ecommerceIQ, together with Sasin SEC, created the Leadership Ecommerce Accelerator Program (LEAP) to provide the fundamental knowledge and skills needed to successfully run an ecommerce business in the world’s fastest growing market.
The fourth week of LEAP explored the digital marketing tools that companies can use to increase the impact of their channels online.
Facebook and Google Analytics may not be new but many businesses aren’t utilizing their full capabilities. This week, LEAP lecturers take a look at digital marketing strategies to maximize business objectives and understand how it can be applied in a Central Marketing Group case study.
Here are some of last week’s LEAP highlights:
1. Capture Consumer attention with ‘Thumb Stopping Content’
VANITCHA (RY) WANKAWISANT, ACOMMERCE SOCIAL MEDIA MARKETING LEAD
It is undeniable that social media has become a vital marketing tool for businesses around the world,. In Thailand alone, these are the latest statistics:
- Facebook: 47 million active users, with a YoY increase of 15%
- Instagram: 11 million active users, with a YoY increase of 41%, Thailand ranked #13 in the world in terms of the number of users
- LINE: 41 million active users, with a YoY increase of 24%, Thailand ranked #2 in the world
Vanitcha (Ry) Wankawisant, aCommerce Social Media Marketing Lead
Given the popularity of these social channels, how can brands capture consumer attention when there is so much content to digest? Social Media Marketing Lead at aCommerce recommends brands to create what he calls ‘Thumb Stopping Content’.
Capturing an online audience requires captivating images and catchy headlines but be mindful of becoming too intrusive. For example, when it comes to video content, always leave the sound off to avoid annoying the end user.
Facebook users spend on average 1.7 seconds reading a post on their newsfeed via mobile and 2.5 seconds on desktop before they stop browsing.
This means that whatever content you are posting, make sure it is interesting enough to catch their attention within 1.7 seconds.
2. Giving credit to only the most effective marketing channels
WATASIT (BOOK) CHINDAKAWEE, ACOMMERCE ASSOCIATE INTERNET MARKETING MANAGER, ANALYTICS & MARKETING TECH TEAM LEAD
Google Analytics is a popular tool that is able to tell marketers which customer touchpoint should be maximized by identifying which channel led to the highest conversion rate.
In reality, customers end up buying because they are inspired by the effect of multiple marketing efforts across different channels throughout their purchasing journey.
For example, a browser may see an ad for a juicer on Facebook but only decide to buy in the afternoon by going directly to the webstore after reading a sponsored article about the benefits of juicing.
But how can online marketers give credit to channels that actually lead to sales?
The Google Analytics’ Attribution feature offers three models to allocate credits to each marketing tool – the more credits, the more effective the channel. These are the three common models:
Last Click Model: credits are only given to the last touchpoint where purchase happened and ignores all the other marketing campaigns. To simply explain this, Khun Watasit compared it to his favorite sport:
“This process is like soccer. The guy who scored gets all the credit and those who passed him the ball are ignored.
Linear Model: the model tracks the customer journey until purchase and evenly distributes credits to each online channel.
Data Driven Model: this model is considered the most accurate to understand a customer’s entire purchasing journey before check out. Google’s unique Model Explorer (available in a paid Google Analytics 360 service) shows you the weighted average credit for the path positions prior to conversion for each channel.
Watasit (Book) Chindakawee, aCommerce Associate Internet Marketing Manager, Analytics & MarTech Team Lead
When asked which model is best to implement, Khun Watasit said it depends on the marketing objective and budget because this feature informs marketers which channel should they invest in more in order to maximize the Return on Investment (ROI).
He suggests the brand to experiment with all models for at least 30 days.
3. There is no offline versus online
NITTHAKORN (BIRD) WONGWAN, CENTRAL MARKETING GROUP GENERAL MANAGER E-BUSINESS
Nitthakorn (Bird) Wongwan, Central Marketing Group General Manager E-business
Thailand’s retail giant Central Group understood from an early point that the company needed to adapt to new consumer habits, especially after “The Four Big Shifts”:
- Aging society
- Rise of China and India’s digital society
- Digital revolution
“Central Group no longer targets to grow our business only at malls, but we will be wherever our targets’ eyeballs are at.”
In order to do so, Khun Nitthakorn shared that the company combined the best of both online and offline by redesigning its organization’s structures and goals.
When Central Marketing Group shifted to an O2O (offline to online) transition in 2017, it went beyond assigning a person dedicated to online marketing. Each brand, such as Dyson and Clarins, had to adopt a holistic retail strategy – there is no division between online and offline platforms.
“The KPI for marketing is no longer defined by online and offline sales, instead it sets a co-KPI towards brand sales.”
Khun Nitthakorn shared that the company already integrated online and offline promotions as well as Click and Collect at Central malls. Phase II of the company’s retail strategy will consist of consolidating inventory and CRM systems.
The next LEAP class is on Thursday October 5th, 2017 taking a look at content marketing and how to achieve positive unit economics for your business by the founder and CEO of eatigo. Stay tuned for next week’s takeaways.
[LEAP Week 1] eIQ Insights: The New Ecommerce Opportunity in Thailand
[LEAP Week 2] eIQ Insights: Refinement of an Ecommerce Channel Strategy
[LEAP Week 3] eIQ Insights: Market-Product Fit First Before Anything