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It’s 2016 and the marketing landscape continues to change. So, just to whet your appetite, here are a few key buzzwords to know right now; think about your marketing plans and how you can use them in your strategy. Hit the comments for any you’d like to add.
Account Based Marketing (ABM)
If you have read anything about marketing in the last three years, then you have definitely encountered Account Based Marketing. According to SiriusDecisions, 90% of marketers believe that ABM is a must have for B2B marketing. Engagio describes ABM as “a strategic approach that coordinates personalized marketing and sales efforts to open doors”.
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ABM changes the marketing focus from lead-centric to account-centric; grouping leads into accounts. ABM sharpens the focus and flips the traditional demandgen funnel into a bow-tie; increasing deal size, close rate, and velocity. Think about it in terms of fishing:
ABM: fishing with a spear, going after (and catching) the biggest whales
Traditional DemandGen: fishing with a net, catching whatever falls into the net
We’re all familiar with the cloud; the global network of connected networks, exchanging data 24 hours a day. The cloud has changed the way we consume content, music, movies, photos, and software; reducing the need for prehistoric CD-ROMs and hard drives. The cloud also impacts how we share information; the cloud has given growth to SaaS industry.
Image credit: twitter.com/karlathecloud
As marketers, we have a new way to distribute products; slashing costs, eliminating borders/time zones, and increasing scalability; especially for enterprise-level software. While security is a concern, the benefits greatly outweigh the costs; imagine the headache of an on-prem deployment requiring massive hardware investment (that will be obsolete in 2 years) and custom development work versus a custom solution delivered to you over an internet connection with updates periodically pushed directly to you and full outsourced support.
Big data represents the endless quantity data currently available on the cloud; according to IBM over 2.5 exabytes (that’s 1 billion GBs) of data was created every day in 2012. Think about big data as the phone calls, texts, fitness activity, receipts, and medical records all stored in strings of 1’s and 0’s at data centres around the world.
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Adoption of big data strategy is growing; in 2002, Oakland Athletics’ manager Billy Beane successfully assembled a World Series contender using big data analytics (known as sabermetrics), popularized in the novel and movie Moneyball. The NFL, NHL, the X-Games, and Soccer have also adopted advanced s real-time data strategies, leveraging technologies from IBM and SAP; giving fans and teams valuable new insights. Marketers need to develop big data strategies for turning raw data into valuable and actionable business intelligence.
The Internet of Things (IoT)
The Internet of Things represents the interconnected network of physical objects exchanging data over the internet. While the IoT trend isn’t new, the IoT boom has started winning more shelf space and attention at tech shows. We are used to cellphones and computers having internet connectivity, but what about fitness trackers, water bottles, razors, fridges, and thermostats; the age of the smarthome is here.
For marketers the IoT represents a new way to gather valuable insights about their customers and also a new channel to market through as well as new product lines that seemingly only existed in shows like The Jetsons.
A MarTech Stack represents the set of software used for marketing (analytics, SEO, content, email, social, etc.); think of it as a modern marketer’s toolbox.
Marketing has been realigned from “arts and crafts” into a revenue driver; leveraging technology for a greater impact on company bottom line. The MarTech Landscape is large, complex, and still growing; 1,876 vendors as of January 2015; marketers benefit from coordination and the ability to find a solution at the push of a button (and basic coding skills).
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Real Time Personalization (RTP)
Marketers have more ways to attract, track, and convert prospects at any stage of the marketing cycle by leveraging technology. RTP represents a marketer’s ability to customize messaging based on inferred attributes (organization, industry, profile, location, and behaviour) even to “anonymous” leads; greatly increasing conversions.
Marketers can present the right content to the right prospect at the right time; creating a consistent omni channel marketing experience.
In 2013, Sophos found that individuals carried on average 2.9 devices; my count is 4. The second screen represents the use of a mobile device while watching television. For marketers, the second screen represents a distraction from advertising; but also a new marketing channel. Sports have adopted the second screen to compliment games with additional content like real time statistics, injury reporting, and additional camera angles.
As the “cord cutter” movement grows and on-demand content offerings grow, marketers and networks need a way to deliver value by way of the second screen; AMC introduced companion sites for Breaking Bad, The Walking Dead, and Better Call Saul. Apps like Snapchat, Twitter, Instagram, and Periscope have effectively shown the potential impact of marketing to the second screen.
You may recognize Snapchat for turning down a $3 billion acquisition by Facebook. Snapchat has changed the social media landscape; giving users the ability to send “self destructing” Snaps (photos, videos, and messages). Today, Snapchat is valued between $12-$15 billion driven by increased use, sponsored content, geotagging, and adoption by social influencers.
Music producer DJ Khaled has become a Snapchat phenomenon promoting his keys to success: clothing, accessories, and alcohol. Snapchat has become a new tool for promotion; and continues to grow in popularity especially among younger age groups. As marketers, we need to recognize the changing landscape and look to adapt our messaging for new platforms.
That’s it for now. Feel free to add some of your favourite buzzwords for 2016 in the comments below and be sure to follow the Perkuto Blog for more.