As digitalization sweeps across all industries, frequent questions such as what is digital transformation and what is coming next? continue to linger. At this year’s Kings of the New Economy Summit hosted by 36Kr Media, Jun Yuan, founder of SparkX Marketing Group shared valuable insights on what is up and coming in digital marketing and how to accelerate brand globalization.
During the same evening of the summit, WISE China’s 2021 Kings of the New Economy Annual Winner’s List was also revealed. After winning the WISE 2020 Kings of the New Economy - Most Influential Enterprise Award last year, SparkX Marketing once again received the WISE 2021 Kings of the New Economy accolade for its dedicated services and technological innovation in the field of cross-border digital marketing.
In addition to its proprietary one-stop intelligent marketing platform Xplatform, Xtream Marketing, a sub agency of SparkX Marketing Group, specializes in integrated cross-border marketing solutions for small to large scale businesses, combining world-leading data technology with rich media resources and industry insights that cater to every brand’s target audience, full-link advertising products and differentiated marketing scenarios. Through omni-channel data integration, refined strategies and intelligent operations, Xtream Marketing helps brands build brand site traffic pools, unleashing the advantages of data technology and accelerating a brand's digital marketing transformation and global expansion. At present, the agency serves some of the world’s TOP 50 brands, covering multiple categories such as 3C consumer electronics, apparel, home furnishing, beauty and more.
Empowering Brands to Go Global Through Data Technology
Since the pandemic, companies across the world have placed a greater importance on digital transformation. Digital transformation in the field of marketing is a crucial starting point for companies to achieve second-curve growth further down the line.
According to Gartner's 2021 CMO Expenditure Survey Report, despite the overall marketing budget cuts in 2021, 21% of budgets are still being invested in marketing innovation plans, while 72% of CMOs surveyed stated that compared with 2020, They increased their spending on marketing innovation, including smarter, more diversified marketing and social media tactics.
At a time when traffic dividends have been exhausted, most of the global market has switched from incremental competition to stock competition. During the period of incremental competition, companies have had to rethink ways of seizing larger market share through products and sales. However, with the increase in importance and value of stocks, the competition among enterprises has become more diversified, which also means that cross-border marketing has had to change from a traditional, operational flow to a consumer-focused operational approach with "people" at its core.
Jun Yuan, founder of SparkX Marketing Group, believes that throughout this process, empowering brands to go overseas through data technology will become the trend. In other words, brands need to continuously gather consumer data assets, tap into multiple data sources, integrate innovative algorithms, technologies and form multi-dimensional cross-analysis and attribution models to enhance marketing reach and achieve effective, long-term growth for brands.
Implementing the Principles of Marketing
Forming a 5-Step Methodology for Full-Link Digitization
User behaviors are becoming more diverse and the interaction path between brands and consumers is more complicated than ever. Xtream Marketing has devised a five-step methodology for full-link digital marketing from "data gathering – audience insights – analysis modeling – ad placement – effect attribution". Different reach and communication strategies to promote audience retention and repurchase are implemented based on different consumer purchase paths.
During the sharing, Yuan shared that as far as Amazon advertising is concerned, there are various advertising formats and types including SP, SB, SD, DSP, OTT, Twitch, etc., where every type of advertisement plays a different role and purpose throughout the marketing funnel. This said, how is it possible to quantify the value of each? How can we analyze the relationship between advertisement types? How do we allocate the best advertising budget and how can we optimize the frequency of ad exposure?
In this regard, Amazon Marketing Cloud (AMC) is a solution for the overall measurement and analysis of advertising impact within Amazon’s advertising ecosystem. AMC enables brands and marketers to measure ad performance through various dimensions and granular data analysis to understand the effects of marketing on different media channels. At the moment, Xplatform is the first intelligent marketing platform in China that accomplishes data port docking with AMC.
Based on AMC data, Xtream Marketing superimposes its own data technology and multiple algorithms to form multidimensional analysis models such as collaborative analysis, audience analysis, coincidence analysis, frequency analysis and multi-touch attribution analysis, helping brands portray users throughout the entire marketing funnel and trace the complete consumer journey path to provide in depth user insights and create greater value for brands.
Let’s take a home furnishing brand as an example. Combined with the marketing funnel model, the brand adopts a full-funnel diversified advertising mix. With the help of multiple analysis models such as collaborative analysis and coincidence analysis, results reveal that through a complete top-down full-funnel marketing mix, the brand’s advertising campaign had the highest conversion rate at1.47-2.34 times higher. This also shows that through the analysis and insights of the entire funnel, brands can build a closed-loop advertising environment while also establishing a solid foundation and model for future advertising campaigns based on acquired and generated data.
With the rise of personalized consumer demands, traffic dividends no longer exist. In addition to data, cross-border digital marketing requires the support of algorithms and marketing technologies to drive measurable and valuable results. SparkX Marketing Group will continue to develop its technology and data capabilities to help brands succeed in the global market.