Article | October 14, 2020
1.What is strategy?
For me it has been three simple words.
Future Competitive Advantage.
What will the future look like? What will people need and expect ? How will demographics, technology and other global shifts create new competitors or recharge current competitors and how will categories blur, blend and maybe even disappear ?
Amidst these new expectations and changing competitive dynamics what advantage will your company offer? A differentiated or better product? A competitive moat of network effects, scale or some other dynamic ? A better experience? Speed and value?
While Strategy firms can be amazingly helpful in guiding companies through these questions, most leaders already have a gut instinct on what needs to be done. The deep dive documents, the chanting strategists and the long march of meetings are to bring others along and to provide an intellectual and analytical framework for a decision that clearly had to be made.
If you work for a firm and you have an idea of where the future is going and how changing peoples expectations and emerging technology are going to create challenges or opportunities I strongly advise that you should go to your management and share your thinking.
All you need to talk about is future competitive advantage.
2. Marketing Re-Invented
Intelligence is the ability to simplify and not dumb down.
To create a way to share and think through complexity by getting down to core issues and ideas in modular ways that people can understand and build from.
Frames are helpful in not only getting the audience to understand but it is a great way to tell your story.
Think of frames as a spine you hang the bones of your ideas on.
Here is my frame for how marketing has changed and is changing that I use as a way to help guide people I advise. I call it the ABCDE model of the future of marketing.
Audience. Brand. Content. Data. Enterprise.
For each of these areas I believe there have been 3 key changes which explains both the birth of new firms, why some companies are crossing the chasm into the future and others are struggling. I call it the 5X3 Frame for the Future of Markeing. Few firms have all 15 areas covered but it is a great way to develop action plans and to make a case for change.
a. Audience: Who we are marketing too, how we find them and their mindset has shifted greatly over the past decade.
From Consumers to People with God Like Power: The biggest mistake companies make is they view things through the lens of their Brands and see us as Consumers. Very few people define themselves by the brand they consume. Even an incredible company like Procter and Gamble with dozens of billion dollar brands cannot understand me if they look at me only through the lens of their Brands ( they are too sophisticated to do that) because at the core all their Brands are about dirt removal. Dirt removal from my teeth, clothes, dishes, butt, kids butt etc. Do you define yourself by dirt removal? Or brands that want to have relationships with me . Very few people want to have a relationship with a brand. I want my headache to go away and not have a relationship with Tylenol. It is key to think about people and not consumers.
But even more key is to stop using words like enabling/empowering and other BS ( Yes Google, Apple and a few other companies empower consumers) but most Brands are grappling with highly empowered people who via use of Search, Social, E-Commerce and Mobile destroy any arbitrage of price, information, or place that a Brand though they had. If you were to describe what we can do with a mobile phone to someone 15 years ago they would say why that is “God-Like” power.
From passive to interactive: A decade and a half ago we thought of people we marketed to as an audience since they were primarily passive receivers. Today they create, share and interact and some of them are so impactful that we call them Influencers and there is an entire ecosystem of Influencer Marketing.
From Segmentation to Re-aggregation: As media becomes digital we need to understand that people come to digital media one at a time. There is no mass media that we segment by finding channels or magazines with high proportion of the people we are marketing too. The power of Google, Facebook and soon Over the top television is the ability of self service tools to buy and scale individual interactions one at a time. We no longer are going from a cow of a mass audience to a steak of a segmented audience. Rather we are are re-aggregating single pieces of mince into a hamburger.
b. Brands: Brands continue to be important but the way they are built is changing greatly. Today Experiences, Purpose and Employee Joy matter the most in building Brands. These changes explain the long term secular decline of advertising and communication but the renaissance and rise of marketing.
From Communication to Experiences: Jeff Bezos of Amazon said some companies spend 30 percent of resources on building a better product or experience and 70 percent telling people about it. Others spend 70 percent of their effort on product and service and 30 percent on telling people about it. Jeff said Amazon was the latter company.
In an era of empowered people connected to each other the focus should be on the experience. The brand is the experience and experience is the brand.
From Great Words to Purposeful Behavior: Purpose matters more than ever especially in todays time of social, financial and health challenges. Purpose is not some words left to wander on a lonely corporate website but the way a company or brand behaves.
Employees as Brand Advocates and Key to Purpose and Experience : If a company does not invest and treat its employees well it will be very challenged on both the experience front ( angry, tired and worried employees do not deliver great products or experiences) but also any purpose statement rings hollow if you cannot look after your own people.
c. Content: Content has always been a key to marketing. The three big differences is that there is much more of it, it is far faster and there are many new ways of making it.
Think Poetry and not just plumbing: Today in a world of granular targeting and algorithmic trading we can get the right interaction to the right person at the right time. But what are we paying as much attention to the interaction as getting it there. We must think of the poetry and not just the plumbing. T
Think response not just creation: Many campaigns are started by people. Meme’s or perspectives of about your brand can ricochet all over the world and you need to ensure that in todays world of weaponized platforms you have a world class risk intelligence partner and a rapid action team
Never Forget People choose with their hearts and use numbers to justify what they do: Content that moves is content that moves product.
d. Data: Data is key to future of marketing. It is like electricity. Without electricity one can not keep the lights on. Without strong data a company cannot compete. It is necessary. But it is not sufficient. Because just like few companies differentiate themselves by how they use electricity, very few companies will find a competitive edge in data. It will be a key ingredient and not the be all or end all of strategy. And very few companies will be able to live on their own data. The three areas to focus on data are
Quality versus Quantity: If 90 percent on data has been created in the last two years most companies “data lakes” are filled with muck/mud/ slime.
Real Time Access and not just Ownership: First party relationships with people who buy from you are key. Using platforms as the roadways to reach them will lead to high tolls or blockades. But first party data alone is not enough and how to access and partner with other firms both to build a better understanding and bridge to people but also to design better and more comprehensive products and solutions.
Meaning versus Math: Data is not information, knowledge or wisdom. Algorithms are bias embedded in code. How do you integrate, interpolate, interrogate data and involved diverse mindsets, interconnect to larger trends and add imagination to make meaning from math.
e. Enterprise: If a company is to deliver experiences in a world of people with god like power while steering itself with a purpose and looking after its stakeholders particularly its employees but also making sure it delivers tangible results today it will new to sculpt itself into a new form by building new muscles.
The Paranoid Die. The Schizophrenic Thrive: Andy Grove the late CEO of Intel said only the paranoid survive. In todays age where we need to connect and work together this leads to polarized and insular thinking which explains why Intel has become a shell of itself and is a shadow in the world of Taiwan Semi-Conductor, Nvidia, AMD and ARM (which Nvidia might buy).
Rather than Paranoia the right mindset is Schizophrenia. Companies should run two models. One focussed on delivering today and the other on building a new tomorrow where some of the best talent are given all the assets of the companies and none of the liabilities and asked to do whatever it takes to move into the future including eating and harming todays cash cows.
Culture is the result of what fear free diverse people do when no one is watching: To navigate change companies need fear free cultures of diverse people and mindsets led by leaders who do the shit they claim others should do. Incentivize and train for change and worship no sacred cows.
Trust is speed: If a company wants to be high velocity it must be one built on trust. A company where information and decision making is transparent. Leaders are accountable and Cover your ass deck writing and meetings to prepare for meetings are minimized.
How does your company or your Client companies do in the ABCDE frame?
Hopefully you will find this frame a useful one to add/subtract from and an instigator to thinking and doing.
3.Light and Time
As many of you know I love photography. I believe the best photography captures light and time. It tattoos and evokes memories. Here are four pictures of the Navy Pier Ferris Wheel and Ohio Street Beach on three different mornings that I took to capture different light.
Article | October 14, 2020
B2B marketers often face a common challenge: Accurate targeting. Marketers rely on powerful lead generation methods to help them target future customers, but there's a pretty substantial obstacle in the way. Most marketers aren't data scientists. And truly great targeting requires a pretty substantial amount of data. That's where artificial intelligence company Versium saw a major problem, and developed a solution to help. The tool helps marketers identify, understand, and reach ideal prospects using trillions of data points, all powered by predictive machine learning models.
Article | October 14, 2020
What is OTT (over-the-top) marketing, and how is it molding the world? Why are marketers over-enthusiastic about executing it? Find out the ultimate guidance regarding OTT marketing.
There are several ways to receive a prodigious response for your business. Those are creative, technical, or economic methods that help grow your audience, find new leads, and so on. In the time of the pandemic, people cannot partake in outdoor activities the way they used to do. They are forced to be inside, and their medium of education, entertainment, or being aware is entirely different. One of the fastest-growing sectors is OTT which plays a significant role in making people's life entertaining and enthusiastic. It decreases the strain and gives them relaxation from their hectic life. Its market is currently valued at more than USD 101.42 billion, reaching approximately USD 223.7 billion by 2026.
Let’s have a look at OTT, OTT marketing in 2021, and the complete information about it, which makes it substantial.
OTT is a medium of providing television and film content over the internet. Nowadays, nearly everybody is streaming TV through OTT. There are various popular video streaming platforms like; Netflix, Amazon Prime, Disney plus, Hotstar, etc. The video, music, podcast, and audio quality has been revamped remarkably by the OTT adoption.
What is OTT Marketing?
OTT advertising is the conveyance of promotions through online video streaming. This incorporates associated TV publicizing (or CTV promoting), which runs video advertisement interferences, banner ads, sponsored content, and more.
Here are some survey reports that state how OTT marketing is booming.
A report by Conviva, a streaming media research firm, informs that video streaming grew by 20% in March across the globe, which included a high 26% increase in the U.S.
In the OTT Video segment, the number of users is expected to amount to 300 million users by 2025.
The average revenue per user (ARPU) in the OTT video segment is projected to amount to US$275.49 in 2021.
User penetration will be 83.7% in 2021 and is expected to hit 88.1% by 2025.
The largest segment is OTT video advertising, with a market volume of US$40,641 million in 2021.
How OTT Marketing is Different From Traditional T.V Marketing
TV advertising has been everywhere for a long time. It has been a prevalent medium for marketers to allocate their advertisement financial plan. Nonetheless, it has been changing drastically for as far back as a couple of years with a huge shift from traditional cable TVs to over-the-top (OTT) devices like smart TVs, phones, tablets, and many streaming sticks (Roku, Amazon Fire, Google Chromecast, AppleTV).Those are Internet-connected and can download videos from content delivery networks (CDN) and ads from online ad servers. The rise of online video utilization makes a massive inventory for video advertising.
However, focusing on alternatives was still exceptionally restricted and fundamental. Focusing at the individual level was unheard of. Many, if not all, viewers frequently watched similar advertisements on TV, paying little attention to their inclinations or interests. The viewers should turn on their TVs to a specified channel at a specific time to watch content and accompanying commercials. The advertisers could pick the station, program, and time based on ratings and audience data provided by a few significant research firms. This choice interaction had a few connections to the target audience hence;, it was not exact or quantifiable. There were a ton of evaluations, projections, and expectations for return on investment (ROI). The objective was essential to arrive at the majority, fundamentally whoever had their TV on. The location and engagement activities of viewers were not known or reported. These limits gave advanced OTT advertising numerous benefits.
Marketing Funnel for OTT Streaming Services
To be successful in OTT marketing strategy, it is essential to comprehend the buyer’s journey and to understand this; we need to focus on OTT marketing funnel that assists in visualizing where the buyer is from, how he became your user, and when he showed his experience into your brand. The funnel is divided into three parts:
TOFU (Top of the funnel)
MOFU (Middle of the funnel)
BOFU (Bottom of the funnel)
TOFU (Top of the funnel)-This is the first step where the user gets aware of your brand or services. You will find many leads, but it doesn’t mean that they will certainly buy from you. They are at the first stage, where they are figuring out their problems by doing research. Therefore, don’t come with too much information to resolve their issues. They will become annoyed therefore; you have to provide specific & concrete information to your leads.
MOFU (Middle of the funnel)-Once a lead passes, its first step enters the second step of funnel called middle of the funnel, where your leads express their interest towards your brand or services and consider using your product.
BOFU (Bottom of the funnel)-Finally, your leads entered the third step of the marketing funnel, where they decide to be your customer. In this stage, the content you are providing should be persuasive and readily available.
OTT Marketing Platforms
There are various dominant OTT streaming providers growing unstoppably. Netflix, Xumo, Starz, Sling, HBO, ESPN, Hulu, Showtime, Amazon Prime, Fubo, etc. are some of them.
Why Is OTT Marketing Booming?
Marketers are enthusiastic about OTT advertising because advertisement directly reaches viewers through streaming devices and services. They experience these ads on their devices like; connected TV, Smart TV, Laptop, etc.
OTT focuses on niche audiences, and when marketers run ads on OTT platforms, it automatically gives you those target audiences. So. marketers don’t need to cater broad audience unlike, traditional T.V broadcasting. Instead, ads are shown to your specific audience interested in your brand; therefore, it minimizes your ad spend.
OTT Marketing Strategy
2021 has changed the way of marketing entirely, especially when you are looking for a specific audience. Modernizing your advertising has become the imperative footstep to woo your audience.
Here are some meaningful steps that have been mentioned which can make your business profitable.
Search engine optimization is the effective medium to be seen. With the help of SEO, you can be seen high when your viewers search for videos. Therefore, SEO Implementation is indispensable in this competitive advertising world.
Millions of people are using social media such as; Facebook, Instagram, Twitter, etc. Create your brand-specific pages and profiles and maintain daily posts to encourage your audience towards your services. In addition, you can approach your audience in a very innovative way by making polls & quizzes, interesting image-based posts, etc.
There is a considerable demand for memers across social media platforms. So, you can hire some famous memers to create engaging memes regarding one of your best video content.
Offers & promotions are always welcomed. It attracts audiences and raises their interest in your services. So approach them with attention-grabbing offers.
Display advertising is one of the best practices to persuade your target audience. In-display advertising, you should create some attractive, colorful graphical screen on the internet through logos, animations, videos, photographs, etc.
Users always try to find the website or landing page regarding your brand. If you are holding a website, you can easily convenience your niche audience to visit your uploaded content.
Push notifications have a 71% opt-in rate, an incredible opportunity to be adopted.
Email marketing is the result-oriented medium where your reach millions of people by saving your time.
Monitoring your analytics can give you the expected results. Numerous OTT platforms provide analytics. It helps to know about the ROI (return on investment) of your business.
OTT marketing is booming. It is now unstoppable. A study by Roku found viewers of streaming TV in the U.S. could exceed traditional pay-TV viewership in the next five years. The research predicts that 60 million families will watch content on their TV exclusively via streaming services by 2025, which would likely trump traditional TV viewership by then. It aids in providing personalized content for your niche audience. Most marketers are experiencing great ROI while investing in OTT.
Frequently Asked Questions
Q. What is over-the-top marketing?
Over-the-top advertising is advertising delivered directly to viewers over the internet through streaming video services.
Q. How to do marketing on the OTT platform?
Implementing memers marketing, push notification, SEO, affiliate marketing, and tracking analytics are the best sources to do advertising on OTT platforms.
Q. What are the benefits of over the top?
It quickly provides your audience with an unparalleled experience that enhances your lead generation and gives desirable results.
Q. What are the OTT marketing examples?
Display marketing, affiliate marketing, and social media marketing, are the best example of OTT marketing.
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"name": "What are the OTT marketing examples?",
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Article | October 14, 2020
Voice Search is a speech recognition technology that is on the verge of becoming a household gadget globally, or one must say, it has already become entirely. Voice Search is a 20th Century concept which has improved in its capacity with the evolution of technology in the first decade of the 21st Century.