SMBs Tactics to Compete in a Fragmented, Socially Engaged, Digital Media Environment
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If you are a medium or small business, digital marketing is likely confusing and time intensive. This presentation covers trends in how media has changed, how media consumed, how purchase decisions are made, and offers some advice on what you should be doing. There are examples of best practices in: Social marketing Search Mobile Review sites Listings sites Content marketing Promotion
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SMBs Tactics to Compete in a Fragmented, Socially Engaged, Digital Media Environment
- 1. SMBs Tactics to Compete in a Fragmented, Socially Engaged, Digital Media Environment Lorren Elkins Granite Broadcasting Corporation May 20, 2015 @lorren_elkins
- 2. HOW HAS THE LANDSCAPE CHANGED? 2
- 3. The Number of New Media Options Has Accelerated over the Past 20 Years 3 Digital Electronic Print Tomorrow
- 4. And if you dive deeply into Social options: Source: DrParcells.org, fredcavazza.com 4
- 5. Traditional Media Choices Have Grown 5 Sources: TV Data: Television & Cable Factbook, Cable Data: California Cable & Telecomm Association, Radio Data: FCC; MStreet; Inside Radio, 2015, Magazine Data: Statista, SRDS, Newspaper Data Extrapolated from Editor & Publisher, Statista
- 6. Over 6 Million Web Sites Accept Ads 6
- 7. HOW ARE CONSUMERS USING MEDIA TODAY? 7
- 8. People are Spending More Time with Digital 8
- 9. The Young Spend the Most Time with Digital 9
- 10. Local & Natl Ad Spend is Following User Behavior 10
- 11. HOW DO THEY DECIDE WHAT TO BUY? 11
- 12. Limited Options Before Digital 12 OutdoorRadio Direct Mail Newspaper Magazine CouponsProduct Reviews Purchase RewardsLoyalty Clubs Product Comparisons
- 13. The Purchase Decision Process has Become Much More Complex over the Past Few Years 13
- 14. Today’s Process is Much more Complex 14 Source: SmartClick, David Rogers, Yale University Press, 2011, 2014 Nielsen, BHM & Co, GE Capital, Forrester, McKinseyQuarterly.com Bloggers Website Search Ads Banner Ads Social Fan Growth Retargeted Ads Social Advertising Shopping Sites Social Deal Sites PR/News Sites Email Review Sites Word of Mouth Coupon Sites Online Commerce Community ForumsRatings/Review sites Social Posts Blogs Promotions VIP Programs DB Marketing Mobile Coupons Social Posts
- 16. Moments Just Prior to Purchase are Critical when a Smartphone is Present 16 Source: Harvard business Review, 6/11/13, The Mobile Shopping Life Cycle and Pivotal Labs, Nielsen/xAd/Telemetrics, Pivotal Labs, IBM, Local Search Association
- 18. WHAT SHOULD YOU BE DOING? 18
- 19. Mobile Optimized Site? 19 Yes Mobile Site No Desktop Site on Mobile
- 20. Socially Engaged? 20 Entenmann’s Is United Airlines Wasn’t #unitedbreaksguitars
- 21. Valuable Site Content? 21 Midland Insurance Yes River Pools Yes
- 22. Search Marketing 22 The Buffalo Academy Gets Found They Want Response
- 24. Responsive to Comments? 24 Zillow Is Sea Star Restaurant Is
- 25. Valuable Promotion? 25 HairDazzle uses Twitter Fresh Brothers Pizza on Facebook
- 26. Learn from the Experience of Others 26 Source: Advertising Research Foundation, Digital Social Media Purchase Process The Most Frequently Used Sources (Shaded to Correspond with Funnel Stages)
- 27. SMBs Will Spend More on Digital 27 Source: Thrive Analytics-Local Pulse Survey, 2015
- 28. Advertise When it Makes Sense 28 While Advertising Works, its Value Generally Declines as Purchase Nears
- 29. Study your Market • Who are your customers and competitors? • How do customers find you? • Why do they buy from you? • What content do you need? • What digital tactics should you use? • What do you want people to do when they find you online? • Are there special offers you can make to drive visits? 29
- 30. Execute Wisely • Who will manage your online efforts? • How much will you spend? • What specific goals do you want to achieve? • What advertising is warranted? – Search, display, social, mobile, video • What web presence will you have? – Website, mobile site, social site, listings? • What aspects of your online identity will you manage? – Reputation, search, social, customer loyalty, promotions? • What criteria will you use to measure success? 30
- 31. If You Think This is Hard, You’re Not Alone 31 Source: Thrive Analytics-Local Pulse Survey 2014 SMB Challenges with Digital Media
- 32. Some Weaknesses are Easily Rectified 32 Source: 2013 Vsplash Audit of 3.9 million SMB websites Weaknesses in SMB Digital Efforts
- 33. Summary • With vast choice and rapid change, digital marketing can be complex • Social networks, blogs, ratings and reviews sites, search sites, mapping systems, geo-located smartphones, and internet-only retailers provide consumers with vast stores of information that has, in turn, enabled them to better make their decisions. • Most small and medium sized businesses are not equipped to effectively play in this new digital environment. • There are services that can do this with you and/or for you. 33
Editor's Notes
- From the moment printing became possible way back in 1472, advertisers began plastering promotional posters on walls. Over the next 400 years, ads would find their way into all things print. In 1922 and for the next 48 years, the world saw ads invade pre-digital channels such as radio, television, and home telephones. Once 1994 arrived and the internet boomed, we experienced the seemingly lightning-speed proliferation of digital media over a disproportionate span of only 22 years. While advertisers were focused on invading the next available media channel over the past two decades, consumers gained power over their own attention. Advertising cannot and will not ever work like it once did. The only way to reach consumers now and in the future is to stop interrupting what people want to consume. Instead, create remarkable content, personalized for the consumer using context on what they actually want, when and how they want it. In this way, companies can better attract, connect with, engage, and delight customers. In other words: Inbound Marketing.
- Social ‘s viral nature magnifies the impact of content…and, Its more than just Facebook and Twitter
- The # of traditional choices continues to grow
- And…the # of websites that accept advertising dwarfs the number of traditional media choices
- No surprise except that this past year was the first year people spent less on TV
- Also no surprise, the younger groups spend more time proportionally in digital activities
- Ad spending on digital is increasing significantly Note the large increase in local ad spend
- Before digital became prominent, the consumer path to purchase was fairly straightforward. Broadly targeted media created awareness amongst a large swath of the market As the consumer Moved closer to the actual purchase, creative tended to switch more to encouraging a purchase and businesses deployed more targeted and promotional incentives
- With the continued advancement of digital options, this relatively simple path to purchase has become far more complex
- Many more options now exist. And the path is far less linear since actions at the bottom of the funnel, for example, can now impact those at other stages. For example, a happy purchaser can create buzz and awareness round a specific store or product. And, of course, the opposite is true with an unhappy consumer. 81% of consumers go online before heading out to the store 78% use review sites 40% of shoppers would not buy in a store without first seeking online reviews about it They average 79 days gathering info before making a major buy 54% of all US retail sales will be influenced by digital media
- Web enabled, geo-located smartphones have only accelerated the pace of change. Look at just the 8 years between the announcement of the last two Popes between 2005 vs 2013
- At each of these six distinct moments of the Mobile Shopping Life Cycle, marketers have the potential to steer the mobile consumer toward their product and influence shopping behaviors. The Set-Up: The Pre-Buy. This is the mobile research phase, as consumers use smartphones and tablets before they even consider going to the store. Mobile is a pull rather than a push medium. Marketers should position information and messages about their products to be pulled by the consumer according to that person’s time frame, mind-set, and location. The Move: In Transit. This phase occurs when the consumer is on the way to a store or running an errand. With new location-based capabilities, marketers can leverage information, such as smartphone location and speed, to send highly targeted and relevant messages to consumers who have opted in to receive valuable offers. Marketers will have to create value for consumers, to provide an incentive for them to leave their location “turned on” in any given app. The Push: On Location. This occurs at a brick-and-mortar store. In the early days of the internet, brick & mortar was a detriment to business, since online-only retailers could sell directly to consumers with fewer associated costs. With mobile, brick & mortar becomes an asset. But while some retailers are leveraging the ability to interact, most are still missing the opportunity to identify and interact with mobile shoppers while they are in the store. The Play: Selection Process. This is when customers are near the actual product they may be considering buying. With what is known as proximity marketing, marketers can use various technologies to interact in real time with customers, with the potential even to move to real-time pricing. For example, a number of customers walking by a particular product might receive a real-time offer such as a discount on it. Based on real-time awareness of inventory, the offer could be changed or discontinued before the next group walks by. Consumers already can scan barcodes on products and receive on-the-spot price comparisons with easy-to-use but sophisticated technologies. The Wrap: Point of Purchase. Here is yet another chance to sway the buyer. As businesses adopt more mobile self-checkout options and mobile capabilities are embedded into point-of-sales systems, offers and counteroffers can be presented to consumers during the buying and checkout process. The Takeaway: Post-Purchase. This occurs after the purchase, as consumers exchange photos, videos, and information of their recent purchase and share them via their mobile device with friends and colleagues, soliciting and receiving feedback. The challenge for marketers is to become part of the conversation at this stage.
- There are many studies assessing the importance of tactics used at each stage in the funnel. It should be no surprise that friends and social recommendations join TV advertising and Reviews as the most important.
- So, if the world is moving to digital and you now have 1000s of options, what should you be doing?
- Mobile is where the world is going. No one wants to see your desktop site on their phone. IT is too small a screen, and they are likely looking at your site for a different purpose…i.e. they are probably closer to being ready to purchase. And, Google just recently implemented new algorithms that lower your ranking if you do not have a mobile friendly site.
- A good part of using social media is to LISTEN. Listen to what your customers are saying about you and respond. Be it a positive comment or a negative one, custoemrs like to hear from you and often a simple thank-you or I’m sorry is all that is needed. Musician Dave Carroll said his guitar was broken while in United Airlines' custody. He alleged that he heard a fellow passenger exclaim that baggage handlers on the tarmac at O'Hare were throwing guitars during a layover on his flight from Halifax to Omaha. He arrived at his destination to discover that his $3,500 guitar was severely damaged. In his song, he sang that he "alerted three employees who showed complete indifference towards me" when he raised the matter in Chicago. Carroll filed a claim with United Airlines which informed him that he was ineligible for compensation because he had failed to make the claim within its stipulated "standard 24-hour timeframe“ Within 4 days of the video being posted online, United Airlines' stock price fell 10%, costing stockholders about $180 million in value.
- If you are using your website to just state what you do and to provide content information, you are under serving your potential value. Help your customers – and potential customers – learn about the value you provide. Help them learn about your industry. Provide testimonials. Search engines love lots of fresh content. Post valuable content regularly and improve your organic results.
- If you are buying search keywords, thin out what action you want the potential customer to take once they land at your site. Consider using deep-linked landing pages based on the action you advertised. In this case, a school lands visitors on their info form.
- There are many search and listings sites. Have you actually claimed the listings for your business? After claiming it, are you monitoring what goes on there? Are you responding? Are you enhancing your page?
- We mentioned earlier how important it is to be responsive. Here are two examples of businesses demonstrating great responsiveness.
- Using social media to post content I fine but using it to generate new business is even better. Look at these two examples…one from Twitter and one from Facebook.
- With the possible exception of search and company websites, there are no sources that are typically deemed to be a first-place-to-go or a last-place-to-go destination. All of the sources were visited at some point by about 25% to 50% of the population. Consumers are not using sources linearly, nor are they progressing down a purchase path in a uniform fashion—i.e., 1) gathering information, 2) making a decision, and 3) making a purchase. Instead, consumers gather information online throughout the purchase cycle and indeed may return to the same source multiple times.
- As you would expect, SMBs are using traditional less and digital more
- But that does not mean traditional advertising has no value. Quite the opposite. Traditional advertising is still a great channel for creating awareness. But, as the customer gets deeper into the buying process, traditional advertising’s effusiveness begins to decline.
- Who are your customers and competitors? How do customers find you? Why do they buy from you? What content do you need? What digital tactics should you use? What do you want people to do when they find you online? Are there special offers you can make to drive visits?
- Who will manage your online efforts? How much will you spend? What specific goals do you want to achieve? What advertising is warranted? Search, display, social, mobile, video What web presence will you have? Website, mobile site, social site, listings? What aspects of your online identity will you manage? Reputation, search, social, customer loyalty, promotions? What criteria will you use to measure success?
- If you think all this is hard, you are note alone. As a business person, you have a day job. Digital advancements occur so frequently that it is hard to stay on top of it. There are lots of ways to get things done. If you chose not to do it yourself, there are “do it with me” vendors as well as “do it for me”
- So look at how many simple tactics are not deployed…
- In summary With vast choice and rapid change, digital marketing can be complex Social networks, blogs, ratings and reviews sites, search sites, mapping systems, geo-located smartphones, and internet-only retailers provide consumers with vast stores of information that has, in turn, enabled them to better make their decisions. Most small and medium sized businesses are not equipped to effectively play in this new digital environment. There are services that can do this with you and/or for you.