In my last post, I argued that Facebook’s decision to shift their news feed algorithm away from publishers’ posts and back towards friends’ and family members’ posts should encourage marketers to build platforms as a hedge against changes that might hurt them. Solid advice.
Now what the hell is a marketing platform and why should marketers invest in one?
In terms of description, a marketing platform is a long-term marketing initiative, often but not always digital, that engages customers and prospects at one or more points along the customer journey in a brand-owned space. Let me emphasize that last point about a brand-owned space. In some ways, platforms work like branded content in reverse; rather than engage consumers in a trusted publisher’s space, platforms build brand trust by becoming media properties themselves.
Some of my favorite examples of marketing platforms include:
Society of Grownups, Mass Mutual’s content platform for adult financial education
These models are about as psyched as you are to learn about IRAs
Society of Grownups speaks to a segment of recent-ish college graduates who need to start making financial decisions with lifetime consequences. Creating the Society of Grownups platform gives Mass Mutual’s content some credibility without relying on a publisher brand. They update it frequently with new articles, graphics and calculators to encourage ongoing learning.
DIY Projects & Ideas, Home Depot’s tool and project tutorial series
Now I have a nail gun. Ho. Ho. Ho.
Home Depot has, of course, featured live tutorials in their stores for ages (and these, incidentally, serve as a great example of non-digital platforms). Putting these tutorials online might represent an obvious next step for our connected and busy world. However, they also encourage consumers and maybe even some pros to keep visiting the site and to build their trust with Home Depot.
Yeah? So? Why should I spend money on one?
Obviously, platforms such as these, which depend on fresh content and functionality, don’t come cheap, so why build them?
In terms of the investment discussion, it helps to think of platforms as a way to buy your audience’s attention rather than to rent it. A successful platform reduces the need to acquire and re-acquire customers and prospects every time they reach the “shop” or “buy” phase of the customer journey. They keep showing up because the platform has something of value for them. Continued visits build brand trust that ultimately leads to purchase.
Speaking specifically of digital platforms, they can also play a valuable role as CRM tools. At their simplest, any platform can have a “buy now” button or something similar. The nail gun video above has links beneath it to drive users to a nail gun buying guide that leads to product pages. More subtle approaches can gather data about visitors (assuming proper permissions, of course) and provision them with appropriate content and offers when they display buying behavior.
In a subsequent post, we’ll discuss how to build, maintain and most importantly measure the performance of marketing platforms. For now, though, think of what you could do with your audiences if they belonged to you and not Facebook.