In-application marketing has grown by leaps and bounds, thanks to the prevalence of mobile devices. With more people utilizing gadgets connected to the internet, companies are now spending more of their marketing budget on mobile web advertising.
One strategy on the forefront of mobile advertising is in-app marketing. As the name implies, in-app marketing is anycampaign or message that’s specifically designed to appear within a mobile application while the consumer is using the app. Unlike emails or push notifications, which engage the consumer outside of the company’s app, in-app ads take advantage of the moment and hook customers in real-time.
Digital marketing strategies, like geo-targeting, are still important but brands and marketers believe that in-app advertising is the way forward. As a matter of fact, it has been estimated that global in-app revenue will reach $189 billion by 2020.
Worldwide in-app advertising and app store revenues of mobile apps and games in 2015 and 2020
Aside from the fact that in-app marketing is a money-maker, there are also otherbenefits to utilizing this strategy.
Benefits of Using In-App Marketing
Consumers Spend A Lot of Time on Apps
Brands should take advantage of the fact that the majority of smartphone users are spending a lot of time on apps. According to a 2017 US Mobile App Report, people are spending about87 percent of their time online on mobile apps compared to just 13 percent on the Web. This gives companies that use in-app ads an opportunity to focus on a large market, boost their brand visibility, and improve lead generation and conversion.
Higher Click-Through Rates
Another advantage in-app ads have over mobile ads is their higher click-through rates (CTRs). As it stands, CTRs for mobile web ads is at 0.23 percent while in-app ads are at 0.58 percent. In-app ads also perform 11.4 times better than conventional banner ads. This means that in-app advertisements not only raises lead generation numbers, they also help capture and convert these leads.
More Focused Targeting
Advertisements displayed in the brand’s application are designed within the app’s context, making them look natural and more organic. Many apps also opt for interactive formats, which gives advertisers the option to choose when it will be shown. This ensures a seamless transition for users. In contrast, other types of mobile advertisements, particularly pop-ups, can be quite disruptive. They interrupt the prospective consumer and could cause them to be annoyed, thereby dissuading them from making a positive decision.
Marketing inside company apps also gives advertisers a specific view of their target market due to geo-location data and the apps’ capacity to pull in the exact demographics. This increases the chances that the audience reached is aligned closely with the company’s advertising and marketing efforts. Highly targeted marketing also means that less money is wasted on consumers who are unlikely to make a purchase via the ad.
Ads are More Memorable
Research has shown that in-app ads are more effective because they’re more memorable when seen on the application. This is due to users being more engaged in the app right from the start, particularly in the social network and gaming niches. The personal nature of mobile gadgets, which people use during their leisure time, also gives people a more positive attitude towards brands they see advertising in-app.
With in-app marketing, marketers can move away from generalized ads and instead focus on ads that are designed specifically for the brand’s demographic. This marketing strategy also reaches a lot of people in a very short time, thereby giving brands more reach and higher ROI.
In the midst of the fallout of the Cambridge Analytica scandal, Facebook recently announced that it will put an end to its Partner Categories program. The move effectively cuts off third-party access to the social media giant’s data.
Facebook utilizes data from third-party data collectors to augment its own data pool for ad targeting. The company also allowed advertisers totarget consumers using data collated from several sources, including Facebook, the advertiser itself and third-party services like Acxiom and Experian.
Third-party data has been useful to companies and advertisers that do not have their own customer data. However, the Cambridge Analytica affair proved that Facebook has very little control over how these data collectors get their data, which makes using it is quite risky.
In a truncated statement attributed to Facebook’s product marketing director Graham Mudd, the company wanted to inform advertisers of its move to shut down Partner Categories, a feature thatallows third-party data providers to offer their targeting straight on Facebook. And while the company says it’s a common practice in the industry, they believe this step “will help improve people’s privacy on Facebook.”
The Partner Categories program started in 2013. It was borne by a partnership between the social media platform and big data brokers.
At the time of the program’s launch, the company assured its users that they’re very serious about privacy. But in light of what happened with Cambridge Analytica, it seems Facebook is re-evaluating its stance. Aside from the announcement about third-party access, the company has also updated its privacy control settings.
The move to restrict access to user data stems from Mark Zuckerberg’s promise last week. Facebook’s founder said in a post that the company has “a responsibility to protect your data, and if we can’t then we don’t deserve to serve you. I’ve been working to understand exactly what happened and how to make sure this doesn’t happen again.”
A lot of people find it challenging to use the different analytics tools at their disposal. But Salesforce hopes to change all that by making it possible for businesses to extract data by using conventional conversational language.
Salesforce has been developing and filling artificial-intelligence features into its system so that users will be able to utilize their marketing and sales data to the fullest. The company introduced Einstein Analytics in June 2017. Nowit has made improvements that allow the service to accept natural-language inquiries, thereby making it easier to use.
You type: “Show me top accounts by annual revenue.”
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Einstein Analytics does it.
Dubbed “Conversational Queries,” the feature recognizes popular phrases the user is typing and provides an automated method to develop queries and access data. For instance, a sales executive can type “show top accounts by yearly profit” into the Salesforce dashboard and it will immediately generate a report. Marketers previously had to set up the parameters and fields to get the data they need. Now Einstein Analytics can even suggest possible search terms to use, as well as the correct output vehicle, like a graph or a map.
Technical users have used similar tools effectively for building queries, but it does require extensive knowledge on how to extract the data you need and fashion it into a specific query. By simplifying the system and using plain language to make queries, morepeople can access key analytics.
According to VP of Product for Einstein Analytics Amruta Moktali, “Conversational Queries offers a new way to explore data and get answers to questions faster, eliminating clicks and the training required to create and drill down into charts.”
There’s no question that enterprise tech is focusing on improving AI and machine-learning but for certain services, like customer-relationship management, ensuring that people can use the technology without having to hire a data scientist or going back to school is more critical.
Salesforce’s Einstein Analytics is currently available in beta.
More and more brands are using live streaming to reach their audience and promote their business.
Companies like Facebook, Twitter, YouTube, Snapchat and, Twitch have invested millions of dollars to build and improve their own live streaming platforms. The idea isn’t exactly a brand new one, as it has been around since 2011. But when Facebook launched its Facebook Live feature in 2016, live streaming was brought to the forefront.
Live streaming has rapidly grown in popularity because of its low cost and its sense of immediacy that gives viewers the feeling of being part of the action. In fact, the video streaming market is expected to grow from $30 billion in 2016 to about $ 70 billion by 2021, which makes it important for marketers to understand why it has become popular and how to use it to promote their brand. Here’s some insight:
Live Streaming Gives Instant Gratification
Consumers don’t want to wait a long time to enjoy their “win,” whether this is a discount, deal, or information. Live streaming gives them the instant gratification that they crave, by allowing them to interact immediately with your content.
When users join a live stream, they can instantly start to participate in the commentary. Not only can consumers engage with the host, they can also communicate with others about the topic, the services, products, and other key content. Live streaming also gives the company instantaneous feedback regarding their content, thereby giving them an idea of the interest level of the product.
Live Streaming Humanizes Your Company
Businesses can use live streaming to give their customers a look behind-the-scenes. They can even introduce their teams or other employees this way. This helps give a human face to your brand and improve the relationship between your customers and you.
Live Streaming Reaches More People
Live streaming should be a key tool in your marketing campaign. Unlike email marketing, which only reaches people on your list, live streaming can generate leads from people you haven’t targeted. Word of mouth reviews or recommendations on social media can create interest in groups that the company wouldn’t even have thought of reaching out to.
There are endless possibilities with live streaming, and manycompanies have already integrated it successfully in their marketing campaigns.
One brand that was able to leverage live streaming effectively was Kohl’s. The retail chain introduced an instant purchase feature via a live stream during New York Fashion Week. Viewers who watched the stream also had access to the different clothing featured on the host catwalk. Kohl’s masterful integration of the product links to the live feed led consumers to view relevant items and closed some sales.
If you intend to use live streaming to promote your brand or eCommerce business, it’s important to be clear on what you want to achieve and what strategy you will use. Here are few ways to make the most of this marketing tool:
Product Demos:Many consumers don’t understand a product’s value until they really see how it is used. A live stream product demo can show audiences what they need to know about the product and answer their questions. Some companies have even closed sales moments after the release of a live stream demo. Brands with complex products should consider a live stream campaign to explain the principles behind their products.
Product Launches:Live streaming is a great way to launch new products or introduce additions to a product line. For instance, a handbag company can use Facebook Live to tease or showcase the new designs and colors of their spring collection.
Entertainment:Companies can live stream company rallies, debates, workout or cooking sessions, or concerts to provide clients with special entertainment. This can help boost a company’s popularity and image.
Q&A sessions:User-driven Q&A sessions can provide important and actionable data. It also gives brands an image of authority and credibility. These sessions can be hosted by an expert or an influencer. Getting a celebrity to appear will also be a big draw.
How-tos: How-to tutorials are one of the most successful strategies for content marketing, and using live streaming will boost this to a whole new level. For example, if you’re running an online bookstore, an author reading an excerpt from their upcoming book will attract a lot of views and attention.
There’s a reason why big companies like Coke and Chevrolet have utilized live-stream marketing campaigns. It engages customers quickly and introduces products effectively. Live streaming will continue to be a major factor in marketing, so it’s time your business jump on the technology and uses it to your advantage.
Mobile devices were named the leading digital platform in 2014, overtaking laptops and desktops. Since then, use of these gadgets just kept increasing. And even though some studies show the amount of time spent on mobile devices has gone down somewhat, non-voice mobile use in 2017 was still ahead of laptop and desktop use.
Reasons eCommerce Companies Should Focus on Mobile
Even though people are on mobile devices more often, companies didn’t put too much stock into using them to make sales. After all, most data showed that while people used their smartphones to check out products, most purchases were done on desktops, laptops, or tablets.
However, the tide is now changing, as last year’s Cyber Monday saw $2 billion in sales on mobile devices. Retail visits accounted for 37.6% of sales while 21% of sales were done on smartphones. Conversion rates on these devices were pegged to have increased by about 10% since the previous year.
Retailers have even morereasons to focus on mobile in 2018. Smartphones are expected to dominate this year, with about 36% of people around the world owning one. A large number of millennials are also foregoing computers and just using their smartphones to access the internet.
Companies are also expected to come out with better retailer apps that are designed to encourage more consumers to purchase. The rise in popularity of PayPal, Apple Pay, and Google Wallet for mobile will also introduce fast and seamless transactions.
3 Ways to Boost Mobile Sales
Now that mobile shopping is on the rise, at last, retailers have to decide whether they are really going to focus on this trend or not. Retailers that don’t want to miss out on the growing sales opportunities of mobile devices, will first need to find the bestways to boost mobile sales. Here are some suggestions on how to go about it:
1. Improve Mobile App Designs
Even though most retailers have their own mobile apps, they often have bugs or are not designed for wide-scale consumer use. Because of problems with the interface and functionality, the apps have low conversion rates. Consumers also are not inclined to keep using them. One study revealed that more than 50% of retail apps are used less than 10 times and that 15% of consumers don’t even use shopping apps.
There are several factors that consumers find off-putting with retailer apps. One is the limited visibility they have when checking product images. Push notifications also tend to interrupt shopping time and many apps crash or freeze when the user gets a phone call or text message.
2. Optimize Websites for Mobiles
Companies that have not optimized their websites for mobile viewing miss out on sales opportunities. Consider the fact that 87% of shoppers would first look for the product online before going to the store. About 79% of shoppers actually check a product online while on the store’s premises and 35% after leaving the store. This is an issue that companies should take seriously, particularly as mobile traffic is expected to overtake desktop traffic in the first quarter of 2018.
Therefore, companies should make sure that their websites are optimized for mobile devices. One important factor that should be considered is the site’s layout and how it reacts to various screen sizes. Retailers should also take steps to minimize customer frustrations and mistakes. For example, offering alternative ways to input choices, like drop-down lists or tick boxes, will make for a more fun mobile shopping experience.
3. Offer More Payment Options
Giving consumers more payment options will also help boost mobile sales. Countries like China have already embraced mobile wallets and payments, and companies who want to tap into such a rich market should make sure they offer that particular payment option.
The increasing popularity of mobile payment apps like Android Pay, Apple Pay, and PayPal is also expected to result in people relying solely on their smartphones when they go shopping. Offering customers various payment options can also expand a company’s reach to the millions of shoppers who use alternative payment systems.
With Twitter’s ad revenues struggling, the company has set its sights on data licensing.
Twitter has seen some positive changes in its user engagement recently. But despite that, the company’s ad business is still floundering. Data has shown that the company has been gaining ground with daily active users (DAUs), with the group clearly outpacing the modest growth of monthly active users (MAUs). However, Twitter still hasn’t managed to turn this growth into revenue.
For a while, Twitter was hopeful that President Donald Trump’s affinity for the social media platform would provide some much-needed boost. But it quickly became apparent that that wasn’t going to happen.
Martech Today described Twitter’s dilemma as a Goldilocks paradox. The platform has a huge user base, just not big enough to generate the revenue it needs. Though it’s great for real-time marketing and event promotion, its targeting is less effective than competitors like Facebook and many advertisers tend to view it as more of a news publisher rather than a social media platform. Because of this, Twitter’s has seen a year-over-year decline in ad revenue.
Luckily, Twitter has something good going for it—a massive data catalog that spans more than a decade. With such a goldmine at its disposal, the company has already taken the first steps to growing its data-licensing business.
Twitter is presently offering a new set of APIs that will give small developers access to its data. But instead of costing thousands of dollars like its enterprise APIs, this new set will cost about $149 a month. One of the tools Twitter is offering in this set is historical search. Developers will be given access to the previous month’s tweets. Eventually, they will have access to tweets dating back to 2006. Developers will also be able to see more tweets and make more complex requests more often.
It’s a smart move for Twitter, as its data licensing was responsible for about 15% of its recent revenue. The plans to offer more affordable API packages and its decision to work more with small developers might just be what Twitter needs to remain profitable next year.
Influencer marketing is more than just a marketing buzzword these days. More companies are utilizing this marketing method to boost sales and grow their brands.
For those still confused about what influencer marketing is, it’s simply the act of promoting or selling products or services via influencers, or people who have the ability to affect a brand. Where the main influencers before were celebrities and industry leaders, today’s influencers are more varied. Nowadays, top brands are seeking out bloggers, food critics, makeup mavens and celebrities who rose to fame on platforms like YouTube and Instagram.
Brands that Benefited from Influencer Marketing
Influencer marketing provides a lot of benefits. Brands can reach the relevant demographic and enjoy high levels of engagement. It’s also affordable and can help retain a brand’s authenticity. Numerouscompanies have already successfully leveraged these people to give their brand a boost.
Clinique for Men
Clinique is renowned for its hypoallergenic skincare for women. When the iconic cosmetic company launched a men’s line, they raised product awareness by partnering with a disparate group of male influencers from various professions. These influencers consisted of filmmakers, outdoorsmen, stylists, and lifestyle bloggers, each representing a group of men who would be interested in using Clinique for Men. Every post used in the campaign was unique and defined the influencer. For instance, surfer Mikey de Temple posted a photo of himself wearing his surf gear, with his surfboard in the background, along with a Clinique product.
Clinique’s campaign was golden for several reasons. One, the company’s choice of influencers were so diverse that it expanded the product’s reach. Also, the posts integrated the product smoothly into a setting that was so natural to the influencer. This helped create a more organic interest in Clinique’s men’s line.
Fashion Nova
One brand that has truly embraced influencer marketing is Fashion Nova. According to the company’s founder and CEO, Richard Saghian, Fashion Nova is a viral store that works with 3,000 to 5,000 influencers. Its aggressive marketing efforts rely on lots of model and celebrity influencers, like Kylie Jenner and beauty vlogger Blissful Brii. The former has 93.8 million followers on Instagram while the latter has 93 thousand subscribers on YouTube. These two influencers alone have garnered millions of engagements, likes, and comments for the company.
While other brands go for low-key but very relatable influencers, Fashion Nova went for the celebrities. While this will obviously net a company high-levels of engagement, it can also be costly. But as Fashion Nova has proven, it’s a worthwhile investment.
Lagavulin’s Whiskey Yule Log
This is a magnificent example of how an influencer marketing campaign made a product culturally relevant to a generation. Young people might not have a taste for single malt whiskey, but Lagavulin’s 2016 campaign featuring Nick Offerman changed that. Offerman’s iconic Parks and Rec character, Ron Swanson, is known for his love of whisky. Lagavulin’s 45-minute video took inspiration from YouTube’s yule log videos and simply showed Offerman quietly sipping and enjoying his whiskey next to a fireplace.
The campaign was a success because Lagavulin found the perfect influencer for its brand. Offerman’s character proved to be a critical match for the target audience. As a matter of fact, the campaign was so good that it won an award for Best Influencer & Celebrity Campaign.
Zafferano
Zafferano does not have the same name recall as Nobu or other famous restaurants. But this Singapore-based establishment is a prime example of how social media can be used to boost audience engagement. The company tapped 11 Instagram influencers who are popular in the lifestyle and food category. They invited them to the restaurant for a special meal and in turn, they shared photos of the dishes on Instagram. The influencers also described the dishes and their dining experience. Details like price and availability were also included.
Zafferano’s campaign is notable because of the experience it created for the influencers. This, in turn, helped them come up with authentic and sincere reviews. Since the campaign had such a genuine feel, it encouraged followers to interact and engage with the posts.
Zara
Clothing powerhouse Zara was one of the most profitable companies in 2015, and that’s partly because of its successful influencer marketing campaign. The company’s social media marketing campaign got some help from several top fashion-forward Instagrammers. The Instagram posts shared by these popular influencers showcased Zara’s clothing lines and their followers used these photos to get ideas on what’s currently trending as well as tips on how to work a particular style.
Zara’s campaign was a success because the company handed the control over to the fashion influencers, the people that customers looked to for fashion advice. The content that was used in the campaign was subtle and useful, which made it even more valuable to the influencers’ thousands of followers.
The number of email users have grown exponentially over the years, and there’s no sign that it will be stopping in 2018. Studies have shown that almost 90% of American consumers use email, and 65% or more have bought something online due to promotional emails.
This means the future of marketing relies on data-boosted content marketing. If you want to keep up with your competitors, you should watch out for these email marketing trends that are expected to dominate next year.
Increased Interactivity Inside Emails
Marketers forecast that emails will show increased interactivity in 2018, with the goal of making them fun to read so engagement rates are increased and bounce rates reduced.
One of the best ways to do this is to enhance emails by including image galleries, quizzes, GIFs, countdown timers, and add-to-cart capabilities. Quizzes and GIFS will lead to increased customer footprints while countdown timers create a feeling of urgency that will push recipients to take action within a stipulated time-frame. Meanwhile, including an add-to-cart function will shorten shopping time and enhance brand experience.
Email Marketing Programs Backed by Artificial Intelligence
It’s a given that artificial intelligence (AI) and machine learning technology will be a big part of the future. As a matter of fact, numerous tech companies have already invested heavily in developing AI technology that will make lives easier. Email marketing is one area that will reportedly benefit from machine learning.
It’s expected that machine learning programs can assist companies and email marketers by suggesting ways on how to better segment email lists, incorporate product recommendations and design more personalized emails that target specific customers.
Rise of More Plain-Text Emails
The trend of using HTML-powered email templates with images is over. Instead, 2018 will see the rise of plain-text emails. Researchers have found that this style of email is more effective than the HTML ones. Marketing campaigns using plain text emails have been found to have higher delivery and open rates, as well as better engagement numbers.
Marketing specialists have theorized that plain text emails look the same across various gadgets and look more personal. Recipients don’t have to open a browser to read a plain-text email. They’re also easier to format for mobile devices.
Mobile Becomes a Priority
More than half of emails are opened on a mobile device, and 2018 is expected to be the year when emails will be designed with mobile formatting as a priority.
Graphic via superoffice.com
Pretty soon, companies will be obligated to have a responsive design when it comes emails. This trend won’t be limited to emails though. Subscription forms will also become more mobile friendly while articles will start wrapping up their content with an email signup form to boost conversions.
Increased Significance of Gmail and its Subscriber-Level Filtering
Gmail is becoming the primary inbox provider for a lot of companies. Therefore, most customers on subscriber lists have a Gmail address. But due to Gmail’s system of filtering email, it becomes imperative for businesses to think about how it will be placed in the inbox.
In order for marketers to optimize clicks, opens, and conversions, they have to pay more attention to who they are emailing and how they’re sending their email.Questions like whether the subscriber is actively receiving and interacting with the email and whether they have economic value should be answered. Likewise, the frequency of emails sent, the order, and even the time that they’re sent becomes more significant.
However, the upcoming year will see more companies using more robust analytics to optimize results and foregoing conventional rules like not sending mail to those who haven’t clicked or opened an email in the past three months.
The year 2018 will see more emails that are deeply personalized and utilizing advanced automation technologies. The integration of AI and machine learning will also help marketers to harness the power of email marketing and use it to further their business.
The marketing industry generates billions of dollars every year. After all, every company needs ads and various marketing strategies in order to reach their target consumers.
Forrester, a leading market research company, even said that by 2021, digital marketing costs will reach $120 billion. Unfortunately, about half of ad traffic is created by bots. It’s a decidedly dishonest practice, especially when you consider how much money companies put out just to reach prospective clients. But this practice might soon come to an end once businesses have a greater capacity to focus on specific customers.
Graphic via Techspot.com
It’s a good thing then that digital marketing is very dynamic and open to change. It easily adapts to new technology and the shifting perceptions of customers. At the moment, there’s one tech advancement that has the potential to change digital marketing (and the world) like never before – the blockchain.
What is Blockchain?
Blockchain might seem too technical for most people to fully grasp, but it’s a fairly simple concept. The technology is essentially a public ledger that stores and distributes data. More importantly, everyone that uses blockchain can see and share all its data and by doing so, each user plays a role in keeping it updated and transparent.
The system works by keeping data stored in a chain-like pattern and the transaction history is stored in “blocks.” Information stored in a blockchain can only be added to. It can’t be changed or copied. If someone were to attempt to change the history or hack the system, the ledger would have to be updated on all the users’ computers. Considering the number of users in a blockchain, this would be almost impossible to do, making the service very secure.
How Will it Impact Digital Marketing?
Blockchain is often linked to cryptocurrency. It’s decentralized nature, the freedom it offers, and heightened cybersecurity features makes it perfect storage for virtual money. However, blockchain also has a major impact on digital marketing.
It Will Take Out the Middleman
There’s always a middleman in digital marketing which means businesses only get half the value of what they have paid. Blockchain can do away with these intermediaries and help create better value for marketing campaigns.
Graphic via Linkedin.com
With a blockchain, companies can forego the ad buy process and just target their prospective customers directly by paying them to view the ads. Businesses can use “microcurrencies” that customers can avail of once they’ve proven that they have watched the ad. The Brave browser has already started this, using their Basic Attention Token (BAT) to ensure that companies only pay for the ads that have been viewed by a real person.
Trust is Built With Transparency
One concern that companies have with online advertising is that it’s virtually impossible to know if the stats provided are accurate. There’s no way to check if the counted site clicks or followers are real customers, or even real people, for that matter. After all, ad companies can hire “clickers” or use bots to boost ad stats so distributors can charge higher fees.
Blockchain will definitely have a significant impact here. Since the system is encrypted and transparent, companies can easily check if those viewing their ads are part of their target audience or not.
Improves Accountability
There’s nothing more disheartening than spending your hard earned cash on a counterfeit product. Blockchain can lessen the odds of this happening by improving merchants’ accountability in every step of the supply chain.
Blockchain’s vaunted digital ledger system enables transparency that cannot be tampered with. Customers can check details like where the product came from, if it’s legit or fake, whether it’s bought from a physical store or an online action. Simply put, blockchain empowers the customer and improves their buying experience.
There’s no question that the idea behind blockchain is a powerful one. The technology has the potential to impact cryptocurrency, digital marketing, and customer experience. The system is still in its infancy but is expected to see significant growth in the coming year.
Companies have to fight tooth and nail to get their message across these days. And while content marketing still has its place, influencer marketing is the new trend, particularly with the ubiquitousness of social media.
The siteRelevance likened influencer marketing to “celebrity endorsement advertising,” when Nicole Kidman could plug Chanel #5 or Leonardo di Caprio could extol the virtues of just about any product in commercials and magazines. Influencer marketing is basically the same thing, except that these days, you use “influencers” and social media.
How Does Influencer Marketing Work?
Influencer marketing basically boils down to three things – get in touch with someone with influence, like a popular blogger, get that person to promote your company in some form, and boost your exposure on social media.
Let’s say there’s a lifestyle maven named Party Pat with about 5,000 people following her on her blog and Instagram. You were able to convince Pat to help promote your online bookstore among her followers. She first blogs about her favorite books and mentions your store as her go-to place for ordering books. She later tweets or posts a photo of the latest book that she acquired and mentions how she easily ordered it from your shop and that it arrived in just one day. Her casual mentioning of your store and her experience could prompt her followers to check out your site as well.
The example might sound simple but it’s actually not. It entails a lot of hard work and preparation. First, you have to find an influencer who’s a good fit for your brand, whether they’re bloggers, YouTubers, writers with regular contributions to popular online sites, or industry experts. Next, you have to reach out and build a rapport with said influencer. Some do this by following the influencer and interacting with him or her while others do it the relatively old-fashioned way and send an email.
If the influencer does respond, you still have to find a way to convince them to promote you. Maybe you can send a sample product or offer to be a guest blogger. Offer compensation is possible but could also be tricky. You have to convince and prove to the influencer that it’s good for them to help you out. This means that if you’re going to guest post, your content should be impeccable. If you’re going to send a sample product, it should be high quality.
3 Tips for Using Influencers
If you are convinced that influencer marketing will help you and your brand, consider the following tips:
Know that the relationship between the brand, the influencer, and the audience must be real.
Influencers have a strong following on social media because they capture their audience’s interest; they have established a relationship with them. Maybe they’re the same age as their audience, have the same interests, or have undergone the same life experiences. This strong relationship with their followers means influencers will only work with a company or brand that they and their audience believe in. For example, an influencer known for her quirky and affordable style of clothes won’t suddenly start campaigning for a high-end shoe brand.
Be ready to play long-term.
Don’t go into influencer marketing thinking that one sponsored post will shore up your business. While a one-time mention by a mega-influencer can make a big difference, it’s a rare, and very expensive, situation. Most of the time, influencer marketing should be looked at as a long-term approach, as you have to slowly build trust among the influencer’s followers. Followers might have to see his favorite influencer trying or mentioning your product several times before they become curious enough to explore and give your brand a try.
Give creative control over to the influencer.
You might have complete control over your marketing strategy when it comes to traditional advertising, but influencer marketing is far from conventional. The goal is for your brand to have a quality engagement with the influencer’s audience. To achieve that, you have to relinquish creative control to the influencer, as they know their audience. They understand the best way to introduce your brand and make their followers receptive to it.
Does Influencer Marketing Work?
There’s some controversy on whether or not influencer marketing really works.Data from a 2016 marketing survey has shown that 94% of those who used this marketing strategy believed it works. However, what the ROI is of influencer marketing is still something of a challenge this year. But there’s no question that this strategy has wide reach, especially with Facebook and Instagram being key platforms for influencer marketing.
Influencer marketing might not be for every company, but there’s no doubting its influence on today’s social media savvy consumers.
Digital marketing might have already passed its peak and is currently on the downslide. In the future, it’s likely that robots and machine-learning will dominate the advertising sphere, which would make human intervention almost irrelevant.
Nevertheless, it appears as if its death is greatly exaggerated—in the near future at least. The rise of eCommerce, as brick and mortar stores are closing at a rapid pace, does highlight the need to hire a digital marketing agency to drive traffic to your site, and more importantly, convert this traffic into sales.
You might say, “I can do this myself. How hard can that be?” This has to be one of the most common phrases uttered by businesses before quickly realizing their mistake when their self-initiated marketing strategy goes down in flames.
If you do decide to hire a digital marketing agency, here are seven tips in choosing one:
1. Narrow Down Your Goals
It’s going to be hard to craft a focused digital marketing campaign when you don’t know what your targets are. Do you have a specific amount of monthly traffic in mind? Do you want to land among the top results in search engine pages? Do you want a data report to determine where you are in your industry? It’s important that the digital marketing agency is able to provide you with all of these options.
2. Don’t Get Too Hung Up on Price
Sure, price is definitely going to be a factor when hiring somebody to handle your marketing campaign, especially if you are on a tight budget. But this should not be a deal-breaker. Avoid making the mistake of hiring somebody because they are the cheapest when they bring little value to the table.
3. Look for Someone You Understand
If you walk out more confused than when you walked in, it’s time to walk away and never look back. Be wary of
agencies that can’t give you straight answers to simple questions, or try to regale you with technical terms and jargon without really explaining anything.
4. Don’t Forget the Expert
Executives like to talk to fellow execs, and that’s understandable. During meetings, you are likely going to talk to the top honchos of the digital marketing agency. But really, they are not going to be the ones who will do the heavy lifting.Try to find the one who will be assigned to your account and deal with that person directly.
5. Vet, Vet, Vet
Always take their word at face value. When you hire your employees, you always ask for their CVs and conduct extensive background checks. It’s the same with digital marketers who have to prove their capability to handle your account. Ask for references and talk to those clients personally. Would they recommend the company to you?
6. Look Forward to the Future
You have to grow with the digital marketing agency. Bestraightforward with each other in the effort to boost your numbers. You need somebody who will think of your company as a showcase of their best practices, and not just a means to earn a profit. If the agency doesn’t return calls immediately, you could be down the totem pole in terms of their priority.
7. Check Your Ego
Some executives and supervisors are too proud to admit their ignorance. If you can’t understand what the digital marketing agency is saying, just ask. If you want something done but you’re not sure how to do it, collaborate. The success of the marketing campaign should not be the sole responsibility of the third-party provider. This is your business and you, more than anybody out there, has the biggest stake in the outcome.
The challenge for businesses is how to interpret and break down big data in a manner that is easily understandable not just from top to bottom of the organization, but also for their clients as well. This is where data visualization comes in.
The internet—or at least Google, Facebook, Microsoft, and Amazon—hold about 1,200 petabytes, or about 1.2 million terabytes, of data. There is no way human beings can process this amount of information without breaking them up into cute visual presentations that will explain the small and big picture.
There are actually data visualization software apps available on the market today that automatically interpret, find patterns, cross-match results, and provide context. This gives businesses a macro and micro view of the situation so they can make changes accordingly.
Below are some of the benefits of employing data visualization for your organization:
1. Optimizes Performance
People process information morequickly through visual presentation. All of your sales, performance benchmarks, and analytics can be arranged in interactive maps, which can easily be interpreted even by your customers.
This is certainly better than giving your rank and file a thick book with a ton of numbers in Word or Excel format. These software applications have the capability to pinpoint weaknesses in the workflow that may affect day-to-day operations. Client demographic and marketing statistics are laid out in easy-to-understand graph, chart, cartogram, geospatial, or histogram format. Using these visuals, you can easily determine dips and highs in your performance over the past weeks, months, or even years.
2. More Comprehensive Report
Since the dawn of time, civilization has processed its environment through the senses, particularly the eyes. Presenting relevant company data through data visualization will give everybody a more comprehensive picture of the company’s present situation against its goals. It also prevents redundant tasks, as personnel can immediately see if a specific task has already been accomplished or not.
Some companies evenallow those in the frontlines to make changes in the data based on the information they cull from the field. This includes updating old data, correcting erroneous stat, and others.
3. You Can Optimize the Potential of Visual Learners
The University of Alabama in Birminghamsays more than six out of 10 people in the U.S. are considered visual learners. It has been proven in studies that people have different learning styles. Some people learn better while listening, others perform better through reading, while a majority prefer to see data in the form of visuals. With over half of the population being visual learners, the only way to optimize their capabilities is through data visualization.
4. Communicates Core Message Better
Among the videos that went viral in 2016 were commercial ads from Nike, Samsung, and Shell. This underscores the importance of visuals for companies to drive home a point. The use of data visualization will onlysee more positive changes in the years to come. Blue chip corporations already have their entire IT department devoted to making use of the technological advancements to promote the brand through social media platforms such as Facebook, Twitter, YouTube, and Snapchat.
5. Real-Time Updating of Data
Unlike weekly, monthly, or quarterly business reports, data visualization software allows synchronization of your data with real-time updates. You no longer have to base your decision on old metrics when new numbers are constantly coming in. For instance, if your office in Seattle is struggling, you can immediately study whatever statistics are at your disposal to find the reason why. You can implement solutions immediately and address the problem before it becomes worse.
When it comes to digital marketing, content is still king. Content marketing comprised 20.3% of the digital marketing techniques implemented so far in 2017, although big data (crunching numbers to reveal buying patterns, for instance) is quickly gaining a foothold in online commerce.
The point is, businesses that still do not see the significance of digital marketing to boost their presence and revenue will end up being left behind by the competition.
According to a report fromStatista, digital ad spending in the U.S. is expected to grow to $118 billion in 2020 from just a shade under $60 billion in 2015. That’s more than double in just five years. In the global scale, the amount is expected to reach over $250 billion by 2018.
Here are just five of the digital marketing trends to watch for this year:
1. AR & VR Technology
The potential of augmented reality and virtual reality in business applications has never been more promising. After the gaming industry latched on to the new technology to enhance the user experience for gamers, developers have released apps that can help boost businesses. For instance, architects can make use of AR to give clients a virtual tour of what the finished product would be like. In digital marketing, businesses can exploit VR to help customers get a better picture of their vision more than any other type of messaging could.
2. Live Videos
Facebook Live and Snapchat Videos are just some of the platforms that can be exploited by digital marketers. Video content will dominate the scene in the next few years with Cisco predicting that 80% of consumer internet traffic by 2020 will be cornered by videos. Meanwhile, Facebook Live is growing 94% each year in the U.S. with eight billion views daily.
Facebook was embroiled in a scandal when its video platform was used to broadcast several violent attacks, which prompted founder Mark Zuckerberg to announce the hiring of 3,000 more people to police the platform of any offensive content.
3. Apps for Data Visualization
Applications like Data Hero, Tableau, Dygraphs, and Visual.ly have been helping digital marketers package big data for easy consumption not just for businesses but the consumers as well. This is not exactly a new trend. However, for this year, it’s projected that businesses will make sure to exert more effort in using these tools to interpret the facts and figures at their disposal.
4. Viral Videos Won’t Go Away Anytime Soon
Last year, Samsung was the big winner after three of its video ads went viral. By December 2016, they already had almost 500 million views total. Viral marketing will continue to be an effective tool for brand recall. Google’s new updates, particularly on placing more importance on the social status for ranking, will really benefit businesses that invest in quality content. The downside is the short lifespan of viral video marketing. The trick is when to increase engagement, boost traffic, and convert them into income before interest wanes.
5. Content With Short Shelf Life
Businesses might dismiss expiring content as an effective means to build on the brand. After all, Facebook Stories or Instagram Stories only stay for about 24 hours before they are no longer seen again. Of course, this concept was copied from Snapchat, which has a similar feature. Digital marketers arebasically exploiting the “fear of missing out,” which is human nature. Nobody likes to be the odd man out when everybody is talking about the latest video or when they grab the latest product, which is the reason why Kylie lip products sell like hotcakes even if they don’t really offer anything new.
We all know that online shopping behavior is tracked in order to increase sales, but what about the behavior of brick and mortar shoppers? The Global Director of Marketing for IBM Watson Internet of Things (IoT), Scott Neuman, points out that gathering data about a shoppers activity in a physical retail store is just as important as it is when the customer is shopping online.
Capturing Offline Shopper Data
“Over the past decade we have seen many advances in online retailing ranging from dynamic pricing to predictive buyer behavior, all with the goal of providing better service and driving increased revenue,” notes Neuman. “All of this has been achieved through the creative use of data captured through the experience. But have in store experiences kept pace with the online experience? Is the in store data that is being captured falling into a black hole? Is the potential data being captured at all?”
Neuman suggests that just like how retailers track their online customers, knowing what products are viewed and in what order, physical stores could and should do the same in order to increase the bottom line. He says that by adding RFID tags on each item in the store, a retailer can track the movement of shoppers and know what order they put products into their carts.
Adjusting In-Store Marketing Based on In-Store Behavior
You can also know how long customers browsed in the vicinity of certain products. Neuman says that with this data retailers should ask, “What made them move on? Was there more you could have done with the display? Was the price point wrong?”
Using IoT data a retailer can “correlate the current flow of customers with check out receipts” in order to adjust in-store promotions with in-store data. “Much the same way online retails can track a customer’s digital journey of page views and their shopping cart at checkout,” said Neuman. “Then you can tease out where opportunities lie to not only increase sales, but increase customer satisfaction.”
How Will the Internet of Things Impact Marketing?
IBM’s IoT marketing director was recently asked how will the Internet of Things impact marketing. “It really comes down to the data that’s available to marketers,” said Neuman. “When you think about the sensors and what they are connected to, reaching out to where customers are and where they are making decisions, that’s really the nirvana for marketing!”
The IoT revolution is an “explosion of data” that is a significant opportunity for retailers, but also an extreme challenge. “How do you make sense of all of that?” asks Neuman. “That’s where technology really starts to play a role.”
Facebook sees a huge opportunity to become the marketing platform of record for businesses seeking to reach consumers and other businesses to promote cross-country sales. Facebook is uniquely positioned as both a social platform and a marketing platform that has an astounding 1.7 billion monthly active users, one-fifth of the entire world’s population. By 2018, according to eMarketer in an April report, overall internet users are predicted to grow 30% to 3.82 billion. If Facebook grows at the same rate which seems likely, they will have over 2.2 billion active users in less than 2 years!
According to a February 2016 study by McKinsey Global Institute, 361 million people worldwide have participated in cross-border ecommerce. This is a growing and huge opportunity for Facebook, finding ways to make international ecommerce seamless and practical for businesses. Internal Facebook data shows that nearly 50 million businesses use Facebook to find customers, and 30 percent of their a businesses Facebook followers fans are in fact from other countries.
Australia has a population of 24 million with over 21 million using the internet and of those one-third, or 14 million are active on Facebook. On average, people are checking their Facebook feed 14 times a day, making Australian’s an especially reachable target for cross-country businesses. They say that 92% of students below 25 years old access Facebook on a daily basis.
Brazil
Brazil has over a 113 million internet users, 80 million digital shoppers and 49 million smartphone users. According to Facebook surveys, over 70% of users want to receive offers and information about brands and products.
Canada
Nearly 30 million Canadian’s are on the internet and over 21 million of them are on Facebook. According to Comscore, 29% of all time spent on mobile properties in Canada happens on Facebook.
France
Close to 50 million people in France are on the internet and 31 million of those are active on Facebook. One survey showed that 25% of internet users considered Facebook as one of their favorite platforms for discovering
new content/ products or services.
Germany
Germany has 29 million active Facebookers and 82% of all internet users in Germany say that Facebook is their favorite social platform. Over 32% of Germans say they use Facebook while watching TV. There are big marketing opportunities for sports related businesses in this country, with 10 million soccer fans using Facebook.
Malaysia
Malaysia has a population of 30 million, 20 million of them are on the internet and nearly all internet users, 18 million, are active on Facebook. In Malaysia, the internet is Facebook!
Thailand
Less than half of the 68 million people in Thailand are even on the internet, yet Facebook says that it has 40 million monthly active users there. It’s total ecommerce spending is around $1 billion, leaving substantial room to grow considering the population. Over 95% of people in Thailand use at least two devices and a third use three: a smartphone, a tablet and a desktop or laptop.
Philippines
Almost all of the people on the internet in the Philippines are on Facebook, over 50 million with 1.2 more time spent on Facebook than TV, according to a Reach study commissioned by Facebook. Over 70% of internet users have seen or searched for product information on Facebook.
United Kingdom
Most people in the UK are on Facebook, over 51 million of them, and 37 million of those use Facebook. With the UK’s ecommerce market expected to hit $132 billion by 2018, this is one of the world’s biggest marketing opportunities for businesses.
United States
The US has over 200 million Facebook users, close to 77% of everybody on Facebook. The ecommerce opportunity for businesses will be nearing $500 billion by 2018 and Facebook is routinely used by US brands to promote their products.
Facebook has added a feature within their Lookalike Audiences tool that helps businesses reach target customers in new countries who are similar to their existing ones. With the tool, a business can upload a list of leads or their current customers and Facebook will find potential similar leads. Prior to today, this was not available cross-country.
With the Lookalike Audiences tool, marketers can find potential customers to target their Facebook ads, now to many countries, based on:
People who like your Page
Custom Audiences derived from email or phone numbers
Custom Audiences created from website or app data
Similar location
Age
Gender
Interests
Facebook sees this as primarily a mobile advertising opportunity, where the majority of its ad revenue now comes from. According to an August 2016 eMarketer report, by 2018 there will be an estimated 2.3 billion people worldwide accessing the Internet via mobile devices. Facebook is one of the few platforms on earth that can market to almost all of these people, excluding Communist China. Although, Mark Zuckerberg is not giving up on China, having started his personal quest to learn Mandarin Chinese in 2010.
“On mobile, and on Facebook, people engage with the things that matter to them, even in other countries,” posts Facebook. “More than 1 billion people on Facebook are connected to at least one business in a foreign country, and 1.57 billion people visit Facebook monthly on mobile. In the US, 60% of people on Facebook are connected to a business in a foreign country.”
Facebook has also added extended location targeting capabilities, where advertisers can expand their website conversion or mobile app install targeting objectives to a worldwide region or trade zone. Facebook says it will “optimize delivery to the countries with the greatest return.”
They have added training tools as well to help businesses get started with global marketing including webinars and a handbook.
In a reversal of previous pledges, WhatsApp is going to begin sharing data with Facebook in order to connect accounts, detect spam and improve ad targeting. This includes sharing your phone number and usage information for Facebook’s internal use, but not sharing any actual texts, since they are encrypted and neither Facebook or What’s has access to them.
WhatsApp is giving existing users 30 days to grandfather themselves into not sharing their data with Facebook. After that all users will be subject to their new Terms and Privacy Policy.
Here’s how WhatsApp describes the sharing of data with Facebook in the new Terms:
We joined the Facebook family of companies in 2014. As part of the Facebook family of companies, WhatsApp receives information from, and shares information with, this family of companies. We may use the information we receive from them, and they may use the information we share with them, to help operate, provide, improve, understand, customize, support, and market our Services and their offerings. This includes helping improve infrastructure and delivery systems, understanding how our Services or theirs are used, securing systems, and fighting spam, abuse, or infringement activities.
Facebook and the other companies in the Facebook family also may use information from us to improve your experiences within their services such as making product suggestions (for example, of friends or connections, or of interesting content) and showing relevant offers and ads. However, your WhatsApp messages will not be shared onto Facebook for others to see. In fact, Facebook will not use your WhatsApp messages for any purpose other than to assist us in operating and providing our Services.
WhatsApp is seeking new ways for its users, especially businesses, to utilize WhatsApp which will open up additional magnetization opportunities in the future. They are exploring the use of WhatsApp in business transactions with customers related to online orders and sales, appointments and reservations, delivery and shipping notifications, business updates to customers related to their products and services as well as integrating WhatsApp in company marketing.
“For example, you may receive flight status information for upcoming travel, a receipt for something you purchased, or a notification when a delivery will be made,” posted WhatsApp. “Messages you may receive containing marketing could include an offer for something that might interest you. We do not want you to have a spammy experience; as with all of your messages, you can manage these communications, and we will honor the choices you make.”
“But as we announced earlier this year, we want to explore ways for you to communicate with businesses that matter to you too, while still giving you an experience without third-party banner ads and spam,” added WhatsApp.”Whether it’s hearing from your bank about a potentially fraudulent transaction, or getting notified by an airline about a delayed flight, many of us get this information elsewhere, including in text messages and phone calls. We want to test these features in the next several months, but need to update our terms and privacy policy to do so.”
“We’re also updating these documents to make clear that we’ve rolled out end-to-end encryption,” they said. “When you and the people you message are using the latest version of WhatsApp, your messages are encrypted by default, which means you’re the only people who can read them. Even as we coordinate more with Facebook in the months ahead, your encrypted messages stay private and no one else can read them. Not WhatsApp, not Facebook, nor anyone else. We won’t post or share your WhatsApp number with others, including on Facebook, and we still won’t sell, share, or give your phone number to advertisers.”
“But by coordinating more with Facebook, we’ll be able to do things like track basic metrics about how often people use our services and better fight spam on WhatsApp,” the company stated. “And by connecting your phone number with Facebook’s systems, Facebook can offer better friend suggestions and show you more relevant ads if you have an account with them. For example, you might see an ad from a company you already work with, rather than one from someone you’ve never heard of.”
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half,” said marketing pioneer John Wanamaker in the early 1900’s. That is why CRM software was invented and why it is used by every serious marketer. In today’s “Big Data” World, enterprises are making not just marketing decisions, but almost ALL decisions based on data analytics.
“Big Data holds the potential to describe target customers with an accuracy and level of detail unfathomable only a decade ago,” said Jean Spencer on the SalesForce blog, who is a Product Marketing Manager at Microsoft and was previously the content marketing manager at Kapost. “While old-school marketing efforts were limited to things like tracking returns on direct mail campaigns, or number of subscribers to newsletters, modern marketers can have data on people’s exercise habits, digital clicking behavior, time spent on various sites, purchasing history, personal preferences based on social media postings, time awake, time spent in the car, caloric intake, and almost anything else you can imagine.”
SalesForce is at the epicenter of data, marketing and sales. They offer this overview of the concept:
Using Data To Make Better Marketing Decisions
A report by the Aberdeen Group says that 44 percent of executives are dissatisfied with the analytic capabilities available to them and that they often make critical decisions based on inaccurate or inadequate data. That was in 2014 and fortunately CRM has improved dramatically since then and executives are now typically integrating CRM solutions into their marketing platforms.
“No longer do we rely on conclusions based on vague and imprecise relationships such as “we advertised last week and sales increased so it must have worked” or the common one that I’ve heard many times, “the objective was awareness and clearly many people are now aware of us”, said Gerald Chait who is Director/CEO of Marketing By Objectives. “In today’s world, this just does not cut it anymore.”
Chait added in a blog post, “Gone are the days when we would define roughly segmented target audiences and place an ad hoping someone would purchase something. Today’s marketing enables us to identify who to work with to make a sale, right down to the individual level. What’s more, we can personalize and customize our advertising and messaging to each specific person, no matter how many people there are. We can even customise and personalize website pages depending on who’s viewing them.”
It’s often referred to as predictive marketing, gathering data to learn what is working and what isn’t using precise analytical strategies and technologies in order to finely tune your marketing.
“Predictive marketing is the application of predictive technology to the entire marketing process, across the entire buyer’s journey, and across every channel of communication,” says Eli Snyder, Associate Technology Director of Strategy at Intelligent Demand. “It means not only having predictive insight into the future through predictive analytics, but also using that insight to make better decisions about who and how to engage, and then build better content, campaigns and programs.”
“In order to execute your marketing strategy in the most effective way, you’ll need your business management platform (or CRM) and marketing automation tools to work together seamlessly; using one to generate leads, and the other to maintain them, so you can get a complete picture of your business,” said Mark Sokol who is the VP of Product Marketing and Branding at ConnectWise.
The Intersection of Marketing & CRM is Leads
CRM and marketing are now tightly integrated in order to make marketing more efficient and and successful. “In the past, the marketing campaign stops here in the CRM software system and the rest is carried out externally,” said Denise Holland, VP & Senior Analyst of Genesys Advisory in the CRMsearch blog. “In today’s world, the right customer relationship management system can create the message, compile your target list, distribute your messaging pursuant to an automated schedule, capture the replies and inquiries from these marketing placements, route them to the right sales person or department, track the sale opportunity progress, record the successful sale event and calculate the campaign ROI.”
“This CRM system can also advise the best time to call or email your customers, what type of messaging will illicit the best response, if your customer is really serious or just shopping around, how you can improve your products and services, and what new products and services your R&D department should focus on next,” he says.
“CRM has one common component to help you make marketing decisions, Leads, says Joe CRM on the PowerObjects blog. “Lead data allows you to gauge how healthy your marketing is, what works and what doesn’t, and lets you understand lead quality. In today’s post, we’ll provide some lead data sources from CRM you can use to help make marketing decisions.”
Joe at PowerObjects says you need to know where your leads are coming from. “Some examples of lead sources include outbound cold calls, email, chat, website form submission, and events,” he said. “Keeping the lead source simple lets you use a different field, source campaign, to describe the lead source in more detail as needed.”
He says that knowing where leads come from drives marketing decisions such as:
Number of employees needed for the inside sales team
Budget disbursement for paid advertising
Landing page success
P&L for events attended
Create a Data-Driven Culture
“To cultivate a data-driven culture within your organization, it’s important to remember that without data, you’re simply another person with an opinion,” commented MeetMe CTO Jonah Harris on the NGDATA blog. “All too often, with valuable data and insights in hand, people remain invested in their own hunches and intuition.”
“Transitioning to a genuine data-driven culture is a challenge for many organizations, but one of the ideal first steps is to start leveraging the data your business has to guide evidence-based decision making,” added Vaclav Shatillo of Business Intelligence at Clutch. “When data reinforces or, better yet, contradicts the gut feeling, the conversation around the importance of a data-driven approach is bound to begin.”
At what frequency the data is needed to make actionable decision, and
How to package the data so it can be easily digested, analyzed and reacted to.
Find other great advice from a variety of experts quoted about how to create a data-driven culture here.
Darren Catalano, the CEO of HelioCampus offers some great tips on building a data-driven culture that can be applied to any business:
Data is Marketing Gold
“Data isn’t an overwhelming set of facts and figures,” said Megan Totka is the Marketing Director for ChamberofCommerce.com. “It’s marketing gold. It shows you what your customers want and how to get your customers to buy from you.”
Joe CRM says that the “data you receive from leads that turn into opportunities and then end up as customers is a goldmine.” He says, “This data alone can give your company direction and help you find your niche. That’s why when you use your closed as won accounts it should be for a macro view of your marketing processes. This is the data executives want to see from marketing because it helps prove ROI or that the money spent was worthwhile.”
Data that can power your successful marketing strategy is sometimes found in places that you don’t expect. “New marketing technology, measurement platforms and other advances have greatly expanded the sources that marketers can sift through for nuggets of information,” said Eva Rohrmann, the director of solutions and customer lifecycle marketing for PR Newswire. ”
Rohrmann says that the “most useful data that will turn strategic, positioning and tactical efforts into gold oftentimes is hiding right under your nose: with other teams within your organization.” She believes that ideas and data are “streaming” from many directions, “from sales to product to customer support.”
“Every team within your organization has a treasure trove of actionable marketing intelligence waiting to be discovered,” she says.
The marketing landscape is changing and that should make every CMO’s job easier because they are using justifiable logic instead of just gut intuition. In order for a company to reach their maximum sales potential they must utilize data-driven CRM strategies.
“Marketing is currently undergoing a metamorphosis from a once qualitatively measured art towards a quantitatively driven science,” said Eamonn O’Raghallaigh, the Managing Director of Digital Strategy. on the company’s blog. “This paradigm shift will indeed lead to significant impacts on the competitive landscape; with the bias towards companies who adopt and embrace a data-centric culture within their organization.”
Virtual Reality is in its infancy but will very shortly have a major impact on everyone, especially marketers. Every major tech company is focused on Virtual Reality and because of that the technology has rapidly improved over the last couple of years. Last year Facebook paid $2 billion for crowd-funded Oculus Rift in order to enter the space running. Other players include Sony, Google, Microsoft, Amazon, HTC, Nokia, Intel, IBM, Samsung, Qualcomm and hundreds more.
According to research by Digi-Capital augmented reality and Virtual Reality are predicted to be a $150 billion industry by 2020. The study forecasts that AR (augmented reality), a less intense experience, will take the lion’s share around $120 billion and VR $30 billion.
Virtual Reality headset shipments will approach 30 million by 2020, driven by video & gaming according to a September 2015 Juniper Research study, “Virtual Reality: Market Dynamics & Future Prospects 2015-2020.” The study predicts that the technology is poised to transform the entertainment industry including gaming and video over the next few years, while offering the potential to quickly expand into other markets such as industrial and healthcare. Report co-author Joe Crabtree commented, “The recent attention to and investment into Virtual Reality is helping to revitalize the industry and with major brand commercial launches imminent, there is huge potential for rapid market expansion.”
Google is actually doing something very low tech in order to increase public interest in VR, sending people Google Cardboard viewers. As Google says, it’s a VR experience starting with a simple viewer anyone can build or buy.
“Every single video on YouTube can be viewed in VR, making it the world’s largest library of VR content,” wrote Aaron Luber who is in charge of Google and YouTube partnerships in a think with Google report. “This is giving many people all over the world their first taste of VR, and mainstream interest is growing; global search interest for Virtual Reality on Google has grown by nearly 4X in the last year.”
Virtual Reality is a technology that can be very disruptive in that it has the potential to impact how we live and what we do and from a marketers perspective it opens up a whole new world. “The technology has the potential to change our daily lives—from how we communicate to how we spend our leisure time,” said Luber. “It’s early days, but it’s already happening, and now is the time for brands and creators to understand what it all means.”
The Future With Virtual Reality
“The promise of VR is what the industry calls “presence”—the feeling that you’re really somewhere else,” said Luber. “VR cameras like Jump can capture the entire experience of a place—every corner, every angle. In the not-so-distant future, cameras like these will be capturing experiences all over the world.” Google’s Jump is a camera rig consisting of 16 camera modules in a circular array that are optimized to work with the Jump assembler, which is a powerful computer that turns 16 pieces of video into stereoscopic VR video.
Luber explains that VR creates a time machine like experience where what you record now can be played back in the future and it will seem like you were there. For families, VR recordings of your daughters 4th birthday or your own wedding will let you relive the events, bringing much more emotional impact than traditional video.
This is why advertisers are so interested in VR. Emotion sells products much more than utility and that reality positions Virtual Reality as a game changer in the advertising industry.
“At Google, Cardboard was our first step toward this future,” says Luber. “Soon, our VR platform Daydream will enable even more powerful, mobile, high-quality experiences with a headset that’s comfortable at an accessible price. We’re also building mobile apps for VR like Google Play, Maps, and YouTube.”
YouTube is actually a great place to view many 360-degree videos where viewers can see the video from every angle just by swiping or moving the phone or tablet around—no headset required. Luber says that uploads of 360-degree videos are growing and have doubled over the past three months. He says that brands are also using 360-degree video with ads and to film events. “BMW used this technology for an ad featuring a 360-degree car race,” says Luber. “The “School of Rock” musical created a 360-degree music video. AT&T simulated a car crash to drive home its phone safety message.”
YouTube even categorizes 360-degree videos so you can conveniently browse through them.
The Power of VR in Telling a Story
“And this makes filmmakers– a lot of them are credible ones that have been around for a while– makes them freak out, like this is horrible, this is dangerous,” said Jessica Brillhart, the principal filmmaker for Google VR in a talk at Google I/O 2016. “But let’s just breathe for a second. Have we lost complete control? Or maybe it just lives somewhere else in this. Us humans have a knack for following what calls attention to itself, no matter where it is, no matter where it goes.”
“One of the fascinating challenges in these relatively early days of Virtual Realty is how to tell actual stories,” says a post on the Wevr blog. “The most common comparison so far has been to live theater, where an audience watches events unfold with no real time direction to focus their attention. It’s an aspect that allows for a new kind of experience, yet also seems to frustrate many experienced story tellers.”
Wevr is a company that believes “virtual reality has the power to alter people’s lives more than any other medium to date with the potential to deliver memories that stick.”
Brillhart says that “our control as creators is in this understanding of the potential experiences a world contains so that we can prepare for this, prepare for how someone might engage with the space.” She said that a videographer or directors craft is about responding to all “potential experiences”. She added that “our jobs as creators is not to preciously craft something that someone may never look at and then forget the rest of it, but instead to guide visitors through a crafted universe.”
Connor Hair, Award winning VR Director and Co-Founder of the VR production company Perception Square, talked about how he used VR to tell a story. “One of the reasons I went with the 180 degree view for the VR segments was that I wanted to maintain some of the control you have as a filmmaker,” Hair said. “To craft it like you would a film and directed the audiences attention and not worrying about what is behind them. It also enabled me to stand behind the camera and direct actors as I would in a film.”
After working as a cinematographer on six feature length projects, Hair changed his focus toward directing virtual reality experiences. In 2015 he directed two short films for virtual reality, “Real” and “En Pointe“. His bio states that he “is constantly experimenting with emerging technology and has a passion for telling stories in unique and innovative ways.” Watch out Steven Spielberg!
Real 2D Version – The 3D VR experience will soon be released as an app for the Oculus Rift:
En Pointe – 360 VR Short Film – Selected as a Winner of Samsung’s “There in 60 seconds” VR contest.
Storytelling with VR and 360-degree video is “an incredibly powerful tool to create empathy,” said Luber. “When a viewer feels like they are there, they have a greater sense of the situation. Messages become more impactful.”
Brands Can’t Wait for VR
Nothing tickles the fancy of brands more than learning of a new way to create personal, powerful and impactful marketing messages. Brands are learning more about VR everyday through research and by understanding the technology and its potential and some are already using it.
Cadillac is creating virtual showrooms where customers will find VR headsets and no cars. These high-tech showrooms will save tons of money because dealers won’t have to purchase inventory according to a WSJ.com article. “They can still sell the same volume,” said Will Churchill, owner of Frank Kent Cadillac in Fort Worth, Texas, and head of Cadillac’s dealer council. “They don’t have to stock the 15 cars and hope that they have the right one…the data shows they probably don’t.”
Time Warner and Nielsen are actually partnering up to study the emotional impact of Virtual Reality. “Given the increasing role that VR is going to play with our content and even with our advertisers in the future, I think that alone gives us an interesting opportunity to partner with Nielsen and an unparalleled opportunity to integrate both the biometrics part of research and also the neuroscience piece to help us understand how consumers are really engaging with the VR experience,” Kristen O’Hara, Time Warner’s CMO for global media told Adweek.
VR Can Be Very Powerful For Marketers
VR can be powerful for marketers. “Virtual Reality is not a media experience. When it’s done well, it’s an actual experience,” Stanford University, Professor Jeremy Bailenson said. “In general, our findings show that VR causes more behavior change, causes more engagement, causes more influence than other types of traditional media.”
“I think what our clients and I think this lab is going to be able to do very well is separate the sort of ‘wow factor’ of VR from really full-on engagement with content and advertising,” Carl Marci told Adweek. Marci is the Chief Neuroscientist, Nielsen Consumer Neuroscience at Nielsen Company. “How do you tell stories in a VR environment? How do you make someone who’s engaged in a totally surrounded and immersive environment go from a beginning, middle and end? How do you introduce characters?”
The New York Times actually has a VR app, which puts viewers into news events around the world. “Go underwater or on the campaign trail,” says the NYT promot. “Experience life through the eyes of a refugee or explore previously unseen worlds. Experience stories reported by award-winning journalists, all told in an immersive, 360-degree video experience.”
“For the brand and user the intimacy of VR is really dramatic,” GE’s CMO Linda Boff told The Guardian. “It’s a tool to tell a powerful story in a way that’s much more personal and up close than we’d normally be able to.”
Brands are also looking forward to technological leaps that are in works such as haptic technology which recreates the sense of touch by applying forces, vibrations, or motions for the user to experience. Apple famously includes haptic technology in its current versions of the iPhone, for example.
“You can see brands creating room-scale simulations where consumers will interact with branded content,” Anthony Batt told the Guardian. Batt is co-founder of the Virtual Reality firm Wevr. “For example, Airbnb could create sims for real rental properties so users could experience what it would feel like to stay there.”
Marketing has become the the breeding ground for Virtual Reality technology. “You have to start experimenting,” says Boff. “Marketing may be a proving ground, but if we can take this tech and make it a business application, that’s huge.”
Ominous Warning
A person named Zeigeist commented on an article about VR and delivered this ominous warning: “Way before the movie the Matrix was created, I realized that our concept of reality is entirely controlled by our ability to receive stimuli through our senses. If you are able to control the input a person receives, without their awareness that the input source was generated by something other than the expected “real world”, the person would never know.”
Of course, we aren’t expecting the Matrix to actually happen, but Virtual Reality technology and application are just getting started. Who knows what the future holds.
“How do you price your good or service? It’s one of those questions that you have to have an answer for on day one. And you really, really want to get the right answer,” says John Henry, entrepreneur, venture capitalist and host of eBay’s Open for Business Podcast. “It all starts back in 2008 when a guy named Terry Kniess did something on The Price is Right that hadn’t been done in four decades. He did something that every business owner can learn a valuable lesson from.” What the now legendary Terry Kniess did was “guess” the exact price of $23,473 to win the Showcase prizes in 2008.
What did Terry Kniess and his wife do that entrepreneurs can learn from? Study the data. Once Kniess and his wife decided to attend a Price is Right taping they decided that it would be a good idea to study the show by recording episodes and watching the show looking for clues. “After we decided that that was where we were going to go, I said if we’re going to the Price is Right, let’s do it correctly,” Kniess told Henry. “I said, let’s study the show, and we’ll go in the fall.”
“We’d sit down every night and watch the show and look at the prizes that were up for grabs that day, and we started making a little mental list, of ‘Oh, this has been on before,” said Kniess. “And the first thing we noticed, was that the prizes repeated… and the prices never changed!” That key piece of information was the trick that Kniess used to predict the price of his showcase. “Do your homework. Do your homework. Do your homework.”
Lesson One: Do Your Homework
“Do your homework sounds really simple, but it can feel daunting when you’re first starting out,” stated John Henry, the 23-year-old Dominican-American entrepreneur and founder of the startup accelerator Cofound Harlem and the podcast host. “How do you go about taking all the work and expense, the blood, the sweat, and the tears you’ve put into your business, and distilling all of that into a single number, the price of your product?” Henry noted that picking the wrong price can be disaterous, even leading to business failure. He says, “Do your homework. That’s lesson one. Everything starts there. The thing is, doing your homework used to take a lot of time. In the past, companies had to send people to actual physical stores all over the country, in order to get information about their competitors’ prices and set a baseline number. Now there are tons of e-commerce sites that can help you find the right price. And one of those sites is eBay.”
“I like to think of eBay as sort of like the Kelley Blue Book of everything,” stated Zoher Karu, Chief Data Officer at eBay. “We have such a vast number of items for sale. I think it’s around 900 million now, and eBay, of course, has brand new inventory, but it also has, for example, last season’s model. Or it has maybe a refurbished version. The used version. So it’s that breadth and depth of inventory and sales histories that allows us to think of the Kelley Blue Book of everything.”
In essence, eBay should be used to validate all of your product price points before you add them to your ecommerce website or on eBay itself.
“If you do it right, you can bear fruit for a long time, and if you do it wrong, which is what happens in most cases, you’re digging out of a hole for a long time,” commented Mickey Goodman, who has worked for Kraft and Unilever and has taught classes on pricing strategy at NYU Stern and is now a Professor of Business & Entrepreneurship at Savannah College of Art and Design. Henry points out that most small business owners do something called “cost-based pricing,” and it’s a really bad idea. “Let’s take it back to when I was setting prices for dry cleaning at my first company, Mobile City,” explained Henry. “I called all the dry cleaners in the area, and pretended to be an interested customer. I asked how much for a shirt, how much for a blazer. Eventually, they’d get suspicious and stop giving prices to me over the phone, so I’d get my girlfriend at the time to call. And then, once I knew the price range I was working with, I decided to charge just a little bit more for the service than what it cost me to provide it. In business speak, this is called “cost-based pricing.” And in my case, and lots of other cases, it’s a mistake.”
“That’s what people intuitively do because it kind of makes common sense, which is you take your costs and you say ‘I’d like to make a 20% profit,’ you know, whatever it is,” replied Goodman. “And you add 20% to your costs and you say here’s my price.”
Henry drives the point home with a personal story that all business owners can learn from:
“If you go the cost-based route, you risk underselling yourself and leaving a lot of money on the table. It can cost you your business. It nearly cost me mine. I remember sitting in the living room with my Pops. I was crunching the numbers. I usually did it every Sunday and I realized I was gaining customers, but actually losing money. And that’s because I simply was not charging enough. I called a mentor of mine, and I’ll never forget what he told me. He said, ‘John, you’re delivering five star quality at McDonald’s prices.’ That conversation saved my company. The very next day, I immediately raised my prices. And while I lost a bunch of my customers at first, I ultimately found a new clientele that weren’t as price sensitive. They were happy to pay a premium for the service I provided. This brings us to lesson two: don’t set a price based on what it costs you to make something. Instead, set the price based on what your customers think that thing is worth. This is what Mickey calls “value-based pricing.””
Lesson Two: Use Value-Based Pricing
“It’s based around the concept of you know when people are buying a good or service it’s ‘cause it’s fulfilling some need for them,” stated Goodman. “Now at the most basic level if they’re thirsty and they buy a bottle of water the need is that they were thirsty.” Henry replied, “So lesson number two: value-based pricing. Price your product based on how much it’s worth to your potential customers.”
There is also the question of how to determine value. Jon Wirt, Head of Marketing for Pushd, tests the market for its new products by having people come in and give their feedback on the product, price and value. “How much do you think this costs to buy and what is the max you personally would pay for it,” Wirt asked a beta tester in reference to their new digital picture frame product called the Aura.
Tester: “I think something like this is probably worth $150. I would not pay more than more than $225.”
Wirt tells the beta tester the actual price is $399.
Tester: “Yeah, that’s expensive for the size. I could see if it bled all the way up to the end, I would consider paying $399, but as-is I wouldn’t pay $399.”
“It’s a weird experience to come in and do that,” Wirt said. “Like, you came into a beta test, you’re getting paid, you’re using something that’s half finished in a room where I’m videotaping you and writing down notes. It’s like an awkward experience. And then you’re like guessing this number. I don’t expect them to get it right.”
“I have to ask, you’re framing it like they’re getting the answer wrong,” stated Frances Harlow, Branded Content Producer at Gimlet Media and one of this podcasts producers. “But what if you guys are getting the answer wrong and how do you know that you’re not getting the answer wrong?” Wirt replied, “Until you launch, you don’t really know.” Harlow added, “What Pushd is facing is a problem that lots of business owners face. When we consumers are presented with a product, we naturally and immediately make mental comparisons. We ask ourselves, ‘What is this thing like?’ And then we form our opinion about what the price should be. And in the beta testers case, I got a clue about how this works when Jonathan brought up the iPad, and the tester described his mental comparisons.”
Lesson Three: Manipulate Your Comparisons
“And this challenge that Pushd is facing gets to our third lesson,” stated Henry. “As a business owner, you have to manipulate your comparisons.” Henry elaborated, “Position your product in the marketplace so when people inevitably compare it to similar products out there, they’ll feel like they’re getting a good deal.”
“What you want to do is differentiate your offering so much that there is no straightforward comparison,” added Ruth Bolton who is Professor of Marketing at the W.P. Carey School of Business at Arizona State University and formerly worked in R&D at Verizon for years helping them with their pricing. “You have something that’s somewhat unique.”
“There’s always, in a sense, a competitive offering in that there’s some substitute that the customer will make if they can’t buy the service or the product that you’re offering,” said Bolton. “So it really comes down to kind of benefits per dollar.”
“One other point about manipulating comparisons — or the kinder, gentler way of saying it: creating favorable comparisons,” added Harlow.” One way to position your product in the marketplace is to literally position it, in the right environment. So with Pushd, they want you to think “fancy home decor” when you see the Aura.”
“Well if they want to do that, it might just be helpful to put them in a “fancy, home decor” showroom with the Aura, not a startup’s temporary office space,” said Henry. “And there’s one more thing Ruth would do differently, she doesn’t ask open-ended questions about prices, the way that Jonathan does at Pushd. What she would do is ask each customer a single yes or no question.” Bolton responded, “Would you buy it or not and then you do it with somebody else, would you buy it or not?”
“You don’t push back and you don’t ask how they arrived at that number,” said Henry. “And that’s because it’s more realistic. With pricing, it’s almost always a yes or no question. Would you buy it or not?” Bolton added that “you start varying the price and so you can kind of sort of start to figure out, what the shape of that demand curve is.”
“The shape of the demand curve is what we’ve been talking about this whole time… how to set a price,” said Henry. “There is no guaranteed way to pick the perfect price, but there are concrete steps you can take to get close.”
John Henry’s four steps to picking the perfect price:
1. Do your homework. The good news? It’s now easier than ever with all the data we’re gathering from e-commerce sites, like eBay. That will give you a range of prices.
2. Once you’ve found that range, be bold. Pick a number that reflects the value you bring to your customers, not just your own production costs.
3. Create favorable comparisons. Position your product so that customers feel like they’re getting a fair deal, and one way to position your product is to pay close to attention to how you’re physically positioning it.
4. Be prepared to repeat steps one through three. Prices change. They’re dynamic. That’s part of why they’re so hard to set in the first place. Even on the Price Is Right. After Terry’s spectacular win,, the show’s producers switched it up. The show now features all-new prizes, and guess what? Their prices change.
Instagram commissioned a study to analyze how moms use its service, presumably to help advertisers plan their Mother’s Day campaigns.
It found not only that moms are active on Instagram in general, but one in four women over 18 on the platform in the U.S. are moms. Of this group, 93% use Instagram at least once a week. 68% use it daily.
“With their hectic schedules, moms are using mobile devices to manage their entire lives—from work to personal,” the company says. “In addition to managing their schedules, the average mom checks social media 15 times a day and checks Instagram six times every day.”
“Moms follow content based on their interests,” it says. “Looking at internal data, we discovered that moms are 5x more likely to follow accounts about cosmetics, 3x more likely to follow fashion, 2x more likely to follow hair accounts and 1.7x more likely to follow animal accounts when compared to dads.”
Over half of moms on Instagram follow businesses, the company says. 56% say Instagram is where they learn about products, and 78% of moms take action from business posts after seeing content on Instagram, according to the company.
In the U.S., ads shared from department stores convert 2.8x more often among moms, and with retail, apparel and accessories ads, moms convert 2.1x more often, it says.
For what it’s worth, Father’s Day isn’t really that far away either, and Instagram says dads are just as active with nearly half of them following businesses and 69% of those taking action from the content they see. Dads are 4.3x more likely to follow auto brands and 2.5x more likely to follow “leisure” accounts.
What are you supposed to do with all of this info? Adjust your targeting, of course. Mothers, New Moms, Dads, Fit Moms, Moms of Grade Schooler Kids, etc. are all available segments for Instagram ads. In a blog post, Instgram shares some examples of effective campaigns from Campbell’s and GapKids.
There’s been a lot happening with Instagram in the news this week. Rumors that its new algorithmic feed would go into effect this past Tuesday emerged, though the company said it was still a ways off (you may want to consider this in advance). The company also announced that sixty-second videos are on the way, and they’ve updated the overlay that appears on ads.
Instagram recently announced it surpassed 200,000 advertisers. Mother’s Day is on May 8th. Here’s a helpful infographic from WebpageFX that shows Facebook and Instagram ad specs for 10 different objectives.
