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Now What?
Feb 1, 2008 12:00 PM
, By Keith Wardell
The combination of unlimited choice and the ability to find anything and everything quickly has shifted the power from direct marketers to their customers. Google, Yahoo!, shopping comparison sites and peer reviews have all played a part in making this change happen. So the question now is: How will DMers respond to a process that's controlled by their customers? On any given day in the United States there are almost 2 billion Web site visits, 200 million inbound calls and 600 million retail visits — a total of 2.8 billion customer initiatives. Compare this with the nearly 1.4 billion 30-minute television programs viewed daily. DMers spend more than $200 million a day on TV advertising to reach out to passive consumers. How much is being spent on consumers who are actively reaching out to marketers? This role reversal has taken just a few short years. But most companies have not adjusted their marketing plans to reflect this new reality. It's time to add another element to the marketing plan: collaboration. A combination of several trends over the last few years has tipped the balance in favor of consumers. They are:
These transitions will begin simply and grow in sophistication over time. Marketers will learn to automate many of their communications. As the approach develops, companies will be able to send individually relevant communications and eliminate those that don't contribute to a dialogue with their customers. By eliminating unproductive marketing efforts, big savings will result. Acquisition costs will shrink, lifetime value will grow, production will be streamlined and wasted marketing efforts will disappear. KEITH WARDELL (keith@marketing1by1.com) is CEO of Marketing1by1 LLC in Fairfax, VA. |
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