Google’s Finance Event: Our findings
The two-day Google event focused on two key areas; firstly, micro-moments, and how we utilise them to connect with the consumer; and secondly, measurement and attribution so that we can fully understand those micro-moments and take advantage of them.
A business will no longer compete with other businesses in the sector, but rather with all businesses because it sets the standard and bar for what consumers expect. According to a study conducted by the Harvard Business Review and as presented at the event, brands who position themselves as “usage brands” rather than “purchase brands” are seeing themselves retain customers for longer through advocacy, loyalty and positive sentiment.
How do brands go about creating advocacy and loyalty?
- Better experiences and services: a great example is Generali providing babysitting services to people who have had to have prolonged stays in a hospital.
- Tapping into moments across device: one of the examples cited on the day was Trov, a home insurance app that allows the user to control what items they want to have insured as easily as swiping left or right – watch their TV ad here
- Speed of load time and site experience: Google quoted that 53% of visits are abandoned if a mobile site took longer than 3 seconds to load. However, it wasn’t just site speed times that they were addressing, it was also the ease and speed of communicating with finance brands. A Rabobank case study demonstrated their chatbox feature to manage finances – for more information click here. All Response Media’s in-house conversion rate optimisation (CRO) service, allows us to critique site engagement, test and recommend how to improve user experience to help drive up conversion rates and maximise visits.
Attribution and measurement
Attribution and measurement are key to understanding lifetime value (LTV) and then scaling this insight to deliver results. There was a lot of focus during the event on utilising your own CRM data to discern which customers are of higher value so that we can profile that segment to find similar audiences. However, this all starts with measurement and understanding the journey someone takes to become a customer.
How does All Response Media help take their clients to the nirvana of multi-moment and multi-touch measurement to understand the true value of their clients’ databases?
- Attribution modelling: Google showcased their standard models and there was, of course, a quick glance at the eagerly anticipated Google Attribution product but no signs yet of when this will be released. At ARM we are well versed in both Google’s standard models as well as building bespoke models for our clients that tap into a cross-channel and not just within digital.
- The value of CRM data: Customer Match campaigns within Google allow us to plug in segmented audience data using email, address or phone number to then profile, exclude or cross-sell in the campaign. But it is not only through Google that we have seen success. Facebook’s Custom Audience campaigns are delivering even greater success through the same methodology and we are finding at more scale too.
- Understanding LTV: taking on the task of understanding the lifetime value of your customer can be daunting. Not only because it is a lengthy project but because it requires resource and expertise in a very specific field. Although Google was advocating their analytics products, the reality is that the use case would then be purely for buying within the Google ecosystem. Within ARM, we can build bespoke CRM and Data Management Platform (DMP) dashboards that can identify the value of your customer and push that audience into other media buys (beyond just Google). This allows us to deliver scale across a wider range of channels.
All Response Media viewpoint
Where All Response Media can take this to the next level is by providing our clients with the insight and tech to be able to measure on a more bespoke level. Not only that, but the media buying and scale we can deliver does not start and end with Google. Instead, we look at the entire user journey and ascertain what investment should look like for both online and offline media.In summary, Google was keen to point out that brands should not only be present for every relevant moment to their customers no matter the device, but they should be measuring this too to ensure that the message being given is one that is right for where they are in the consumer cycle. The event got people thinking that consumers have moved beyond just looking at price and therefore, making it more important than ever to create brand advocacy through services, good site experience and strong retention models.
For more information on the digital services we offer click here.