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Digital marketing challenges & trends ss

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Marketing Challenges & Trends. What are the most common challenges facing marketing professionals today, the trends that are fueling these challenges, and recommended approaches to build successful brands.

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Digital marketing challenges & trends ss

  1. 1. May 18, 2015 Digital Marketing – Challenges & Trends Dean Ilijasic Chief Strategy & Innovation Officer dilijasic@theadcomgroup.com
  2. 2. Outline • Digital Marketing – Current Landscape • Trends Fueling Digital • Navigating The Digital World • Ongoing Engagement
  3. 3. Digital Marketing – Current Landscape
  4. 4. Top Marketing Challenges Common challenges 1. Too many channels – too many choices 2. Data overload and confusion 3. Connecting and engaging with the target audience Source: Adcom Research
  5. 5. Digital Marketing By 2019, CMOs predict digital marketing will account for more than 75% of the marketing budget. Source: Accenture Interactive, 2014 CMO Survey
  6. 6. Digital Marketing Source: Gartner, Inc., “Forecast Analysis: Enterprise Application Software, Worldwide, 1Q14 Update”, April 29, 2014 Gartner predicts that, by 2017, the CMO will have a larger IT budget than the CIO.
  7. 7. $103 Billion Digital marketing spend by 2019 Source: Forrester’s US Digital Marketing Forecast. 2014 to 2019
  8. 8. Trends Fueling Digital Marketing
  9. 9. Trends 2. Technology Expansion 1. The Empowered Consumer 3. Channel & Content Acceleration
  10. 10. 1. The Empowered Consumer Connected Informed Demanding
  11. 11. Connected Source: DigitaLBi • 72% of smartphone users use their phone when shopping in-store • 40% will call friends to get an opinion • 35% post photos of their prospective purchases for ‘feedback’ and decision reinforcement.
  12. 12. Informed • 82% of online shoppers use the internet to research products before making a purchase. • B2B: 57% Source: comScore and eTailing Group – Pulse of The Online Shopper, 2014. CEB 2014.
  13. 13. Demanding • 54% of consumers would consider ending their loyalty relationship with a brand if they were not given tailor- made, relevant content and offers. Source: CMO Council
  14. 14. 2. Technology Expansion Mobility Devices Collaboration
  15. 15. Mobility Mobile is the “power-tool” for today’s consumers Source: 2014 salesforce.com Mobile Behavior Report. Return Path 2014. ComScore 2014 • 51% of emails are being read on a mobile device • 72% of US mobile phone users are smartphone owners
  16. 16. Innovation is creating new touch-points that consumers didn’t even know they wanted. Devices
  17. 17. We Are Here • New devices are creating even more channels. • The ‘Internet Of Things’, will be by far the world’s largest device market Source: BI Intelligence Estimates 0 5 10 15 20 25 30 35 2013 2014 2015E 2016E 2017E 2018E 2019E Billions The Internet Of Everything Internet Of Things Connected Cars Wearables Connected/Smart TVs Tablets Smartphones Personal Computers We Are Here Devices
  18. 18. Collaborative Economy • An economic model that let’s people get what they need from each other using commonly available technologies. • Bypassing traditional corporations. Source: Crowd Companies. April, 2015. • In the next 10 years, PWC predicts the Collaborative Economy will grow from $15B to $335B revenue.
  19. 19. Source: Crowd Companies. April, 2015 • 10 year old etsy. 19M active shoppers, doesn’t own a single factory or showroom, had an IPO for $3.8B • 8 year old Lending Club has issued over $7B in P2P loans, doesn’t own a single bank, branch or ATM and is valued at $7B • 7 year old AirBnB has over 23M guests, doesn’t own a single bed, bath or bar, and is valued at $20B • 6 year old Uber had 140M rides in 2014, doesn’t own a single taxi or towncar and is valued at $41B Collaborative Economy
  20. 20. Over 150 brands now partner with, sponsor, or buy- out collaborative economy companies
  21. 21. 3. Channel & Content Acceleration Social Email Content
  22. 22. Email • Email is not dead • 4.1 billion email accounts. 5.2B by 2018 • Marketing automation and CRM increasingly critical tools for digital marketing success Social
  23. 23. Volvo Construction Equipment builds personas of its best customers. Volvo uses paid social ads to engage these individuals and drive them to the Volvo website where they are converted to email subscribers. Facebook uses this profile to identify individuals who fit the ideal profile of a potential buyer. Social & Email Case Study
  24. 24. Volvo Construction Equipment’s digital marketing solution helps dealers to sell $100 million dollars worth of new and used equipment each year.
  25. 25. Source: Domo, 2014. Sprout Social. Content Millennials • 90% create online content 1x/month • 75% curate content 1x/week
  26. 26. But the average attention span has dropped from 12 seconds in 2008 to 8 seconds. Source: National Center for Biotechnology Information, U.S. National Library of Medicine, The Associated Press. 2014
  27. 27. Source: National Center for Biotechnology Information, U.S. National Library of Medicine, The Associated Press. 2014 . . . the average attention span of a goldfish is 9 seconds.
  28. 28. Content Overload! Content Overload!
  29. 29. How To Navigate The Digital World
  30. 30. How To Navigate The Digital World • Create Alignment • Develop Great Brand Experiences • Cultivate Ongoing Engagement
  31. 31. Create Alignment Internal Know Your Brand External Know Your Audience Great Brand Experiences • Vision • Mission • Values • Brand Positioning/Promise • Brand Features & Benefits • Personality & Voice • Logo & Graphic Standards • Personas - Content • Media Eco-Systems • Customer Journey Experiences • Competitive Assessment • Marketing & Communication Plan Target Audience
  32. 32. Moment + Moment =Moment + Experience Internal Know Your Brand External Know Your Audience Great Brand Experiences So, What Makes a Great Experience?
  33. 33. • Marketers have typically referred to a marketing funnel. However, a linear path to market to their target audience is no longer effective in today’s world. Great Brand Experiences • The “funnel” is dead.
  34. 34. • The journey has replaced the traditional marketing funnel because decisions are no longer linear. • Customers today are more empowered, with more information, and can get information and make decisions anywhere at any point in time Great Brand Experiences
  35. 35. Great Brand Experiences Is Your Brand Present During Those Moments That Matter? Make It Easy Make It Relevant Encourage Conversations & Community Invent Your Own Brand Moment
  36. 36. Make It Easy 30,000 doors 150 hotels worldwide
  37. 37. Make It Relevant First company to fit women into their favorite bra with a quiz. • No fitting rooms • No measuring tapes • No photos Over 1 million customers in less than 2 years
  38. 38. Encourage Conversations & Community ~ 5 months 310,00 weight-loss plans created and shared.
  39. 39. Invent Your Own Brand Moment • CMO, Evan Greene • Challenge: Stay relevant outside the 1 day • Aligned Mission & Vision: “. . .to touch people’s lives through music. . .” • Macklemore and Ryan Lewis gave a surprise performance on a New York City bus.
  40. 40. Ongoing Engagement
  41. 41. Ongoing Engagement • Start Early - it is part of the design • Optimize/Attribution • Don’t just measure tactics
  42. 42. Effective digital analytics starts during campaign design: • Define success metrics/goals in terms that are specific (quantifiable) • Identify the Key Performance Indicators (KPIs) that will be tracked – and, from where this data will be obtained • Determine report frequency required (daily, monthly, quarterly, semiannually, etc.) Ongoing Engagement
  43. 43. Data Insights Recommendations Story If you are not getting this – tell them to go back and try again 
  44. 44. Final Take-Away’s Digital is not coming. It’s here. More choices & technology. More confusion. Stick to the fundamentals. Know your brand. Know your audience. Create alignment. Be authentic. Digital is not a tactic. Have a digital strategy. Hire for digital expertise. Expect more from your agencies.