Every year, we see consumers become more cross-channel, cross-device in behavior and, for the first time in the U.S., Magna Global predicts that digital media will overtake TV as the No. 1 advertising category in 2016 with nearly $68 billion in ad sales compared with $66 billion for TV.
This forecast brings forward an incredible opportunity in digital, yet highlights the evergreen challenge of reaching consumers whose attention span is fragmented across display, video, mobile and social environments. In fact, a recent Microsoft study uncovered that Canadian consumers actually have a shorter attention span than goldfish. People clocked in at eight seconds; goldfish at nine.
The good news is that consumers are engaging with more media than ever before. Nielsen’s Total Audience report shows that Americans aged 18 and older spend more than 11 hours a day watching TV, listening to the radio or using smartphones among other electronic devices. Most people are awake 16 to 18 hours a day, meaning more than 60% of our day is spent consuming media.
To create engaging, branded experiences across paid, earned and owned media, brands and agencies need to consider adopting a data-driven, agile approach to marketing, especially if they are to maximize impact and media spending efficiencies in the moments that matter most to their audience.
The concept of “moment marketing” is not new; how we define and solve for moments in 2016 will be. A strategic movement of the web, moment marketing requires intentional and persistent collaboration across technology partners, agencies and brands.
The advancement of technology and the web has greatly affected consumer behavior getting us to where we are today in advertising. Although consumers are glued to their devices issuing fleeting interactions with digital content, as marketers, we need to actually understand what is driving that engagement.
To break through the noise, brands must have a cross-functional team plan where real-time data can be leveraged to impact the strategic direction of creative content and media activation. Early adopters of moment marketing include Google with MicroMoments, and Twitter’s movement around #OwnTheMoment.
While Oreo may have kicked off moment marketing back in 2013 at The Big Game, an elite group of forward-thinking brands really ran with it this year. Lego lit up Twitter during the Oscars, Coca-Cola helped Don Draper find his happy ending on a hilltop; Arby’s had a few laughs with Jon Stewart and Chrysler drove brand awareness with The Hunger Games: Mockingjay, Part 2.
To fully realize the power of Moment Marketing, our industry must also acknowledge it is multi-dimensional:
Social data is the dimension we are most familiar with when we think of real-time moments. Social was absolutely a catalyst for moment marketing, allowing brands to get closer to their consumer and interact with them on a more personal level. It opened up the door to a two-way conversation, and helped brands understand consumer sentiment. The problem with social data is that it is a very narrow view of a broader audience. According to a Vision Critical study, 30% of social media users account for 90% of social media updates, a substantial vocal minority.
Beyond social, looking at what content audiences are engaging with across the web, social web, video and mobile gives a more accurate depiction of what consumers really think. Understanding this type of engagement allows brands to identify important consumer insights, giving a deeper understanding of behavior and opportunities to amplify one’s brand message. For today’s consumer, authenticity is key, and connecting with them on a deeper level gives them the experience they expect from brands and marketers.
There are certainly additional important dimensions to consider, including sentiment analysis, understanding past trends, looking at the present and seeing what makes something go viral. What this teaches us as marketers is that we can utilize data to inform a multitude of actions in the moment and the future. Predictability will also be something to keep in mind in 2016, and data’s influence on being able to anticipate consumer behavior.
Savvy marketers need to weigh it all. Having partners and structure in place will help make sense of it. By putting these insights to work in concert, brands will become a part of real-time moments that support long-term marketing goals.
The Charge For 2016
Take a cue from consumers and seize the moment. Let’s work together, utilizing technology, to create branded cross-channel experiences consumers will never forget, and drive businesses forward into the future.