Always good to remind yourself of the environment you are in.
Always good to remind yourself of the environment you are in.
According to a new survey taken in March, almost all (95.8%) of social media marketers worldwide believe that Facebook produces the best ROI out of the major social platforms. With Facebook continually adding new revenue streams, it is not a suprise marketers are using Facebook for their marketing efforts.
Yesterday I had the pleasure to speak at the ISPO Communication Day in Munich — part of ISPO, the world’s largest sports industry trade show. My topic was on which social media channel fits your story. And while you cannot be on every single social platform out there, you should at try to do at least 2 or 3 well. But more importantly today with so much happening in the social media sphere, the need to engage with millenials is becoming more and more apparent. They are becoming a major influencing factor for brands, trends, and markets. In the US alone they have close to $200 billion purchasing power each year. With social media being the environment they thrive in, time for brands to start building relationships with them there.
Authenticity is key
Ok, we all know that authenticity is key to humanizing your brand. But for millenials it is especially so. Last year, Forbes reported that 43% of millennials rank authenticity over content. The same report found that 62% of millennials are more likely to become a loyal customer if a brand interacts with them on social media. Because of how ingrained social platforms have become in our behaviour, audiences are more informed, aware and empowered than ever before. Social media has made us more cynical and more critical of what brands are doing. We can’t as easily be won over by a glossy ad – particularly digital natives who are increasingly more likely to prefer YouTube content over TV. So brands need to be transparent and honest.
You need to understand “dark social”
Want to market to millenials? Then you need to get acquainted with the term dark social. More and more consumers are conducting their conversations in private and share links away from major social platforms. They are taking to the likes of Snapchat, WhatsApp or other messaging apps. These are becoming new, opportunistic venues where brands could potentially start to engage in conversations that aren’t interruptive. Did you know that there are nearly 4 billion global active users of messaging apps, from WhatsApp and Facebook Messenger to WeChat and Kik? In fact, the top five apps in the world in terms of frequency of use are all messaging apps.
Move into unchartered waters
Most of us marketeers know that millenials don’t care for traditional advertising. They’re totally unaffected by it. That’s why social media marketing is such a big deal. The product is almost irrelevant. It’s the brand you have to sell, and social media is one of the best ways to do that. And while Facebook, Twitter, and Instagram have been (and still are) highly successful when it comes to brand awareness, none of them offer the same level of value and authenticity that Snapchat does. Snapchat has over 200 million users. With over 7 billion video views per day. Of course you cannot deliver large-scale conversations on Snapchat but maybe we need to follow our audience into unchartered marketing waters even if it would be nicer to stick to platforms we are used to and feel safe on. Maybe we do not know exactly the best way to use these one-on-one platforms yet but there are many brands that are already exploring. Content like product launches, behind-the-scenes. all unfiltered and happening in the now. Making the brand totally transparent and authentic with the potential of creating deeper, more personal relationships. And even if right now we may not have the mechanics to easily track these conversations, I am sure they will be coming sometime during 2016.
Influencers have the power
“People buy from people, not brands” – according to findings 92% of consumers trust recommendations from other users even if they may not know them. That is why it is important to understand how your brand is perceived out there. So think influencer marketing. Influencers have thepower when it comes to marketing services and products. Consumers today trust recommendations from family, friends, and social media influencers more than any type of paid marketing. And when someone is happy with your brand, they will share this with their social networks. The effect is unparalleled to any other marketing tool we have.
And don’t forget the IoT
Today’s world is becoming more and more connected. And millenials are expecting brands to be connected and able to offer them seamless person-to-digital experiences and interactions. Brands will need to move away from being interruptive and seeing themselves as a broadcaster to actually offering personalized solutions. Think of something alongside a reminder being sent to order an Uber to pick up your date for that restaurant reservation you have Friday night. Or which SPF cream to use for today’s sunshiny weather.
Even with the advent of digital marketing and big data, we still struggle to see how effective some types of advertising are and how to best allocate our advertising spend. Nielsen has just released their Global Trust in Advertisement survey to see where trust lies when it comes to advertisement and which platforms fare the best.
Very interesting to see that the most credible advertisement still comes from the people we trust most.
8 out of 10 said that they completely or somewhat trusted recommendations made by friends and family. But also consumer opinions posted online were seen as trustworthy by two-thirds of those polled. Branded websites came in second as most-trusted format and millenials were the group that showed the highest trust in most advertisment formats and channels.
It has been a busy few weeks for me with lots of travel and deadlines to meet. But now that things are finally returning back to normal over the summer (hopefully!) it is time to get inspired again by all the great innovation going on the world – and not only from a marketer’s perspective!
New technologies are turning the financial world upside down. The WSJ recently wrote “In five years, the biggest banks in the world won’t be banks, they’ll be tech companies.” And right they are. Big tech players in the internet industry like Google, Facebook or Apple are already working on developing alternative payment systems and other innovations for the financial industry. So time for existing financial institutions to get on the wagon. Barclays is a great example of the few players who are taking this trend seriously. For instance, they recently launched “Code Playground” a website to teaches young people about coding as part of ongoing plans to increase digital skills among its customers. Ticktock on the clock for those who are not yet looking at the disruptive forces in banking.
And of course the Apple Watch. We all know it will have a big impact on marketing and we are seeing many early brand adopters. Like publishers. The New York Times, CNN and The Economist are all making a run to offer us “wrist sized” content. And right they are – while some of us are still wondering why one needs an Apple watch, others are realizing where the web moves to so must your business.
Want to up your “customer loyalty”? Then take a look at Marriott’s Mobile App. They have just launched a new feature where guests can make specific requests (as far as 72 hours in advance). Anything from that additional pillow to make you sleep better to getting an extra bottle of shampoo. There’s even a two-way chat feature in case you have a very “specific” request.
Of course we should not snub tweeting potholes or Google’s fragrance emission’s device (yes it’s a wearable that can tell you when you start to smell a bit in the armpitty region) – so if you want to feel inspired as well, take a look at WeAreSocial “Curiosity Stop” for some new impulses. I really have to give them kudos for having formed an internal Innovation Team who scour the world to spot new disruptive forces and seek out the latest innovations and then put it all into this great, little report.
Heineken made quite a few restructuring changes last week, amongst others announcing that the CMO and chief sales officer roles would now be combined under one new Chief Commercial Officer role. While Heineken says this and the other changes will allow them to focus more on growth opportunities and be more agile, it raises the question, is the role of the CMO becoming obsolete?
I have worked with and for a number of organizations where marketing and sales operate as separate entities, with different goals, processes and especially strategies. But what good is a strong marketing plan with no buy in from sales? And what good is a strong sales force with a weak marketing plan behind it? In today’s world it is all about customer engagement and while marketing and sales may not use the same channels, they now need to provide one common experience. That is why marketing and sales should not think twice about working together under one and the same strategy.
Does that mean the CMO no longer plays a role in the organization? Of course not. Marketers need to understand that just as businesses are moving more and more into the digital age so must our roles. This may just require that marketing and sales act as one with one strategy.
Consumers have long moved on from just using the internet for information-gathering. Social networks are growing at an incredible pace. We all know that social media lower costs and optimizes marketing spending. Now is the time for financial services companies to move from just “being” on social media and start to truly “engage” with their customers. At the end of the day it is all about using social media tools to build personalized customer relationships.
There are many financial companies, like American Express or UBS, already optimizing their use of social media. Accenture has identified 11 social media tactics that can help achieve a specific outcome and that should ideally not just be used in isolation.
It is important to keep in mind, that social media marketing always needs to be fully integrated in your company’s digital and corporate strategy to achieve the best impact possible.
Here is a link to the full report.