Ever feel as though the joy has been sucked from your job? The once fun, creative aspects of your marketing role – the things you signed up for in the first place – are now handed off to data specialists, algorithms and machines. Technology is on its inevitable march and you are starting to feel as obsolete as the old fax machine in the corner of the office…
Selecting a marketing automation system is a minefield. There are seemingly hundreds of options to choose from and given it’s a complex, often expensive and time-consuming project to embark on, it can be hard to know where to start...
As more and more messages fight for our attention, and channels further fragment, it’s near impossible to keep on top of the changing media landscape. As a result, many businesses find themselves engaging with multiple specialist agencies to find solutions to their specific marketing needs.
While engaging various specialists works well for some companies, the reality is that it rarely works for small and medium enterprises for a number of reasons..
As an avid fan of Freakonomics, I was listening to a recent episode entitled ‘This is your brain on podcasts’. The guest speaker was Jack Gallant, a psychology professor with a brain research lab at Berkeley University. He discussed many interesting concepts … but one of particular interest was a neuroscience test he had conducted that illustrated how the level of brain activity or ‘engagement’ changed depending on the content of the message and the language used.
What can we do to help them succeed and deliver on their business objectives, grow revenue and market share, help them defend the territory they are about to lose, and redefine it? In short, answer the strategic questions: How do we create value for them and how do we capture some of that value?
It will be important to find the way to close the gap in business strategic advice – by moving up the value chain beyond creative execution. How? By reinventing the concept of strategy within the agencies, as fundamentally different from currently devalued planning service? Or by spinning off independent strategic outlets … to advise clients and develop business strategies that underpin and drive marketing effort and implementation? Or creating a different approach altogether?
Around half of all independent agencies will disappear in the next seven years unless the industry changes quickly, a former STW Communications executive has warned.
If advertisers create work that is engaging, informative, and entertaining, people will want to see the content. And given that programmatic advertising allows brands to purchase media based on specific consumer segments, it gives advertisers greater insights to create more compelling campaigns.
So what does this mean for advertisers?
Being prepared and flexible upfront will allow advertisers to adapt as they go. During the planning phase they will need to determine what media tends to work best for their business, then have their Creative Agency create a campaign that works across those mediums, with a focus on impactful, engaging creative that the audience will want to see.
Some TV executives worry that it will commoditise and devalue their advertising inventory. But this is good news for smaller businesses that may be able to buy ad space in shows they are usually shut out from due to price. Other executives believe that inventory is already undervalued and that by being able to sell space based on more specific audience segments, this will attract a premium price. This is not necessarily bad news for smart small businesses, as it means more certainty that their ads are being seen by the consumer segments that are going to buy their product or service.
There’s been a lot of hype about Big Data over the last few years, but what is it? In general terms it is “extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.”
Big Data isn’t really something new. Companies have been collecting and analysing data from different sources for years; however it’s only recently that data has become easier to access allowing many businesses to dive into it in a meaningful way and use the insights with greater certainty. But many smaller businesses have been slow on the uptake due to the perceived expense of generating, capturing and interpreting the data.
There is more business data available to us today than at any other time. In fact, we create more data every 2 days than we did from the dawn of time until 2003.* All this has allowed companies to use data and analysis in more ways allowing them to obtain near certainty for marketing campaign performance.
Companies rightly protect this information at all costs, fearing privacy breaches or commercially sensitive information getting into competitor’s hands, especially customer data. But by not sharing it with your Agency and Creative Partners, is that costing your bottom line?
ROI or Return on Investment is calculated using two primary metrics: what it costs you to do something (for example, agency and media fees), and the outcomes generated as a result. This is typically measured in revenue but it depends on the objectives. For example, if the objective is generating leads, you need to determine what the value of a lead is upfront and this differs wildly across industries.
A simple formula to use is: ROI (%) = (profit – investment) * 100 / costs.
Any business worth their salt has ROI targets for their campaign and marketing activity and uses this as a measure for campaign success. But it can be difficult to truly measure the effectiveness of your investment.
The merging of Ad Tech and Mar Tech. B&T chats with the article’s author and eminent authority on the subject Andrew Birmingham tries to uncover what it all means for local agencies. Yes, be VERY scared indeed, it’s a frightening new world that’ll take few prisoners…
The marketing chief of electronics giant LG has called on agencies to share more of the risk with clients and to put more “skin in the game” in an environment where company executives are demanding a better return on their marketing investment.
The uncertainty principle is one of the most famous (and probably misunderstood) ideas in physics. It tells us that there is a fuzziness in nature, a fundamental limit to what we can know about the behaviour of quantum particles and, therefore, the smallest scales of nature.
In times of unprecedented change and uncertainty, we need to ask ourselves what are we certain about? Strategies based on uncertainty and hope equal high levels of risk. Strategies based on certainty dramatically reduce risk and produce superior results.
One of the hardest things in life is not to know what’s coming down the pike. Unpredictability can be enjoyable at times, of course, and it’s sort of a given in life, but it’s different when you don’t know if something bad out there will befall you. That situation usually just leads to stress. A new study out in Nature Communications today finds that indeed most people would rather know for certain that they’re going to get an electric shock than to not be able to predict it.