7 Game Changing Marketing Trends in 2016
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7 Game Changing Marketing Trends in 2016 by Karla Jalad, University of the Philippines Marketing Management
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7 Game Changing Marketing Trends in 2016
- 1. Karla Jalad MM230 - Marketing Management University of the Philippines Prof. Mita Angela M. Dimalanta
- 2. Marketing to current customers versus new customer acquisition through sales and advertising. CUSTOMER RETENTION CUSTOMER SATISFACTION LIFETIME CUSTOMER VALUE Helps companies develop strong, emotional customer connections to their brands that drive WORD OF MOUTH promotions and lead generations. RELATIONSHIP MARKETING
- 3. Word of Mouth Customer Service and Values Vendorship Partnership Skilled People Public Relations Employee Motivation and Retention
- 4. Build connect ions Develop Relation ships Earn Trust Demographic and Historical Marketing plan for target market Personal touches Collaboration
- 5. Uses a platform that makes it easier to schedule emails, segment contacts, automate social media posting, manage content, and track customer life cycles in the marketing funnel Consists of a software and tactics that allow companies to buy and sell – to nurture prospects with highly personalized, useful content that help convert prospects to customers and turn customers to delighted customers
- 7. Location Based Marketing oArt of transforming consumer’s shared location to revenues. oTaking the brand to people in REAL time. o Integration of geographical intelligence into aspects of marketing, sales and distribution o Key anchor: MOBILE PHONES o Popular among event professionals who target users at point of engagement. Event organizers let visitors share their experience with their friends online. o Brands increase shares and likes with a simple photo to share across social media.
- 8. Targeting Customers Based on Location and Timing Geo- Targeting Geo- Fencing Beacons It is the active response to geo- location. Business can send tailored messages to their users based on their location at a given moment in time. Based on residence (or presence), users have different users and needs. With geotargeting, businesses target you because their interest is their mission. Using this technology, offline retailers can set a virtual perimeter around their stores, so when opt- in customers enter that area, this triggers a message on their mobile devices about day’s offer and relevant information. If a user enters your premises, he wants something and geofencing helps him find it easier/faster. Beacons are Bluetooth low energy devices that retailers install in their stores to target customers with high accuracy as they enter a range. Relies on simplest and low-cost technology: bluetooth. Allows customers to be informed of what goes on in a store without even asking for it.
- 9. •Demonstrates product attributes •Communicates brand’s mission at point-of- sale •Immerses users in branded entertainment experienc •Helps consumers make more informed choices so they’ll be happier with their purchase •Adds a new, more immersive and exhilarating dimension to traditional print and video story-telling
- 10. Ephemeral marketing means content or messages are visible for a limited period after which they disappear. Non-intrusive, can be viewed easily and effortlessly, direct, offers real time social media. Platform that users are flocking to - to digest social media in real time.
- 11. • Eliminates clutter and focuses on what is important • Offers real time social media & spontaneity • Gives users control • Gives brief “insider” view or sneak preview • Offers quick discount and promotional offers • For live event marketing • Introduces new products • Marketing customer experience
- 12. SEARCH PAST SEARCH ENGINES With Facebook working on tests for its own search engines, search capabilities will go far beyond Google, Bing, and Yahoo. As search capabilities improve within social media, brands will get an automatic boost. With advanced search capabilities, integrated payment methods, the social impact that empowers sites like Facebook and Twitter, consumers will be able to make purchases, chat with their friends about what they bought, and post the social proof of their new purchase. ALL-IN-ONE-TYPE platform
- 13. System of interrelated computing devices, objects, digital and mechanical machines and people provided with special abilities. Transfers crucial data through a network, without any human-to-computer or human-to-human interaction. • IoT allows you to design and manufacture smarter products • Lets business models undergo significant changes • IoT enables smarter decisions and improved business operations For marketers, data will have to be more behavior-driven and though the power of devices may seem unsettling, you’ll be right on target. At the end of the day, people will get what they want.
- 14. REFERENCES: • Relationship Marketing • https://www.helpscout.net/blog/relationship-marketing/ • http://www.marketing-schools.org/types-of-marketing/relationship-marketing.html • https://dspace.lib.cranfield.ac.uk/bitstream/1826/2910/1/SWP%2035-93.PDF • http://www.theydontloveyou.com/coca-cola-relationship-marketing/ • http://www.leavingfingerprints.com/FH-Dortmund/archive/Dell%20- %20best%20practice%20for%20Relationship-Marketing.pdf?clsid=9a7fb2c3fadfe2eb6e62671771c26c31 • https://www.youtube.com/watch?v=Chxv2LgLBZo • Marketing Automation • http://www.hubspot.com/marketing-automation-information • https://www.quicksprout.com/the-definitive-guide-to-marketing-automation-chapter-1/ • http://oursocialtimes.com/how-does-marketing-automation-work-for-small-businesses/ • http://technologyadvice.com/blog/marketing/3-detailed-marketing-automation-examples/ • https://www.youtube.com/watch?v=dFZSSYsxE1o&t=148s • https://www.youtube.com/watch?v=G6c4-28FsAs
- 15. REFERENCES: • Location Based Technologies • http://www.forbes.com/sites/michaeljones/2016/03/03/location-based-marketing/#69f81715196b • http://www.hongkiat.com/blog/location-based-marketing-technology/ • https://www.entrepreneur.com/article/273856 • https://yourstory.com/2015/06/location-based-marketing/ • Virtual Reality • http://www.forbes.com/sites/michellegreenwald/2016/06/15/6-of-the-best-marketing-uses-of-virtual- reality/#4eb2ec1738f4 • Ephemeral Marketing • http://www.mbaskool.com/business-articles/marketing/16063-what-is-ephemeral-marketing.html • https://www.linkedin.com/pulse/introduction-ephemeral-marketing-evelien-gerene • https://www.morganintl.com/blog/marketing/ephemeral-marketing-what-it-is-and-why-you-need-it-4/ • Search Engine Marketing • http://www.wordstream.com/search-engine-marketing • https://en.wikipedia.org/wiki/Search_engine_marketing • Internet of Things • http://www.forbes.com/sites/jacobmorgan/2014/05/13/simple-explanation-internet-things-that-anyone- can-understand/
Editor's Notes
- Definition: Relationship marketing can be defined as marketing to current customers vs. new customer acquisition through sales and advertising. It is about forming long term relationships through exemplary products. Focus: Build stronger loyalty and customer engagement vs. short term customer acquisition and individual sales. Goals: Customer Retention, Customer Satisfaction, Lifetime Customer Value Benefits: Helps companies develop strong, emotional customer connections to their brands that drive WORD OF MOUTH promotions and lead generations. a. Brand advocates: Loyal customers are less likely to switch brands. They are less price sensitive because they are more focused on the value than price. Give real time and relevant feedback. b. Reduced costs: Happy customers introduce you to new prospects, reducing the need to paid advertising and costly marketing campaigns. Word of mouth. Loyal customers are less expensive to serve because of their familiarity with the business. c. Increased profits: Returning customers buy more and buy often. Longstanding customers are much more likely to purchase products through cross-selling or upselling.
- Six Market Model: CUSTOMER: Center of the framework and the prime focus are for marketing activities. Focus on customer values, customer service, and excellent quality of products Primarily deal with existing customers because they are easier to sell to and are more profitable REFERRAL MARKETS: The best marketing is done by your own customers. SUPPLIER: Vendorship marketing or co-makership Co‐makership is based on the principle that buyers and suppliers can gain more benefits by cooperating than by pursuing self‐interest at any cost to others. A relationship between buyer and supplier in a supply chain, who share information among each other regarding research and development, marketing and distribution RECRUITMENT: Skilled people – most vital element in customer service delivery INTERNAL: The idea is every employee and every department are internal customers and internal suppliers. The objective is to ensure that operations are optimized by ensuring that every individual gives and receives excellent service. INFLUENCE: Vary according to type of industry e.g. communications and utililites government and regulatory bodies
- Data: Demographic and historical data (e.g customer profile, buying patterns, needs, wants) Build connections: Target market. Market segmentation. Develop relationships: Personal touches. Earn trust: Collaboration. Examples: American Airlines - The airline maintains a comprehensive frequent flyer program that rewards customer loyalty with the promise of free flights, upgrades, and discounts. Dell - Dell computers created a special online store for high volume corporate customers. By tailoring the ordering process to the specific customer's needs, Dell was able to expedite many of the hassles corporate technology buyers face. Providing a higher level of service leads to increased loyalty. Coca-cola
- Marketing automation refers to the software that exists with the goal of automating marketing actions. Many marketing departments have to automate repetitive tasks such as emails, social media, and other website actions. Example: You created a website for your company or product Marketing department – campaigns to drive visitors and nurturing them into leads Sales department – collects, qualifies, organizes, and chases leads NOT EFFICENT Marketing Automation. Marketing should focus on campaigns. Sales should focus on selling. So what do we do for these repetitive processes? Marketing Automation
- Goal is to warm up customers from cold to warm leads Example: EXERCISE CD. Thousands of people visit your website with various levels of interest. But 98% are not willing to buy your product. Lead generation: How do you capture their interest? - Offer them a free download of their morning exercise routine. To DL, you have to give them their email ad and bits of personal information = generated a lead Nurture prospects: You engage them with your business and your product, gradually heating them up as leads. - Personalized email drip campaign - 2 days after DL: Killer Abs in 10 mins - 2 days after DL: Top 10 Healthy Recipes - 3 days later: Create Your Personal Fitness Plan Webinar Purchase: Strike when the lead is warm. Offer them a key to conversion - People usually purchase after attending Webinar - Offer discounted price Growth: Upselling, Cross-selling, Cycle-based selling Examples of companies that OFFER market automation: IBM, HubSpot, Marketo
- Mobile is now the extension of retailer’s store or a company’s services. They use tactics using location that allow brands to send tailored, personalized messages to the consumer. They capitalize on location based technologies which they use to give customers what they want, when and where they want it.
- GEOTARGETING: Geo-targeting allows businesses to send tailored message to customers of a specific geographic area. It is crucial to consider people from different locations to have different interests and needs. GEOFENCING: or example, as you are about to walk into your regular coffee shop, you receive a good morning message on your smartphone with special offer on a particular snack on offer that day. As a customer, you might opt for that snack due to being informed about it, even when you had not initially planned to do so. BEACONS: Beacons work with specific apps installed on the customers’ smartphone, tablet or smartwatch, and trigger specific messages or actions as they walk by a particular micro-location in the store. For instance, walking by a particular product will trigger a push notification about any offer on that product, or as a customer walks out of the store, payment is automatically made by a pre-selected payment channel, and so on.
- Made a huge impact to millenials who value personalization Engages customers thru 360-degree stories Who: Topshop What: 360 degree virtual reality catwalk show When: FROW show, A/W London Fashion Week 2014
- Snapchat is the ultimate platform for making consumers feel connected and at the same time, unique. With Snapchat, the advertisement becomes the product – something that competitors won't be able to ignore. Take advantage of this huge opportunity to connect uniquely using just a small window of your audience’s time.
- There are various reasons as to why ephemeral messaging and as a result ephemeral marketing is on rise. Let’s have a look at them. • Ephemeral Marketing filters the “noise”, eliminates the clutter and focuses only on what is important. Of course, when you have just ten seconds to say what you want to say you need to focus on only the important aspects. • It offers real-time social media No longer do you need to go through messages that were months old or view advertisements about sales that got over a week ago. Here you get information about whatever is happening currently, the things happening now. You are being offered exclusive content that has an expiration date. • It offers spontaneity. No more photoshopping the photo before they are sent. No more waiting for hours or even minutes before you get a response. Say, you are having a chat with your friend, the conversation is spontaneous something which got lost in messaging. With ephemeral messaging, you get back that spontaneity. • Giving users control It allows users to decide whether a message will stay forever or will be gone within moments. It takes control back from the company about what to do with the message Here are some ways in which marketers use ephemeral marketing. • Using the platform’s fleeting photos and videos to give a brief “insider” view or a sneak preview so as to create a feeling of exclusivity. • Offer quick discount and promotional offers. • It is also used for live event marketing by encouraging the attendees to share pictures or videos live. • Creating competitions based on such platforms • Introducing new products o McDonald’s used stories feature of Snapchat to creative an overarching storyline that unfolded its new product at the end • Marketing customer experience o Taco Bell has developed stories to not only promote new products but also showcase the customer experience of visiting the restaurant. • Provide an insight into life at the company o Mashable uses the platform to provide an insight into life at the company. It also creates challenges and competitions that encourage the users to get creative.
- If you cater your marketing efforts to this all-in-one, buy-and-share social media search, it’s clear that your brand will realize returns. Make the buying process easier, but also make it an experience.