The Future of Marketing is Experience-Driven Marketing
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Fiona Blades shows why marketing needs to move away from talking about things to creating experiences.
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The Future of Marketing is Experience-Driven Marketing
- 3. 3 The Future of Marketing is Experience Driven Marketing
- 4. PhotobyAlexanderKustovonUnsplash 4 Increasing recognition of importance of experiences Companies are increasingly enhancing the value of their products by creating customer experiences. Some deepen the customer relationship by leveraging what they know about a given customer to personalize offerings. Others focus on the breadth of the relationship by adding touchpoints. Our research shows that high-performing brands do both —providing what we call “total experience.” In fact, we believe that the most important marketing metric will soon change from “share of wallet” or “share of voice” to “share of experience. The Ultimate Marketing Machine Marc de Swaan Arons Frank van den Driest , and Keith Weed HBR July–August 2014 “ “
- 5. “People build brands like birds build nests, from scraps and straws they chance upon.” We believe that Experiences CREATE brands 5 Jeremy Bullmore
- 6. s Likes Share of Voice Marketing spend centre data
- 7. Real-time Experience Tracking (RET) 7 ONLINE REAL-TIME ONLINE Survey to capture brand health and imagery Brand experiences captured in real-time via mobile Survey to capture brand health and imagery to measure impact Experience Maximizer modelling to measure impact of experiences on brand consideration
- 8. Online Post Survey [Day 10] Experience Diary [Day 2 – Day 9] Real-time Experience Tracking (RET): How it works 8 b. Having the first brand experience a. Participant completes online pre survey and gets briefed f. Participant completes online post survey and finishes participation d. Has another new brand experience All steps (surveys and diary) can be done either on a PC or using a mobile phone e. Immediately logs in brand experience in diary Participants usually share 5-6 experiences throughout the week of being an experience reporter Online Pre Survey [Day 1] c. Immediately logs in brand experience in diary
- 9. Take responsibility for every brand touchpoint – even those you don’t control 01. The Experience Driven Marketing Manifesto
- 10. Consuming the product is an incredibly powerful touchpoint Source: Current Brand Experience (Text Data) Base: 21,877 texts
- 11. How touchpoints impact purchase: electrical goods Seeing the product in a friend’s house impacts on purchase 7.5X 4.0x 3.0x 1.5x 1.2x 1.1x RELATIVE LIKELIHOOD OF PURCHASE VISIT TO STORE VISIT TO WEBSITE SEEING PRODUCT IN FRIEND’S HOUSE WORD OF MOUTH TELEVISION AD DIRECT MAILING Source: Macdonald, Wilson & Konus (2012), Harvard Business Review
- 12. CLOSER
- 13. Measure share of experience, not share of voice The Experience Driven Marketing Manifesto 02.
- 14. TV Online Newspaper Magazine Social Radio Outdoor Mailing/Leaflet Cinema We know what we push out
- 15. 15 ? ? ? ? ? ? ?
- 16. How consumers experience MORE TH>N TV Conversation Online/mobile - Other Poster Online/mobile - Social Media Newspaper Mailing/leaflet Radio Cinema Magazine Call Centre Paid Owned Earned Environmental Touchpoint share for Total Market
- 17. A B C D E F G H I J A B C D E F G H I I R² = 0.15706 R² = 0.58579 0% 5% 10% 15% 20% 25% 5% 7% 9% 11% 13% 15% 17% 19% Share of Market (%) Share of Voice/Experience (%) Comparison of SOE with SOV on correla.on with Share of Market SOV SOE Linear (SOV) Linear (SOE) A New Experience Currency SOE vs SOV: correlations with Share of Market
- 18. Brand Share of Experience (SOE) – March 2018 – Nationwide leads Retail Banks Source: MESH Experience MultiBrand RET – Retail Banking, March 2018 Base (Experience/People): 1,797/455
- 19. Emotion matters. Insist on engaged reach. The Experience Driven Marketing Manifesto 03.
- 20. Nationwide quality of experiences falls behind other banks Overall Positivity and Persuasion by Brand: 20 Source. MESH Experience MultiBrand RET - Retail Banking March 2018 Base Size (Experiences/People): Barclays 200 /126, Co-operative Bank 33 /27, First Direct 45 /36, Halifax 204 /138, HSBC 127 /86, Lloyds Bank 172 /121, Nationwide 256 /145, NatWest 156 /103, Post Office 47 /39, RBS 28 /25, Santander 171 /109, TSB 101 /70, Tesco Bank 30 /27 *Small base between 30-50
- 21. 12
- 22. 22 MESH believes that for brands to succeed in the new world, marketers need to take an Experience Driven Marketing approach. Experience Model
- 23. If Content is King, Context is Queen. The Experience Driven Marketing Manifesto 04.
- 24. Reach builds up throughout the day, peaking at prime time. But engagement doesn’t follow the same pattern. 24 40% 50% 60% 70% 80% 0% 25% 50% 75% T2B Positivity by TOD Consumer Packaged Goods Source. MESH Experience Tracking Base (# of experiences): All experiences n=115,662 75% 50% 25% 0% Reach T2B POS
- 25. Which touchpoint is it driven by? 25 Source. MESH Experience Tracking Base (# of experiences): All experiences n=115,662 30% 40% 50% 60% 70% 80% 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 24:00 In Store OOH Press Seeing product TV Online Indicates lower base size under 100 T2B Positivity by TOD Consumer Packaged Goods Online in the eveningTV in the morning
- 26. Packaged goods TV ads enhance mood in morning! 26 Source. MESH Experience Tracking “Watching the news in the background, Sky Sports advert break, puppets in the advert. Eating my toast and drinking my coffee. It made me smile and I thought that it was a great ad to show in a morning when people may need cheering up.” CPG (food), TV, Ad from brand, 07.21, Fairly positive, Slightly more likely to buy
- 27. Service experiences are more engaging from 6pm onwards 27 Source. MESH Experience Tracking Base (# of experiences): All experiences n=597,466 30% 35% 40% 45% 50% 55% *T2B Very positive + Fairly positive T2B Positivity by Time of Day Services Category
- 28. Which touchpoint is it driven by? 28 30% 35% 40% 45% 50% 55% 60% 65% 06:00 07:00 08:00 09:00 10:00 11:00 12:00 13:00 14:00 15:00 16:00 17:00 18:00 19:00 20:00 21:00 22:00 23:00 24:00 Newspaper Radio TV Magazine Online Outdoor Average positivity for the category *T2B Very positive + Fairly positive On taxi/bus Near supermarket Sports stadium Train/tube station T2B OOH Positivity after 6pm Source. MESH Experience Tracking Base (# of experiences): All experiences n=597,466 T2B Positivity by Time of Day Services Category
- 29. Higher dwell time provides greater engagement and better message delivery 29 Source. MESH Experience Tracking “I was waiting for my train when I saw the advertisement on the wall. A red and white advert about the X product which gives you money back, but has a monthly fee. It still makes me think that this is a good deal, even though my account does not have a charge, the interest is very low, so this might be better.” Services, Outdoor, Train station, Ad from brand, 18.30, Fairly positive, Slightly more likely to buy
- 30. Experience is a journey. The destination is not purchase, but customers meeting their goals. The Experience Driven Marketing Manifesto 05.
- 31. Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Reach In Store Reach 45% 37% 35% 31% 30% 26% 25% 25% 31
- 32. 11 6 9 25 16 32 20 30 40 50 60 30 40 50 60 70 PERSUASION POSITIVITY Hedonia Agency Quality of Life None of these Cultural Affinity Eudaimonia Cultural affinity: social purpose and good behavior in society. Eudaimonia: Helping people fulfill their life goals.
- 33. “RBS sponsor the 6 nations rugby tournament but are partially owned by the country. Why we allow them to sponsor this when they needed bailing out seems wrong.” TV, Other, Fairly Negative, Slightly Less Likely to Choose “Great to see the Santander sponsored bikes. These are a new addition at my place of work, the Open University. Have seen colleagues using them at lunchtime and after work. Great talking point.” Public Place/Event, Santander, Very Positive, Much More Likely to Choose
- 34. Organise around experiences. Not products, functions or channels. The Experience Driven Marketing Manifesto 06.
- 36. Identifying ‘Internal Touchpoints’: Insight to Impact System CODE C – Client M – MESH 1 – Meetings 2 – Presentation 3 – Document 4 – Email 5 – Conference Call 6 – Paper 7 – Phone Call Importance to decision Making Ranked 1 – 5
- 37. The Experience Driven Marketing Manifesto 01. 02. 03. 04. 05. 06. Take responsibility for every brand touchpoint – even those you don’t control Measure share of experience, not share of voice Emotion matters. Insist on engaged reach If Content is King, Context is Queen Experience is a journey. The destination is not purchase, but customers meeting their goals Organise around experiences. Not products, functions or channels
- 38. Hugh Wilson Professor of Strategic Marketing Cranfield School of Management +44 (0) 1234 758086 hugh.wilson@cranfield.ac.uk @hughnwilson www.cranfield.ac.uk Fiona Blades President and Chief Experience Officer +44 7979 808758 fionablades@meshexperience.com @FionaMESH www.meshexperience.com Thank you!