This morning I saw a great presentation – #Ownthemoment – from our Twitter sales representatives in which they highlighted the most effective ways to take advantage of Real Time Planning behaviours using the twitter platform. Particularly they highlighted 3 types of event you can look to associate yourself with – Live, Connected, and Everyday.
They then proceeded to highlight a variety of planned “newsjacking” type behaviours that actually mirror the kinds of tactical reactive advertising the press advertising industry has been indulging in for years, but that twitter has provided a low cost and more immediate entry point to. See this Innocent example around the recent furour surrounding the Gareth Bale transfer
Their key point (which I very much agree with) is that Real Time Planning is MORE about the Planning part than it is about Real Time. Most of the “reactive” campaigns that have been celebrated in our industry are in fact meticulously planned responses to highly predictable events. The key is the effective analysis of data to predict likely scenarios and then have a plan for when those scenarios eventually emerge.
That’s all fine. There is definitely a place for placing a series of small reactive bets that IF they pay off can deliver a proportionally huge return on investment. Using the framework of “Live, Connected or Everyday” moments is a sensible way to structure our social communications if we want them to appear relevant and get consumers to engage with them.
My problem with it is simple – it is just too small. Advertising spend on Twitter represents approximately 0.1% of all advertising spend globally. If we generously guess that it has an equal effectiveness to all other advertising then it is essentially worth 0.1% of all advertising effect. If you then manage to align the planets correctly and hit the jackpot with a promoted tweet that is bang on for your brand and a rising trend that day, you might be able to increase its effectiveness by a factor of 10 – or 1000% – giving it a total value to the average campaign of 1%. But it takes a lot of work and a lot of failed attempts to get that jackpot moment. For every Oreos blackout moment
there is an Epicurious Boston moment and hundreds that just don’t get noticed at all.
That isn’t to say that Real Time Marketing isn’t important – quite the opposite – I think it has the potential to revolutionise the way we run marketing campaigns, it is just that I want to make it worth more than 1% (at best!) I want to find a way to apply those Real Time insights to a medium that can make a real difference.
On average, TV advertising makes up 63% of all advertising spend and is rising. If we can use these real time insights and cultural understanding to make our TV budgets work just 10% harder, then that is worth 6% of all advertising budgets. To put it in money terms – the potential prize for getting it right with twitter is global increase of $5billion (and I think that is incredibly generous), but the same level of effort could conservatively be worth $30billion if applied to my TV budgets.
I know where I’d rather focus my efforts.