Magic




           Making and measuring marketing magic




        Econsultancy’s “Future of Digital Marketing”, London...
Future of Digital Marketing


                              1.Previous Futures
                              2.Epiphenomen...
Previous Futures



                                                     2006 - “Web 2.0”

                               ...
Previous Futures



                   2007 - “Harnessing
                   Social Media”

                   The “P” wor...
Previous Futures



                                                                                                      ...
Future Fatigue - now what?


                                                                                             ...
Epiphenomenology. It starts with data
Data: We need a framework!


      Hyperdata



      Metadata



      Data



      Endodata



      Hypodata



      ...
Data: We need a framework!


      Hyperdata



      Metadata



      Data               Business
                      ...
Data: We need a framework!


      Hyperdata



      Metadata



      Data               Business
                      ...
Data: We need a framework!


      Hyperdata



      Metadata



      Data               Business               Mashups
...
Data: We need a framework!


                             ★ Metadata
                               – Segmentation
       ...
Data: We need a framework!


      Hyperdata



      Metadata



      Data               Business               Mashups
...
Data: We
4. Data need a framework!


      Hyperdata                             Web2.0




      Metadata



      Data  ...
Data: We need a framework!


      Hyperdata                             Web2.0




      Metadata



      Data          ...
Towards Epiphenomenology. No longer your father’s data
Data


       Hyperdata                             Web2.0        Social




       Metadata                              ...
Data


       Hyperdata                             Web2.0        Social
                                                 ...
Data


       • “Doing” not
         “viewing”


         – Making Social
           Networks
           “transactional”
 ...
Data


       – Google - hCard
         format added to
         Search results.
       – One click to add
         the re...
Data




   – Attention Profiling Markup Language - www.apml.org


   – Beyond ‘personal’: interchange and exchange value ...
Data




Is it better than last year?
Data


       Hyperdata                             Web2.0        Social
                                                 ...
When the network knows more than anyone
When the network knows more than anyone


      Hyperdata                             Web2.0        Social     Network



...
When the network knows more than anyone


      Hyperdata                             Web2.0        Social     Network



...
When the network knows more than anyone




                                 • Over 100 million customers profiled
       ...
When the network knows more than anyone


      Hyperdata                             Web2.0        Social     Network


 ...
When the network knows more than anyone


      Hyperdata                             Web2.0        Social     Network   P...
Predictive? You must need hypodata!
Hypodata


      Hyperdata                             Web2.0        Social     Network   Phenomena



             “Brain...
Hypodata - MIT’s “Sixth Sense”


         Hyperdata                                                Web2.0        Social   ...
Hypodata - mashed up



                       “ABSTRACT
                       A headphone-type gaze detector for a full-...
But what about hyperdata?
Hyperdata: Location-specific




Plus gestures, image processing, bio-input...
(heartbeat? Match.com?...).
Any sufficiently advanced technology is indistinguishable from magic
The Gamut of data


      Hyperdata                             Web2.0        Social   Network   Phenomena




      Metad...
6. Next?


       Hyperdata                             Web2.0        Social   Network   Phenomena




       Metadata



...
Any sufficiently advanced technology is indistinguishable from magic
Any sufficiently advanced technology is indistinguishable from magic




                                       Nodes
Any sufficiently advanced technology is indistinguishable from magic
            Open Structured Data




                ...
Any sufficiently advanced technology is indistinguishable from magic
                                                     ...
Enabling epiphenomenology: device integration


                                                • With us everywhere
     ...
Bringing data alive




                       PlazeMarks




                      2D codes

                            ...
Augmented Reality...




 Layar.eu - overlay ‘realtor’ data on street scenes
Augmented Reality
Augmented Reality


                                                                    • Easy to dismiss as hacked-up
   ...
How will this impact retail and eCommerce?
Basic level - it already does.
Basic level - it already does.


                                 • AR barcode - by
                                  SMS
...
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Shopping: present, yet elsewhere
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Elswhere, yet present


                        • Oasis
                          – iPhone App (by
                       ...
Yesterday’s future looks more prescient


                                          • Nearly 2 years
                     ...
Challenges - some provocations
What’s the point of a store?


 – “Concept Store” – taking control of the brand image, ambiance and
   merchandising
 – Tr...
What’s the point of a store?


                               – Nappies - should be a subscription product.
              ...
Obama-Preedy Pricing Principle




                                 “It’s been a long time coming, but
                   ...
Obama-Preedy Pricing Principle




                                 “It’s been a long time coming, but
                   ...
Obama-Preedy Pricing Principle




                           • Vouchers - expire when stock reaches 10 or
               ...
Performance

  KPI type                                               What                               Example


  Volum...
eCommerce metric




                   Conversion.
eCommerce metric




                   Sales/Square foot?
eCommerce metric




                   π/εs
eCommerce metric




                                                      π/εs




                         Profit per en...
eCommerce metric


                                 π/εs                                         • Customer-
             ...
Taking aim
Taking aim - today’s futures


    • Unprecedented data, integration and access: challenges our
      notions of ‘shop’ an...
Thank you




                             “Magic”
            Making and measuring marketing magic




            Econsu...
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PS084 Future of Digital Marketing - "Making and Measuring Marketing Magic"

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My keynote to Econsultancy's Future of Digital Marketing (#fodm) 2009 conference.

I take as my theme the contention that marketing's entering an 'age of magic', based upon a data/interaction model which goes beyond 'phenomena' to 'epiphenomena' - giving the appearance of magic.

I then cover some of the challenges this gives in ecommerce and retail: the challenge to the store and point of sale in particular.

Then I introduce the "Obama-Preedy Pricing Principle" (yes, there's an article coming to fully explain this...) and finish by proposing an encompassing KPI for this multichannel, multi-modal etail world: profit per engagement-second.

The keynote was given to 350 delegates in London on 17 June 2009.

http://econsultancy.com/events/future-of-digital-marketing

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Transcript of "PS084 Future of Digital Marketing - "Making and Measuring Marketing Magic""

  1. 1. Magic Making and measuring marketing magic Econsultancy’s “Future of Digital Marketing”, London, June 2009 www.ianjindal.com
  2. 2. Future of Digital Marketing 1.Previous Futures 2.Epiphenomenology and Magic 3.Point of Sale 4.Obama-Preedy Pricing Principle 5.Metrics
  3. 3. Previous Futures 2006 - “Web 2.0” “The future’s already here...” “The future’s already here: it’s just not evenly distributed”
  4. 4. Previous Futures 2007 - “Harnessing Social Media” The “P” word... Mobile from Korea...
  5. 5. Previous Futures 2008 - “Meta” “Data, metadata, attention” “The year of mobile”. Really. “Meta” The Future of Digital Marketing: London, June 2008 www.ianjindal.com © Ian Jindal, contents and images unless noted.
  6. 6. Future Fatigue - now what? • Still busy with Web2.0! “The future’s already here: it’s just not evenly distributed” • Inwardly-focused • Tools, cranking handles, over- specificity. But - a new synthesis heralds an ‘Age of Magic’ “Meta” The Future of Digital Marketing: London, June 2008 www.ianjindal.com © Ian Jindal, contents and images unless noted.
  7. 7. Epiphenomenology. It starts with data
  8. 8. Data: We need a framework! Hyperdata Metadata Data Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  9. 9. Data: We need a framework! Hyperdata Metadata Data Business analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  10. 10. Data: We need a framework! Hyperdata Metadata Data Business Services analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  11. 11. Data: We need a framework! Hyperdata Metadata Data Business Mashups Services analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  12. 12. Data: We need a framework! ★ Metadata – Segmentation and metadata for increased relevance. – “Behaviour” is useful metadata - if you can capture it - ‘ignore ratio’? – Capture offline as well as online - warranties...
  13. 13. Data: We need a framework! Hyperdata Metadata Data Business Mashups Services analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  14. 14. Data: We 4. Data need a framework! Hyperdata Web2.0 Metadata Data Business Mashups Services analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  15. 15. Data: We need a framework! Hyperdata Web2.0 Metadata Data Business Mashups Services analysis Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  16. 16. Towards Epiphenomenology. No longer your father’s data
  17. 17. Data Hyperdata Web2.0 Social Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  18. 18. Data Hyperdata Web2.0 Social APML Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata Microformats 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  19. 19. Data • “Doing” not “viewing” – Making Social Networks “transactional” – You can “do”, not just “view” – From web to desktop – Web to web
  20. 20. Data – Google - hCard format added to Search results. – One click to add the result to your address book. – Could do the same with calendar items, or recommentations
  21. 21. Data – Attention Profiling Markup Language - www.apml.org – Beyond ‘personal’: interchange and exchange value of behaviour
  22. 22. Data Is it better than last year?
  23. 23. Data Hyperdata Web2.0 Social APML Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata Microformats 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  24. 24. When the network knows more than anyone
  25. 25. When the network knows more than anyone Hyperdata Web2.0 Social Network Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  26. 26. When the network knows more than anyone Hyperdata Web2.0 Social Network Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  27. 27. When the network knows more than anyone • Over 100 million customers profiled • 40% active across multiple retailers • 50 billion user-generated reviews • 4 billion reviews served each month • 525 retailers (May 2009) • http://www.texastechpulse.com/bazaarvoice_releases_traffic_stats/s-0021683.html
  28. 28. When the network knows more than anyone Hyperdata Web2.0 Social Network Predictive Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  29. 29. When the network knows more than anyone Hyperdata Web2.0 Social Network Phenomena Predictive Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  30. 30. Predictive? You must need hypodata!
  31. 31. Hypodata Hyperdata Web2.0 Social Network Phenomena “Brain Scanners can predict a Metadata Predictive decision up to 10 seconds Responsive and self-configuring before a person is aware of Data Business Mashups Services analysis making that decision” Endodata Responsive; Nature Neuroscience, April 2008 ‘agents’ Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  32. 32. Hypodata - MIT’s “Sixth Sense” Hyperdata Web2.0 Social Network Phenomena Predictive Metadata Responsive and self-configuring Data Business Mashups Services analysis Endodata Responsive; ‘agents’ Hypodata http://www.flickr.com/photos/whiteafrican/3253881037/ Pattie Maes’s TED talk on MIT’s “Sixth Sense”: 0 http://www.youtube.com/watch?v=blBohrmyo-I 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  33. 33. Hypodata - mashed up “ABSTRACT A headphone-type gaze detector for a full-time wearable interface is proposed. It uses a Kalman filter to analyze multiple channels of EOG signals measured at the locations of headphone cushions to estimate gaze direction. Evaluations show that the average estimation error is 4.4® (horizontal) and 8.3® (vertical), and that the drift is suppressed to the same level as in ordinary EOG. The method is especially robust against signal anomalies. Selecting a real object from among many surrounding ones is one possible application of this headphone gaze detector.” http://portal.acm.org/citation.cfm?doid=1125451.1125655 via http://liftlab.com/think/nova/ 2006/06/09/wearable-gaze-detector-in-the-form-of-headphones/
  34. 34. But what about hyperdata?
  35. 35. Hyperdata: Location-specific Plus gestures, image processing, bio-input... (heartbeat? Match.com?...).
  36. 36. Any sufficiently advanced technology is indistinguishable from magic
  37. 37. The Gamut of data Hyperdata Web2.0 Social Network Phenomena Metadata Data Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  38. 38. 6. Next? Hyperdata Web2.0 Social Network Phenomena Metadata Data Endodata Hypodata 0 1 3 10 100 1000s+ Number of freely connected nodes where exchange cost is near zero
  39. 39. Any sufficiently advanced technology is indistinguishable from magic
  40. 40. Any sufficiently advanced technology is indistinguishable from magic Nodes
  41. 41. Any sufficiently advanced technology is indistinguishable from magic Open Structured Data Nodes
  42. 42. Any sufficiently advanced technology is indistinguishable from magic ESP? Epiphenomena Open Structured Data Phenomena Network Social Web 2.0 Business Nodes
  43. 43. Enabling epiphenomenology: device integration • With us everywhere • Accesses data • Interlinking • Connected • Visualisation • Touch interface... • Location (GPS) • Direction (compass) • Image processing...
  44. 44. Bringing data alive PlazeMarks 2D codes Neat, but very “now”
  45. 45. Augmented Reality... Layar.eu - overlay ‘realtor’ data on street scenes
  46. 46. Augmented Reality
  47. 47. Augmented Reality • Easy to dismiss as hacked-up geekery... • But - contact lenses with LEDs being developed • Even without 3D AR, even coloured ‘confirmation lights’ could have impact. University of Washington, 2008: http://uwnews.org/article.asp?Search=contact+lens&articleid=39094
  48. 48. How will this impact retail and eCommerce?
  49. 49. Basic level - it already does.
  50. 50. Basic level - it already does. • AR barcode - by SMS • Price comparison? • Colour options? • Buy online?
  51. 51. Shopping: present, yet elsewhere
  52. 52. Shopping: present, yet elsewhere
  53. 53. Shopping: present, yet elsewhere
  54. 54. Shopping: present, yet elsewhere
  55. 55. Shopping: present, yet elsewhere
  56. 56. Shopping: present, yet elsewhere
  57. 57. Shopping: present, yet elsewhere
  58. 58. Shopping: present, yet elsewhere
  59. 59. Shopping: present, yet elsewhere
  60. 60. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  61. 61. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  62. 62. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  63. 63. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  64. 64. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  65. 65. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  66. 66. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  67. 67. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  68. 68. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  69. 69. Elswhere, yet present • Oasis – iPhone App (by NN4M) – Good integration with product – Newsletter and storefinder – Basket... but web checkout for now – Just very, very ordinary and do- able!
  70. 70. Yesterday’s future looks more prescient • Nearly 2 years old • All components now exist and are free Copyright Icon Nicholson - http://www.iconnicholson.com/ nrf07/
  71. 71. Challenges - some provocations
  72. 72. What’s the point of a store? – “Concept Store” – taking control of the brand image, ambiance and merchandising – Training the customer – Vendor Relationship Management and live prototyping opportunities
  73. 73. What’s the point of a store? – Nappies - should be a subscription product. Draw for supermarkets, but can’t be great for Pampers... – Razors - POS an “experience shave” or “info point” – Configuring a sofa: the resulting bar code is an augmented reality image of the sofa, with embedded voucher and tracking code – Service point - think “Collect+”: delivered, tested, accepted or returned... from 0700-2300 7 days a week
  74. 74. Obama-Preedy Pricing Principle “It’s been a long time coming, but tonight, because of what we did 1. on this day, 2. in this election, 3. at this defining moment Change has come to America” President-Elect Obama, Victory Speech, November 2008 http://news.bbc.co.uk/1/hi/world/americas/7434843.stm
  75. 75. Obama-Preedy Pricing Principle “It’s been a long time coming, but today, thanks to profit-algorithms and data, 1. on this day, 2. in this location, 3. for this defining product 4. for this individual customer Fixed pricing has ended in retail”
  76. 76. Obama-Preedy Pricing Principle • Vouchers - expire when stock reaches 10 or fewer (eg buy it now) • Stacked discounts: sale, cashback, card- holder, end of sale, channel... Why? • According to availability • Proximity of alternatives (time and space) • Time limited: premium for first (eg 3GS), nephew’s birthday • Extent to which has shopped around
  77. 77. Performance KPI type What Example Volume Feed the machine Site visitors, viewers Margin Extract maximum nutrients. Profit per visit, per session, Chew well. per episode Minimise waste Don’t dribble; don’t leave the Minimise out-of-stock visits stalks Return on capital employed Calories in > effort to eat. ie Return on inventory, return “no salad” ;) on equipment, return on staff Retention Eat again, more easily Customer satisfaction, order (remember the potato patch) frequency, churn. With thanks to Michael Ross, eCommera. Bad analogy is not his responsibility though...
  78. 78. eCommerce metric Conversion.
  79. 79. eCommerce metric Sales/Square foot?
  80. 80. eCommerce metric π/εs
  81. 81. eCommerce metric π/εs Profit per engagement second. http://www.internetretailing.net/news/editorial-video-on-profit-per-pixel-second
  82. 82. eCommerce metric π/εs • Customer- focused Profit per engagement second. • Limits are attention and http://www.internetretailing.net/news/editorial-video-on-profit-per-pixel- second display-space • Pan-channel • Commercial • Cross-functional
  83. 83. Taking aim
  84. 84. Taking aim - today’s futures • Unprecedented data, integration and access: challenges our notions of ‘shop’ and of activity: “time” is the new “place” • No substitute for wonderful, rich data - it’s the coal to the industrial revolution. But watch the revolution, not the mine! • Channibalisation and other conflict is laughable and inept. • Use of the basics is free: now need retail ‘sparkle’ and credible personality and products to win: for this customer, at this time, for this product!
  85. 85. Thank you “Magic” Making and measuring marketing magic Econsultancy’s “Future of Digital Marketing” London, June 2009 www.ianjindal.com www.internetretailing.net

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