How Data is Fueling Marketing - A Close Look at Contextual Marketing
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In today’s world of fast moving technologies and mass amounts of data, traditional marketing techniques alone aren’t enough to obtain the full potential from the massive amounts of data available today. Businesses are turning to contextual marketing and data driven methods to help companies better understand their customers, new techniques like clustering and text analysis help identify influencers and non-obvious factors that can affect buying behavior. Context matters, and marketers need to tap their data science teams to help experiment with new predictive analytics tools and methodologies to apply machine learning and adjust customer decisions to customer interactions.
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How Data is Fueling Marketing - A Close Look at Contextual Marketing
- 1. HOW DATA IS FUELING MARKETING A close look at Contextual Marketing Anna Anisin Head of Marketing
- 2. WHAT’S CONTEXTUAL MARKETING? Contextual marketing is about understanding not just about who someone is, but where they are, what they are doing and what they are likely to do next. It’s about combining the right information (data) about the customer and the context to deliver the right services and communication at a precise moment, in offers the most value.
- 4. OBJECTIVE OF CONTEXTUAL MARKETING By showing customers ads and products they’re actually interested in, your business: • Decrease customer add annoyance and fatigue • Eliminate unprofitable ads • Increase the number of clicks • Increase the number of actual conversions to sales
- 5. PLACES WHEREYOU MOST COMMONLY SEE CONTEXTUAL ADS • Social Media (Facebook,Twitter,Yelp, Pinterest) • Mobile Apps and Websites • Search engines (Google, Bing,Yahoo) • Video andVideo Search (someone watching all those cat videos) • Video games (this is quite new) • Billboards (Street marketing)
- 6. HOW CONTEXT CHANGES MARKETING Before Context After Context Campaigns Interactions Targeting Engaging Customer Segmentation Customer Recognition Media Pushes Customer Moments Transactions Value Exchanges GRPs and CPMs Minutes of Engagement © 2014 Forrester Research, Inc
- 7. CAMPAIGNS WON’T CUT IT ANYMORE • According to Forrester research, no more than 32% of US online adults trust ads, regardless of the channel.
- 8. CAMPIANS ARE LINEAR • Brand > Strategy > Campaigns > Execution > Customer • Customer lifecycle is not linear Buy Engage Ask Use Discover Explore
- 9. BASIC CONTEXT MARKETING STRATEGY Dynamic Email Mobile Optimized Dynamic Web Copy Personalized Landing Pages Personalized Social Media
- 10. INTEGRATED DATA SOURCES NEEDED FOR CONTEXT • Demographic Data • Sale Interactions (CRM) • Social Media Activity • Behavioral Data • Custom Data Sources
- 11. MARKETING CLOUD
- 12. EXAMPLES OF CONTEXTUAL MARKETING DONE RIGHT
- 13. NIKE • Social sharing and fitness contests generate more interactions • Produce More Data • Which leads to new product suggestions and better-targeted ads • Provide services that customers find useful • Create a continuous cycle of insights-driven contextual interactions
- 14. CITIBANK • Use customer data to provide personalized offers while up- selling its own products • Activate a “Citi Price Rewind” a complimentary perk only available to Citibank customers • Create goodwill with customers and makes them feel valued
- 15. WEB SUMMIT • Using data science to drive context • Hire physicists with PHDs in areas like complex systems and network analysis • Build algorithms to figure out who their customers are and who they might benefit sitting next to or meeting with • Scaled from 400 attendees to 20,000 in only 4 years…!
- 17. CONTEXT MATTERS • Context drives relevance • Relevance helps build relationships • To build customer relationships, we have to understand consumer context • A condition to understanding consumer context is making sense of lots of unstructured data
- 19. A CONTEXTUAL MARKETING ENGINE IS A BRAND- SPECIFIC PLATFORMTHAT EXPLOITS CUSTOMER CONTEXTTO DELIVER UTILITY AND GUIDETHE CUSTOMER INTOTHE NEXT BEST INTERACTION. Forrester Research, Inc.
- 20. YOUR CONTEXTUAL MARKETING ENGINE WILL BE ASSEMBLED FROM YOUR EXISTINGTOOLS • Real-time analytics (Google Analytics, Mixpanel, Kissmetrics, Reinvigorate) • Marketing automation (HubSpot, Constant Contact, Marketo) • Customer databases (CRMs)
- 21. DATA SCIENCE + MARKETING
- 22. HOWTO MOVETOWARD A CONTEXTUAL - AGILE MARKETING APPROACH • Define your strategy • Facilitate customer journeys • Content is still king • Work with you IT department
- 23. CONTEXTUAL MARKETING ENGINES ENABLE HIGHLY ENGAGING ENVIRONMENTS FOR CUSTOMER INTERACTION AND GENERATE DATATHAT WAS NEVER AVAILABLE BEFORE.
- 24. HOWTO GET STARTED? • DIG INTOYOUR INSIGHTS • Marketers + Data Scientists + IT • Map your technology assets to your customer journeys • Start building your contextual marketing engine • Treat it as a product not a project.