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sifat
Feb 14, 2022
In What is Technology
During 2020 the ecommerce market went into overdrive. US online shopping saw ten years’ worth of growth in the three months up to April 2020. And it was a similar story across global regions as lockdowns hit and consumer habits changed. For the first time, many customers turned to digital channels to track down products they had previously bought offline. With these changes in consumer habits in mind, it might look like getting new digital converts is the answer to scaling up a business today. Customer acquisition is certainly still a big priority for a lot of brands, but returning shoppers are now more valuable than they ever have been, and the benefits associated with these consumers should not be overlooked. Customer nurturing is a long-term strategy. It is about ensuring that your products, services and experiences are so good that those who have shopped with you before will return again and again in years to come. So why is customer nurturing important? Acquiring new customers is getting tougher and tougher. Research from Profitwell found that customer acquisition costs (CACs) grew by around 60% in the half-decade up to 2019. With advertisers vastly increasing the proportion of their marketing spend that goes online, there’s now much more competition for the available inventory. What’s more, Google and social platforms such as Facebook, Instagram and TikTok are increasingly working to keep users on their channels and clicking on paid ads, rather than surfacing brand and retailer content in feeds organically. This means marketers have to spend more on ads Philippines Photo Editor and content to convert increasingly ad-weary consumers. And with CACs climbing ever higher, the biggest brands—with the biggest budgets—are the ones succeeding in capturing new customers. The pandemic has cast this into sharp relief Globally, we’ve seen online leaders like Amazon shift funds quickly to target in-demand products across paid search (not to mention that a staggering 74% of US consumers reportedly start their product searches on Amazon in the first place). Here in the UK, leading supermarkets were able to ramp up their delivery and collection services almost overnight when the first Covid-19 lockdown hit. But across some product lines, it is nearly impossible to compete with industry leaders when it comes to acquiring new customers at scale. With CAC costs and tough competition from market leaders—as well as the impending deprecation of the third-party cookie by Google—we can really begin to see why nurturing the customers you already have is so important.
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sifat
Feb 14, 2022
In What is Technology
Chris Skinner is President EMEA of media agency UM, which delivers media campaigns across channels for brands including Spotify and Coca Cola. I recently caught up with Chris to chat about his role and achievements at UM, the ad sector’s so-called ‘great resignation’, and the importance of building strong agency culture. Chris Skinner Tell us about your role. What does a typical day look like for you? My days always start early, recently that’s particularly been the case given I’ve been collaborating on a project with our APAC team. That said, they used to start even earlier pre-pandemic when I did a lot more travelling to stay connected with teams and clients around the world. Although that had to change, I still love the daily connectivity and bustle of working across lots of international markets, even in digital form. Whenever possible, I like to start the day by clearing my head with a run. That used to be around Richmond Park, but since moving to Cambridge I’m still looking for the ideal route – any suggestions are welcomed! I typically spend some time every day with Photo Editing Services the client teams and direct reports around EMEA, making sure they have the right support. We’ve all had to change how we work over the last few years and this has seen benefits too: UM has transitioned to hybrid working, and in a sense we’ve formalised this new model with the launch of our new European and UK headquarters, The Bailey. The thinking behind the design is to break down any barriers between teams; to bring people together no matter where they’re physically based, and to build cross-functional teams around the direct needs of clients rather than expecting them to fit around how we work. The new set-up will also give me more one-to-one time with people face to face, whether that’s the weekly team huddles, or reconnecting with clients and media owners. Taking our client strategy from concept to reality has defined much of my time recently, but it will certainly be worth the effort. I’m looking forward to seeing how this will change the shape of my ‘typical day’ as the new office makes it that much easier to put the concept into standard practice. What has been the greatest achievement during your time at UM so far? I’m proud of so much, but helping build a strong culture stands out; I think it’s a big differentiator for UM. We’ve always had a good reputation for looking after our people, but what’s important is building a working environment in which everyone feels confident enough to share their ideas, aspirations and concerns. There’s no doubt it’s this mentality that ensured UM was able to adapt to the challenges of the last 18 months. I’m also very proud to have led the team that won the European Honda account at the start of the year. It brought together so many parts of the business and so much talent. For me, this represented UM at its best; brilliant, highly skilled people supported by truly innovative tech.
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