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Modern Marketing: Drawing the Line Between Efficiency and Effectiveness

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In marketing, efficiency may involve increasing conversion rates while reducing the costs of acquisition, whereas effectiveness may involve supporting a wider range of marketing objectives while contributing to the greater good and ROI of the organization. While each goal is not mutually exclusive of the other, where do marketers draw the line between efficiency and effectiveness?
What Do We Mean By Efficiency and Effectiveness?
The first obvious question is, what is meant by efficiency, in relation to marketing? The adjective efficient means, quite simply, âachieving maximum productivity with minimum wasted effort, time, or expense,â so efficiency would relate to maximally productive marketing efforts with minimum wasted expenses, time, or effort. Metrics such as click-through rates, conversion rates, and other measurable means are used to demonstrate marketing efficiency. Efficiency tends to be focused on less spend or greater savings. In ....

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Drowning in Data? How To Ensure Your Data Strategy Isn't Hurting Your Brand?

Data is coming in from different channels, mobile devices, IoT devices, to the point where it is often overwhelming. With so much data being produced and accumulated every minute, brands can begin to drown in data. That said, not all data is valuable or actionable, so brands need to be able to discern which is which.
âEnterprises are not drowning in data because of its depths, they are drowning because they donât know how to swim. Too often organizations approach their analytics blindly, sifting through mountains of data hoping to find gems,â explained George Kobakhidze, enterprise solutions atZL Tech, an information governance platform provider. ....

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How to Create More Human Connections With Your Customer Experience

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A positive emotional connection that customers experience with brands stays with them and increases loyalty and engagement. By improving the human connection in an increasingly digital world, brands can strengthen the emotional connection they have with their customers. This article will take a look at the ways brands can improve the human element of the largely digital customer experience.
Digital if You Do, Digital if You Donât
A Gallup report from 2019 on humanizing CX stated that âcustomers will experience less brick and more click,â and they couldnât have been more correct. Little did brands know what was soon to come down the pike. The COVID-19 pandemic drove many customers to shop exclusively online. Social interactions became mostly limited to social media, chat windows, and Zoom meetings. ....

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