How Buyer Customization Is Retooling Marketing To The "Me-conomy"
John Fareed MSc CHME ISHC, and Global Chairman of Horwath HTL is a dear friend, mentor, and man of magic. One of the many moments he bestowed upon me was the term "Me-conomy." I chuckled at first and then later thought it was spot on to every direction digital marketing was going. While the term may not have the teeth it had then (coughs into fist murmuring an imperceptible number of years), it holds no less true than it did then — in fact, probably more.
Digital content marketing has undergone a significant transformation over the past few decades. With the advent of the internet, businesses began to focus on creating digital content that could capture consumers' attention and drive engagement. However, as the digital landscape became increasingly crowded, customers became overwhelmed by the sheer volume of marketing messaging. This led to a decline in consumer interest and trust in marketing efforts.
But in recent years, content marketing has experienced a renaissance, with businesses adopting more refined and personalized approaches that have re-engaged customers and improved brand loyalty. This shift has been fueled by the abundance of customer data available today, which allows businesses to create tailored content that resonates with individual customers.
The Rise of Content Marketing
Look, I don't wanna bore you guys to tears with the origins of content marketing, but to say they can be traced back to the early 1900s (yes, kids, Amazon once only sold books and had a default gray background) when businesses began to publish branded content in magazines and newspapers to attract consumers. However, content marketing [really] took off only with the advent of the internet in the 1990s. Then, the rise of online platforms like blogs, social media, and email marketing gave businesses new channels to reach customers.
By the early 2000s, content marketing had become a core component of most business marketing strategies. Brands like Coca-Cola, Red Bull (they even went as far as creating a cable tv channel, "Red Bull TV" before streaming content was commonplace), and Nike were creating viral content that captured the attention of millions of consumers. By 2010, content marketing was a $135 billion industry, with businesses investing heavily in creating digital content that could drive engagement and increase brand awareness.
The Decline of Consumer Interest
However, as content marketing became more widespread, customers began to feel overwhelmed by the sheer volume of marketing messaging. Who can blame us? We've all been bombarded by pop-up banners, recycling java rings, target marketing, and my favorite, the 'retargeting' banner that will whisper through my phone as I sleep to remind me all the great gear I want from B&H Photo. Sorry, where was I?
By 2015, the average person was exposed to more than 5,000 marketing messages per day. This saturation of messaging led to a decline in consumer interest and trust in marketing efforts.
And now, not that I required it, we have data that shows consumers are increasingly wary of traditional marketing tactics like banner ads, pop-ups, and pre-roll video ads. In fact, 86% of people skip TV ads, and 44% of direct mail is never opened. Customers are also using ad-blocking software at an unprecedented rate, with more than 615 million devices using ad blockers worldwide.
The Age of Customer Customization
To combat this decline in loss of consumer interest, businesses began to adopt a more personalized approach to content marketing. Advances in data analytics and customer segmentation allowed brands to create tailored content that resonates with individual customers. By analyzing customer data, "HELLO [FIRST NAME] OR CURRENT RECIPIENT!" businesses can now gain insights into customers' preferences, interests, and behaviors, allowing them to create content that is more relevant and engaging.
Research shows that this approach is working. According to a survey by Accenture, 91% of consumers are more likely to shop with brands that provide relevant offers and recommendations. Another study found that personalized emails have an open rate of 29%, compared to just 3% for non-personalized emails.
The Benies?
The shift towards customer customization has had a number of benefits for businesses. Businesses can improve customer engagement, build brand loyalty, and increase conversions by creating tailored content. Like, real "Hey Bruce, I know you like ponies, no judgment, here's a bad-ass pony." Research shows that customers who receive personalized content are more likely to make a purchase, with 80% of shoppers saying they are more likely to do business with a company that offers personalized experiences. Because ponies, really, and cats.
Personalized content also improves customer trust in brands. Customers are likelier to view businesses as trustworthy if they receive relevant and personalized content. In fact, 73% of customers say they prefer to do business with brands that use personal information to make their shopping experiences more relevant.
The evolution of content marketing over the past few decades has been driven by a need to capture and retain customers' attention in an increasingly crowded digital landscape. The shift towards customer customization has been a game-changer, allowing businesses to create tailored content that resonates with individual customers. Marketers and businesses can improve all the critical ancillary stuff we forgot as well, like customer engagement, building brand loyalty, and increasing conversions. Remember those? By analyzing customer data, businesses can gain insights into customers' preferences, interests, and behaviors, allowing them to create content that is more relevant and engaging.
Moreover, personalized content can also help establish customer trust and credibility. By providing content that is tailored to customers' interests and needs, businesses can demonstrate that they understand their customers and are committed to delivering the best possible experience. This can go a long way toward building long-term relationships and driving repeat business.
As the digital landscape continues to torment us evolve, customer customization will likely become an even more critical component of content marketing strategies. By leveraging customer data and creating personalized content, businesses can differentiate themselves from the competition and build meaningful connections with their customers.
Getchu’ That Pony
With all that said, content marketing has come a long way since its early days, and businesses that can adapt to the changing landscape will be the ones that succeed in the long run. Look. Frankly, even marketers have long since tried to engage at a one-to-one level because the data was not sound; it was hope at best. Now in the age of vivid, "Bruce has considered this Mustang "pony" 14 times," we can actually craft purchase behavior. Customer customization is here to stay, and businesses embracing this approach will likely see significant benefits in the years ahead.
