A few hundred of us attended the annual #YaleInsights18 conference to listen to leaders at companies and universities including L’Oreal, Warby Parker, Keds, Alibaba, Yale and NYU Stern. Three of the sessions are recapped below.
Are you seeding the clouds for earned impressions? Keds CMO Emily Culp talks about the shift from the 2-minute “long form” ad to a more integrated digital strategy that incorporates quick five second video GIFs. This strategy pulls together media impressions from a mix of sources like celebrities (1M+ followers), regional influencers (500k-1M followers) and micro-influencers (1-100k followers). Keds understands that a celebrity can get 150,000 likes on a picture of them wearing Keds vs. the Keds website that can’t get the same brand heat and wholesale interest. Keds is seeding with bloggers and consumers with the goal of getting their shoes in the hands of influential people who will be loyal brand ambassadors. These shoe-wearers in turn create user generated content. Keds then builds on this digital native-first strategy by leveraging their website, social media, PR/seeding, emails, and their sell in/sell through data.
Are you using AI to personalize promotional offers? NYU Stern School Professor Anindya Ghose explained that mobile devices provide atomic levels of behavioral data because they are owned and used by a single person. Specifically, companies can “know” the device’s location with 91% accuracy and within three feet. He says that in addition to location, as researchers, we need to layer in time, context, crowdedness (how crowded the location is), weather, trajectory, social dynamics, saliency and tech mix to really optimize the “in the moment” promotional offers. For example, if I’m walking to the train station during my morning commute, I might be enticed by an offer at a coffee shop I never frequent. In the evening when I return, I might be more likely to divert my habitual path for a different promotion, but not likely for a coffee. So, depending on the time of day, the offers that need to pop are different. In fact, commuters are ALWAYS more likely to redeem an offer than non-commuters.
Can you see the human in your consumer data or are they just IP Addresses? Alibaba’s Lee McCabe talked about the future of commerce in a connected world. At Alibaba, they’re focusing on context, convergence and contact. Alibaba is fully vertically integrated so they can take data and consumer insight to a whole different level of identifiable, analyzable and reachable. They have real person identity, full dimension analysis (all the sites and businesses they own have a single sign on so they can see across browsing, social, media, purchase, pay, logistics, entertainment, travel) and measure all around touchpoints for the consumer. On 11/11, Singles’ Day, (think of Singles’ Day as Black Friday on a global scale), Alibaba sold 100 Maserati’s in 18 seconds and 350 Alfa Romeo cars in 33 seconds. In fact, 140,000 brands participated in Singles’ Day across 225 countries/territories, and consumers placed 812M orders that generated $25B in sales that one day.
How are we all using multi-method and multi-source to grow our brands? These are a few of the ways.Yale often posts conference content to its YouTube channel to broaden its reach, and we will append this blog post if/when that channel appears.