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KEYNOTE
CHICAGO, IL ~ MAY 22 - 23, 2024
DIGIMARCONMIDWEST.COM | #DigiMarConMidwest
Get Off the Bandwagon:
Separating Digital Marketing
Myths from Truth
Scott Fenstermaker
VICE PRESIDENT
DIGITAL MARKETING, RISKONNECT
Get Off the Bandwagon:
Separating Digital
Marketing Myths from Truth
DigiMarCon Midwest 2024
Scott Fenstermaker
Vice President, Digital
Riskonnect
Difficulty of Getting Good Digital Mktg Info
Top-ranked SEO Provider
Top-ranked Content
Marketing Provider
Top-ranked Programmatic
Advertising Provider
Top-ranked Social Media
Marketing Provider
Generative AI will allow you
to increase your content
output and efficiency via a
faster writing process.
Myth #1
“If everyone uses AI to create content, and if AI uses data already available to develop these
projects, we won’t have anything new and authentic anymore.”
- Neil Patel, Ubersuggest
Gen AI Content Speed –
The Bottom Line:
? No solid evidence that generative AI makes content
writing more efficient with respect to the goal of
increasing traffic
? Unclear how Google will depreciate the ranking of
AI-generated content, but there’s no reason to
regard it higher than classical content farming
? Generative AI gives greater depth, better inspiration,
and aids strategy and research, but probably ADDS
time to the content creation process rather than
taking it away.
Myth #2
Influencers are more
effective and provide better
returns than featuring
customers and community.
“Followers” Never Buttered No Parsnips…
Influencer Studies and Deceptive ROI Metrics
Influencer returns like $8.50-to-$1 are often expressed as means rather than medians. Median
influencer spend is closer to $1.60-to-$1.
Source: SagePub – Revenue Generation Through Influencer Marketing
An oral care brand recently tried its hand on both influencer and community-based marketing to
launch a new product. And here’s what it experienced:
Source: Convosight
Influencers vs Community –
The Bottom Line
? Marketers ignore their customers because they’re
less flashy than other options, and talking to
customers takes work.
? Influencer marketing is fraught with fake users,
visibility rather than conversion orientation, and
delusional thinking
? Focusing on turning customers into brand advocates
allows your brand to highlight product
strengths/competitive advantages with real success
stories and form lasting bonds with personas who
mirror your ideal prospects.
Tactical metrics like
engagement, visibility, and
brand-lift are just as important
to a business’s leadership as
attributed sales.
Myth #3
Source: Bango
66%
of CEOs think marketers focus too
much on tactical analytics and not
enough on business results
55%
of CEOs consider digital marketing
metrics that aren’t associated with
sales to be meaningless
62%
of CEOs think too much digital
marketing budget is wasted on
activities that don’t deliver
meaningful results
Sample ABM advertising – reliant on the “lifted” metric (increased
engagement during campaign) to show efficacy
Attributable Marketing –
The Bottom Line
? Even the most attribution-minded marketers will need to
invest in “visibility,” especially when fighting for
preeminence.
? Marketers will face increasing pressure to justify
investment in channels that cannot be overtly linked to
new business.
? Given limited marketing budgets, the opportunity cost of
not investing in more traceable channels is just too
great, even if those channels are objectively less
effective than less-traceable channels.
Myth #4
Tightly-focused advertising
audiences are better than
broad audiences.
Audience attenuation comes at a price
? Finer targeting of known buying groups
drives up cost. You more quickly run out
of converting impressions to buy.
? Your zeroing-in must be worth more in
extra conversions then the cost of the
finer targeting.
? If you have a target audience that’s 75%
women and 25% men, the increased
impression cost of advertising just to
women may be more than the additional
revenue from the expected increased
purchase rate.
Audience you ask to target
Algorithmic priority
Those who actually convert on stuff
This Isn’t the Targeting
You’re Looking For…
Current odds that your digital ad is
being shown to the audience
represented to the advertiser:
Source: Forbes, Citing ComScore
< 50%
Audience Focusing –
The Bottom Line
? Audience targeting selection schemes and
modeling should be met with skepticism and
thoroughly tested.
? Audience targeting will most likely be less reliable
as third-party cookie information is phased out in
favor of AI guesswork.
? Microtargeting is always subject to diminishing
returns.
Myth #5
Your digital-nurturing program
is accelerating your high-
consideration sales cycle.
Are we rigorous about our nurturing expectations?
Build brand relationship in pre-consideration.
Keep brand top-of-mind with prospect.
Show increased engagement and email clicks
Identify more ready-to-buy prospects.
Accelerate a prospect through a B2B funnel.
?
Lead Nurturing Can…
Funnel Acceleration – The Bottom Line
? No easy way of knowing which way causation runs,
so get data any way possible.
? Be more rigorous about asking buyer’s journey
questions.
? Not enough: “How did you hear about us?”
? Better: “Was there anything you saw that made you think it
now is the time to move forward?”
? Buyer Personas, by Adele Revella
Concluding Thoughts
? All digital channels are yielding less in terms of returns
and require ever-greater competitive sophistication.
? Steel yourself against “easy buttons” and trusting that
certain assertions are true because you heard them
somewhere. Be realistic about:
? The expected outcomes that new tools will provide (gen AI)
? The extent to which you’re fully using the resources at your
disposal (influencers vs community)
? The direct attributability of your marketing investment (tactical vs
pipeline metrics)
? Whom you’re really targeting and at what cost (hypertargeting)
? Getting your own data to speak to your customers’ experiences
(funnel acceleration)
Questions?
About Riskonnect
Riskonnect is the leading integrated risk management software solution
provider that empowers organizations
to anticipate, manage, and respond in real-time to strategic and operational
risks across the extended enterprise.
Through its unique risk correlation technology, over 900 customers across
six continents are benefitting from actionable insights that have not been
previously
attainable to deliver better business outcomes.
To learn more, visit riskonnect.com
Name:
Phone:
Email:
Contact Us
Scott Fenstermaker
scott.fenstermaker@riskonnect.com
Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott Fenstermaker

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Get Off the Bandwagon - Separating Digital Marketing Myths from Truth - Scott Fenstermaker

  • 1. KEYNOTE CHICAGO, IL ~ MAY 22 - 23, 2024 DIGIMARCONMIDWEST.COM | #DigiMarConMidwest Get Off the Bandwagon: Separating Digital Marketing Myths from Truth Scott Fenstermaker VICE PRESIDENT DIGITAL MARKETING, RISKONNECT
  • 2. Get Off the Bandwagon: Separating Digital Marketing Myths from Truth DigiMarCon Midwest 2024 Scott Fenstermaker Vice President, Digital Riskonnect
  • 3. Difficulty of Getting Good Digital Mktg Info Top-ranked SEO Provider Top-ranked Content Marketing Provider Top-ranked Programmatic Advertising Provider Top-ranked Social Media Marketing Provider
  • 4. Generative AI will allow you to increase your content output and efficiency via a faster writing process. Myth #1
  • 5. “If everyone uses AI to create content, and if AI uses data already available to develop these projects, we won’t have anything new and authentic anymore.” - Neil Patel, Ubersuggest
  • 6. Gen AI Content Speed – The Bottom Line: ? No solid evidence that generative AI makes content writing more efficient with respect to the goal of increasing traffic ? Unclear how Google will depreciate the ranking of AI-generated content, but there’s no reason to regard it higher than classical content farming ? Generative AI gives greater depth, better inspiration, and aids strategy and research, but probably ADDS time to the content creation process rather than taking it away.
  • 7. Myth #2 Influencers are more effective and provide better returns than featuring customers and community.
  • 9. Influencer Studies and Deceptive ROI Metrics Influencer returns like $8.50-to-$1 are often expressed as means rather than medians. Median influencer spend is closer to $1.60-to-$1. Source: SagePub – Revenue Generation Through Influencer Marketing
  • 10. An oral care brand recently tried its hand on both influencer and community-based marketing to launch a new product. And here’s what it experienced: Source: Convosight
  • 11. Influencers vs Community – The Bottom Line ? Marketers ignore their customers because they’re less flashy than other options, and talking to customers takes work. ? Influencer marketing is fraught with fake users, visibility rather than conversion orientation, and delusional thinking ? Focusing on turning customers into brand advocates allows your brand to highlight product strengths/competitive advantages with real success stories and form lasting bonds with personas who mirror your ideal prospects.
  • 12. Tactical metrics like engagement, visibility, and brand-lift are just as important to a business’s leadership as attributed sales. Myth #3
  • 13. Source: Bango 66% of CEOs think marketers focus too much on tactical analytics and not enough on business results 55% of CEOs consider digital marketing metrics that aren’t associated with sales to be meaningless 62% of CEOs think too much digital marketing budget is wasted on activities that don’t deliver meaningful results
  • 14. Sample ABM advertising – reliant on the “lifted” metric (increased engagement during campaign) to show efficacy
  • 15. Attributable Marketing – The Bottom Line ? Even the most attribution-minded marketers will need to invest in “visibility,” especially when fighting for preeminence. ? Marketers will face increasing pressure to justify investment in channels that cannot be overtly linked to new business. ? Given limited marketing budgets, the opportunity cost of not investing in more traceable channels is just too great, even if those channels are objectively less effective than less-traceable channels.
  • 16. Myth #4 Tightly-focused advertising audiences are better than broad audiences.
  • 17. Audience attenuation comes at a price ? Finer targeting of known buying groups drives up cost. You more quickly run out of converting impressions to buy. ? Your zeroing-in must be worth more in extra conversions then the cost of the finer targeting. ? If you have a target audience that’s 75% women and 25% men, the increased impression cost of advertising just to women may be more than the additional revenue from the expected increased purchase rate. Audience you ask to target Algorithmic priority Those who actually convert on stuff
  • 18. This Isn’t the Targeting You’re Looking For… Current odds that your digital ad is being shown to the audience represented to the advertiser: Source: Forbes, Citing ComScore < 50%
  • 19. Audience Focusing – The Bottom Line ? Audience targeting selection schemes and modeling should be met with skepticism and thoroughly tested. ? Audience targeting will most likely be less reliable as third-party cookie information is phased out in favor of AI guesswork. ? Microtargeting is always subject to diminishing returns.
  • 20. Myth #5 Your digital-nurturing program is accelerating your high- consideration sales cycle.
  • 21. Are we rigorous about our nurturing expectations? Build brand relationship in pre-consideration. Keep brand top-of-mind with prospect. Show increased engagement and email clicks Identify more ready-to-buy prospects. Accelerate a prospect through a B2B funnel. ? Lead Nurturing Can…
  • 22. Funnel Acceleration – The Bottom Line ? No easy way of knowing which way causation runs, so get data any way possible. ? Be more rigorous about asking buyer’s journey questions. ? Not enough: “How did you hear about us?” ? Better: “Was there anything you saw that made you think it now is the time to move forward?” ? Buyer Personas, by Adele Revella
  • 23. Concluding Thoughts ? All digital channels are yielding less in terms of returns and require ever-greater competitive sophistication. ? Steel yourself against “easy buttons” and trusting that certain assertions are true because you heard them somewhere. Be realistic about: ? The expected outcomes that new tools will provide (gen AI) ? The extent to which you’re fully using the resources at your disposal (influencers vs community) ? The direct attributability of your marketing investment (tactical vs pipeline metrics) ? Whom you’re really targeting and at what cost (hypertargeting) ? Getting your own data to speak to your customers’ experiences (funnel acceleration)
  • 25. About Riskonnect Riskonnect is the leading integrated risk management software solution provider that empowers organizations to anticipate, manage, and respond in real-time to strategic and operational risks across the extended enterprise. Through its unique risk correlation technology, over 900 customers across six continents are benefitting from actionable insights that have not been previously attainable to deliver better business outcomes. To learn more, visit riskonnect.com Name: Phone: Email: Contact Us Scott Fenstermaker scott.fenstermaker@riskonnect.com
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