Monthly Archives: December 2016

State of Mobile, AI and VR Marketing 2017

 

questions

I was asked to weigh in on three marketing topics for 2017:

  1. The state of mobile
  2. The influence of Artificial Intelligence
  3. The effect of Virtual Reality.

Here are my thoughts:

Mobile : More Total Interactions

Mobile allows marketers to interact with customers in many places throughout the day and purchase journey. The challenge is how to be available and present when needed or wanted without becoming annoying and irrelevant so people tune you out.

Artificial Intelligence: More Efficient Interactions

AI allows firms to spend time and money on the most valuable customers by leaving the lower level customer service issues to a virtual assistant. Marketers can also use AI to identify and qualify best prospects.

Virtual Reality: More Rich Interactions 

VR provides 360 degree experiences for customers in a convenient location that’s fun and interactive. Marketers can leverage these interactions to provide more value or showcase offerings.

How to Teach Social Media Marketing Efficiency

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Students of social media marketing must have a solid understanding of integrated marketing communications because a social media campaign is typically part of a larger effort to inform, persuade or remind.  Marketers must also provide evidence that a particular strategy in digital media is more efficient in terms of cost.  These days as digital media become more desirable as part of a communications strategy, they also become more expensive.  The new reality requires marketers to examine the bang for the buck they get from digital over other options.  It is possible that television, cable, radio or outdoor can deliver more impressions with stronger response than an organic social media campaign on Facebook that few people actually see.

That is why professors who teach social media should include traditional media measurement as part of the curriculum.  The definitions for traditional media terms such as reach, frequency and impressions are important for students.  Digital terms such as cost per click and conversion rate show how social media are purchased by companies seeking to reach targets.

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One important method for equating media is cost per thousand (CPM). CPM (M represents 1,000) tells marketers the cost to obtain 1,000 impressions or views of a particular message.  It is calculated as:

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The formula is only part of the picture.  Students must also know how much it costs on a CPM basis to advertise in various forms of media.  For example, compare the traditional media costs to the digital media costs in the two slides below.  A smart marketer would consider traditional as part of a good media mix. As you can see the cable CPM is looking pretty good relative to the internet video CPM.

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Students of social media marketing think that social is the answer to everything.  Though social media may be a good strategy, a smart marketer will evaluate all the potential tools in the box to maximize media efficiency.