I’ve been interested lately about the marketing concept of narrowcasting and how it relates to digital marketing. Narrowcasting is the idea of broadcasting your marketing message to more intimate audiences through localized TV, radio, print and digital mediums. Compared to mass broadcasting, narrowcasting focuses on a target segment of a few thousand or perhaps a specific location or an industry.
For example, a company who targets the international banking industry could focus their campaigns in New York, London or Tokyo and advertise in the local financial magazines and sponsor the financial radio shows in order to reach this target.
Lately, I have seen interest from our clients regarding the idea of being able to target specific organizations by using Insightera’s personalization platform. This takes narrowcasting one step further to account-based B2B marketing and the ability to focus on specific, identified key prospects. Taking the idea of casting your message from the broad, to the narrow, to the individual. It’s segmentation to the one.
For example, the possibility of identifying several banks in New York and targeting these specific banks with an individual, personalized marketing message whenever a visitor from one of the banks engages with your digital assets.
Personalization platforms have the ability to run narrowcast and account-based campaigns by being able to identify onsite prospects and target them in real-time with relevant content. The account-based approach may be time-consuming, but well justified in nurturing effort and ROI when that large key-account deal is signed.
In addition, I see personalization platforms becoming more intelligent and automated in the near future, by accumulating the big data gathered by real-time identification and online behavior and learning from the best performing campaigns in order to automatically deliver optimized reactions.
Put your money where your onsite traffic is
In order to succeed with the account-based approach, I believe more focus and resources need to be spent on onsite traffic. A large proportion of budget is spent and wasted on traffic drivers to website. A recent study notes that every $92 spent online to acquire site traffic or build awareness, only $1 is spent to proactively convert this traffic. According to an IDC report, 42% of a digital marketing budget is spent on SEO, PPC and Display campaigns. Encouragingly, this report notes that trends in 2013 show more budget and emphasis on website development and onsite technologies.
By focusing on onsite traffic, I mean investing in the right tools to be able to identify, monitor and react to traffic on your website and provide the visitor with valued content (webinars, forums, case studies). This will negate the “spray and pray” idea of one message wide broadcasting and focus on a refined narrowcast or even specific account-based solutions for B2B marketers to achieve higher returns on their investments.