The Future of Marketing: Capturing and Monetizing Digital Micro-Moments
According to a recent Google publication, the average consumer checks their phone 150 times a day but only spends 177 minutes a day actively using it. This means the average session lasts just over a minute. This is valuable time that marketers can take advantage of to reach specific individuals when something is top-of-mind. These brief time periods are what we call “micro-moments,” and they are the latest and most important way to ensure your content gets to your customers when they are most likely to be impacted.
Micro-moments come to fruition through typical “I want” scenarios that help people make decisions such as “I want to know,” ”I want to go,” “I want to do,” and “I want to buy.” Capitalizing on these moments is critical to driving mind share and wallet share. Micro-moments fill spaces in time or accompany concurrent activities, for instance, when someone is walking, traveling, shopping, waiting in line, having a drink, or even just relaxing.
How often do we browse the internet or check social media sites after dinner or just before bed? How about as soon as we wake up? How many times do we check hotel rates or reviews on our phone when we have an upcoming business trip or vacation?
Last night, I was browsing the Express website on my phone for a new blazer while at the same time sitting on the couch, sipping an Arnold Palmer, and watching the end of the Northern Trust Open. I could go on, but you get the idea. Ultimately, how can these digital breadcrumbs, or micro-moments be taken advantage of to drive more contextual, personalized offers and higher customer satisfaction?
The above examples highlight these micro-moments and just how sporadic they can be and without much notice. As a result, they’ve split the traditional customer journey into hundreds of intent-driven moments. As you can imagine, this happens billions of times per day (talk about a treasure chest!).
Customer journeys are more unpredictable than ever. In fact, Google recently found that consumers are often more loyal to their need in the moment than a particular brand. At the same time, they’re attracted to those brands that best meet their needs in the moment. As this USA Today article illustrates, speed and relevance are now table stakes.
The good news? Brands that adapt will earn relevance and loyalty. It comes down to adding value to each micro-moment. Below are a few strategies to consider as you develop your digital marketing strategy:
- Identify key micro-moments and understand why, where, and how people search
- Use insights to discover patterns of intent and new trends that drive business outcomes
- Learn how content is presented in each moment and understand which formats are conducive for easy discovery and consumption on any device
- Drive to a single, golden record of your customers (including implicit and explicit data) to gain full visibility to better serve them at every touch point from “wanting to know” to “wanting to buy”
- Define use cases enabled through technology (such as the above) to exceed consumer expectations
- Track, learn, and adapt to micro-moment and campaign effectiveness to drive continuous improvement
In this digital economy, the winners will be those who pay attention to the details so they are a step ahead of their peers. A renewed focus on customer behaviors and expectations via micro-moments and having them as an integral part of your brand’s marketing strategy will put your company on a path to differentiation. This will unlock a new level of meaningful customer engagement leading to higher customer lifetime value. Reaching consumers on the go is the new revenue battlefield, and brands who ignore these micro-moments risk losing out on precious value that could fuel the next phase of their digital transformation.
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Until next quarter, thanks for reading.