Are You a Right Brain Marketing or Left Brain Marketer?
Hi Everyone,
Welcome back to another edition of Mastering Marketing.
This week, I look into a concept that I find fascinating, right brain vs left brain and how it affects our approach to marketing. I've also shared three more news articles that have captured the marketing world's attention. Take a look at HubSpot's 2024 Marketing Trends Report and let me know your thoughts.
👉🏻Right Brain Marketing vs. Left Brain Marketing
👉🏻In the News | HubSpot's 2024 Marketing Trends Report is Out
👉🏻In the News | Google becomes Official Search AI Partner of Team USA
👉🏻In the News | Rising Importance of Video Marketing
👉🏻Right Brain Marketing vs. Left Brain Marketing
Marketers are often divided into two camps – right-brained or left-brained. The left-brained marketer is believed to be analytically focused while the right-brained marketer brings creativity to the table.
While the left-brain right-brain theory is not backed by research, it has become a popular way to explain why some people have strengths in each of these areas. There has always been a tug of war between the two in terms of what makes a better marketer, but success lies in balancing both skillsets. So, let’s take a deeper look at each approach.
Right Brain Marketing
The right side of the brain is responsible for emotional intelligence, creativity, storytelling, imagination, intuition, and similar artistic functions.
A right brain approach to marketing usually attracts a wider audience because emotional appeals are effective across the board compared to logical appeals. Logical, fact-based appeals are effective for more niche scenarios such as B2B marketing.
A right brain approach is helpful in creating a memorable brand image; even the most logical person would be intrigued by lucrative promises combined with fascinating imagery.
Left Brain Marketing
This side of the brain is responsible for our logical functions such as an inclination toward realism, factual information, detail orientation, analytics, objective thinking, and so on.
As mentioned, a left brain approach appeals to a more niche audience, but it’s effective because it attracts people that are genuinely interested without needing to be sold a dream.
👉🏻In the News | HubSpot's 2024 Marketing Trends Report is Out
HubSpot released its annual marketing trends report, highlighting social media as the highest ROI channel, with 43% of marketers prioritizing it. Social media platforms, particularly Facebook and Instagram, are noted for their effectiveness in marketing. The report also highlights that short-form video content offers the highest ROI, with significant investments expected in this area for 2024. The report also emphasized the growing importance of SEO, with 92% of marketers planning to maintain or increase their SEO investments. And of course, AI continues to play a significant role in content creation and customer engagement.
Read more here: HubSpot
👉🏻In the News | Google becomes Official Search AI Partner of Team USA
Google has partnered with Team USA and NBCUniversal (NBCU) to become the Official Search AI Partner of Team USA. This is the first time the tech giant has entered into a partnership with Team USA. Google will leverage its AI and machine learning expertise to enhance the Olympic viewing experience for fans. This partnership aligns with Google's broader strategy of promoting its AI products and services to a global audience.
For more details, read the full article here.
👉🏻In the News | Rising Importance of Video Marketing
Video marketing continues to be a dominant trend, with 91% of businesses using video as a marketing tool. Platforms like YouTube, Instagram, and TikTok are leading this trend, with short-form videos being particularly effective.
The focus on video is driven by high user engagement, with formats like Instagram Reels outperforming other content types on the platform. This shift towards video-first strategies is expected to continue growing, making video an essential component of marketing campaigns
For more details, read the full article here .
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Here's an interesting read from my strategic marketing agency, SK…
UNDERSTANDING AND DEVELOPING CUSTOMER LIFETIME VALUE (LTV)
Understanding customers, what they value and how much they are worth is essential for any organisation hoping to drive growth. Knowing where customers come from, what they care about and how much they spend with a brand at different touchpoints will help develop marketing strategies to drive future expansion.
This article will explore the concept of Customer Lifetime Value (Sometimes called CLV, CLTV or LTV) and some of the key metrics that will give businesses visibility into how much each customer is worth, in order to build tailored strategies moving forward.
Why is Understanding LTV Important?
In today’s highly competitive marketplace, success is less about gaining new customers and more about retaining existing ones and maximising the amount of revenue they bring. (Due to the current economic situation, focusing on customer retention is more important than ever.)
Measuring customer loyalty and retention brings insights into which customers are likely to respond positively to certain incentives or marketing campaigns. For example, observing a difference in the average LTV between younger and older age segments, an organisation may decide to employ a new strategy focused solely on the younger age group, building relevant branding towards this demographic.
LTV is often used as a measurement of customer loyalty as it provides insight into how likely a customer is going to remain with a business over time. It also helps in understanding the value of a customer base as a whole, providing insights into how much a business is worth. This data is essential when it comes to making decisions around whether to adjust a business model or make changes to marketing strategies.
How to Calculate Customer Lifetime Value
The customer lifetime value formula is as follows:
Annual profit contribution of a customer x the number of years they remain a customer – customer acquisition cost (CAC) – any costs associated with providing the product and servicing the customer and any retention costs.
The CAC Break-Even Point
As well as understanding the value of each customer, it is also useful to determine how long it takes to break even on the cost of acquisition. Suppose that $4,000 was spent on advertising; if each customer spends $100 with a brand, it will take 40 customers to break even on the costs associated with acquiring new customers. This is an important metric for budget management.
Customer Retention Rate
This metric involves calculating the percentage of customers who are still making purchases after a set period of time. A high retention rate is a sign that customers are satisfied with the products and services, and it may indicate that they are likely to make larger purchases in the future.
Thanks for reading!
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About Simon
I have been helping companies with their marketing from start-ups to global organisations for over 25 years and I’m also the author of 2 best-selling books in the field. Whether it’s growth, branding, performance, content marketing, SEO or many other areas, I have helped companies all over the world to deliver market-leading results and I'd love to help you if I can.
Simon