Why LinkedIn believes marketing will become more important
In today’s fast-evolving technological society, brands face constant pressure trying to stay relevant and creating timely digital marketing strategy. Recently, LinkedIn’s Asia Pacific senior director of marketing, Olivier Legrand spoke at IAB’s Summit in Sydney, and revealed the key to leveraging engagement on the social networking site for professionals is to harness the ‘relevancy imperative’.
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According to Legrand, today’s websites have a 95 per cent chance of never converting, meaning the consumer doesn't even want to write you an email. Out of the five people that do interact, the truth is once you send that email, only 20 per cent will engage with a conversation.
“So the reality is, your success rate is only about one per cent,” Legrand said. “If you’re a really good marketer and have a strong automation system in place, you may get to a conversion rate to make that viable in your business.
“But what this means for me, is there is a huge lack of efficiency, because of a huge lack of relevance, and our ability to engage these people in a conversation that they really care about. On top of this, relevancy at scale is hard to achieve on a large, consumer level.”
Below are five ways marketing will be even more relevant in the future according to Legrand:
Fusion between marketing and advertising technology
“For Linkedin, everything starts with our audience and with about 380 million members and 200 countries, people come to us to manage their connections, consume news, stay informed and find jobs,” said Legrand. “But now, more and more, they come to publish and to broadcast themselves. So all our members are now allowed to blog on our platform.”
Due to this new initiative, LinkedIn has had over a million posts since the beginning of 2015, with a current publishing rate of about 10,000 posts every day.
According to Legrand, Amazon and Google are using data sets effectively to establish ways to use relevancy to deliver a better customer experience.
“Beyond technology, what has changed very much and it driving technology is the reality is the customer-buyer’s journey has changed dramatically,” Legrand said. “In many ways the journey looks like a walk down the internet. People are searching for something, they go to a website, they go and watch some reviews, they then go onto social media to get feedback from their friends and then they’re moving on. This means you’re going to have to find ways to insert yourself into those conversations.”
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With the way mobile technology is changing the way brands become more relevant to customers. Currently over 50 per cent of members are using mobile technology to log on and interact on LinkedIn.
Legrand believes what is most interesting is that mobile is very personal. Brands can become more innovative in providing the right information at the right time to their customer on their mobile device.
“The personal nature of a mobile device can either mean brands give customers a really good experience, or a really terrible one,” he said. “I believe that in the next five years, technology and the way we will be doing this is going to get a lot more relevant and we will be able to deliver better experiences.”
As predictive technology continues to get stronger, there are ways we can think about leveraging relevancy.
“If you can look at your customer data, and really identify the sweet spots of these people, you will be able to better focus on the right people, sell the right solutions and your results will get better,” Legrand said.
Through a successful marketing automation strategy, you can enhance relevancy to your customer’s journey and effectively walk them through the funnel, all the way to acquisition, Legrand said.
“If brands are listening to their customers, they will find ways to meet them in the middle,” he added. “They will be able to bring value to your search and help you find what you are looking for if they have relevant solutions. That I think will make a big difference moving forward.”
Coal India Secures First-Of-Its-Kind Digital Deal
Coal India Limited (CIL) has appointed Accenture Solutions to digitally transform seven of its open-cast mines as the company strives to improve performance and increase coal production. Accenture is due to lay down digitalisation groundwork until March 2022.
The deal aims to increase coal production by 100 million tonnes (MT) by the end of FY’23. Once the minimum quantity has been surpassed, an agreed sum will be paid to the consultant for every additional sum of coal produced. This success fee will only be paid on the procurement of the minimum assured quantity.
The move will see heavy earth moving machinery (HEMM) fitted with digital sensors to monitor performance efficiency at all levels. Additionally, modern data analytic techniques aim to increase mine productivity and project monitoring through functional system management and effective observation.
An Exciting Venture For Global Mining
CIL, which aims to provide energy security in an environmentally and socially sustainable manner, hopes the move will help transform the entire business of mining operations and ensure higher volumes of coal are acquired at a lower cost.
“This is a first of its kind initiative by the company utilising digitalisation to ramp up coal output,” CIL has said.
A Digital Step Towards Enhanced Performance
Digitalisation is expected to take place at open-cast mines in Kusmunda, Gevra, Dipka of Southern Eastern Coalfields (SECL), Migahi, Jayant, Dudhichua, and Khadia of Northern Coalfields (NCL). Nearly 32% (188 MT) of CIL’s 596 MT output in FY’21 was accounted for by the seven selected mines. However, this new deal is set to see a large increase following the subsequent digital changes due to be made.
“Learning from the outcome and success of this model, we may replicate it in our other large mines,” says CIL, optimistic about the future following the modernisation of their mining.
It is expected that the move will help address roadblocks and guarantee corrective measures are put into place, ensuring the company is able to move forward with its aim of increasing output whilst remaining sustainable and eco-friendly.