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Instagram’s new incentive to marketers is a major blow to Snapchat

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Instagram is offering marketers and advertisers credits for and free trials of its ad products, according to Business Insider.

Further, some existing Snap advertisers are starting to question the value received from running campaigns on the platform.

As Instagram quickly duplicates Snap’s most successful features and rolls them out to its wider audience, it’s important that Snap clearly differentiates its offering to advertisers, and pricing may have to come down.

  • Snap was already offering discounts for its ads. Back in May, Snap was offering discounts to agencies and brands to lure them onto the platform. Instagram’s free trials and ad credits can drive Snapchat to give even steeper discounts than it already does.
  • Snapchat’s lack of organic reach metrics as could drive advertisers to Instagram. Publishers know exactly how many followers each of their Instagram accounts have, and how many times a user has interacted with a certain post. Snapchat, on the other hand, is something of a black box. While the company does have ad metrics available for its clients’ campaigns, advertisers can’t actively track the number of people they reach organically through the app.
  • Discounts encourage experimentation with new ad formats. Offering discounts is a common practice for tech giants when rolling out new products — Facebook, Google and Twitter have all offered them in the past.

BI Intelligence, Business Insider’s premium research service, has compiled a detailed report on U.S. digital media ad revenue that:

  • Forecasts US digital ad revenue through 2021.
  • Highlights the rising popularity of digital media with consumers and brands.
  • Explores why digital video advertising growth will exceed all other formats over the next five years.
  • Outlines emerging technologies that will help propel ad growth in the next decade.

To get the full report, subscribe to an All-Access pass to BI Intelligence and gain immediate access to this report and more than 250 other expertly researched reports. As an added bonus, you’ll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. » Learn More Now

You can also purchase and download the full report from  research store.

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Sourced from Business Insider UK

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Unclear CEO Expectations Often Inspire Marketing Officers to Quit

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More than 40 percent of CMOs have been in their jobs for 2 years or less.

By MediaStreet Staff Writers

Nearly three-quarters of chief marketing officers believe their jobs aren’t designed to let them have the greatest impact on their companies, according to a new survey.

Chief marketing officers frequently suffer from having poorly designed jobs, accounting for why they have the highest rate of turnover among all roles in the C-suite.

The survey found that more than 40 percent of chief marketing officers have been in their roles two years or less, and 57 percent three years or less – a significantly shorter tenure than any other C-level executive.

This “revolving door of CMO short-timers” affects how consumers view the company, since new chief marketing officers often change some or all of their predecessors’ strategic direction for positioning, packaging and advertising. These changes also come at a significant financial cost.

The research was conducted by Neil A. Morgan, a professor of Marketing at Indiana University, and Kimberly Whitler of the University of Virginia. The results can be found in the Harvard Business Review article, “Why CMOs Never Last and What to Do About It.”

“We believe that a great deal of CMO turnover stems from poor job design,” Morgan and Whitler wrote. “Any company can make a bad hire, but when responsibilities, expectations and performance measures are not aligned and realistic, it sets a CMO up to fail.”

They interviewed more than 300 executive recruiters, CEOs and chief marketing officers; conducted multiple surveys of chief marketing officers; analysed 170 CMO job descriptions at large firms; and reviewed more than 500 LinkedIn profiles of CMOs. They found more disparity in how the chief marketing officer’s role was defined and much more than for any other C-level role.

Morgan and Whitler found common core CMO responsibilities. More than 90 percent of chief marketing officers were responsible for marketing strategy and implementation, and more than 80 percent controlled brand strategy and customer metrics.

“But beyond that, the range of duties – from pricing to sales management, public relations to e-commerce, product development to distribution – is mind-boggling,” they said. “Even before considering candidates for the job, a CEO must decide which kind of CMO would be best for the company.”

Their research identified three types of chief marketing officers: the strategist who makes decisions about firm positioning and products, accounting for 31 percent in their survey; the “commercialiser” who drives sales through marketing communications (46 percent); or someone who is an enterprise-wide profit-and-loss leader who handles both roles (23 percent).

The key problem is that CEOs and executive recruiters do not do a good job of identifying the type of role that the firm needs the chief marketing officer to play before they identify and evaluate candidates. Rather, they look at CMO candidates and select the one the CEO rates highest – which assumes that the CEO knows what type of chief marketing officer the firm needs.

That turns out to be a false assumption in most cases. This is much less of a problem for chief financial officers, chief information officers or even chief human resources officers, where there is much more standardisation in the role these executives play across firms and industries.

To solve the problem of identifying the type of chief marketing officer they need before looking at candidates, Morgan and Whitler said CEOs need to take into consideration:

  • The degree to which consumer insight needs to drive firm strategy.
  • How difficult it is to achieve firm-level growth.
  • The level of dynamic change in the marketplace.
  • The historical role of chief marketing officers in the organisation.
  • The firm’s structure, including whether the marketing function is centralised or dispersed throughout the organisation.

Once they have identified the type of chief marketing officer they need, CEOs must design the role to align with what the firm needs from that person before looking for candidates. This “role design” part of the process is also done badly most of the time.

“Alignment of responsibilities is the critical area where mistakes are made. It’s common for companies to describe a role in which the CMO is expected to change the overall performance of the firm,” Whitler and Morgan wrote.

“Expectations typically far exceed the actual authority given the CMO,” they added. “That problem is often compounded when CEOs are wooing candidates who already have good jobs.

“While overpromising and ‘up-selling’ are common in recruitment across many functions, our research suggests that they can be a bigger issue in marketing, because of the general confusion and lack of uniform expectations about what a CMO does and the knowledge and skill differences among marketing executives.”

Only 22 percent of the job descriptions Morgan and Whitler studied mentioned how chief marketing officers would be measured or held accountable, and only 2 percent had a specific section that clearly spelled out job expectations.

When searching for the best CMO candidate, Morgan and Whitler also point to the increased importance of experience in shaping knowledge and skills relative to other functions due to the lack of professional certifications in marketing, compared to those required of lawyers and accountants.

Only 6 percent of the chief marketing officers in their survey had degrees in marketing. Although 44 percent had MBAs, their educational backgrounds varied and included degrees in other disciplines such as engineering, philosophy and political science.

This means that most chief marketing officers learn most of their marketing “on the job,” making their prior experiences and employers of key importance in determining their knowledge and skills.

“Another stumbling point, in our analysis, is that in almost all CMO job descriptions there are significant gaps between the responsibility given and the experience required,” they added.

 

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Email Ranks High in Brand Engagement, But Change May Be Coming

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Email ranks in the top three tactics used by marketers to drive brand experience, according to a study released today by Freeman and SSI.

Of over 1,000 marketers surveyed worldwide, 58% use Web sites, 57% social media and 51% email marketing. But they’re not utilizing “game-changing” technologies like interactive touchscreen technology (cited by only 22%) and virtual reality (8%), the study continues.

The survey covered CMOs, brand managers, event planners and marketers in both B2B and B2C, and found that companies involved in 20 or more events per year are more likely to use the newer technologies.

Specifically, 20% of these firms use interactive screen technology, and 21% deploy location-mapping/beacons. In addition, 16% utilize virtual reality and 16% gamification in some form.

From a geographic standpoint, Asia seems to be ahead. Of the Asian marketers polled, 42% use sensory interaction to personalize the brand experience, compared to 28% in North America and 13% in Western Europe. Plus, 31% use virtual reality, compared to 9% in North America and 7% in Western Europe.

Meanwhile, companies expect to spend more on brand experience. Of the CMOs surveyed, 33% plan to allocate 21% of 50% of their budgets to the discipline.

In contrast, 28% of the B2B marketers and 18% of the B2C will budget the same amounts.

In Asia, 32% of marketers anticipate spending more than one-fifth of their budgets on brand experience, compared to 23%of the European firms and 27% of the North American outfits.

Freeman found that a positive brand experience supports these goals:

  • Lead generation – This was listed by 54% of the B2B marketers and 53% of brand managers
  • Making customers feel valued – This was cited by 61% of North American marketers and 56% of Western European counterparts
  • Increased sales – This goal is pursued by 56% of North American marketers and 50% of Asian firms.

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Sourced from Media Post

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Now Marketers Can Actually Read Your Photos On Instagram And Facebook

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By Jeff Beer

For almost as long as we’ve been typing words into Google’s search bar, we’ve been trailed by online ads based on those searches. The logic being that if they put ads in front of our eyes that are related to what we’re searching–shoes, diapers, cars, anything–we’ll be more likely to click. And even though ad tech has advanced by leaps and bounds over the last decade, that’s still essentially what advertisers are trying to do.

Recently, in order to boost its competitiveness with Nike among serious runners, and raise awareness for its Run Camp program, Under Armour targeted photos on social feeds–finding people who were posting specific models of its running shoes, specific running shoes of its competition, as well as photos that featured running bibs, belts, and other accessories. Once found, that person would be served up a short video ad about Run Camp after they’d left Instagram or Facebook.

So if you posted the new bib for that half-marathon you’re training for on Instagram or Facebook, later while browsing The Huffington Post mobile site you might see an ad for Run Camp. All because of your photo.

The tech is from Toronto-based shop Cluep, which has been working with brands like Nike, Coca-Cola, McDonald’s, Toyota, and yep, Under Armour, on text and location targeting, but now, following consumer behavior on social, is pushing hard into visuals. Cluep Pics lets marketers target people based on the images they publicly post on Twitter, Instagram, and Facebook and serve them ads in their mobile apps and mobile websites. It uses a proprietary image recognition engine that learns from every image it sees to identify brands, products, and scenarios to effectively engage people around their interests, activities, and lifestyle.

So if there happens to be a McDonald’s in the background of one of your photos, you may get a Golden Arches ad targeting you somewhere soon. To many people, this sounds pretty creepy. Of course, Cluep CEO Karan Walia (who co-founded company in 2012 with CTO Anton Mamonov and advertising operations director Sobi Walia) says the goal behind Pics is to effectively deliver advertising to the right people, at the right time, when they are most receptive based on the types of images they post on social media. Sound familiar? But contrary to creeped out, Walia says even just through beta testing, they’re already seeing conversions and click-through rates five to 10 times better than industry standards.

“Traditionally the click through rate is around 0.5-0.8%, however, we’re seeing results in metrics like video completion rates, visit lift rates, cost to drive back to store and more are between five to eight times the industry benchmark,” says Walia. “And this isn’t just in one, two, or three programs, this is the average across all the 500 campaigns we’ve done across different verticals. That would suggest we’re driving higher results than other vendors, and those engagement rates with consumers.”

Image recognition tech itself isn’t new, and Walia says Cluep’s primary competition for Pics is the social platforms themselves but believes his firm is just a couple of steps ahead.

“Right now, there is no ad tech platform that is doing image-based targeting like we are,” he says. “Getting a high enough accuracy to classify an image around a brand, logo or activity hasn’t been available at scale until now. I’m getting bombarded with back-to-school ads from Walmart on Instagram. I’m not a student and I’m not a parent. Why is this happening? Walmart is a client of ours, and now with Cluep Pics they’ll be able to better target potential consumers because they’ll see family photos or relevant photos that will let them know if these types of ads will be relevant.”

And you know what’s next, right? the growth of online social video has exploded over the last few years. It’s even been suggested that Facebook could be all video by 2021, which is also where Walia says his tech is headed. The Cluep Pics engine is a stepping stone to video, and the company hopes to launch it by Q2 2018.

[Photo: Flickr user S A N D Y D O V E R]
“For video, the back-end is very similar to Cluep Pics because video is just still frames strung together, so the challenge is to focus on the right frames, and being able to classify not just logos, products, and scenarios, but also actions,” says Walia. “That’s going to be a big next step, allowing brands to target consumers not only based on the type of videos they’re sharing but also know that the ads are being served in safe environments. We’ve seen the concerns over YouTube. We see a big opportunity in allowing publishers to let marketers select the kind of videos their ads appear in or around.”

About the author

By Jeff Beer

Jeff Beer is a staff editor at Fast Company, covering advertising, marketing, and brand creativity. He lives in Toronto.  More

Sourced from FastCompany

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Netflix’s Use Of Big Data: Lessons For Brand Marketers

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Sourced from AdExchanger.

“Data-Driven Thinking” is written by members of the media community and contains fresh ideas on the digital revolution in media.

Today’s column is written by Jonathan Cohen, principal brand analyst at Amobee.

Last Friday, Netflix founder Reed Hastings celebrated Netflix getting its 100 millionth subscriber, a major milestone for a company that has spent the past 20 years thriving on science and analytics.

Netflix has arguably been the biggest disruptor of the decade to the TV and film industries, and it’s impossible to describe its success story without recognizing the central role big data has played every step of the way.

Its business model depends on using analytics to understand its audience better than its competitors. For brand marketers, for whom understanding audience behavior is equally essential, Netflix is a great case study on how to leverage big data correctly.

I see three ways in which Netflix has successfully used actionable analytics that can be relevant for brands.

Outreach Needs To Be Personalized

Even before Netflix was a video streaming service, its recommendation engine played a critical role on its website. Back when its existed solely as a DVD rental-by-mail-business, Netflix didn’t have enough inventory to ship the biggest new releases to all its customers overnight, so it created an algorithm that suggested movies its customer would be interested in, based on their previous picks, and didn’t emphasize new releases.

The strategy worked, and in 2006 new releases represented [PDF] less than 30% of Netflix’s total rentals, compared to new releases making up 70% of total rentals at standard video stores.

Since it made the shift to online streaming, a more sophisticated recommendation engine has been successfully surfacing content that’s personally relevant and engages users to the point that they spend on average 17.8 minutes browsing before selecting a program to watch, compared to 9.1 minutes of browsing for cable users. That keeps Netflix’s monthly churn rate in the low single digits, extending the lifetime value of customers and saving an estimated $1 billion-plus per year in retention efforts.

Minimizing Data Loss Is A Strategic Advantage

“Big data helps us gauge potential audience size better than others,” explained Ted Sarandos, Netflix’s chief content officer, in a 2016 interview.

That’s true, but it’s also important to recognize why it’s able to take advantage of analytics to an extent that traditional broadcast and cable networks can’t. Netflix has exact data at the individual user level as a content platform and creator in a walled-off ecosystem.

Netflix paid $100 million in advance for 26 episodes of “House of Cards” because it knew people who watched the British version also loved Kevin Spacey and David Fincher movies, an insight that’s only possible in a walled-off ecosystem, not from estimated ratings.

Additionally, when it came time to promote “House of Cards,” Netflix had enough audience data to serve different variations of its ad to different audience personas. For instance, “Thelma & Louise” fans saw a version focusing on the female characters, while people who viewed Kevin Spacey movies would see him as the focus.

Relating that to brand marketers, the more unified their digital spend (while minimizing the challenges of working with multiple vendors and metrics), the less data loss there will be, allowing for more educated and effective campaign optimization efforts.

Adapt The 13-Millisecond Rule

Netflix understood it needed to capture a member’s attention within 90 seconds or they’d leave the site. And acknowledging recent research that found the human brain can process an image in as quickly as 13 milliseconds, Netflix began A/B testing the box art thumbnail image for select films, allowing users to pick between six options. Video viewing increased by 20%-30% for the winning images, with photos showing facial expressions that reflected the tone of the film or TV show tending to do well.

For marketers, the difference between success and failure is often about getting a lot of very small decisions right, and usually even if it appears a campaign is meeting expectations, further optimization is possible.

In the current media landscape where the internet has largely leveled the playing field, knowledge is power, and Netflix has excelled because of its success at leveraging data into actionable insights. Brand marketers that emulate key Netflix strategies like personalizing audience outreach, minimizing data loss and leaning heavily on A/B testing can likewise benefit from big data.

The answers about audiences are out there for brands. It’s just a matter of learning how to better collect, listen and respond to the feedback customers are already sharing.

Follow Amobee (@Amobee) and AdExchanger (@adexchanger) on Twitter.

Sourced from AdExchanger.

 

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5 Incredibly Effective Digital Marketing Strategies That Most Marketers Are Too Afraid To Try

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By Neil Patel.

What are you doing to embrace and tackle marketing industry changes? Are you afraid to try new things? Or are you fearless?

One of the reasons I am so passionate about the marketing industry is the anticipation of changes, and ability to experiment with new marketing tactics and efforts.

Taking chances is often what separates top marketing professionals from novices. But how can you separate fads from educated risks? Take a look at the top strategies I’ve identified that most marketers might deem risky, may not be aware of, or not fully understand.

These are risks, yes, but they are risks that are worth taking.

1. Switch from outbound to content marketing

In the past, it was enough to highlight your product or service and the hundreds of fantastic features and capabilities. These days, you have to add value to your brand and product/service with content that teaches and establishes you as a thought leader and an expert. Why should your customers believe in what you’re selling?

It might scare you to switch to an inbound format that teaches and nurtures your prospects. How will they know what you offer, you ask? How will we sell and generate leads without pushing our product? Content marketing can be scary to adopt because it relies on your expertise and puts the ball in your prospects court.

In contrast, content marketing is shown to drive more traffic and leads than outbound marketing. According to Demandmetric content marketing generates as many as three times more leads than outbound marketing.

2. Interactive content

As content marketing rises in popularity, pushing through the clutter is becoming more and more difficult for all of us. But even though we know we must differentiate ourselves from the pack, we can be hesitant to make our basic content more interactive and exciting.

Interactive content can draw more attention to your messaging while increasing your engagement on powerful social media sites. Quizzes, ROI calculators and interactive infographics can help you convey your brand’s story in a more dynamic fashion.

As a bonus, eye-catching, interactive, fun content can draw the attention or industry publications in addition to attracting prospects. As a result, you can extend your reach and continue driving traffic and high quality links to your site and blog.

3. Embrace up-and-coming social media channels

While there remains a place for LinkedIn, Facebook and Twitter, new social media channels will allow you to reach consumers in new and exciting ways. Additionally, new channels allow you to explore more creative methods of telling your stories and conveying who you are.

Snapchat, Instant Articles on Facebook, and Instagram Stories provide companies and even professionals a channel to experiment and target specific groups and audiences. As a bonus, new and exciting social media channels are often a great place to promote the interactive content discussed above.

4. Developing content for real people, not algorithms

As a marketer, you may have gotten in the habit of developing and creating content that will highlight your company, blog, business or ideas at the top of the search engines.

These days you’ve got to step out of your box and think about your content in the context of your reader’s desires, fears, worries and needs.

Creating content that is displayed in front of thousands of sets of eyes is no longer enough to set you apart. Instead, readers expect real ideas that are well written and display complex and interesting ideas and thoughts.

While SEO is still very important, don’t be afraid to put your audience and their needs and wants first and consider your page rank secondarily.

Instead of using keywords to draw more traffic from search engines and their algorithms, use keywords to highlight your points and draw readers in by providing information that is valuable to your audience.

5. Reuse and repurpose your top content

Even your loyal readers may not see your content initially. It could take several touches and multiple channels to get through to them. Try reposting your top blog posts with refreshed titles or new visuals.

Utilize that content in a digest newsletter format to drive traffic to content that your audience’s peers have enjoyed (it can be tough to resist content that we know our peers and colleagues have enjoyed).

Want more traffic? Automate that refreshed and repurposed content for periods when it’s relevant or for different days or times to attract new readers who may not have engaged the first time around.

According to Curata, only 29% of marketers are reusing/repurposing content, which means many marketers are only putting their messaging in front of their audiences one time: they’re missing out on valuable clicks, impressions and engagement.

Conclusion

We’re often afraid of the uncertain. We get stuck doing the same marketing activities over and over again in an effort to remain comfortable. We know our metrics for what we’ve been doing. We have goals for those efforts. We know what to expect.

Getting over our fears is as simple as widening our expectations and being ok with not knowing exactly what to expect from our marketing efforts. Try something new. By taking small steps and measuring your efforts very closely, you might find that your strategies are not enough.

You might try something that doesn’t work or isn’t right for your audience. But more importantly, you might find something that is a clear win and helps you change the course of your marketing efforts, your business and messaging.

What are some “risky” techniques that you may try?

By Neil Patel

I cover entrepreneurship, conversion optimization, marketing and sales

Sourced from Forbes

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