According to Bierdman, E. Senk, M. digital media has allowed for the the industry consolidation of Advertising Technology, reducing traditional intermediaries of agencies. In 2017 Digital advertising sales are forecast to be the primary media platform, demonstrating a market share of 40 per cent ($202 Billion) growing to 50 per cent ($299 Billion) by 2021. With the digital marketing ecosystem increasing in competitors, a company’s success is dependant on its pace to progress through the stages of consolidation – in which data is king.
Bierdman, E. Senk, M. state that consolidation success is dependant on the capacity of a firm to demonstrated closed loop attribution from impression to consumption.
- Cloud and mobile technology allows for the ability to link households to promotions and touchpoints.
- Integration from POS links data from purchases.
The Attention Economy is the notion in which human attention is considered to be the fundamental commodity. Throughout marketing the consumer goes through a process called AIDA – Attention, Interest, Desire and Action, with attention being the first process in the conversion of non-users. Due to the growth of digital advertisement and the abundance of information outpacing the individual’s capacity to digest such material, such attention in turn develops into a ‘scarce commodity.’ The impact of attention has resulted in user interface designs tailored to ‘catch’ the consumer. This is based upon the assumption that if the content takes too long the consumer will use another platform to locate the required content.
As a result we are witness to various approaches to add value to information. We achieve this through personalisation and customisation of content. In order to maximise and maintain consumer attention we can apply ‘Consumer Relationship Management (CRM)’. Database technology is at the heart of developing CRM (Chaffey, D. Ellis-Chadwick, F. 2012). This management includes that of a firms intranet and extranet allowing for an interface platform for consumers and/or partners. Through this database we have then have the capacity to mediate all inbound and outbound communication. Digital CRM includes:
- Characteristic data: contact details, profile and demographical details of the consumer. As well as data collection for business-to-business operations; industry size and business characteristics.
- Transactional data: provides appropriate data for organisations on each purchase transaction by consumers.
- Communications data: allows for the analysis of prior consumer response to content and communication.
Using this CRM we can allow firms to apply and critique appropriate tasks for maintaining and pursuing consumer attention in ‘one-to-one’ or ‘one-to-many’ communication, through tailored content constructed by this data. But with the increasing capacity for consumers to produce content, this subsequently has resulted in the development of ‘many-to-many‘ communication (Chaffey, D. Ellis-Chadwick, F. 2012).
Chaffey, D. Ellis-Chadwick, F. (2012). Digital Marketing, Pearson, viewed 01.09.17