As digital plays an ever-growing role in our lives, businesses need to constantly adapt. While this presents ample opportunities, it can also give rise to a whole range of challenging questions. Whether you’re wondering which channels to prioritise, what audiences to engage with, or how to measure your success, we asked Google marketers from across Europe how businesses can optimise their digital strategies this year.
The upcoming Google Academy video series* will offer a range of resources and advice you can access from home. As a head start, you can kick off your learning with these 3 tips.
1. Crack customer lifetime value
How can we know the total revenue brought in by a single customer? It’s a question we hear more and more every day — and an important one, too. Using a data-driven approach, companies can make decisions around customer heterogeneity: which type of customers should you try to acquire more of, which customer segments can increase purchase frequency and should be retained, and how much can you prevent losing customers?
Customer lifetime value (CLV) predicts the long term value of a single customer, and has become a crucial metric of performance marketing. Advertisers should first make it a KPI for reporting and subsequently move from manual to automatic optimisation towards CLV. Ultimately, zooming in on the individual customer can help marketers work more efficiently.
2. Stay on top of your measurement
Businesses that practice data-driven marketing can save up to 13% in cost while driving 16% higher revenue. They are also 5% more productive and 6% more profitable than their competitors.1 But as digital marketing is growing, so is the level of data we need to digest. And at the same time, people demand more transparency, choice, and control over personal data.
That’s why attribution is now more important than ever. To optimise performance, marketers need to align measurement with industry standards, ensure that they measure the actions that matter most to their business, and generate insights by evaluating which actions are most valuable for success. Check out our introductory guide to help you tackle the challenges of attribution.
3. Optimise for long-tail searches
15% of searches made every day are brand new,2 and 27% of mobile and virtual assistant users are now using voice search on a daily basis.3 This results in more long tail, conversational queries and an overall shift in the nature of search terms, prompting the need for a new approach to search engine advertising strategy and campaigns. Bidding on words related to a certain subject, product, or even brand is no longer enough, but automation can help brands discover and increase coverage for new queries, expand their reach, and grow exponentially while maintaining efficiency.
Learn more with the upcoming Google Academy video sessions
Find out how to solve these challenges and more in the Google Academy on Air: Learn From Home Week running from March 30 through April 3. Topics include:
- Measure the full marketing impact in a privacy-first world
- Identify and activate customer lifetime value
- How to grow on search
- How to optimise your marketing budgets
- How to grow your brand, and turn prospects into customers with video