enthusiasm.

  • Training and Matchmaking: Companies are using various strategies, from training programs to pairing genAI experts with teams, to bridge these gaps and ensure effective use of the technology.

Exploring Emerging Use Cases 💡

Despite significant investment and experimentation, no single genAI use case has emerged as dominant. The technology is proving invaluable in automating mundane tasks, enhancing content creation and personalization, and offering a wide range of applications. Businesses are still navigating which areas will yield the greatest benefits.

What's Next

To assist companies in navigating these challenges, eMarketer is launching a new report series on genAI use cases. These reports will provide insights into effective applications across digital businesses, showcase case studies, and help organizations prioritize their genAI initiatives.

5 Solid Reasons to Shift Your Focus to Lifecycle Marketing

Say goodbye to the old-school sales funnel and say hello to something even better – lifecycle marketing! 🚀

Wondering why you should make the switch? Well, here are some super cool reasons:

  1. Think Long-Term

  • Old funnel? It's like a first date – all about that initial spark. But what happens after? Lifecycle marketing is like building a lasting relationship. It’s not just about getting customers; it’s about keeping them happy and coming back for more. 

  1. Make It Personal

  • In today's world, personalization is a must. Lifecycle marketing lets you customize messages based on where your customer is in their journey. Imagine sending a special product suggestion right after they make their first purchase. It shows you're paying attention. 👀🎁

  1. Boost Customer Happiness

  • Happy customers are loyal customers. Lifecycle marketing focuses on giving value at every stage, whether it's through cool content, support, or loyalty perks. Make every step awesome for your customers! 🌟😊

  1. Smart Data Insights

  • Lifecycle marketing helps you gather smart data at different points. It’s not just numbers; it's like having a treasure chest of insights into what your customers like and what bugs them. Use this info to make super smart decisions. 📊💡

  1. Keep 'Em Coming Back

  • Getting a new customer is cool, but keeping an existing one? Even cooler (and cheaper)! Lifecycle marketing helps you nurture your relationship with existing customers, making them more likely to stick around and keep buying from you. 🔄

In a nutshell, lifecycle marketing is like seeing the whole forest, not just individual trees. It's a cool way of looking at your customer’s journey as a continuous loop, not just a one-time thing. 🌳 Ready to level up your marketing game? Try out lifecycle marketing! 🚀💪

Top Reads📚

HTE Job Board- Get Your Dream Job With a Click✨💼

Welcome to the HTE Job Board. We connect talented individuals with exciting career opportunities. Browse through our latest job listings and find the perfect match for your skills and aspirations. 

Your Voice 🎤

Phew! That was a lot, right? But hey, knowledge is power🌟. We hope this edition gave you some insights and maybe even cleared up a few doubts.

Got questions or topics you'd like us to cover next? Holler at us! We’ll give you a shoutout in our next edition. If you have any questions, reply to this email and share your valuable feedback so we can aim to address them in our upcoming editions!

Thank you for being a part of our community !🙌

Did you find this newsletter helpful? 👍 / 👎

Your feedback keeps us going.

Until next time,


With 🧡🧡

How to E-commerce