Friday, May 25, 2018

“How GDPR Will Transform Digital Marketing” KF Blog #2


“How GDPR Will Transform Digital Marketing”  

The European Union’s General Data Protection Regulation, or GDPR, made a new set of regulations in order to protect consumers’ privacy and give consumers control over how their data is collected and used. These regulations go into effect on 5/25. Now, marketers need to secure permission for data-use activities. But how this “permission” comes about is still in question. Perhaps the normal consent consumers give to social platforms such as Facebook will not constitute as “active consent” (as stated in the new GDPR rules) which the article goes on to explain.  Another part of the regulation is giving the consumers the choice to review and erase data that corporation currently have.

Digital media targeting has been pivotal in new marketing efforts, and now the use of data for this targeting is going to be harder to get in the EU. We’ll have to track how companies will respond to these new regulations and if they will either find other ways of gaining consumer data or use other methods for targeting.  

This new era of transparency for consumers and corporations is in theory very liberating, but advertisers in the EU will have a hard time adjusting to this new environment, especially since this data collection was seemingly unregulated until now. I can’t help but wonder if other countries will adopt such regulation. Just more twists and turns in the digital marketing world…



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GDPR: How will Europe's new data privacy rules affect US firms?

Facebook is having quite the year. Europe's General Data Protection Regulation (GDPR) goes into effect today, jeopardizing the existence of Big Tech, social media giants like Facebook, and many other social media and marketing sites including data brokers. Many social media firms who rely on data collection are directly affected by this new legislation and exposed to great risk due to the new requirements. And they are not alone: biotech and healthcare companies who had to interrogate all of their contracts, systems, and processes for Safe Harbor have had to be nimble to adapt to the new way of working.

Companies will have to disclose data breaches to authorities within three days, or face crippling fines.

Any company that collects European data should both be on high alert and performing audits to avoid penalties. At the request of individuals, companies will also need to develop systems to be able to pull back all data relating to that person and erase it.

There are many unknowns:

  • If certain individuals are more worried about data privacy than others, does that skew marketing datasets that suddenly lack that individual profile? For instance, if men in their 40s-50s reach out to have their information stricken, does that hurt the efficacy of sports, food, etc. marketing and affect precision marketing?
  • Will the government be able to crack down on all companies and sites that collect data on individuals?
  • What kinds of approvals will be granted for direct marketing going forward? Will it be like the non-smoking campaign and transparently say right on the ad, "We used your profile information to generate this ad, and think it's relevant based on your interests.


Read more herehttps://www.politico.eu/article/the-gdpr-hit-list-who-stands-to-lose-from-europes-new-privacy-rules-facebook-google-data-protection/

Side note^ Politico optimized their link to include Facebook and Google for SEO purposes

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Thursday, May 24, 2018

How to get your marketing message across in a digital world

We learnt from the class how Digital marketing has been fundamentally changing the marketing funnel. One of the significant impacts of Digital marketing is the way it reshaped the marketing segmentation process. The one size fits all advertisement methods using newspapers, televisions, and radios is a strategy in its downward spiral. This London Business School article and podcast explores how Marks & Spencers used digital marketing to make their marketing funnel efficient.

https://www.london.edu/faculty-and-research/lbsr/iie-podcast-how-to-get-your-marketing-message-across-in-a-digital-world

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Wednesday, May 23, 2018

5 Reasons Why You Should Hire a Digital Marketing Consultant

In this "listicle" (lists that pose as articles), Entrepreneur magazine details why it is important for small companies to revamp their digital presence.

The list is relevant to a current situation at work. My firm owns a fine-dining, which was once the hottest seat in town 20 years ago. However, as tastes and demographics have shifted, the restaurant has struggled to maintain market share. In fact, upon closer evaluation, marketing expense has no correlation with the restaurant's revenues. PR and advertising for the restaurant have largely remained unchanged, so there is a heavy emphasis on traditional media. The internal push is now to revamp the PR efforts and marketing mix to include more digital media, particularly on Instagram.

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Tuesday, May 22, 2018

Challenges with Digital Marketing and Analytics

An interesting read on digital marketing and analytics.  The article speaks to common challenges around collaboration between IT and marketing, skill gap, and speed of data analysis and insights. 

https://www.martechadvisor.com/articles/data-management/3-challenges-with-big-data-for-marketers/#

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Retargeting, Programmatic and Sequential Ads



Retargeting, Programmatic and Sequential Ads


Retargeting, programmatic and sequential ads are different ways to use creative (ad campaign) and display to reach a target audience. This article will detail the differences between each one.

Retargeting: These refer to banner ads served to people who already visited a specific site. For example; you are looking for a new dress and go to the J. Crew website to look for one. Once you’ve finished your search on J. Crew and leave the site (without buying) you’ll start to see banners ads driving you back to the J. Crew website. These types of ads can help customers move for the consideration phase to the conversion – in this example you might be more inclined to click on the J. Crew ad and finish your purchase of the dress. Here’sa good article about Retargeting.

Programmatic: These are not specific to only digital ads however they are used in the digital space as a way to buy inventory (ad space by bids) automatically. The key about programmatic is that it guarantees impressions (ad views) and it’s a great vehicle to test, run and buy ads in real-time to reach a specific consumer. This enables the marketer to buy inventory/impressions across multiple publishers and even use lookalike customers to target. For examples and more in-depth information please see this article.

Sequential: as its name may infer this requires the use of different messages served to a user based in previous action. Sequential messages may be used for retargeting. Using the example above; if you added the dress to your shopping cart but didn’t complete the purchase. The retargeting ad that might follow you to the next website may have the message “left something in your cart” or “if you complete the purchase we’ll give you 5% off” This is an article that details how sequential messaging is used on Facebook.

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Monday, May 21, 2018

Paywall that learns when to cut you off


For the last four years, The Wall Street Journal has been building a paywall that adapts to reader behavior and decides how many free (sample) articles they should get access to. This adaptive paywall is designed to drive subscribers and communicate the value of joining the Dow Jones family.
The Wall Street Journal's paywall houses a machine-learning algorithm that measures reader activity across 60 variables including visit frequency, recency, depth, favored devices and preferred content types. This forms a propensity score, a unique subscription probability, that then helps inform how many sample stories users can access. In short, reader activity shapes how much Wall Street Journal content they can sample.
Over the last few years, the WSJ has operated a deliberately leaky paywall that has served as a sandbox of data collection and subscription sale experiments. The principle is to "sample content to people that we know need it". By doing so their likelihood of subscribing will rise. On the flipside, by regularly offering free content to assumedly affluent individuals who often visit the site, the value of the content falls.
While most paywalls on the market offer a one-size-fits all approach (a hard paywall won't budge, a metered effort will limit everyone to the same volume of articles), by making a more complex system, the WSJ has learned just how long users have to be engaged with the brand before they make a leap for the subscription. In short, The Wall Street Journal carefully allows users to take a test drive of the site.
The issue with the other models was that they assume that every buyer has the same "tipping point", the same threshold. Users who delve beyond the business content in the arts, culture or columns are generally more likely to subscribe too. "Those showing the strongest intent to subscribe are those that actually understand the fullness of our product." By using these techniques to create dialogue with readers, WSJ claims to have attracted some 350,000 student sign-ups, largely with greatly reduced flash sales.
Original article published by The Drum


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How To Get The Best Visibility With Native Ads



How To Get The Best Visibility With Native Ads

Native advertisement has been a recent trend for increasing brand awareness. It has appealing content that matches both the theme and style of the third party website, and there has been data proving that viewers spend 53% more attention as compared to banner ads. Some of the reasons for higher visibility for native ads are: no pop-ups, does not seem like a typical advertisement and no banner like blindness.

The following steps will help guide on the best visibility for native ads:

Step 1: Identify The Right Channels
Not all channels serve native ads, therefore it is important to identify the right channel (preferably organic) depending on the brand need

Step 2: Position Yourself As An Authority
The success factor for native ads lies in the blending of the content to the chosen site. There are several companies like Outbrain Inc., Taboola, Nativo and TripleLift that can help blend the ad.

Step 3: Put Quality First
Quality content is the key to getting engagement on native ads. As best practice, thought leadership, unexplored news stories and more should be used to engage viewers.

Step 4: Make The Most Of A/B Testing
The headline is an important aspect for leveraging the success of the native ads. Therefore testing different headline views via A/B testing can provide analytical insights, and thereby improve performance.





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