7 Marketing Stats That Changed My Mind
As a marketer with over 20 years of experience, it’s easy to get stuck in your ways. But staying open-minded and willing to change is essential in an ever-evolving industry. Over the years, I’ve come across several marketing statistics that have challenged my beliefs and made me rethink my strategies. In this article, I’ll share seven of these eye-opening stats and how they have influenced my approach to marketing.
Stat #1: Omni-channel marketing boosts revenue on all channels
While sitting in Expedia’s Canada office, I learned about their interesting test on omnichannel marketing. Despite being a well-known brand, Expedia found that when they leveraged omnichannel marketing instead of relying on a few channels, all their marketing channels performed better by approximately 10%. This revelation inspired me to implement omnichannel strategies across multiple sites, and I have seen positive results, especially for smaller brands and companies.
Stat #2: Your number one keyword should be your brand
Analysing the top 10 most searched queries on Google, I discovered that 70% of them were brands. This led me to investigate the importance of brand search traffic for companies of various revenue sizes. The research showed that regardless of company size, the higher the revenue, the more search traffic comes from their brand. This reinforced the significance of branding for long-term success, emphasizing the need to build a good product or service and maintain a strong brand identity through repeated exposure.
Stat #3: Launches work
Inspired by aggressive marketers who claimed to generate millions through product launches, I decided to try it out with my NeilPatel.com list. The results were impressive, generating $756,954 in the first week. Launches can create a sense of urgency and excitement, driving significant sales within a short period. Major companies like Apple also employ this strategy, demonstrating its effectiveness in capturing attention and driving conversions.
Stat #4: The best country to market in is all countries
While many focus on the US market for its perceived wealth, I learned that the money is in the whole world. Large companies generating over a billion dollars in revenue often find that the US contributes only a fraction of their total revenue. Expanding marketing efforts globally can lead to significant growth opportunities, as illustrated by my own agency’s 61% year-to-date revenue growth in international markets. Brands like Apple, Microsoft, and Coca-Cola have successfully capitalized on the global market, highlighting its importance for sustainable growth.
Stat #5: Just because a company has money, doesn’t mean it can spend it
B2B marketing often experiences longer sales cycles and stricter budget approvals, making it challenging to obtain marketing budget allocation. To overcome this roadblock, I explored free or freemium marketing methods that offer value without requiring immediate budget approvals. One such example is Ubersuggest, which provides free tools and has become a significant source of leads for my agency. Understanding the budget constraints of potential B2B customers and offering free solutions can help build relationships and position your brand as a top choice once budgets open up.
Stat #6: There is no perfect marketing channel
While I used to advocate for SEO as the best marketing channel, I have come to realize that no single channel is perfect. Over time, competition increases across all channels, resulting in diminishing returns in terms of click-through rates. Rather than focusing solely on one channel, I now leverage all marketing channels according to their respective strengths and profitability. Whether a channel can scale to millions or only thousands, as long as it drives profitability, it deserves attention.
Stat #7: It’s better to focus your marketing than go broad
Many businesses aspire to have broad brand recognition, but building a widely-recognizable brand takes time. According to Kevin Plank, the founder of Under Armour, it takes a minimum of 10 years to achieve widespread recognition. Targeting random buyers and trying to appeal to everyone can dilute your message and waste marketing dollars. Instead, focusing on your ideal buyers ensures that your marketing efforts reach the right audience, driving better results and ROI.
Remaining open-minded and receptive to new marketing statistics is crucial for growth and success in the industry. The seven stats mentioned in this article have challenged my beliefs and reshaped my strategies. From the power of omnichannel marketing to the importance of branding and the effectiveness of launches, these stats highlight key insights that can guide marketers towards more impactful and profitable campaigns. By continuously adapting our approach based on new data, we can stay ahead of the ever-changing marketing landscape.