Statistics are of critical importance for any organization as it highlights their performance under specific internal and external variables. Some of the variables include:
- Economic Scenario
- Taxation structure
- Internal Policies
- Over a period of time, these statistics are analyzed to determine the future course of action. The current environment is dynamic and firms are required to maintain pace with it and statistics can keep them updated with their performances.
- Global Digital advertisement expenditure is expected to cross $375 bn by 2021.
- 65% of consumers click on Google Ads while purchasing products online.
- Location-specific digital campaigns can be 20 times more effective as compared to traditional banner ads. In countries like India, the language of advertisement can also make a difference.
- More than 50% of smartphone users have identified new products or brands while searching for their mobile devices.
- 37% of online shoppers have highlighted using social media for inspiration when they are ready to make a purchase.
- Around 60% of marketers are of the opinion that influencer marketing will enhance its importance in the next 3 years.
- Facebook advertising has crossed $25bn.
SOCIAL MEDIA STATISTICS
Social media is a pivotal section in the evolving world and is required from a personal and professional perspective. It allows one to be connected across the world and share their opinion immediately. Marketers have to look at this closely since the most used form of media allows them to be connected directly to the customer and also offer customized services.
The below image is an example of an individual presence on Social media:
(Source: Statistic Data)
- Prior year statistics highlight that approximately 50% of the world’s population (3.03 billion people) are on some form of social media
- Almost 90% of this sample is on Facebook, 83% on Linkedin and respective presence is also highlighted for Youtube, Twitter, Instagram, Google + etc.
- One individual can be present on multiple platforms.
- Marketers want to widen their reach through social media and thus will look at the penetration of the medium.
- Every form of media has its specialization e.g. Facebook connects Friends, Linkedin is for Professional connections, Youtube for sharing videos, etc.
- Depending on the product, marketers would like to divert their budgets more on such platforms where the maximum presence can be reached. It’s here that statistics will be utilized to understand the progress and chart out a plan for marketing the product to directly reach the audience.
P&G (Proctor & Gamble) is one of the established Conglomerates around the world with diversification into various products.
It’s essential for them to monitor their performance as they are operating on a massive scale.
- The below chart highlights the performance of overall P&G from 2010 – 14 and in comparison the Beauty Segment.
- The performance was identical in 2010 and increase in 2011 but the contribution of the beauty segment did not match the overall performance.
- There was a significant drop in the revenues of the entire firm throughout 2014.
- The beauty segment started incurring losses in 2013-14 amidst shrinking revenues.
(Source: Market Real List)
- It does appear that consumer spending has dropped during 2013-14 and beauty products do not seem to be a preference at this time.
- Marketers will require to modify their strategy by either reducing prices or bundling various services to revive the demand.
- A careful analysis of the internal and external analysis should be made to understand how the future is expected to unfold and how should they position themselves till conditions stabilize.
RADO INSTAGRAM STATS
Marketers have to monitor the performance of their products through online and offline platforms. Niche firms like Rado make use of Social media to attract last-mile customers across the world. This is an efficient way since they save on setting up a physical store at a specific location.
Below is an example of how Rado tracks its posts on Instagram to analyze its performance and how it should plan for the future:
- The above images show the number of Rado followers on Instagram and the total posts by Rado on Instagram. Both the trends are constantly increasing from Sept’18 to Jan’20.
- It’s not essential that all the followers are potential customers but it allows Rado to showcase a massive base. This will also improve the chances of converting customers as compared to having a physical store restricted to specific vicinity.
- Marketers also have to make sure that they constantly keep on posting updates on Instagram pertaining to new launches or any offers upgrades in the pipeline for them. This can create interests among customers. Specific updates to a given region should also be regularly posted.
Marketers have to follow the performance of the products with the help of statistics. It is used as a yardstick against which future strategies can be devised. However, these should not be viewed in isolation and independent research has to be considered which could be in the form of a PESTLE analysis (Political, Economic, Social, Technological, Legal & Environment). All these factors are dynamic in nature and the skillset of marketers will also play a crucial role in executing a superior performance.
- Social Media Business Value: https://www.omnicoreagency.com/digital-marketing-statistics/
- P&G Statistics: https://marketrealist.com/2015/07/procter-gamble-beauty-segment-sales-trail-overall-growth/
- Rado Statistics: https://www.trackalytics.com/instagram/profile/rado/