Marketing in the Oilfield - 2010 roadmap

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"Marketing in the Oilfield" was presented at Gulf Publishing's 2010 energy marketing event. If you'd like a soft-copy please contact me via Twitter, LinkedIn for Facebook. Thank you! Steve Latham http://twitter.com/stevelatham http://facebook.com/slatham http://linkedin.com/in/stevelatham

Transcript of Marketing in the Oilfield - 2010 roadmap

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Roadmap for Success in 2010: !Interactive Strategy for Energy Marketers

August 2010

Steve [email protected]

[email protected]

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Takeaways from MITO 20091. Online is a Must2. Start with a Foundation

- Research, business case, strategy, metrics 3. Build on top of it

- Site usability - Branding- Communications- Interaction (engagement) - Integration

4. Business Case for Social Media5. Pitfalls of Social Media (and how to avoid them)6. Best (and Worst) Practices

View Online at http://bit.ly/MITO2009

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New Challenges for 2010

Shift in focus: responding vs. brand-building Budgets are (still) tight Information Overload (how to sift and prioritize?) Work overload (too busy to plan?) Measuring ROI

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What Well Cover Today

Creating Demand for Your Brand How to think about paid, earned and

owned media Measuring results and calculating ROI Best (and Worst) Practices

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Creating Demand for Your Brand

You cant win by harvesting demand You must create it.

To win customers, they must know: Who you are How you are uniquely positioned Why they should choose you

Success requires passage through the conversion funnel

AwarenessInterest

(Consideration / Preference)Decision

$$$

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Creating Demand for Your Brand

Demand is best created by utilizing

Paid MediaOwned Media

Earned Media

Rules of thumb: Display and 3rd party email are best for creating awareness Search works best for capitalizing on awareness Social media does both, but reach may be a challenge

7Attribution and ROI Measurement 7

The Solution (?)

There is no silver bullet

Success requires an integrated approach

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How Most View Online Media Mix*

Leads

Prospects

Sales

Social Networks, Blogs, Photos, Videos

Search Paid + Natural

E-Mail House & 3rd Party email

Display Rich, Flash,

Video, .Gif Ads

$$$

Mobile SMS, Sites, Apps, Ads

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How We Should View Online Media

Awareness

Interest (Consideration /

Preference)

Decision

$$$

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Display CPM/CPC/CPA

E-Mail CPM/CPA Social ???

Search CPC

Roles of Online Media

Stage Search Display Email SocialAwareness Broad terms Targeted ads 3rd party

sendsFollow

Interest Narrow terms Targeted ads Direct sends Like, Mention

Decision Branded terms

Retargeted ads

Targeted offers

Recs, Reviews

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Measuring Results

Direct KPIs Attributable results

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Direct KPIs

Basic Metrics Impressions Clicks Visits Page views

Engagement metrics Pages viewed per visit Time on site Goal Pages Registrations Transactions

Social Media Metrics Follows / Fans Likes / Comments Mentions Viewing content Sharing / Posting

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Decision cycles are not linear Users often make multiple before taking action Most conversions take place after multiple touches, e.g.:

5-7 impressions precede a visit 2-3 visits precede an action

Credit usually attributed to last click Design limitation of analytics platforms Rewards Search Punishes Display, Email and Social

The Goal: Understand which touch points precede each action Assign value to those touch points (Attribution Analysis)

Attributing Credit: The New Imperative

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Sample Engagement Path

Display Vendor #1

Impression

Day: 0 3015

Display Vendor #2

Impression

E-Mail 3rd party

Impression

Display Vendor #3

Impression

Paid Search

Category term

Visit

Organic Search

Brand / Geo

Visit

Direct Nav

Visit / Action

What we can measure via ad server and site analytics:

The direct lead was preceded by numerous ads - Without this insight, you may kill a smart media buy

The next BIG thing: incorporating Social engagement - Coming soon!

15Attribution and ROI Measurement

Attributing Credit: Paid Media

Step 1 - Recast Actions* by Source (*actions = visit, conversion etc.) Quantify the number of touches that preceded each action Assign value to each touch point (e.g. 7 impressions = 1 click) Recast the number of touches and assign credit proportionally See a more accurate picture of Displays impact on results

Lift: 300+%

16Attribution and ROI Measurement 16

Attributing Credit: Paid Media (cont.)

Step 2 Based on Recast Actions, calculate revised Cost Per Action for each Source

Drop: 70%+

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4. Translate Results Into Value

To measure ROI, you first have to calculate the value

Determine how Actions Intent (offline purchase)

Forecast how Intent $$$ Some % of those who show Intent will buy Do the math and apply across each set of actions Use common sense to normalize results

Action ValueSite Visits Indicates awarenessGoal Page Views Indicates considerationLong Visits Indicates considerationConversions Indicates preference

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AWARENESS(Visits)

CONSIDERATION(Long Visits, Goal

page views)PREFERENCE

(Register)

Calculating ROI

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Worst & Best Practices in Energy Marketing

Worst Practices Best PracticesOne-off efforts Strategic PlanHunting FishingShouting Listening and InteractingLimited Reach Building NetworksEngaging like a marketer Becoming part of communitySilo approach Integrated programLast-click analysis Attribution analysisUnrealistic Expectations Under-promise, Over-deliverEmpire building Outsource to experts

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Thank You!

View this presentation online at http://bit.ly/MITO2010

Lets stay in touch! Facebook.com/slatham Twitter @spurinteractive LinkedIn.com/in/stevelatham

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About the Presenter

Steve Latham is the founder and CEO of Spur Interactive, a strategic interactive marketing agency. In this role, Steve has planned and managed successful campaigns for leading brands, including ConocoPhillips, FedEx Kinko's, Continental Airlines and The Scooter Store, to name a few.

Steve is an accomplished industry lecturer and an active member of the business and non-profit community. Steves articles on interactive strategies have been published by MediaPost, iMedia Connection and Marketing News. He has been quoted in PR Week, Fortune and CNN.com.

Steve received an MBA from Harvard Business School and a BBA from the University of Oklahoma.