It’s necessary to tell compelling stories with the aid of big data and smart algorithms McKinsey’s Joshua Goff told a conference in Sydney two weeks ago.
As part of the recent ADMA Global Forum, the head of McKinsey’s Asia Pacific Consumer Marketing Analytics Center spoke of importance of story telling, big data and personalisation for marketers meeting the challenges of today’s connected marketplace.
Goff sees three disruptions to the current marketing industry – a proliferation of channels, a mountain of raw data to deal with and a hyper-informed consumer. These are challenges which businesses and marketers didn’t have to face in previous years.
To counter these disruptions Goff proposes five actions; develop a four screen strategy, build a content supply chain, broaden personalisation, understand big data isn’t just about data and forget your current marketing mix.
Forget your current marketing mix
“Spending on digital media and non-traditional media is soaring,” says Goff. “We’re recommend to some of our clients to double or triple their spending on these channels.”
Goff showed ASICS’ Support Your Marathoner campaign as an example of how innovative marketers can create digital campaigns that look beyond banner ads and popups. Campaigns like this are critical to building advocacy around a brand.
Develop a four screen strategy
The four screen strategy is essential as consumers are changing how consumers behave, something that is going to accelerate as more screens like Google Glass appear on the market.
“If we have multiple screens is it not reasonable to think when you turn on your TV – and I count the TV as a screen – that they see the same information?” asks Goff. “But recognise that different screens offer different experiences.”
Build a content supply chain
One of the key problems for marketers is feeding content to these screens, which means world class editorial teams will be essential to getting customers’ attention.
“Content is going to be king going forward,” says Goff. “Content is going to be a source of competitive advantage.”
In this mix, user generated content is a key factor as well. One of the examples Goff gave was Disguised Lighting, surprisingly a business to business operation which proves that getting fans as advocates is not just restricted to consumer brands.
Personalisation needs to be broadened
“If you give the customer in return, they will give you the information you want,” Goff states. “Start solving your customer’s problem.”
Personalisation is more than just email, it now means delivering personalised goods and configurable services. The physical experience, such as a Japanese vending machines that tailors the drinks available based on the demographic segment the system identifies the customer as being in.
Big data isn’t just about data
Data is worthless without the algorithms and the APIs required to understand and distribute the information. To do this well, Goff sees data scientists and software engineers as critical which means the global race for talent is going to be particularly acute in these areas.
As an example of big data, and cloud computing, Goff showed Sberbank’s lie detecting ATM machine that issues personal loans based up the applicant’s voice patterns. The device brings together a number of technologies to deliver a personalised experience for customers.
“We can’t afford to wait wait,” warns Goff. “There’s a lot of change and it’s complicated but there are successes and we need to start our own stories.”
At the heart of Goff’s presentation is the fact we live in a noiser world and for brands wanting to cut through that noise they have to offer something more than what has worked in the past.