IAB published a report about how to build a brand in today’s world. The no-brainer takeaway is that e-commerce dollars are winning. Long-live traditional brands like L’Oréal are losing market share to emerging brands like Madison Reed.
It is not that old brands are late, everyone is late. The problem is that technology is way ahead, and some companies are catching up faster. Microservices software development technique has been around since 2011, and yet many companies aren’t taking advantage of it yet.
However, having a trendy software architecture won’t ensure business growth. It is about implementing them with the goal of driving, engaging and converting online users to customers. It is about collecting data about online campaigns, content engagement, and use it to provide a better discovery and purchase experience.
Going from CPC to CAC to LTV is the new magic formula for brands to have a standing chance to grow in the future. To get CPCs down, you need to tell a compelling story, targeted to the right people, willing to share it. You don’t need to pay per clicks. You need to pay per shares. If you are not getting any shares, you are not telling something worth to share.
Users have more channels, more devices, and more options to shop. Brands can either afford an omnichannel strategy or focus on the one that performs best. For small startups, the focus is key, and they need to test messages and audiences on social media before jumping on the digital spend frenzy bandwagon.