Friday 5 Marketing Observations – Festival of Ideas
It’s been another busy week. Can you believe we just hit August, the year is flying by?
We’ve been working on more Videos for DTRADIESHQ our Digital Marketing Resource Hub for Tradies. We’ll be releasing this soon.
I hate waste, especially on Ad spend. We need to get a return.
One of the first things we do when we pick up a new Advertising Client, we review their business, the competition. What are the potential customer’s pain points? We call this the 3rd Degree Business Intelligence report. This report helps to understand the clients advertising needs & stops wasting money, chasing the wrong metrics. Let us know if you’d like to give your business the 3rd Degree.
Ok let’s dig in my 5 Marketing Observations I found interesting this week.
A festival of ideas, shaped by McKinsey insight
July 31, 2019“The numbers are stunning,” the FT’s Gillian Tett said of our climate-change research in Aspen, Colorado, last month. “I would challenge anyone who sees [them] to walk away and just say, ‘whatever.’”
That’s one example of how McKinsey insights shaped conversations this year at the 2019 Aspen Ideas Festival, where our firm once again served as Knowledge Partner. An annual non-partisan event held by the Aspen Institute, the Ideas Festival is dedicated to discussing the biggest issues shaping our times.
- Andre Dua on “The Zip Code Reality”. Different demographics groups will therefore differently feel the impact of automation. “Individuals with a high school diploma or less are four times more likely to be in an automatable job than someone with a bachelor’s degree or higher,” Andre said. “And they are 14 times more likely to be in an automatable job than someone with a graduate degree.”
- “Climate Breaking Points” McKinsey assessed the financial records of ten large power utilities in seven U.S. states where hurricanes are common. We found that over a 20-year period a typical utility could see $1.4 billion in storm-damage costs, losing significant revenues due to storm outages along the way. “Companies tend to be preoccupied with the cost of making climate-related business changes, Dickon explained. Yet they are often less aware of the huge potential financial losses they already face, especially as extreme weather events become more frequent and severe.” McKinsey’s Sustainability Practice co-founder and leader Dickon Pinner …
- “Can We Trust Tech?” “What he has in mind, he explained, is to follow the lead of schools that teach law and medicine—which provide instruction in ethics and morality—to build lessons into engineering curricula that teach engineers how to make decisions that are good for business, good for technology, and good for society” Stanford Center for Ethics in Society professor Rob Reich…
Go Read – A festival of ideas, shaped by McKinsey insight
The 6 Decision-Making Frameworks That Help Startup Leaders Tackle Tough Calls
When it comes to the choices we make, most of us like to think we’ve made the “best” decision. And while the everyday decisions (what to eat for breakfast, whether to read this article) don’t sap much mental energy, the choices that we encounter at scaling startups are often far more weighty: Deliberation on whether or not to raise a new round, or which new product feature to add to the roadmap, is intensified by a high-pressure environment with no safety net. Where good decisions can accelerate your company’s growth and foster trust among teams, bad decisions can endanger the bottom line and injure morale, sometimes irreversibly.
- advice from seasoned leaders who’ve tackled the most challenging decisions in scaling startups and large companies alike. A common theme arose: The art of decision-making isn’t always about capturing some elusive “best” decision — it’s about making the most of information available, garnering trust across stakeholders and executing with conviction.…
- “We care about getting things right and it often takes reasoning from first principles to get there. We work hard to detect the errors in received wisdom. Rigor doesn’t mean not-invented-here syndrome; we’re interested in the world around us and think that other companies, industries, and academic fields have a lot to teach us. But in many cases progress comes from taking paths less traveled.” Claire Hughes Johnson COO of Stripe…
- Gil Shklarsi CTO of Flatiron Health noticed his engineering leaders had a hard time making streamlined decisions Shklarski developed a matrix, nicknamed the “Xanax for decision-making” among his team members at Flatiron, has enabled his increasingly autonomous and fragmented team to keep moving fast and smart through tough choices. …
Go Read – The 6 Decision-Making Frameworks That Help Startup Leaders Tackle Tough Calls
5 Tips to Build a Lasting Emotional Connection with your Customers
Consumers are purchasing based on emotions, not logic. Here’s how you can build a strong emotional connection with your customers.
Consumers’ emotions greatly influence their transactional behavior. 70% of ’emotionally engaged’ consumers say they spend up to two times or more on brands they’re loyal to. While emotions can help you win wallet share and increase retention, forming a personal bond with consumers is tricky business. To avoid missteps, check out these five tips on forming a better emotional connections with your customers.
- Even though we are more connected than ever, we don’t want be just a number, so we need to show them they belong & matter… More than 65% of consumers feel emotionally connected to a brand that made them feel like they cared about people like themselves….
- 48% of consumers left a business’ website and made a purchase on another site or store because it was poorly curated. Combine human intuition with algorithms to help you curate the right products for customers and deliver a pleasant customer experience…
- Show customers you value their time by quickly attending to and resolving their complaints. 9 in 10 emotionally engaged consumers want real-time responses and speedy resolution…
Go Read – 5 Tips to Build a Lasting Emotional Connection with your Customers
10 Tips to Win at Local PPC
Local PPC is near and dear to my heart: helping members of the community profit by contributing to their communities is both satisfying and scalable.
From SMBs driving leads to their owner-operated shop to a national brand channelling the trends of an individual location, and everything in between, there are decidedly right and wrong ways to leverage a PPC budget.
- Claim Your Local Listings! GMB allows you to: Monitor and respond to reviews about your business, Share promotions, Unlock placements on the search engine result page (SERP)….
- Include Local Insider Knowledge in Creative By seeding true “local” knowledge into the ad, a business can disarm a weary browser and turn them into an excited prospect…
- Localize Landing Pages Landing pages always need to have the following boxes checked: Easy to convert. (A phone number is easy to see and clickable on mobile devices.), Local images that either show the business/team or real local customers. Copy that shows local knowledge to back up the local creative in your ads…
Go Read – 10 Tips to Win at Local PPC
Disruption Is Going To Happen To You, Here’s How To Prepare
“If you can transform your business to be relevant in a world that is entirely digital, then you have a future. If you don’t, you go the way so many companies who people thought were invincible do… where’s Kodak? Where’s Nokia?” asked Publicis Sapient global CEO Nigel Vaz.
He continued: “A company like Kodak could have said: ‘Hey, we’re going to build Instagram, or we’re going to host all your photos in the Cloud.’”
- Nigel Vaz Shares the Story of Blockbuster & Netflix “They were a mail-order DVD business. And they disrupted Blockbuster. They thought: what if you put the DVD in the mail? And then they disrupted themselves to move from mail order to streaming the videos themselves, and then they disrupted themselves again to produce content.”…
- This is his key point, Don’t think this going away and bury head in the sand. Disruption is going to happen to your business. And, if you don’t prepare, you’ll be the next Kodak, Nokia, Blockbuster or one of the countless other brands that ultimately failed to digitally transform itself and therefore failed to succeed in business…
- The Banking Industry is ripe for disruption, I was talking with one of my banking clients at breakfast yesterday. After the Royal Banking Commission Trust is low, the disrupters are moving in for a slice of this lucrative market, from the Fintech offering Small Business finance & Afterpay, More coming… “Online banking is the result of humans taking something that is perfectly natural and saying, ‘hey, I want to bank my money, but I want to do it from home.’ That to me is the power of what digital is enabling. Traditional ways have always been quite rigid because there was a very specific way that companies wanted customers to deal with them. And oftentimes, I think it represented their dysfunction, as opposed to their focus on the customer.”
Go Read – Disruption Is Going To Happen To You, Here’s How To Prepare
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