28 Jun Learnings from Marketing Week Live
‘More channels, more opportunities’ is the theme of the day at Marketing Week Live. And you only have to look around you at all the people tweeting, Facebook-ing, scanning QR codes, ‘vine-ing’, and snap-chatting, whilst simultaneously discussing digital ROI, big data and the power of video, to realise this really is the age of multichannel.
So what does this mean for marketing your business?
Here are my top five learnings from Marketing Week Live 2013:
1. Transparency, simplicity and relevancy; the recipe for modern marketing.
Customers are more empowered than ever before, and they want to spend money with companies they know and trust (see Clare’s blog Building Trust over Multiple Channels). This means communicating openly and authentically with your consumers across every channel, in other words be transparent. Marketing is no longer linear; we are living in a fragmented media environment, so you need to ensure your message is simple and easily digestible across every channel. And contrary to popular belief, consumers don’t want to spend hours engaging with you, they want to find what they’re looking for easily. This is why you need the third ingredient – relevancy. Businesses relationship with the consumer is about giving the consumer something they want or need.
2. Our attention span is less than a gold fish.
In the year 2000 we had attention spans of 12 seconds, now the average attention span is just 8 seconds, for goldfish its 9. So if you’re still reading this. Well done.
– Key information upfront,
– Concise, attention-grabbing copy
– Information your consumer needs and wants to hear
– Clear calls to action
– Consumable media. Online video is king; increasing 46% year on year.
– Instant responses
3. Don’t panic you can’t measure social media ROI
The million-dollar question how do you measure social media Return on Investment? There are hundreds of analytics tools you can use to see how far a tweet went, what engagement was generated over Facebook, how many click-throughs to your website you got, but do they tell us the whole picture? The reality of ROI is that no matter what marketing you do it is hard to pinpoint the exact impact of the nitty-gritty detail, and despite all of these tools at our disposable, social media is no exception. A link shared on Facebook may well end up in someone’s email inbox, a page Like from your mum does not have the same value as a page like from your next customer, a campaign that starts on Twitter won’t necessarily end up there.
Whilst you can use social media to generate trackable responses i.e. retweets and blog comments, you have to remember that figures for social media are just the tip of the iceberg.
But social is not a campaign; it’s your business presence. And to be there in the world, engaging with people via social, as well as other marketing channels is imperative to your onwards business growth.
4. Web analytics don’t tell the whole story
Whilst web analytics are a positive indication of the impact of your marketing, you have to beware of analytics that look precise but in reality don’t tell the whole truth.
How many of you look at a website on your laptop and then later that evening look at the same website on your iPad or your phone? Well you’ve ruined the unique visitors figure.
How many of you look at a website, leave it up on your screen, leave it for half an hour and then come back to finish you purchase? Well you’ve ruined that analytic too, as the website assumes you’ve existed the site after 30 minutes.
OK think you need to try and reduce bounce-rate? Think again. Search Engine Optimisation and social media have increased bounce rate because people are taken to the page of the website they need straight away.
Avoid misinterpreting web analytics.
5. …but you can still capture quality data if you know how
Business outcomes, typically sales and revenue, provide the best indication of success. The problem however, is no data exists showing exactly how to achieve more of this. KPIs have to focus instead on the aspects you can easily change, otherwise they have very little value – and as the old saying goes ‘rubbish in, rubbish out.’
Focus instead higher up the chain, at number of click throughs or searches for your brand, for example – inevitably the more people searching for your product on Google, the more sales you will make – it’s not rocket science.
Have clear goals and a plan and then focus your metrics in on that. But be careful not to get too caught up in the detail, whilst you need to drill down in to the happenings, you need to keep sight of the wider picture. Have a small number of KPIs, which can then have multiple dimensions to them. Evaluate things of particular worth, for example review key relationships. Most importantly instill a ‘test and learn’ culture.
For more of our thoughts on Marketing Week Live, see Steve’s blog: ‘What’s the Big Idea?’