Curating Demand: Marketing in a 24/7 world

CURATING DEMAND:Marketing in a 24/7 worldDecember 2013Better Business ClubHUB Sydney

Scope of the session• Promise• Connectivity• Driving demand• Why curation matters• Curating demand• Lessons

PROMISE

To demonstrate that marketing is moving from traditional sales model to

context-specific model.

To examine how curating content assists in the context-specific model.

Always on world

Image source: http://www.flickr.com/photos/xapoh/8445654458/

ALWAYS ON:CONNECTED WORLDAudiences are constantly accessible and seek two-way interactions with firms.

Image source: http://www.flickr.com/photos/bethscupham/7663247816

Australians are active users of social media

Connected behaviours

TWITTER: 2.5 MILLION

FACEBOOK: 12 MILLION

LINKEDIN: 3.5 MILLION

INSTAGRAM: 1.6 MILLION

Expectation of increased use of technology-oriented channels for interactions between businesses and audiences.

Interacting with audiences

Image sources: http://www.flickr.com/photos/yourdon/3880471209; http://www.flickr.com/photos/westmidlandspolice/8230122900

DRIVING DEMAND:TRADITIONALvs NEW MARKETINGDemand no longer a matter of driving sales as an end-point of interactions.

Image source: http://www.flickr.com/photos/mkhmarketing/8527527570

Traditional funnel is based on sales approach.

AIDA – Awareness, Interest, Desire,

Action

With this form of marketing, a sale is the end result of marketing strategy. The process is linear.

Any activity after sales is considered a customer service issue.

Customer/sales funnel

“Which has more impact on retention and repeat purchases: customer satisfaction or customer engagement/relationship?

“The answer was consistent across our B2B and B2C research: Engagement/relationship strength has 12 times more influence on retention and repeat purchases than satisfaction”

Voice of the Consumer Marketing Research, September 2013http://www.dmnews.com/the-sales-funnel-is-dead/article/312056/

Traditional funnel is dead

CONTEXT

ACQUIRE

CONVER

TENGAGE

RESPOND

Cyclical nature of business-audience communication means demand is generated from a commitment to communication.

Audiences more likely to be loyal when their voices are heard, their ideas enabled.

Marketing practice needs to emphasise listening aspects rather than ‘controlling the brand message’

Driving demand

THE ART OF CURATION:WHY IT MATTERSCuration of quality content provides a starting point for conversations; it creates context.

Image source: http://www.flickr.com/photos/seeminglee/8979289432/

…. NOT content.

Content should be planned for facilitating contexts for conversation, information sharing, product development, market research.

Marketers, PR professionals, firms, brands DO NOT CONTROL THE MESSAGE.

Context is king

CONTENTx

Curation is the art of using objects, ideas and art to tell a unified story.

Content that will contribute to the story must reflect organisational objectives that intersect with audience interests and motivations.

Trust is fostered where the content and the story are coherent and of high quality.

Curation generates trust

COMPANY OBJECTIV

ES

AUDIENCE

INTERESTS

CURATED CONTENT

(Ie: CONTEXT)

Bad products will always exist, but brand/product lifecycle will be shorter, and customer experiences will determine the date of product demise.

Any attempt to flood content markets with positivity without dealing with poor customer and product experiences will ultimately fail. Attempts to deliberately mislead the public with astroturfing could have legal ramifications.

Nothing saves bad products

Image source: http://www.buzzfeed.com/babymantis/30-really-unfortunate-product-names-1opu

SOCIAL WILL EMPHASISE BAD

BIZ PRACTICE

JP Morgan idea for Q&A with Vice Chairman, Jimmy Lee, resulted in hashtag epic #FAIL

CURATING DEMAND:GROWTH FROM CONTEXT

Loyalty drawn from investment in audience conversations, engagement.

Image source: http://www.flickr.com/photos/ferranp/317125624

Data now being used to target specific audiences in a manner that will meet their needs as they arise.

Context-relevant marketing can drive spontaneous purchasing, but unless this is backed up by ongoing relevance, the advantage is lost.

No point pursuing context-driven marketing if conversation is short-lived.

Context and growth

In context-driven marketing, demand is driven by ongoing value to audience of the continuing conversation.

That is, there is a direct correlation between value and demand.

When considered as an indicator of value, demand can be more usefully calculated as the product of context/audience relevance and reducing costs of manufacturing/delivery.

Demand as value

• Value: benefit from a good/service• Utility: aggregate sum of satisfaction

or benefit that an individual gains from consuming a given amount of goods/services• Price: market rate at which

goods/services are exchanged• Economic cost: amount paid for a

good/service when compared with alternatives. This includes total, variable, fixed, marginal and opportunity costs

Understanding value

Most marketers are obsessed with volume – of sales, of followers, of interactions, etc.

VOLUME IS NOT AS IMPORTANT AS VALUE.

While most organisations have a target of volume as a key performance indicator (KPI), this is often poorly applied, as the best profitability/efficiency is by increasing margins/relevance rather than increased sales.

Volume versus value

LESSONSHopefully not absolutes, but probably still

painful for traditional marketers

DEMAND:INTEREST DRIVEN

If your audience doesn’t need what you have to share, it’s just noise.

Branding isn’t that interesting.

Image source: http://www.flickr.com/photos/34094515@N00/469622180

DEMAND DRIVEN BY MUTUAL INTERESTS, NOT BRAND MESSAGING

CURATION:DON’T MISLEAD

It’s cowardly, and stupid. And audiences will bite you.

Image source: http://tobacco.stanford.edu/tobacco_main/index.php

CURATION INVOLVES DEEP RESEARCH

CURATION:DON’T TRIVIALISE

Hire intelligent, creative people, not people who think like you do.

Research. Critically review. Reflect. Learn.

Image source: http://www.flickr.com/photos/27556613@N04/3925451343

CURATION INVOLVES DEEP RESEARCH, CREATIVITY, SENSITIVITY

CURATING DEMAND:EVALUATE

Measure demand by value, not volume.

Image source:http://www.flickr.com/photos/29412527@N04/3392572477

VALUE, NOT VOLUME, GENERATES ROI

PROMISE: REVISITED

To demonstrate that marketing is moving from traditional sales model to context-specific model.

To examine how curating content assists in the context-specific model.

CONTEXT CREATES CONNECTIONS

Image source: http://www.flickr.com/photos/gsfc/8704629249

CONVERSATION CREATES OPPORTUNITIES

Image source: http://en.wikipedia.org/wiki/File:Giant_photovoltaic_array.jpg

Thank you Any questions, let me know!

Joanne Jacobs, COO

t: +61 2 9251 0492m: 0419 131 077e:[email protected]

EXAMPLES

• Prius: http://www.youtube.com/watch?v=nUor4gdFoyg• Oreo: https://twitter.com/Oreo/status/298246571718483968/photo/1• Melbourne Metro: http://www.youtube.com/watch?v=IJNR2EpS0jw; http://

www.theage.com.au/victoria/safety-message-may-be-falling-off-20130914-2trrr.html

• Cadbury: http://www.youtube.com/watch?v=uHtDRw4ujYw• Heineken: http://

www.businessinsider.com.au/heineken-holds-instagram-scavenger-hunt-2013-9

• Fruit of the Loom: http://www.nytimes.com/2013/10/04/business/media/fruit-of-the-loom-sees-workers-in-their-underwear.html?_r=3&

• Non-profits: http://www.nonprofithub.org/featured/the-top-4-nonprofit-social-media-campaigns-of-2013-and-what-you-can-learn/