Digital technology has opened the door to a range of new marketing opportunities.
Major media innovation has only been presented a handful of times in the past. Most notably the introduction of the newspaper in the 1600s, radio in the 1890s, television in the ‘30s and mainstream adoption of the web in the ‘90s.
Now we are in a digital era. We are spending more time online (six hours per day, on average), and the majority of this time is on mobile devices (four hours per day). We carry in our hand a “phone" exponentially more powerful than the common ten-year-old desktop computer.
Digital First
One can only dream of what potential innovation lies in front of us over the next decade, however the facts of today cannot be denied - we live in a mobile world.
That’s why TDN AusNZ launched with mobile-prioritised platform. The majority of news readers (over 75%) are consuming stories on mobile devices, so it made sense for the mobile experience to be top priority.
And when a new device or technology becomes mainstream, this digital-first strategy ensures an adaptability to change too.
From an advertising perspective, digital technology allows us to access three strategic benefits that other advertising platforms struggle to provide: data feedback, clarity of message, and access to targeted audiences.
Let’s explore these in more detail…
1. A data feedback loop
Data provides cold hard facts. Proper data analysis protects us from cognitive biases such as the Bandwagon Effect where ‘humans lend toward doing what everyone else is doing, comforted by social proof’. So instead of relying on anecdotal evidence which may sway to our own biases, data analysis allows the objective dissection of facts.
A proper digital platform will have access to data feedback on how your advertising is performing. Facebook Ad Metrics and Google Analytics are impressive examples: an advertiser can see how many people have engaged with a publication, on which device, for how long and where they were based. If content is not resonating, data can provide clues as to what should be changed for the next version.
This ongoing feedback loop ensures advertising spend becomes increasingly more effective with each dollar spent.
TDN AusNZ data metrics report
2. Increased engagement
Interactive adverts with clear messages have significantly more engagement than cluttered JPEG images.
People are busy - viewers will look at an advert for an average of three seconds. In order to cut through the noise; clarity, striking visuals and interactivity are the keys to increased engagement. TDN AusNZ data has shown us that a well-designed interstitial advert with one clear, distinct message will increase average viewing time from three seconds to seven.
TDN AusNZ engagement metrics have also revealed that embedded video advertising spots have five times more engagement than those that provide an advertisement with click-through link. Photo gallery spots allow numerous images to be promoted in large dimensions, with a clear message and swiping interactivity; users spend on average ten seconds on these galleries.
As a result, a digital platform that allows for a range of media types, beautiful design and user interactivity will increase views, over a longer period of time.
3. Specific targeted audiences
Mass market media advertising is expensive. Thoroughbred businesses rarely have a requirement to reach a large, broad market (except perhaps a major race club or carnival). Therefore, advertising platforms that allow a specific audience to be reached is the most cost effective distribution strategy.
Growing your business’ audience via your website content is an exceptional way to advertise to a specific audience - with no distribution cost except content production.
Social media channels are also examples of best practice audience targeting. Users can segment the audience into specific demographics, interests, engagement characteristics and media engagement types. Social platforms can even find target markets that match requirements using audience characteristics “similar-to” your business.
Vertical niche publications are another good example of advertising to targeted audiences. A stallion farm needs to advertise to mare owners - not to an audience where mare owners are 1 in 100. For cost-effectiveness, insurers and veterinarians need to advertise to those who currently own a horse. Promoting to a wildly broad audience is expensive and largely ineffective; the more targeted your distribution strategy, the more cost-effective it will be.
Why "click-throughs" are an antiquated metic
Prior to launching TDN AusNZ extensive market research was conducted, revealing that when readers accidentally click on a banner and it removes them from the platform, they find it a major detractor to the experience. Click-throughs from PDF publications were delivering a 95% bounce rate. In order to stop this annoyance and high bounce rate, we built a toolbar pop up which only allows intentional click throughs, not accidental ones.
As a daily publication, metrics showed that when a reader becomes immersed in reading they will complete it before going to a website. This is shown by the TDN AusNZ 20-page average view by each reader; when a reader starts the publication, they'll finish it. They will not leave the publication mid-read to visit a link on a banner advert.
The other reason we have found click-throughs are an antiquated metric is because at TDN AusNZ, we value quality of readership over quantity. The bloodstock industry is not wide in terms of participant volume. There is a core network of highly valued participants who are the key decision makers - or have a major influence over the key decision makers. At the outset we set a goal for TDN AusNZ to become invaluable to the core bloodstock industry: the breeders, agents, farm managers and owners.
We believe becoming invaluable to one key player is more important to us than being read by 1000 punters. After a 12 month global survey, almost all major bloodstock industry participants reported TDN AusNZ was their definitive source of Australasian bloodstock news and insights for their daily readership requirements.
This adds to the irrelevance of click-throughs as a success metric; key players are incredibly unlikely to visit a major industry website through a banner advert; they should have the site saved in their toolbar as a favourite site, or know the web address by heart.
