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How new models for engagement are changing marketing practices.
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CURATING DEMAND:Marketing in a 24/7 worldDecember 2013Better Business ClubHUB Sydney
Scope of the session• Promise• Connectivity• Driving demand• Why curation matters• Curating demand• Lessons
PROMISE
To demonstrate that marketing is moving from traditional sales model to
context-specific model.
To examine how curating content assists in the context-specific model.
Always on world
Image source: http://www.flickr.com/photos/xapoh/8445654458/
ALWAYS ON:CONNECTED WORLDAudiences are constantly accessible and seek two-way interactions with firms.
Image source: http://www.flickr.com/photos/bethscupham/7663247816
Australians are active users of social media
Connected behaviours
TWITTER: 2.5 MILLION
FACEBOOK: 12 MILLION
LINKEDIN: 3.5 MILLION
INSTAGRAM: 1.6 MILLION
Expectation of increased use of technology-oriented channels for interactions between businesses and audiences.
Interacting with audiences
Image sources: http://www.flickr.com/photos/yourdon/3880471209; http://www.flickr.com/photos/westmidlandspolice/8230122900
DRIVING DEMAND:TRADITIONALvs NEW MARKETINGDemand no longer a matter of driving sales as an end-point of interactions.
Image source: http://www.flickr.com/photos/mkhmarketing/8527527570
Traditional funnel is based on sales approach.
AIDA – Awareness, Interest, Desire,
Action
With this form of marketing, a sale is the end result of marketing strategy. The process is linear.
Any activity after sales is considered a customer service issue.
Customer/sales funnel
“Which has more impact on retention and repeat purchases: customer satisfaction or customer engagement/relationship?
“The answer was consistent across our B2B and B2C research: Engagement/relationship strength has 12 times more influence on retention and repeat purchases than satisfaction”
Voice of the Consumer Marketing Research, September 2013http://www.dmnews.com/the-sales-funnel-is-dead/article/312056/
Traditional funnel is dead
CONTEXT
ACQUIRE
CONVER
TENGAGE
RESPOND
Cyclical nature of business-audience communication means demand is generated from a commitment to communication.
Audiences more likely to be loyal when their voices are heard, their ideas enabled.
Marketing practice needs to emphasise listening aspects rather than ‘controlling the brand message’
Driving demand
THE ART OF CURATION:WHY IT MATTERSCuration of quality content provides a starting point for conversations; it creates context.
Image source: http://www.flickr.com/photos/seeminglee/8979289432/
…. NOT content.
Content should be planned for facilitating contexts for conversation, information sharing, product development, market research.
Marketers, PR professionals, firms, brands DO NOT CONTROL THE MESSAGE.
Context is king
CONTENTx
Curation is the art of using objects, ideas and art to tell a unified story.
Content that will contribute to the story must reflect organisational objectives that intersect with audience interests and motivations.
Trust is fostered where the content and the story are coherent and of high quality.
Curation generates trust
COMPANY OBJECTIV
ES
AUDIENCE
INTERESTS
CURATED CONTENT
(Ie: CONTEXT)
Bad products will always exist, but brand/product lifecycle will be shorter, and customer experiences will determine the date of product demise.
Any attempt to flood content markets with positivity without dealing with poor customer and product experiences will ultimately fail. Attempts to deliberately mislead the public with astroturfing could have legal ramifications.
Nothing saves bad products
Image source: http://www.buzzfeed.com/babymantis/30-really-unfortunate-product-names-1opu
SOCIAL WILL EMPHASISE BAD
BIZ PRACTICE
JP Morgan idea for Q&A with Vice Chairman, Jimmy Lee, resulted in hashtag epic #FAIL
CURATING DEMAND:GROWTH FROM CONTEXT
Loyalty drawn from investment in audience conversations, engagement.
Image source: http://www.flickr.com/photos/ferranp/317125624
Data now being used to target specific audiences in a manner that will meet their needs as they arise.
Context-relevant marketing can drive spontaneous purchasing, but unless this is backed up by ongoing relevance, the advantage is lost.
No point pursuing context-driven marketing if conversation is short-lived.
Context and growth
In context-driven marketing, demand is driven by ongoing value to audience of the continuing conversation.
That is, there is a direct correlation between value and demand.
When considered as an indicator of value, demand can be more usefully calculated as the product of context/audience relevance and reducing costs of manufacturing/delivery.
Demand as value
• Value: benefit from a good/service• Utility: aggregate sum of satisfaction
or benefit that an individual gains from consuming a given amount of goods/services• Price: market rate at which
goods/services are exchanged• Economic cost: amount paid for a
good/service when compared with alternatives. This includes total, variable, fixed, marginal and opportunity costs
Understanding value
Most marketers are obsessed with volume – of sales, of followers, of interactions, etc.
VOLUME IS NOT AS IMPORTANT AS VALUE.
While most organisations have a target of volume as a key performance indicator (KPI), this is often poorly applied, as the best profitability/efficiency is by increasing margins/relevance rather than increased sales.
Volume versus value
LESSONSHopefully not absolutes, but probably still
painful for traditional marketers
DEMAND:INTEREST DRIVEN
If your audience doesn’t need what you have to share, it’s just noise.
Branding isn’t that interesting.
Image source: http://www.flickr.com/photos/34094515@N00/469622180
DEMAND DRIVEN BY MUTUAL INTERESTS, NOT BRAND MESSAGING
CURATION:DON’T MISLEAD
It’s cowardly, and stupid. And audiences will bite you.
Image source: http://tobacco.stanford.edu/tobacco_main/index.php
CURATION INVOLVES DEEP RESEARCH
CURATION:DON’T TRIVIALISE
Hire intelligent, creative people, not people who think like you do.
Research. Critically review. Reflect. Learn.
Image source: http://www.flickr.com/photos/27556613@N04/3925451343
CURATION INVOLVES DEEP RESEARCH, CREATIVITY, SENSITIVITY
CURATING DEMAND:EVALUATE
Measure demand by value, not volume.
Image source:http://www.flickr.com/photos/29412527@N04/3392572477
VALUE, NOT VOLUME, GENERATES ROI
PROMISE: REVISITED
To demonstrate that marketing is moving from traditional sales model to context-specific model.
To examine how curating content assists in the context-specific model.
CONTEXT CREATES CONNECTIONS
Image source: http://www.flickr.com/photos/gsfc/8704629249
CONVERSATION CREATES OPPORTUNITIES
Image source: http://en.wikipedia.org/wiki/File:Giant_photovoltaic_array.jpg
Thank you Any questions, let me know!
Joanne Jacobs, COO
t: +61 2 9251 0492m: 0419 131 077e:[email protected]
EXAMPLES
• Prius: http://www.youtube.com/watch?v=nUor4gdFoyg• Oreo: https://twitter.com/Oreo/status/298246571718483968/photo/1• Melbourne Metro: http://www.youtube.com/watch?v=IJNR2EpS0jw; http://
www.theage.com.au/victoria/safety-message-may-be-falling-off-20130914-2trrr.html
• Cadbury: http://www.youtube.com/watch?v=uHtDRw4ujYw• Heineken: http://
www.businessinsider.com.au/heineken-holds-instagram-scavenger-hunt-2013-9
• Fruit of the Loom: http://www.nytimes.com/2013/10/04/business/media/fruit-of-the-loom-sees-workers-in-their-underwear.html?_r=3&
• Non-profits: http://www.nonprofithub.org/featured/the-top-4-nonprofit-social-media-campaigns-of-2013-and-what-you-can-learn/