Top Takeaways from Street Fight Summit West
June 9, 2014 | Contributed by: Neg Norton
I had a great time this past week at the Street Fight Summit West conference in San Francisco. In attendance were around 300+ advertising and technology professionals, representing publishers, digital agencies, brands, analysts, start-up tech companies, mobile and social media companies, listing management companies and everyone in-between.
It was a well-rounded event that provided interesting insights. Here are my top takeaways:
- As technology evolves – and mobile devices replace desktops as go-to devices – marketers will need to determine ways to leverage location-specific and other data points to personalize content for consumers throughout the purchasing process. The challenge will come in connecting very different types of data to develop more personalized recommendations for consumers.
- According to Ted Zagat of Facebook, personalized ads deliver 65% better reach than standard online advertising. Despite this, attribution remains a challenge.
- The technology isn’t there yet for robust datasets based on close proximity. However, it’s coming soon with LTE Direct and beacon technology.
- The future of commerce lies at the intersection of the digital and physical marketplaces.
- Approximately 50% of consumers consider mobile the most important resource in the purchase decision-making process. One-third of consumers use mobile exclusively when making purchasing decisions. (xAd/Telmetrics)
- Two years ago, mobile didn’t account for any of Facebook’s revenue. Today, mobile is 59% of Facebook’s revenue. In fact, Facebook and Instagram now equal 22% of total mobile ad spend.
- Reputation = brand awareness for the SMB.
- Recommendations have much better margins than discounts. One-third of Amazon’s business comes from recommendations.
- “Clicks don’t matter”. According to Facebook, there is no correlation between clicks and offline sales. Impressions are more attributable to offline activity.
- Prediction: $1.4 trillion of physical in-store sales is influenced by digital.
- Mobile applications are becoming more focused. Apps that can do one task really well tend to perform better than apps that try to do too many things. For instance, Foursquare is staying ahead of the curve by splitting up into Swarm (check-ins and social) and Foursquare (discovery).
- Prediction: One day, the majority of consumers will begin to feel comfortable with sharing data.
- In-store messaging needs to sound like a friend or consultant is communicating with the consumer instead of a marketer.
As you can see, there was some great discussions taking place at the conference. I want to thank Street Fight for putting on a tremendous event!
Tags: analysts, brands, digital agencies, Facebook, listing management, local advertising, Local Search, Local Search Association, mobile, publishers, social media, start-ups, Street Fight, Street Fight Summit West, Telmetrics, xAD