Our NMA Feature: Using the Data Revolution IRL – In Real Life
- May 3, 2011
- by Alex Hoye
An extended version of my foreword to this year’s Marketing Services Guide in:
It’s all happening. After a quiet 2009, the ball got rolling in 2010 and in 2011 we are living in a golden age of digital marketing. Marketers across channels and disciplines wake up each day knowing there will be more to learn before the month, week, or even day is through. Exhilarating, isn’t it?
The drivers are simple: 1. Rapid adoption of new ways to spend time and interact with media – and it’s mostly digital; 2. Explosive means to capture data; and 3. A surge in technology innovation on how to apply that data to advertising. Eric Schmidt of Google notes, “Between the birth of the world and 2003, there were five exabytes of information created. We [now] create five exabytes every two days.”
We are seeing a digitisation of our lives – Think about the amount of time spent on mobile devices, IP-enabled video, always-on laptops. Marketers, can go beyond the anonymous online ‘user’ and refine messages and volumes based upon who people are in real life – or ‘IRL’ as online denizens call it.
At Latitude, we believe that successful marketers are those who excel at applying the innovation and data to both tried and true channels like search and display as well as keep pace with emerging channels.
As reformed search marketers, we revel in the data-richness that re-targeting and behavioural targeting brings to display. For emerging platforms like mobile and Facebook – both of which at have surged ahead of Bing in client spend for us – it is exciting to right model, hybrid or simple arbitrage through analyses of CPM, CPC, the new f-currency CPL – Cost Per ‘Like’ – and more. And all that is before thinking of entirely new dynamics like this new acronym – FBO: Facebook Optimisation.
The third dimension is the ability to tie these evolving channels to classic direct marketing. This has been the key motivation for the acquisition of Latitude by Callcredit Information Group (CIG) in January this year. We are already harnessing the combination of online and IRL.
Though the industry is going through rapid changes, the core tenets of marketing remain the same – identifying consumers and guiding them through an informed purchase funnel.
The roadmap for intelligent integrated marketing for your enterprise by working up the curve defined by the hallowed goals of low cost of acquisition versus more volume is based upon:
Conversion Analytics: Maximum CPA reduction
The highest impact in terms of the cost per acquisition (CPA), is at the flashpoint of the transaction. Analytics and multi-variate testing are still under-utilised despite cases we have helping clients improve lead conversion by over 108%.
Intent-based channels: Give them what they know they want
How do we get more intelligent about these mature channels? Having a detailed comparative data set across channels to see what is working is an element Latitude calls Enterprise IQ.
Intelligent awareness channels: More data and iteration
Compelling creative branding is still critical for success and building awareness. That impact is multiplied using the science of hyper-targeting, re-targeting technology like Struq and Brainient. We are putting millions of pounds to work nearing search CPAs with these techniques.
Mobile and location: An additional dimension
Where do mobile and location fit into the picture? The answer is: Throughout. Mobile spend and use growing at around 30% per quarter for us at Latitude.
Feedback loop: Do more of what works
Now that we’ve optimised to get the buyers at the best cost, Enterprise IQ means going back for more. With a feedback loop, you can improve each step of the system.
2010 was a great transition year, but 2011 is when the dynamism of consumer behaviour, technology and marketing options is taking off – which is why anyone reading this enjoys digital marketing – we’re leading a revolution!