Stop Wasting Money on Advertising (Social Media Week 2013)
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Stop Wasting Money On AdvertisingHow the epicentre of marketing shifted from Madison Avenue to Silicon Valley
Paul Barter, December 2013
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In the old world, you devoted 30% of your time to building a great service and 70% of your time to shouting about it. In the new world, that inverts.
Jeff Bezos
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Half the money I spend on advertising is wasted. The trouble is, I don't know which half.
John Wanamaker
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Today’s marketing world is broken… We are still too dependent on marketing tactics that are not in touch with today’s consumer.
Jim Stengel, Global Marketing Officer, P&G
Broadcasting an ad on television or in a newspaper is admitting you have no idea who your customers are.
Gary Loveman, CEO, Harrah’s
82% of TV adverts generate negative ROI.Robert Wollan, Nick Smith, and Catherine Zhou, Accenture
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But whatabout
technology?
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Today’s talk in one slidePromotional effectiveness
IT cost
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First, a marketing review.
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SegmentTarget
Position
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ProductPricePlacePromotion
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1950s 1970s
1995 2004
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… 1930 1950 1980 1995 2000 2004 2012
Part of the mix can be cheap or free
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Paid
Owned
Earned
A new lens on promotion
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TrucksBottlesSigns
Social media presence+ all from before
Evangelical customersViral messagesQuantifiable word of mouth
Display adsSearch ads+ all from before
RadioTVPrintOut of home Flyers
Mass market+ all from before
Mailing listsLoyalty programs+ previous
Website+ previous
PAID OWNED EARNED
“Celebrity”/superstar influencers+ all from before
Word of mouth
More word of mouth
Email forwardsLinks to promotions
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Today.
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PAID
OWNED
EARNED
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Onwards and upwards with the travel industry
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Click
to be advertised at!
VW vs. Mercedes-Benz
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What to do
Source: T4G.com
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What comes now?1. Make great stuff 2. Tell the story3. Paid, owned, earned4. Digitally savvy talent5. Listen, measure, respond
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We are built on a solid foundation with great people who are creative, dedicated
and passionate about what they do.Paul BarterVice President, [email protected]@BarterPaul
Thanks!