When Roy Siew was appointed to lead Berjaya Sompo Insurance's digital team last year, he said then that his vision for the team was to "put [themselves] in the consumers' shoes and look past the competition". Fast forward a year later to 2020, Siew told A+M that while it collected data and insights from digital marketing platforms last year, they were fragmented. As such, it strives towards integrated data for better decision making and cost effectiveness.
Siew has over 10 years of experience in digital insurance and previously worked at AXA Affin Insurance for about four years. During his time there, Siew helmed roles such as head of digital - HR department and head of eCommerce and partnership. In A+M's latest edition of The Futurist, Siew shares how marketers can roll with the changes in the evolving digital marketing industry, and ensure they get high ROI for their digital marketing efforts.
A+M: What are some of the biggest learning lessons you are taking into 2020.
Siew: Currently we attract potential customers through digital advertising on Google, Facebook, Twitter, Bing and other platforms. We started to collect data and insights from digital marketing platforms in 2019 but it is completely fragmented.
In 2020, we will strive towards integrated data for better decision making and cost effectiveness.
For more efficient ad buys, we are in the midst of exploring data management platform. It will allow us in managing multiple online campaigns through different advertising networks and publishers, helps control advertising expenses and improve overall ROI.
A+M: What are the digital trends you look forward to in 2020?
Siew: With the declining of social media user engagement and the rise of digital video viewership, developing relevant video contents and video ads will be a key focus in 2020.
Content with video elements will generate not only views but will also increase engagement from targeted audiences.
Result speaks for itself, video ads perform better than image ads with lower cost per lead and cost per acquisition. I will focus on creating shorter and more engaging video contents in hope to capture people's short attention span.
A+M: How do you see digital marketing evolving in 2020?
Siew: In 2019, there was a growth in the usage of social influencer marketing by Malaysian marketers. Social influencer marketing shows no signs of slowing down in 2020, having evolved into a core marketing strategy. Micro and nano influencers have a smaller follower base but are more credible as consumers view them as more authentic or real.
A+M: How can marketers ensure they get high ROI for their digital marketing efforts?
Siew: Growing digital sales is undeniable more important than getting more clicks. Key to achieving this is to make sure you understand your target audience which is the final decision maker. In order to achieve higher ROI, it's about reaching the right audience, locality and having ads tailored to their interests. Data is the most accurate way to predict a customer’s “next move” in your business model- especially online.
Using behavioural data with customer journeys, you can predict engagement points on when you think a customer may convert. You can also track “drop-off points” and see where you may be losing people whether it is due to confusing content or a dead end in the journey. By mapping these patterns, at both one-to-many and one-to-one marketing, you can give insight into the outcomes of campaigns and help drive to the outcomes that you want. Consider using AI or predictive modelling to automate ad buying with real-time bidding so you can target more specific audiences.
A+M: How can marketers reduce the digital talent gap and retain employees?
Siew: Finding the right digital talents is a big challenge for many companies. There is no perfect talent that fits all the job requirements due to the fast changing technology space. By creating an environment that rewards learning and chart a clear career development path. To retain employees, empowering digital talents to implement change and provide flexible and collaborative ways of working. Also, we celebrate every occasion with the whole team, be it any festival, birthday or accomplishment (big or small). I think it’s the employee experience, transparency and job satisfaction that makes an employee wants to stay with an organisation.
The article first appeared in A+M's January-March edition of The Futurist.
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