Timing is everything – right? It may not be everything, but it certainly matters. Cricket is all about timing. Yes ! I am cricket lover. Any cricket expert will tell you that all great batsmen are a great timer. But, here the story of timing does not end. Timing is a very important factor for everything whether it is game or business.
Here I will describe a macro level aspect of timing and then micro level importance of timing in marketing campaigns. When I am saying about macro level factor then I mean to say about early mover advantage.
Harvard Business Review (HBR) Analytic Services’ did study on “The Digital Dividend – First Mover Advantage” in 2014 and found that early adoption of new technologies leads to better business outcomes.
The study results showed that IT “Pioneers” – companies identified as a strong believer in the benefits of adopting new technologies and pursue “first-mover advantage” — are more likely to lead to both revenue growth and market position than their peers.
23 percent of these companies experienced over 30 percent revenue growth. This is more than twice the growth experienced by companies identified as technology “Followers” (those that watch and invest once benefits are proven) and three times the growth experienced by “Cautious” technology adopters (those that wait until a technology is well established).
The study defined three attitudes towards technology adoption: IT Pioneers (34 percent of those surveyed); Followers (35 percent) and Cautious (30 percent). Fifty-seven percent of all respondents viewed IT as an investment that drives innovation and growth. Fifty-four percent of IT Pioneers identified technology as leading to a significant change to their business models, with 52 percent seeing it as leading to a significant change in the products and services they sell. By contrast, only 29 percent of the companies in the Followers category and 10 percent of those in the Cautious category saw technology leading to changes in business models.
However, the survey found significant adoption of various forms of technology among all of the survey’s respondents. For example, 73 percent use cloud computing, 61 percent have extensively adopted mobility, 83 percent use social media and collaboration tools for business and 20 percent use M2M extensively.
The survey also identified obstacles to adopting new technologies, with 34 percent of the respondents saying legacy technologies get in the way of innovation, and 44 percent saying they need more cultural flexibility to adapt and take advantage of new technologies to drive new ways of doing business.
The research shows that interdepartmental collaboration is critical and that segregating IT from business operations or operating in functional silos can be a significant disadvantage to a business. On the positive side, an increasing number of people state that they are now involved in technology decisions — 25 percent the survey’s respondents saw themselves as “very involved,” while 48 percent thought they were “somewhat involved.” Of these, 42 percent were defined as executive leaders; 30 percent of senior managers and 14 percent of other managers. Less than 10 percent of survey respondents worked in IT functions, demonstrating that IT is now becoming firmly integrated into the overall business ecosystem.
“New technologies can provide a genuine competitive edge, but the organization has to make the commitment to use technology to build new processes and business models,” commented Angelia Herrin, research and special projects editor of Harvard Business Review. “Companies need to become more flexible in terms of technology implementation and make innovation part of their culture in order to realize the real business value.”
The earlier user of Google Adword got huge ROI. The Earlier Adopter of Email marketing use to get the great open rate. We live in a world where e-mail marketing open rates are down from 37% to 12%. Google Adwords are down 15% in click-through. Banner ad click-through is collapsing…and it goes on and on. So friends low hanging fruits are no more on Adwords and E-mail marketing. Now these channels require creativity and more investment for fetching up good result out of it.
Advertising and Timing
Ok, let’s dive down in more nitty-gritty of timing. If we talk about Advertisement. The most powerful advertisements share one major commonality—relevance. They speak to your world in the most relevant way possible. When you’re hungry, an ad for a burger might be perfect. When you’re thirsty, bottled water might do the trick. The closer an ad speaks to your current experience, the more likely it is you’ll buy the product. And digital advertising helps you do this better than any other advertising channel.The frequency and timing of advertising message exposures play an important role in advertising campaign management.
Ultimately, advertising is about relevance—the right location at the right time. Hyperlocal digital advertising already gives you the location piece; now, real-time ads give you time-relevance. And you don’t need luck—with a little bit of planning and the right data, you can serve your ads to customers right when they’re perfectly poised to hear them. Digital advertising gives you the flexibility to adapt to changing conditions in the world—whether you have to swap out creative or simply increase your ad buys in a specific area. By being highly relevant, you improve your response rates while reducing your ad waste. And that’s the dream of every advertiser, isn’t it?
We are talking about timing and without covering social media it will be incomplete. It is being experimented and proved that timing of post plays the crucial role in driving engagement on social. Here I am sharing you KISSmetrics infographic.
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Source: The Science of Social Timing Part 1: Social Networks
Real Time Brilliance By Oreo
Oreo showed itself to be well ahead of the curve in real-time marketing with its masterful Super Bowl tweet that responded to the mid-game blackout. (“You can still dunk in the dark” was the message within the graphic it tweeted out that night.)
Power out? No problem. pic.twitter.com/dnQ7pOgC
— Oreo Cookie (@Oreo) February 4, 2013
I really hats-off the Oreo Social Media Team who tweet out this brilliance in the fraction of a second.
It’s distinguished itself on social with whimsical campaigns, like last year when it celebrated its 100th birthday by posting a different cookie image every day for 100 days. Editions like the Shark Week Oreo and Mars Rover Oreo played off current events.
My all time favorite is Indian Brand Amul, who make their campaigns around current affairs. They are just master of real-time advertising. I am sharing you some of their real-time ad examples. The most important thing is they use multi-channel approach for the real time campaign. They really deserve a thousand claps for relentless successful execution of these real-time campaigns.
Success stories of well-timed ads are endless. I am sharing you 1913 Encyclopædia Britannica ad.
This ad is tasteless and insipid in the modern context but I can tell you it would have been well received in 1913. It was well timed because in 1913 hardly anyone was adverting in print. So It did not require to make great creative and perfect ads.
In conclusion, if you are well timed then you can afford to not to be a perfectionist. But becoming great timer is tougher and more creative Job than becoming a perfectionist.