MITX's FutureM in Boston kicked off today with some informative sessions. In this blog, I'm going to share some highlights from two breakout sessions: "I Don’t Care What You Think: Behaviors vs. Opinions" and "Tech Innovations Driving the Future of Retail"
"I Don’t Care What You Think: Behaviors vs. Opinions"
This session asks: Is the future of marketing more about behaviors or opinions? The conventional knowledge is that with big data and targeting, advertising has never been better at reaching audience segments and telling them what to think. But in an always-on, hyperconnected world, who people are and what they think might matter less than what they’re actually doing. If consumers are always addressable in real-time, then brands must focus more on understanding the moments that matter—not just the segments that they reach.
MasterCard recently released a study conducted with 9,000 people across 9 different global markets. Conclusion: Our real world identities (traditionally tracked age, gender demos) fall away and we take on one of 5 different online personas that depend on the value they place on their own data and what they will trade for different offers and rewards. In other words, their online behaviors is the new way to track vs. demo or opinions - as this panel points out. Link to the MasterCard study: http://newsroom.mastercard.com/news-briefs/whats-your-online-persona/
This session featured speakers from DigitasLBi, MediaPost, Mullen, and Capsaicin LLC. The keynote speaker this morning said, "The CMOs that are being successful have to become the masters of data."But, as @Ryderd said, "We went from data starved to data drowned." Can we take more than 10-12 metrics even if more than 100 data points are available? The panel argues no. The metrics that matter are simply whichever metrics that you'll use. Ask yourself, what will drive behavioral change?
And with all the data available nowadays, @Mstruptipatil points out that lately people forget the value of qualitative research. If you want to affect behavioral change and brand affinity, this type of data matters just as much as the sea of numbers.
Some concluding sage advice from the panel: Be transparent with your clients. @mstruptipatil explains that you should watch the trend, not every single metric. Your clients will freak if they are looking daily since there can be ups and downs.
Another great idea is to connect a brand's call center data to inform marketing.
"Tech Innovations Driving the Future of Retail"
This was a great panel covering new technologies that are changing the traditional retail shopping experience. Retail brick and mortar retailers are experimenting with wall-sized tablets, mobile point of sale systems, indoor location tracking, and sales assistance through the mobile phone. Simultaneously, eCommerce retailers are adapting to a wave of iPad and tablet shoppers that has reached 10% of online purchases.
A few examples of which innovations retailers are experimenting with.
1) The mac store is now asking you to download an app, enter your apple ID and pay for your merchandise that way.
2) @sarahjhodkinson from PayPal Media Network shares that they are partnering with Jamba Juice. Customers can order a smoothie via their mobile phone. Jamba Juice will use geofencing technology to make sure they don’t actually start making the smoothie until the user is close to store, so the smoothie is still fresh.
3) What’s the next evolution of the interior of the store? Alex & Ani's attitude is progressive in that they realize they have a live lab in their owned network of 40 stores. They have tested in their Boston and SoHo stores with Swirl, a mobile app that uses Bluetooth beacons throughout store (an indoor location-based marketing platform for retailers). They have also tested with heatmapping in their in-store camera’s to track around the store.
A few questions with this digital in-store innovation include:
1) Can it scale? Can these technologies bring us a new audience, i.e. people outside of a store being incentivized to come into the store.
The key: Make it more convenient to the consumer. The consumer is first always. If it’s harder or if they have to jump through hoops, it won't work.
Mobile wallet was another hot topic in this session. It's a technology that saavy retailers are using and this panel only sees growth in this area, BUT what about large purchases like cars? Everyday spend category is first and foremost. Then it will become habit and we can tackle whether or not this will become the norm with larger purchases.
It's not how to reach your customer. How do they want to reach you. @sarahjhodkinson says that 60% of purchases start on one channel and end in another according to a recent comScore Study
The goal for all of this? Being able to track and model in-store purchases to online transactions. If measure online to offline, can measure costs, and we'll have success.
Great start FutureM!