To Infinity and Beyond?Inconceivable That Yesterday’s Marketing is Dead

“Inconceivable!” is probably, to this day, one of the best one-liners that I remember from a great 80s movie. Can you recall which movie I am referring too? If not, it is okay. My wife has never seen it (gasp!). For you non-movie buffs out there, that famous quote comes from The Princess Bride. Just like a movie that stands the test of time, marketing efforts can do the same thing. Before the time of internet and social media, businesses would spend big dollars on direct mail. These days there is more focus towards digital channels. This leaves many marketers wondering if traditional marketing is still relevant. I believe it is. Traditional marketing is highly effective in reaching broad audiences, while digital marketing has the power to go into deeper and more relevant levels of connection with the consumer. Sometimes you just need a more focused approach. A key here is being able to catch a prospects attention and get them to retain the information you are trying to convey.

Infographics Are Your Friend

While doing some research on digital marketing, I came across an informative article about current trends. As you can see, infographics are performing better than any other type of content. They help tell a visual story. As humans, we are visual beings and 90% of the information transmitted to our brains is visual. That being said, take a look at this infographic. We’ve found that alternative data not only helps you better understand your best customer but also can aide in modeling your future campaigns.

In this article, Nick Fawbert summarizes that digital marketing strategies are driven by data and analytics. According to Nick, the goal of digital transformation for marketing is a ‘reduction in expenditure and an increase in customer retention and spend through the use of digital channels.’ The biggest shift for marketers is that digital transformation changes the model at the heart of marketing strategy. Now let’s talk about the folks that are at the forefront of this transformation.

CMO vs CIO

By 2019, Cisco predicts there will be 3.9 billion global internet users. Digital marketing, an integral part of a company’s strategy, Chief Marketing Officers (CMOs) and Chief Information Officers (CIOs) are now responsible for driving the digital transformation of organizations across a range of industries. Digital marketing continues to push the role of CMO to new boundaries. Today, it is a must for CMOs and CIOs to work together in order to create the fluid, customer-driven experience consumers expect.

The challenge is that traditionally, these roles come from different perspectives. While in a general sense, CIOs are responsible for evaluating and implementing technological solutions, CMOs lead marketing initiatives that engage with customers and drive revenue. With digital marketing infusing technology into everything that traditionally CMOs are responsible for in 2018 and beyond, the lines between these two roles are likely to blur even more.

Marketers are already spending a significant amount of money on technology. As technology develops, there have never been more ways to increase brand awareness and branch out to potential prospects. In a whitepaper put out by Foundation Capital, by the year 2025, the overall spend on technology is estimated to grow to 10% of the $1.2 trillion total marketing spend.

ET Phone Home

In today’s world, there are several ways to look at an identity: terrestrial, device and digital identity.

The terrestrial identity contains physical identity attributes such as name, address and phone number while device identity identifies a specific device and the Internet browser on that device. The most common device identifier is a cookie.

The digital identity is a set of identity attributes that define an individual’s persona. These personas would include Facebook user IDs, Twitter handles, or even login identities. Combined together, these parts make the anatomy of an identity.

These are all vital parts to understand as marketers look to expand their reach digitally Being a successful marketer is knowing your audience and how to market to them. Marketing is constantly evolving and in order to stay with the times, you have to arm yourself with the right tools. Testing your message, tracking conversions and making adjustments along the way is what will separate you from your competitors.

The digital marketing space is still a relatively new concept to me and I would love to hear your thoughts, gain insights and learn more. Please post a comment or you can email me at matt.trost@lexisnexisrisk.com.

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