Buzzworthy Insights – Marketing Improvement
Data optimization and processing is becoming the forefront of innovation for nearly all industries. According to a new study from the CMO Council and GfK, marketing is the next facet of business to experience this new optimization – fewer than 4 out of 10 marketing leaders are confident in their data, analytics, and insights systems. The section most apt to experience improvements, real-time availability of insights (42%), followed closely by predictive analytics (40%). When top performers were asked which capabilities they are improving over the next 12 months, 67% indicated achieving real-time availability of insights, and 64% indicated the extraction of data signals across channels. (View source)
Customer Service Importance
Customers are wanting the greatest experience possible from the get-go and if brands can’t deliver then bye-bye. According to the new survey commissioned by TCN and conducted by OnePoll, 66% of Americans are likely to abandon a brand after a poor customer service experience, a jump of 24% from 2021. Surprisingly even greater, 71% are likely to endorse a brand when they have a positive experience, either recommending the brand to friends/family, leaving an online review, or giving feedback directly to the brand after such an occurrence. (View source)
Most Trusted Platform
Brands are spending millions on platforms to try and attract new customers. Many wonder, which platform is best? According to a new report by Insider Intelligence, nearly 66% of US consumers find YouTube somewhat or very trustworthy for finding and purchasing products. Coming in second, Facebook (51%), followed by Instagram (45%), LinkedIn (37%), Twitter (37%), and TikTok (35%). YouTube is projected to have 230.6 million monthly US users by the end of 2022, followed by Facebook at 178.3 million, and Instagram at 128.3 million. (View source)
Buy now pay later has seen astounding growth due to many reasons, moving forward, that growth is unlikely to slow down. According to a new study from Juniper Research, BNPL users will reach nearly 1 billion (900 million) by 2027, increasing 157% from 2022. The greatest area of growth, India, where it is projected to grow from 25 million to 116 million largely due to increasing e-commerce usage. Globally, BNPL growth will be driven by the use of virtual cards, which only require retailers to accept card payments rather than separate business transactions. (View source)
Sustainability concerns and trends continually come to the forefront of news but even still, consumers are wanting fast fashion, with many wanting to buy trends immediately upon seeing it. According to a new report from Alvarez & Marsal’s Consumer Retail Group of 500 US consumers aged 18 to 65, 50% of consumers want to buy a fashion trend within the same week they discover it. 30% purchase fast fashion at least once a week, while 65% purchase multiple items. As for where they purchase these trends, 49% buy them online, and 35% shop for them in a mall. (View source)
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