What is Programmatic Advertising?
Programmatic advertising, impact of smart-phones, customer data reciprocity, impact potential of loyalty programs, and the uniqueness of "Cultivated Wit" to influence people were key topics discussed at the Direct Marketing Association's Integrated marketing Week conference held in New York City in June.
Author, Comic, social critic Baratunde Thurston got the #IMWeek program off to a fast start advocating brand listening skills, by advising marketers to "Shut up and Listen." The columnist for Fast Company magazine described the influence gained by using "Cultivated Wit" to defuse sometimes tense situations.
"Smart-phones are changing consumer behavior," commented Ashu Garg, partner at Menlo Park, CA based FoundationCapital.com, an example, "Chewing gum sales are down 10%" because people are busy using phone in checkout lanes instead of making impulse purchases. The former Microsoft and McKinsey exec forecasts that "Technology spend by marketing organizations will grow ten fold over decade from $12 to $100 billion. Showing his direct marketing background, Ashu encouraged hiring of "Math People" into brand organizations, calculating Return on Investment for marketing expenditures, and the value of programmatic advertising.
Bob Henderson, Loyalty & Relationship Marketing Manager at TGI Fridays spoke of "Reciprocity of Value," what a "Trusted Brand" provides customers in exchange for right to contact them and establish account. "Give Me More Stripes" is the chain's successful loyalty program, generating "$550 more revenue per year" than average customers. The Dallas based executive suggested four guidelines for building customer loyalty:
- Do what you promised
- Treat me fairly
- Protect my information
- Improve my experience
Perhaps Henderson summed up best saying the goal for their loyalty program is, "To turn Members into friends."
In a session devoted to company culture in an era gearing more towards those with technical skills, Aiwa Shirako of Google commented, "Culture is what ties company together." Jenny Harding of Wedding Wire described the goal of her firm to "Delight Customers."
Larry Jenkins from the Arizona office of Ethology spoke of charting "Journey Maps," the communication points with a customer from first contact, nurturing leads across channels they may use, through the complete process of making a sale. In the same session, Margot Vaughan of Mastercard recommended "Trigger Campaigns" which send a series of related messages after a customer has indicated an interest or activity area.
High energy Mathew Sweezey of Paradot, described the need to be "A relationship company, with relationships greater than campaigns." He advised looking at how customers are using the internet with "28% of all on-line usage being social media" and that 66% of all email is opened on smartphones."
David Gilboa of Warby Parker described while in graduate school his team started a direct to consumer eyeglass company that Fast Company magazine designated its "Most Innovative Company of 2015." Gilboa described the keys as providing lower prices than retail, provide many fashion choices and make it easy for the customer.
The Direct Marketing Association is working to remodel its signature fall conference to meet the needs and interests of multichannel conscious brands. The conference will be known as "@Then" and held Oct. 4-6th in Boston. http://dma15.org/