Understanding the consumer’s new path to purchase, which often often involves a digital stage in the process, is important for virtually every firm.
As such, a recent article from McKinsey’s Edwin van Bommel, David Edelman, and Kelly Ungerman gives some valuable insights:
“Many of the executives we speak with in banking, retail, and other sectors are still struggling to devise the perfect cross-channel experiences for their customers — experiences that take advantage of digitization to provide customers with targeted, just-in-time product or service information in an effective and seamless way.”
“To keep up with rapid technology cycles and improve their multiplatform marketing efforts, companies need to take a different approach to managing the consumer decision journey — one that embraces the speed that digitization brings and focuses on capabilities in three areas:”
Discover. Many of the executives we’ve spoken with admit they are still more facile with data capture than data crunching. Companies must apply advanced analytics to the large amount of structured and unstructured data at their disposal to gain a 360-degree view of their customers. Their engagement strategies should be based on an empirical analysis of customers’ recent behaviors and past experiences with the company, as well as the signals embedded in customers’ mobile or social-media data.
Design. Consumers now have much more control over where they will focus their attention, so companies need to craft a compelling customer experience in which all interactions are expressly tailored to a customer’s stage in his or her decision journey.
Deliver. “Always on” marketing programs, in which companies engage with customers in exactly the right way at any contact point along the journey, require agile teams of experts in analytics and information technologies, marketing, and experience design. These cross-functional teams need strong collaborative and communication skills and a relentless commitment to iterative testing, learning, and scaling—at a pace that many companies may find challenging.”
Click the image to read the full article.
After a few hiccups (such as the introduction of dual subscriptions), Netflix is certainly on a roll again. And a large part of Netflix’s recent success has been tied to its development of original programming, including Emmy-winning House of Cards. This move has changed the business for the industry and drawn emulators like Amazon.
Here is a good infographic that shows “The Economics of Netflix: How to Make a $100 Million Show.” Click on the image for a larger version, and then scroll down to learn many interesting facts about the economics of programming.
Native advertising is a relatively new practice that is rather controversial. It is also booming!!!!! On the one hand, beleaguered publishers — print and online — are able to generate more ad dollars. On the other hand, consumers may not recognize that material that looks like a regular story is really a disguised ad.
With regard to online native advertising, HubShout puts it this way:
“Native advertising has been proven to be a solid strategy for online companies looking for a new way to distribute their content. It’s being adopted by the largest of publishers, and becoming a largely lucrative and successful method of advertising, making it the biggest internet marketing trend this year. As your eye flows down the Web page, you move from ‘native content’ into something that has been sponsored with less distinction. There’s a less abrupt transition, and that’s, hence the name, native advertising.”
HubSpot has published a FREE book — What is Native Advertising and How Does It Impact Consumers? — that is available for download.
It has also produced the statistical infographic on native advertising shown below.
We have another new term for our expanded marketing dictionary: “injected advertising.” This occurs when third parties with sophisticated software programs upload online ads onto the Web sites of unsuspecting companies. Only the third-party firm gets paid for the ad. This is clearly a practice that is upsetting to many companies on whose sites such ads appear.
For example, not long ago, a Target ad popped up on the Walmart.com Web site.This occurred without the knowledge or permission of Walmart.com.
How does this happen? Alex Kantrowitz, writing for Ad Age, explains it thusly:
“In one of the most bizarre scenes you’ll see on the internet, a Target ad recently ran smack in the middle of Walmart.com. The ad wasn’t sold by Wal-Mart, though. That’s because Walmart.com doesn’t even sell the ad space Target bought. But there it was, running in plain sight when Ad Age visited the retail giant’s Web site late last month.”
“This ad was no momentary glitch. It sits at the heart of a scheme that uses browser extensions to place ads on the Web sites of some of the biggest advertisers in the world, including Wal-Mart, Home Depot, Macy’s, Dell, and Samsung. These are forcefully ‘injected’ onto sites and sold by third parties without the owners’ permission. Those third parties pocket the proceeds.
Click the image for an Ad Age video on injected advertising. Then, go full screen for the best viewing.