This week’s Digital CMO Series features the Big Brand Theory Panel: Part One. Below are a few key questions from our one-on-one interview with David Fenn, Director of National Accounts, Yelp. Check out more from the Big Brand Theory panel, as well as our interview with Rich Calacci, SVP Advertising Sales, CBSSports.com and CBS Mobile on our YouTube channel.
What is the Big Brand Theory and how does Yelp play a role?
The Big Brand Theory is really how big brands interact and how they can now get into the new digital world. I think where we play in that is we come at it from an inherently local perspective. Yelp was built from the ground up on local”¦but in today’s world local is now relevant to everybody, including big brands. Meaning, the local Domino’s is now “my Domino’s and I interact with them on a one-to-one basis. So it is a very different interaction than it used to be. And we talk a lot about word of mouth online and word of mouth has been going on forever. Now, it’s just in this online medium and we encourage big brands to join the conversation and talk to their customers.
What does the evolving digital space mean for the future of digital marketing?
Where we have been has really been driven by media and advertisers and I think the fundamental shift that is going on, is that consumers with the advent of a lot of the social and a lot of technology, has now come to the forefront and is more in control than ever before. I think what that means for big advertisers and for media in general is that they’re going to begin to have to think about how consumers interact with their brands online – how they consumer them, where they spend their time, and where they interact online and to bring the media and customized messaging to them and where they consume it”¦
How do you bridge the gap between digital marketing and local commerce?
There is actually research that came out of a company called 15 mile”¦ their research says exactly that, which is people research online but inherently buy within 15 miles of their home base”¦now that varies if you are travelling and that is where the utility nature of services like Yelp come into play. But really connecting the dots between the online research and the offline purchase is the next big aha moment of how to solve that problem and it is very difficult… Absent of putting barcodes on the back of someone’s head, how do you really track that? It’s really hard to close that loop. There are a couple of ways that it happens today — redemption of coupons, telephone calls tracking, some of the newer things we are seeing – one example is the check-in feature. We launched a check-in feature for Yelp and it really helps the small business owners to big brands because we can now roll that check-in data into all their other metrics, to say not only did you have this many people find your listing in search”¦ but we also had 5,000 people check in at your stores across the country. So it’s another closed loop mechanism.
Kristen Renda serves as Marketing Manager for Compete. Since joining the company in 2008, she has been fully immersed in all aspects of Compete’s marketing programs; developing and executing both online and offline campaigns. Most notably, she plans and manages all company events including the annual Digital CMO Summit.