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What are the hottest marketing buzzwords? They work. Right?
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By 2016 the shape of the Australian advertising landscape will be very different. Newspaper advertising will decline 5.1% and magazines 5%. All other media were expected to grow, led by the internet at 12%, out-of-home at 4.8% and subscription television at 4.2%. Indeed Internet advertising is expected to surpass both newspapers and free-to-air television next year and reach $4.7bn by 2016. That would give it a 33 per cent share of all advertising, supplanting newspapers as the largest category.
For companies with a product or service to sell the important thing to note here is not so much the growth rates of the different segments but the drivers of the changes. Consumers are online and for your message to reach them you must be too. Just 3 years ago marketing campaigns used to involve splashing (expensive) adverts in a national newspaper or in a magazine. It is probably fair to say that those days are gone forever.
Facebook’s (current) revenues don’t seem to justify its lofty valuation but some recent figures suggest why they might be able to get an IPO away at $100bn. Below are the Top 10 US social sites based on stats from Experian Hitwise. The sites are ranked by total visits (excluding mobile) for the month of March 2012. As you can see Facebook just dwarfs the rest of the Top 10 combined.
However the statistic that might be a little more interesting is that in the same month Facebook accounted for 10% OF ALL US INTERNET VISITS. In the battle for ‘eyeballs’ they are murdering the competition. If they can turn this into solid revenue $100bn might end up being a steal….
- Facebook: 7.0 billion
- Twitter: 182.2 million
- Pinterest: 104.4 million
- LinkedIn: 85.7 million
- Tagged: 72.5 million
- Google+: 61.0 million
- MySpace: 43.3 million
- MyYearbook: 38.1 million
- MyLife: 29.7 million
- Tumblr: 29.6 million
One of Porter's clear strategies for sustainable competitive advantage is cost leadership. It would make sense therefore that the size of a corporate overhead imposed on a business unit could either help, or hinder, this strategy. So what size of overhead is appropriate? This is a difficult question as there is no single 'right' configuration and the solution usually depends on a range of considerations including the size of the organisation, culture, evolution and the regulatory environment within which it operates.
In this instance however the litmus test is usually the extent to which services can be performed more efficiently centrally (shared) than devolved back in the business. So the cost of providing the service centrally must be lower that that incurred if the business unit was to perform the service itself. Simple? Well yes if that was the end of it but in reality there is more to consider.
Complicating matters is the fact that the price the business unit pays for a shared service is usually more than the cost it is charged. This is because it also incurs an opportunity cost for not performing the service itself. This cost can manifest itself in a number of ways including a drop in service levels and responsiveness often due to the service provider just having multiple priorities. Only by including the opportunity cost with the charged cost can you work out whether or not the shared services model passes the litmus test.
What’s the answer for your organisation?
Ok so it won't be a bargain for everyone but the cost of your website is simply an output of the choices you make. And if these choices are adding value the cost shouldn’t be the focus (at least not initially). Not convinced?... I found an analogy from an industry colleague which answers the question better than I could. Original article by AMac at Digett
How much should I pay for my website?
One of the most common questions we're asked as web developers is, "How much does a website cost?" Oddly enough, it's never this initial question that's hard to answer, it's question number two: "Why so much?"
It usually takes at least a few seconds for potential clients to wipe the shock off their face when we throw out a price tag of, say, $30,000. And then comes question number three.
"For a website?!"
Yes, at first, $30,000 seems like a lot of money for a website, but I guarantee you it's a steal. The truth is, whether you pay $10K or $75K, websites are cheap at any cost. What it costs is not important — it's the value of a website that really means something. Here's an analogy I've come up with to help everyone grasp the value of a website.
Your Website is An Employee
Imagine that you have just hired a new salesman named Bill. Here's everything you need to know about Bill:
- Bill works 24/7, 365 days a year. He never sleeps, never eats. His only purpose in life is to talk to your customers and promote your business.
- Bill is the perfect salesman. He knows everything about the company like the back of his hand, and can pitch it perfectly every time.
- Bill talks to hundreds of people every day. He can talk to them all at once and still give everybody one-on-one attention.
- Bill travels well. He can be anywhere in the world at any time, and multiple places at once if he needs to be. Best of all, he files no expense reports.
- Bill learns quickly. You'll only have to tell him once. For example, with just a couple of days of training, he can learn to speak any language.
And now for the best part.
- Bill is cheap. I mean, really cheap. Let's assume your company employs Bill for three years — that initial $30,000 price tag comes out to a measly salary of $10,000/year. And the longer you work together, the cheaper he gets. And he'll never quit! Bananas!
Bill would be better off working at Burger King, wouldn't he? You pay this poor man $1.14 an hour, don't you? Yet he stands under your boot and works tirelessly around the clock for just one cause: your cause. I can see it in your eyes. You kind of feel sorry for Bill now, don't you?
That is because you're crazy! Bill has no feelings, he's not a real person. He's a website. He's your website.
Now go out and try to find an actual person that will work that perfectly for 6,000 bones a year. Or try reducing the pay of your best employee to $1.14 an hour and see if he or she hangs around. Good luck!
How much does a website cost?
From your perspective, it shouldn't matter. A $30,000 website is a steal because its value is exponentially greater than its price tag.
Testimonials are important for all service organisations because they provide a tangible touch point for an intangible good. Prospective customers can’t try your service in advance therefore they look for cues to minimise the risk from making the purchase decision. Testimonials, being third-party endorsements rather than words out of your own mouth fulfill this purpose very well.
Testimonial Content Rules:
- One to three paragraphs per testimonial is sufficient
- Keep editing to a minimum. The testimonial must be real
- It must be specific, clear and relate to a benefit provided by you
- The individual must explain why the benefit worked for them or their customers
- Name, title and company details should be provided (where relevant).
- Photographs are extremely powerful.
2012 is set to focus on streamlining new marketing processes introduced in 2011, as marketers become more savvy and sophisticated with the now not so new capabilities. ADMA asked some of their Digital Day speakers to share their predictions and focus for the year ahead.
1. Social Media Influence
Social Media solidified itself as a key channel in 2011 as we saw it seamlessly integrated as the main component of a number of major successful campaigns, including NAB’s “Break-Up” campaign and Tourism Australia.
Social influence will only get stronger in 2012 as organisations start to develop more compelling and cohesive experiences for customers in new and more engaging ways. In 2011 social media ROI was a key factor, while this year will see marketers focusing on social media revenue generation as an increasing number of consumers flock to Facebook to find more targeted purchases. Data capture and measurement will be the focus to creating long-term effectiveness in Social Media in 2012.
“Digital is creating a transparent consumer market so better leverage of customer advocacy with a focus on C2C will be fundamental to compete, especially for brands that don't compete on price. We're creating integrated social applications to promote brand success with the aim to better engage new audiences.”
John-Paul Talbot, Digital Projects Consultant,
Fuzzy Entertainment - Parklife
If 2011 was the year of the app, 2012 is fast set to become the year of the mobile wallet which will mean a dramatic shift in the way we will look at mobile marketing. Mobile has become an opportunity to market to potential consumers in real time. As the mobile wallet fast becomes a reality, marketers will have to consider the 360 degree path to purchase. Marketers will need to focus on developing a different form of communication with their customer through targeted messages and brilliant data. Shifting from e-commerce to m-commerce will enable on-the-spot transactions. Rethinking how we use mobile will give consumers exhilarating new interactions with brands.
“I think Social e-commerce is on everyone’s lips and F commerce is something our brand would like to trial as our next step in our digital efforts.”
Therese Waters, National Marketing Manager,
New technologies are providing us with new opportunities to gain a single customer view and track customer behaviour. Data will reign supreme as it becomes the most important factor to enable us to really capatilise on the integration of touch points and platforms. There will be a real focus on data visualisation along with a high demand on super granular ROI and analysis in order to make a real connection with audiences. Marketers will have to be mindful that as new technologies emerge and unify, customers will be more cagy about data privacy and protection. Marketers will come out on top if they discover their customers preferred channel which will maximise acquisition and build lasting relationships.
4. Content Marketing
2012 will focus more on the customer experience and gaining a one-to-one conversation to better engage with current and potential consumer bases. More focused communities will be developed as content sharing will become increasingly crucial. Sophisticated data will enable marketers to effectively connect with their audience.
“Interface and content are what counts. With interface, the future is all about touch. Content, on other hand, will be shaped by the sharing filter.”
Hal Crawford, Head of News,
As smart phones and tablets continue to flourish, the opportunity for marketers to reach consumers at that critical moment and be in the right place at the right time is too good an opportunity to miss in 2012. Geo marketing will mature and provide marketers with a unique opportunity to focus on the ‘human’ element, whether that’s through live chat, virtual environments or social media. Not only that but 2012 will see marketers exploit the opportunity of geo-location marketing to capture a complete and holistic understanding of their customers’ interactions.
According to Gartner, by 2015 a gamified service for consumer goods marketing and customer retention will become as important to companies' marketing departments as Facebook and Twitter. Gartner further predicts that in less than three years more than 70 percent of Global 2000 organisations will have at least one gamified application.
“We recognised early the importance of expanding across multiple digital platforms to reach millions of audiences throughout the world, breaking out storied brands like PAC-MAN to diverse digital media to increase its visibility from one platform to another. In 2012 that will become more important than ever with the expediential proliferation of smart phones, tablets, and streaming services adding to the already rich digital ecosystem that has become the standard.”
Carlson Choi, Vice President – Marketing,
Namco Bandai Games (US)
7. Interactive TV
As more people adopt interactive televisions we will see a lot more device integration; TV, computers, tablets, and smart phones will become a unified single source of incoming and outgoing communication which will create more engaging experiences for customers along with greater potential for marketers. Interactive magazines will become more mainstream and marketers will no doubt try to capitalise on this opportunity to connect with their audience on a more one-to-one basis.
“With the increase in mobile and fixed internet speeds and the proliferation of new smart devices Network Ten will be focused on delivering its' viewers their favourite shows on demand and through their device of choice in 2012.”
Vincent Dempsey, Head of Digital Media,
8. Cloud Computing
2011 saw a huge uptake in cloud technology and this year will see this this area grow and mature. With cloud becoming more accessible to the average person, privacy and data issues are predicted to decrease and marketers will be able to truly capatilise on this potential.
9. Digital Integration
2012 will be the year of digital convergence marketing with multiplatform viewing devices.
Integration will need to be seamless across all channels and technologies as marketers become smarter about the touch points they use to connect with their audience. To survive and thrive marketers must put the customer experience first start and maintain conversations with customers across multiple channels and devices
“Digital integration can't just be about what the company wants to relay - it has to be about what the customer has to add to the conversation. The most exciting innovations come from listening, not talking.”
Dae Levine, Head of Communication,
“2012 will be the year of digital accountability - where investments in social media and other digital channels like cool mobile apps will need to prove their ROI in real business value terms. The answer to these questions from board level will be an effective digital strategy linked to key business objectives, and really smart use of data to understand customers, so expect a focus on pointy-headed data folk and geeky number-crunchers rather than hipster social media gurus.”
Mike Zeederberg, Managing Director,
Overall, 2012 will be less about talk and more about action, social commerce, digital convergence and the mobile wallet will certainly be key areas to watch out for.
Do you know which of your marketing programs are working and which ones aren’t? There are still a considerable number of marketers that continue to struggle with marketing measurement—despite the abundance of tools to help track success.
The infographic below from ifbyphone has some useful information to help start planning your own measurement initiatives for 2012.