The team of WestJet made a Christmas afford to bring some Toronto passengers a personalized gift at their destination. With an interesting technology approach, they made some wishes becomes reality…like miracles really do happen. I have to admit that the campaign massively reminded me of the former KLM Surprise campaign but still the marketing budget is wisely spend when you can make people share their happiness around Xmas. Do you like it?
Tag Archive for: Budget
The time is now. When Q4 is heading towards December many companies, analysts, experts and specialists start their forecasting for the next year, and what will drive the business. So, what happens in 2014? The first infographic just came out by the guys of WebDAM. The company provides a digital asset management software and just recently aggregated some interesting data in order to illustrate 20 key trends for marketers which will become important to meet the demand of their own business targets.
Five key findings in brief that we think companies should watch out for…
– Email with social sharing increases click-through rates by more than 150%
– CPM is out: Pay Per Click budgets will increase to over 70%
– More than 50% of marketers found customers on Facebook (40% LinkedIn)
– Video landing pages increase conversions by almost 90%
– Client testimonials are most effective as content marketing format
In an era where Big Data rules in many companies’ marketing departments, it is interesting to see where pay-per-lead marketers see the best value in. A recent survey by Business.com conducted in May 2013 of 500 active pay-per-lead advertisers (with SMB market focus) states that most B2B marketers value a buyer’s purchasing time horizon as the most important data point they want (51%). The problem is: They often cannot get that data set.
The second most important data point for leads is the employee size figure of the buyer’s company (31%) which these marketers say would be extremely valuable to get. In the third place comes the industry sector (29%) and then the job title of the business decision maker (20%).
More than half of the people responding (51%) the study said that leads generated via whitepapers are valuable or extremely valuable. Webinars are also on the rise with 34% responding that leads from hosted webinars that feature their company or products are valuable or extremely valuable. Leads generated via sponsored email still find their interest among B2B marketers. Still, 38% stated these are valuable or extremely valuable, followed by case studies (38%) and video (35%).
If we think of the “old BANT process”, the study lacks some answers and findings in terms of making us understand the importance of budget in these days. Not surprisingly though, the study still mentions that 42% expressed strong interest in “hot transfer” leads (connecting companies immediately with leads as they come in) which probably are most promising in terms of fast lead conversion. When 60% see lead scoring as essential for the lead generation process, individual leads still is assigned a score reflecting the likelihood of a response. Maybe this should serve an answer on the BANT budget topic. For me that was not quite clear though.
SO, what would be your answer: IS the BANT process still valid? And what data set would be important to your sales process?
In many seminars there is a common opinion: Brand advocates and social media influencers are cast in the same mold. They are not! They are completely different kind of personalities. However, this does not say that they cannot change their roles from brands to brands. Still, the question is whether they might suddenly become both in the future: influencer and advocate. We have shared our thoughts a while ago…
Advocates are customers of brands. They are not heading for money or incentives that a brand or company might pay them for going out and holding up signs “I love this brand!”. In fact, it is just the other way round: They often pay brands more than they have to. Personal persuasion, individual enthusiasm and emotions the brand creates lead them to recommend products to their fellows, friends and fans without any reward. These people are just happy with a brand or product. The brand has satisfied their needs and desires which let’s them engage in discussion they are not really part of. These people are actually looking for engagement around the brand and might even start conversations that foster new brand approaches, or even design new product concepts.
Influencers were -well, in the days before social media- people that were wearing logos on shirts, were used as testimonials or stood in front of a camera and talked about a product or service as a client case (things they often had no clue about). Nowadays, there is a new type of influencers coming up that gets paid by blogging or social media monetization platforms, and in the end from brands and companies. These bloggers or social media active people write or talk online about brands predominantly as they get paid for promoting the brand or product. In most cases, these bloggers have a great community of people that build an attractive audience (whether as of reach or relevance) for the brand or company – maybe simply to increase the influencer base or to spread the word (word-of-mouth) around the brand.
The main difference between the two?
Advocacy goes deeper. Advocacy is emotion-driven. Advocacy is loyalty. Loyalty is commitment. Loyalty is passion. Loyalty let’s forget the rules of logic, of facts, of the rational. Advocates drive on the streets of loyalty and breath it’s air.
A recent study by Ogilvy claims that social media influencers don’t use these streets of advocacy and passion, the streets of the brands they follow. The study makes cleat that most “advocates” -in the above definition probably more influencers- mentioned product features and not emotions. Only 9% of brands were lucky to facing greater than 50% of brand advocacy. And, “advocacy” posts constituted only 15% of social mentions.
Marketers need to understand the value of brand advocacy. Advocats are the elite of your brand fans, and marketers that do not identify those advocates will leave out the opportunity to spend marketing budgets more wisely:
“Brands that do not generate substantial advocacy will need to pay more for reach and consequently have costs substantially higher than those brands that drive advocacy… this advantage could make the difference between a company with outstanding shareholder returns and one that fails to perform.”
Hey marketers, just think about yourself: Would you tattoo yourself with the brand you love, like i.e. many Harley Davidson fans? Let us know…
It is one of these questions many B2B marketers would love to get an answer: How many of the B2B business professionals that can be reached by B2B media and live events are involved in purchasing decisions or supplier selections?
Well, a recent study by American Business Media’s “Value of B-to-B” report, which was based on 6,682 responses from business professionals, 74 marketers and 111 business publishers and released Wednesday, gives an answer: Of those purchase business decision makers responding to the survey 74% can be reached by B2B media and live events.
The web plays a critical role here. The study states that 87% of those use industry-related websites on their customer journey and research in the decision making process. What they predominantly use is print magazines (65%), industry conferences and trade shows (58%) and e-newsletters (55%).
However, we all think the world is completely digital these days, the study makes clear that 74% use both digital and traditional media to get latest best practices and get the right information for their business. The industry-related focus of the print publications is relevant for (68%) as they spend more time with those publications than with mainstream business or consumer publications.
PS: There are good signs for the media industry, too. Almost half of the responding marketers (45%) expected an increase in B2B advertising budgets for the next 12 months.
With their recent study The Creative Group predicts that the majority of advertising and marketing executives (62%) expect an increase of their company’s spending on Facebook marketing in the follwoing twelve months – 9% more than they predcited one year ago.
Not surprisingly, the advertising spend on Facebook leads the list of social ad spendings. However, the majority of executives will also invest in other channels more than last year: LinkedIn (51% up from 38%) and Google+ (50% from 41%). Twitter is also on the plan for a budget increase with 48%, as well as Youtube (40%), Pinterest (35%) and Instagram (32%)
Although this shows a great breakdown of all industry sectors and job titles in an overview, the different industry segments and job titles varied in their view on budget increase:
– Large companies (100+ employees): 74% of marketers expect an increase in Facebook spend
– Smaller companies (100-249 employees): 60% predict an increase for Facebook spendings
– 57% of advertising executives expect an increase in spendings
– 48% of marketing executives expect an increase in ad spends
– 12% of marketing execs expect a decrease in spend
– 6% of advertising executives expect a decrease
The study was based on a US survey of 300 marketing executives and 100 advertising executives.
How about your marketing budget planes with Facebook, Twitter and the likes? Increase or decrease?
There are different views on why mobile advertising is performing. However, some new studies might spread some light: one form TNS and one from SessionM which did their study in cooperation with Millward Brown. The study SessionM published today shows that consumers react positively twice as often to mobile ads… but only as long as they get some value out of it.
Mobile banners are most used from smartphone owners when they get a gift card, coupon, events tickets or loyalty points. Although this gives some good insight in the ranking of the preferred mobile engagement options, consumers want to know what benefit they get out of the digital experience. It means that marketers need to be clever and having some good approach. The surveyed consumers replied that the way mobile ads are presented was crucial to their feedback.
The study makes clear that the mobile strategies need to be clear to the consumer, said Lars Albright, CEO of SessionM: “The questions are, ‘What value am I bringing to the consumer?’ And, ‘How am I doing it?'” It asked 1,000 consumers in a digital survey, as well as a dozen participants in each four hour interviews. 93% of respondents said they had the opportunity to choose a reward in exchange for their smartphone time was “important”. This comes as no surprise after the latest Adobe study telling us that often digital advertising is found “annoying”.
The difference between rewards-based mobile ads and different types of on-the-go promos was that rewards-based mobile ads performed better for purchase consideration (+65), the brand in brand interaction (+14%), branded website traffic (+13%), web searches (+8%), in-store shopping for the brand (+6%), and approaching the brand’s social media pages (+5%). Obviously, the user can be handled and does not always see banners as “annoying and invasive”.
Finally, while a lot of industry players see location-based services as the key to mobile’s future, Joline McGoldrick, research director at Dynamic Logic, Millward Brown’s digital practice, spoke about how interest-level marketing can be a huge help to the space. “Targeting is getting better in mobile,” Joline McGoldrick, Research Director at Dynamic Logicsaid, “but it is still not perfect.”
Now, although mobile ad revenue is far from reaching big amounts of ad spendings, many marketers see it as a growth area. Whatever the number that is attached to total mobile ad revenue worldwide is, Google is the leader with over half of surveyed people according to eMarketer. And if you see the numbers it seems that Gogle is still not happy with the budget chunk they do get, reaching out for more it seems. But also Facebook investors will see some light at the end of the tunnel with mobile ads on the rise. However, Google might like the competition but all that market dominance simply making way for some more challenging competition.
It will be interesting to see who will come up as the leader in this cmpetition, who can compete with Google in general, and will Google continue to grow their business? You tell us your views….
Sometimes surveys bring out the final truth about the status in which chief marketing officers (CMOs) find themselves in. One of the latest reports by Accenture, titled “Turbulence for the CMO: Charting a Path to the Samless Customer Experience” was done with 405 senior marketers from 10 countries. It makes clear that almost 4 in 10 CMOs think they don’t have the right set up to manage their business challenges in front of them. They are missing the right tools, resources and people.
The annual survey shows a decline in 5% in preparedness compared to 2011. Especially, the digital transformation is lacking behind. Compared to 2011 10% find it challenging to improve their workforce’s responsiveness to digital shifts. Furthermore, CMOs also stated that they find it difficult to keep up the efficiency of marketing operations (8% increase!).
Some deeper findings indicate what CMOs main interest in the business will be. The most interesting observation in the results is that digital orientation has the biggest gap between importance and performance among the five marketing capabilities.
The top priority for them is profitable growth (87%) and operational efficiency (85%). The good point for agencies and consultants is that CMOs have this as a bigger objective that cutting their marketing budgets (58%). From a long-term perspective, consumer expectations for specific experiences have the biggest impact on marketing strategy (65%).
And I am sure, you will detect some more interesting findings in their infographic.
We had written about a Curata content marketing survey some months ago. Now, I came across another research which is making it’s way through the web, and I am glad as I have been asked at a University St. Gallen event for some new insights on the topic today.
The Content Marketing Institute’s 2013 benchmarks shows what the challenges for marketers are: producing enough content (64%), producing the kind of content that engages an audience (52%), or producing a variety of content (45%).
Sounds like we have heard that before, right…?
If you think lack of budget is still the issue, you might find yourself being in the wrong corner. Just 39% of the respondents said that they lack budget. Furthermore, traditional restrictions and limits like buy-in/vision (22%) or finding trained content marketers (14%) is falling out; not even senior level buy-in is their biggest challenge (7%).
All lies? Well, seems like that… And when just 14% say, they are having problems hiring in this field, i would suggest some clever journalists or PR managers have found a way to market themselves.
So, a questions arises that also came up today in my moderation: What is the real issue, why marketers don’t challenge the content marketing business?
We have probably all heard what Outbrain told us today in their speech that push is the new pull, advertising becomes marketing, creation the modern editorial, campaigns are the always-on of tomorrow which makes sprints the new marathons. Still, the question is whether marketers understand why this should become the new budget engine for a change in an emerging shift towards content marketing and away from advertising?! Maybe marketers need to understand what makes them a media-house? Content curation, distribution and measurement might be more of a big bang theory to address…
The challenge might actually arise in the definition where content marketing gets propelled. Many marketers see still search engine advertising (SEA) their wholly grail. If companies get turned around into SEO engines, the whole result-driven aspect of the fluid content marketing world would not be questioned any longer. It just depends on getting the right people engaged inside the office and to find the commitment that lets the formerly outsourced world stand in the shade. And have companies ever understood the value of content? Content is not a test budget! It is an attitude towards business, towards communication, towards social business. Or have you ever put into question why you send out newsletters, flyers, whitepapers, or even company brochures? Blogs, status updates, tweets… written in an intelligent way, is increasing the way your conversations will arise…
Are you really hiding in the content marketing fields, marketers – or is it a real challenge…?
SoDA (the Society of Digital Agencies) just recently presented their views and results of their annual Digital Marketing Outlook Survey. It offers some fresh insights and perspectives of how marketers might be turning their creative and technological knowledge into new concepts in their digital agencies. The report delivers thoughts around changing advertising markets, new organizational set-ups, latest technology and budget ideas for companies, brands and digital agencies in 2013. A very interesting resource…