The growth in mobile and tablet device usage, combined with the increasing importance brands are placing on collecting and leveraging data, is driving innovation within the digital media space. Read Full Article >
As each year comes to a close and we launch into a new year – the prediction articles roll off the production line and this year is no different. The internet of things, wearables, iBeacons are just some of the hot trends for 2015, but rather than serve up another list of trends I am going to focus on just one – the growth in fusing consumer data assets with digital in 2015.
Whilst fusing customer data to create personalised experiences that speak to individual people has long been the domain of email marketers, using customer data rather than simply using cookies to personalise experiences across display, content, search is will fast become the norm in 2015 down under.
What is driving the trend?
• The rise and adoption of data management platforms “DMPs” and marketing automation tools are ‘allowing brands to collect, organize, and activate their first- and third-party consumer data from any source.
• New media vehicles from global and local players (inc mi9, Facebook, Twitter and Yahoo7) are making it easier for brands to exploit the opportunity that first party data provides to enhance digital experiences.
• Declining customer loyalty has placed greater focus and appetite on delivering highly targeted, personalised and relevant experiences across all digital channels to exceed customer expectations. In recent times we have seen brands like McDonalds and Coke (who have traditionally not invested in the loyalty space) develop loyalty programs to acquire the data they need to build deeper relationships with their customers to shift away from a short term campaign based approach to marketing.
• Proliferation of screens has made it impossible for marketers to target consumers cross screen – digital marketers can no longer rely on the cookie if they want to gain efficiency and maintain return.
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Whilst digital has been on the agenda of many CMOs and senior marketers for years – some industries have been better at adapting their marketing strategy and shifting spend towards digital than others. Whilst the writing is on the wall, and the facts speak for themselves I often ponder what is still holding many Australian brands back from investing appropriately in digital. Whilst there are many challenges brands need to overcome to embrace digital – one of the key things brands who are struggling to adapt need to consider is how their budgeting process may be hindering their ability to invest in digital.
Techniques to challenge the budgeting process and break to mold
With many senior marketers in the midst of forecasting next financial years spend, a few non-traditional budgeting methodologies that have caught my attention which could be just what the doctor ordered to assist brands to shake things up and drive greater investment in digital.
Zero Based Budgeting
What is it?
In late October, Coke announced it was moving to a zero based budgeting model for marketing, an approach that is also being adopted by Modelez, Heinz and several other big brands. Driven by Coca Cola’s revenue decline marketers are having to face tougher cost control measures in an expanded efficiency drive. According to Muhtar Kent, Coke’s media investment Chairman and Chief Executive;
“The changes will bring complete clarity to the roles and responsibilities on a geographical basis. We are not going to be throwing volume out the door. It will be a more balanced approach towards how we generate revenue and how it flows into bottom line”, said Kent. “There is a clear line of sight in terms of how we invest and how we get returns from investment.
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It’s been a year since I compiled my latest digital stats summary and so I felt I was long overdue to provide another one. A lot can happen in a year, it was only yesterday my son was born and … Read Full Article >
In the dynamic digital landscape, where new platforms and devices are continuously emerging and evolving – marketers are facing an array of new challenges Read Full Article >
Native advertising continues to gather pace with BIA/Kelsey estimating native ad spending on social media alone would grow from $3.1 billion this year to $5.0 billion by 2017. Read Full Article >