In this post, David Edelman tackles the issue of data collection for marketers and why the customer experience will lead the way forward.
With the much publicized rollout of Apple’s app transparency tracking framework, and the elimination of third-party cookies on Chrome, marketers are about to lose cherished sources of data that have long powered their targeting and attribution initiatives. When you look at most of the advice popping up on what to do though, it tends to focus on broad recommendations to “build up your first party data,” “look at results in a more aggregate way and refine your media mix modeling capability,” or even “build products with broader appeal so they don’t have to be so finely targeted.” I am not going to argue with any of that. Of course, it makes sense, but it is so vague. There are other, specific, tactical imperatives marketers need to consider as we enter a new world where data is still the currency of the realm.
Not the end of third-party data
Even with all of the pressures to protect privacy and security of individuals, consumers still want experiences that use the power of data to make life easier, faster, more entertaining, and more empowering. Know me when I call in. Let me go seamlessly from my home to my vacation hideaway without paper or talking to a person. Let me know what I should be doing next to improve my health. Give me ample warning to prepare for a storm. The list is endless, and the bar is now at a height where this is all expected. Brands will compete based on how the experiences they offer use information for the benefit of the customer.
Doing this will likely require more information than most companies have within their own walls. Information to improve targeting models, attribution models, next best action models. Information to enrich your understanding of a customer’s context — their location, surrounding conditions, competitor engagement, demographics. Information for modeling changing conditions that should drive parallel changes in how you allocate spending across channels, on keywords, on promotions. Even without third-party online tracking data, there are still rich troves of data for marketers to tap. The better ones have full transparency of how they are captured, what degree of privacy they protect, what permissions they manage, and how timely they are.
Key points include:
- Third party data
- Data Supply-Chain Management as a Core Competency
- The “Open Data Marketplace”
Read the full article, Hey, Where Is My Data??, on LinkedIn.
Umbrex is pleased to welcome Laura Wheeler. Laura brings deep experience in Strategy, Analytics and E-commerce which she has honed through her years at a top-tier management consulting firm (McKinsey), as an operator at best-in-class retailers (Ross Stores and Gap), in client service as the Retail Practice Lead at a start-up marketing analytics consulting firm (Absolutdata) and culminating in P&L ownership as the General Manager/Chief Digital Officer at DTC divisions of Omni-retailers (Saks, Perfumania).
Her project work has covered a wide range of areas from designing and implementing a new data-driven planning approaches, employing sophisticated statistical methods to do multi-touch attribution modeling and launching a new retail concept with branding and organizational design components.
Throughout her career, Laura has been drawn to classic strategy problem solving and big data/analytics. She would love to continue those types of endeavors on projects with the Umbrex team. She currently resides in Irvington, NY (a suburb of NYC) with her 2 teen-aged children and 1 dog. She is open to travel and ready to dive into projects that can leverage her Strategy, Digital Marketing/Analytics or E-commerce experience.
Joy Fairbanks provides a reminder on the importance of understanding and applying SEO in today’s online, digital world where algorithms decide what gets seen by whom. And while keywords play an integral role, SEO doesn’t stop there.
Does SEO matter for an early stage company focusing on building social media connections first?
It does. Founders, how do you think you get visibility in the sea of social media posts? The strategy that goes into social media optimization is at the core of search engine optimization (SEO). SEO is the online viral result of everything you do online and offline to match your customer’s pain point to your solution.
I am a promoter of growth hacking. That means that I advise startups on the ways to achieve maximum growth with the minimum required resources. This growth hacking is part of an overall short-cycle, learning-based approach for companies validating product-market fit.
A digital marketing strategy begins by thinking of the ways to connect with the people you have targeted to serve. In the early stages, you are making an extra effort to target customers whom you hope will best promote your product to go viral. So how do you get these early customers to begin the journey to your solution? You go to them. You go to where your customers reside offline and online, and attract them with their own language.
What words do your customers use when beginning a search? How do those customers want content? Photos, videos, infographics, audio, podcasts? Do your customers rely on user-generated content (UGC)? Who do your customers go to for buying advice? Your ability to figure out the content preferences and leverage the network of relationships offline and online will help bond you to your customers. The result of doing this well raises your online presence in the ranks of SEO.
Key points include:
- Understanding your customer
- SEO as an outcome of your strategy
- The benefits of buzz
Read the full article, Should Startups Care About Search Engine Optimization (SEO)?, on LinkedIn.
Jim Klass shares a downloadable PDF that provides insight into the current disruption of the food industry with examples on how to use technology to improve cash flow and remove friction in the supply chain.
Foodservice has changed…
A new Model is needed, one that creates value for all partners in the supply chain
Consumers will demand transparency, cleanliness and a frictionless digital experience
Operators must maximize each guest interaction their menu, and even their unit layout must change
Distributors can’t count on Sheltered Income and high-margin Exclusive Brands
Agencies will need to develop new types of offerings
Manufacturers must better understand consumer behavior and what is driving their away from home dining
Digital is the new currency
Key areas covered in this resource include:
- IFMA projections
- The overlooked divergence in operators
- Why going digital is important
Access the full PDF, The Future of Foodservice – Digital Collaboration to Help the Operator on the marketintelligence.solutions website.
Johannes Hoech shares a post on how to use video effectively in your digital marketing strategy.
Videos help businesses get 66% more qualified leads according to Renderforest. According to HubSpot, you may be able to increase conversion rates by over 80% if you add a video on your landing page. If you’re looking for an easy-to-execute approach to producing videos as part of your digital marketing strategy in 2020 and 2021, here are practical ideas that fit your startup’s budget.
At MarqetU, we can help you develop engaging and authentic video content to attract, engage, and delight your prospects and customers. To get started with your video marketing strategy, start by developing a video content plan:
There are many types of video content that can be leveraged to attract and retain customers in different stages of the customer lifecycle. Some of the types of video formats that you can leverage for your B2B technology startup include:
Brand Videos: Showcase your products, services, your mission, and your vision in a brand video. You can use this video in the about section of your company’s LinkedIn page, as a pinned/introduction video on your YouTube channel, and on your website landing pages. We made this video recently for our website along similar lines.
How-to Videos: You can create how-to videos or how-to series to help your audience with education about topics that they need help with. For example, we recently developed a video about automating lead generation for our LinkedIn.
The article includes information about:
- Choosing the right digital platform
- Writing the script
- Editing the video
Read the full post, The end-to-end DIY video cookbook, on the MarqetU website.
If your team has difficulty moving strategies from thought to action, take advantage of 20 years of experience in strategy consulting from Andrew Hone’s company by clicking through to this comprehensive guide on strategy implementation.
You’ve just put the finishing touches to your business strategy. You’ve spoken to customers, researched the key market segments, and projected the financials. The Board and shareholders are aligned and agree on the priorities to take the business forward. That was the easy part!
Translating a strategy into action is a significant challenge. All too often, the benefits that were promised are delivered late, or fail to materialize at all. Management teams get distracted by the day-to-day challenges of running the business. Cross-functional initiatives fall between operating silos, budgets get reallocated and the initial momentum is lost.
If this sounds familiar, you are not alone. Despite strategy implementation being seen as a key priority by most senior executives, fewer than 15% of organizations consider themselves to be successful when it comes to executing strategy. Estimates for strategy implementation failure rates range from 50% to 90%.
We have spent over twenty years helping clients translate strategy into action, working with a range of clients from start-ups through to large corporations and public sector organizations. Through this, we have identified a number of key principles that can help you to avoid common implementation pitfalls. By applying these principles, strategy implementation can be a more predictable, transparent and repeatable process, improving both the speed and certainty of the outcome.
Information in this article includes:
- Why strategies fail
- A strategy implementation framework
Access the guide and full report, Implementing Strategy, on the Zenith Strategy Associates’ website.
Gaelle Lamotte was recently interviewed for the Telegraph’s Business Reporter on bridging the gap between business strategy and achieving the best results.
Strategies often fail because there is a lack of a robust, compelling strategic story that hangs off them, there’s a failure of coordination between units and functions, often misalignment, and at the end of the day, there’s a lack of leadership agreement around a common shared purpose, around a common agenda. So as a result, you’ll find there’s a real gap in interpretation between a strategic plan and then ultimately what we get at the end, which is numbers and results.
Points discussed include:
- Goal alignment
- Snapshots of performance
- Reaction to results
- Discipline in execution
Listen to the full interview on Business Reporter, the Human Capital Series.