Some of the most common concerns that we hear at Genius Monkey are:
- I’m not sure that display advertising works
- I’ve tried it before, but I didn’t see the results I wanted
- I have NO idea of how to accurately measure the results
These questions, along with several others are some of the topics that we addressed at the 2018 Digital Summit in Detroit. It was a screaming success, and Genius Monkey was proud to not only be a sponsor, but a contributing organization via the messages delivered by our CRO and Director of Client Solutions, Jeremy Hudgens. He spoke on developing and leveraging programmatic technology, and how brand marketers can be more efficient in how they acquire their media and optimize their messages towards what’s actually working. Here are a few of the truths of what Genius Monkey has learned with the many campaigns that we have been involved with:
Every marketer has one thing in common … they all want to see a positive impact on their bottom line. Display advertising impacts everything, if utilized properly, and it’s a major catalyst for growth. It’s all part of the “full funnel approach” for which it provides opportunity. It also allows marketers to utilize their brands to audiences far earlier on, which can have a major impact, especially if you’re going up against larger competitors. In addition, it also allows you to stay in front of your current audiences to increase customer retention and promote advocacy. Properly using today’s cutting-edge technology allows you to recognize and leverage who your best customer is. it’s frequently the case that 20% of your customers are driving 80% of your revenue, and you must find out how to find more customers like those in the 20% bracket.
Mr. Hudgens explained that the word “branding” goes back to the early days when farmers would brand their livestock into the flesh of the animals as a mark of ownership, and that in today’s marketing world, the meaning is similar. We actually “mark” our audiences by burning into their minds what we want them to remember, so that when they need your goods or services, they will remember your name. However, this is very challenging.
In the year 2000 the average human attention span was 12 seconds, as compared to today, when the same humans' attention span has decreased to 8 seconds. Interestingly, the attention span of a goldfish is 9 seconds! This short attention span is a huge challenge for marketers. As an example, the number of brand interactions that it used to take for a customer to feel comfortable doing business with a brand was 3 to 5 times, then it moved to 12 times, and as of 2013, the number was 28 or more times. That statistic became quickly antiquated, as just a few years later a study was conducted in which they found that it took 900 interactions to instill confidence in a particular brand in the mind of a consumer. In the end, what creates problems for marketers is that there are so many brands vying for the consumers' attention. It is important to note that just because you have a superior product doesn’t mean you will sell more goods. It’s the savvy marketer that comes out ahead.
Hudgens reminded the audience that marketers aren’t allowing themselves enough reach and frequency to have the impact they need to succeed. Healthy campaigns require consistent exposure to their audiences, and spreading the campaign too thin will result in flatlining.
Try to always work with a digital partner that allows you to operate on a cost-per-engagement basis rather than on a cost-per-mil basis. This allows you to know that you are only paying for an actual engagement. This also provides you with enough latitude to be able to afford to continually stay in front of your audience, which is imperative for success.
Not only is reach and frequency, along with the number of actual touches important, but also you must bear in mind that it takes time. No matter what business you happen to be in, the timeline is significantly impacted by market saturation, duration to purchase, etc. Best practices, along with consistency equates to maximized impact. That’s because your customers will engage on their terms, not yours!
Stay tuned for the next blog, in which the other half of Mr. Hudgen’s presentation will be presented. It will cover the strategy, tactics and tools of a successful campaign.