April 11, 2014
With another Monetate Summit in the books, we here at Monetate spent a portion of the morning talking about the great things we learned over the last few days.
If you didn’t join us, you missed an event packed with great content and great conversations. It’s now the can’t miss event on the future of marketing. And, as always, our clients and speakers delivered interesting facts that prompted discussions and left attendees with some great takeaways.
Here are five of our biggest takeaways:
1. The amygdala is the instinctual portion of the brain.
Yes, this has a marketing tie-in. The part of the brain that basically helped save cavemen from getting eaten by dinosaurs is the part of the brain that gives you a “gut feeling.” And, according to Kevin Ertell, SVP of Digital at Sur La Table, you need to listen to that “gut feeling” if you don’t want to kill good data analysis.
We learned this during his presentation on the “11 Ways Humans Kill Good Analysis.”
2. You have 2.7 seconds to catch a new customer’s attention.
A recent Stanford study showed that the average attention span of a new customer is 2.7 seconds, said Peter Shankman, one of our keynote speakers. If you can’t relay your message to a new customer in that time period, it likely means you don’t have good enough copywriters.
To combat that problem, you not only need to become a better writer, you need to make sure your brand is transparent, relevant, brief in its messaging, and top of mind.
3. You can change company culture by being bold, being thoughtful and being valuable.
We all work in businesses where there are numbers that need to be met, said Pradeep Menon, the Director of Digital Optimization at CVS Caremark. But when you’re thinking about your business’ culture, Menon said, you want to be building a system that transcends the day-to-day agenda of a business.
Why? As Menon put it, if you’re focusing on goals, you inherently run into a problem from a cultural standpoint: you hit a goal, you’re asked to move that number higher. That’s a tough situation to be in, despite being part of business, and can impact you from focusing on your customer.
To combat that, Menon said, build a culture that has strong cross-departmental relationships.
4. The path to 1:1 marketing starts with simplicity.
You only make it to the complex, highly personalized tactics after first nailing the simpler, more macro-level tactics.
Alvin Glay, Manager, Digital Media Analytics & Business Development at Verizon Wireless, illustrated that in his presentation on “Real-time Marketing in Action” by showing Summit attendees how Verizon Wireless has progressed in its personalization of certain pages on its site.
It did so by using a three-phase approach to real-time personalization that started with a more general plan to segment visitors based on easy-to-find characteristics, then built off those successes.
5. Our customers are awesome.
But you didn’t need to go to Summit to know that.
Brett Bair is Monetate's Senior Director, Client Advocacy. With nearly 20 years of digital and multichannel marketing experience at new business startups and top ecommerce firms, Brett has spent much of his career building results-driven teams designed to meet the needs of today’s agile businesses. That work has driven more than $2 billion in incremental revenue for more than 200 customers.