FT Innovate 2013 Keynote: Facebook - Navigating Travel in a Connected World
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Large, people-based platforms allow for three things: inspiration, conversion, and retention. That's what Facebook is for travel marketers—and the most successful marketers incorporate all three.
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FT Innovate 2013 Keynote: Facebook - Navigating Travel in a Connected World
- 1. Facebook: The Future of Travel Marketing Lee McCabe, Global Head of Travel November 2013
- 4. Infinite memory Instant communication A heck of a lot of processing power
- 5. Conversion
- 7. All of the people who matter to you.
- 9. Efficiency
- 10. Source: Datalogix, June 2012 >3x70% of campaigns had a return on ad spend
- 11. 80%more likely to book a trip from a friend liking a Page than they are from responding to a traditional ad
- 12. Making travel more social Trip Advisor
- 13. Making travel more social Trip Advisor
- 14. AirBnB
- 15. Cleartrip
- 16. Hotels.com
- 17. Alitalia
- 18. 3x-15xreturn on ad spend across the marketing funnel MGM Resorts International
- 19. Multi-channel
- 24. Multi-screening is the new normal Source: Facebook internal data, Dec 2012 Q: While watching TV in the last month have you ever...? (check all that apply) 63% 76% 78% 79% 49+ 35- 49 25- 34 18- 24 Browsed the web Checked Facebook Texted someone Played games
- 25. TV + Phone Phone + Laptop Laptop + TV
- 28. The Internet is shifting to mobile Source: *IDC, **IC4D 2012 Maximizing Mobile, World Bank, July 2012 - 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2010 2011 2012 2013 2014 2015 2016 Worldwide smart connected device shipments (M)* Smartphones PCs Tablets 45%of the world population will have a smartphone in 2016**
- 29. Mobile is not a trend 0 2 4 6 2010 2011 2012 2013 Time Spent in Media 0 2 4 6 2010 2011 2012 2013 Time Spent in Digital Media Source: eMarketer, July 2013 *Includes desktop web and nonvoice mobile Mobile (nonvoice), 2:21 Online, 2:19 Other, 0:36 Digital*, 5:16 TV, 4:31
- 30. mobile daily active users 874M 30 minutes per day Source: Facebook Q3 2013 earnings, Facebook Audience Insights Feb 2013, comScore Mobile Metrix, US March 2013
- 31. Hotel Tonight 10xhigher click-to-install rate compared to standard mobile banner ads
- 32. Identity
- 34. Ted, Travels to run competitively Julie, Just got scuba- certified Jesse, Rock climber Neil, Frequent flyer Troy, Likes adventure travel William, Avid windsurfer Jane, Thinking of taking a cruise cruise
- 35. Marketers can reach their consumers through new platforms Facebook Your CRM database Matched targets
- 36. Source: Nielsen OCR, August 2013 89%The average Facebook reach for narrowly targeted campaigns is accurate 38%The average online reach for narrowly targeted campaigns is accurate
- 42. This isn’t new. People Back then Algorithm Internet Crowds UGC People Facebook Expert Agents
- 43. Everyone is a travel agent.
Notes de l'éditeur
- -Welcome, etc. -I want to talk with you today about how we at Facebook view travel. -This industry is thriving. And it’s changing so quickly. -The advent, adoption and implementation of digital presents you with massive potential to grow.
- -From travel agents, to the Internet, to smartphones and iPads, our industry has forever changed because of the advent of digital technology. -The sophistication we are seeing is incredible. -With better technology has come more sophisticated means of reaching people and connecting with them. -While the advent of digital has transformed travel, it also means that people more choices.
- -And more choices for people means more competition for you. -We are working in and working with a very complex landscape. -I’ll explain what that means.
- -<EXPLAIN THIS SLIDE> -So where does this leave us? -What issues are facing the travel marketers of the world? -It really comes down to conversion.
- -You want to book travel. -You now have more opportunities to book travel. Technology has changed how people book travel and it has made it easier to book travel. -And with this digital landscape, you can now do this at scale. -But before I get into too much detail about conversion, let me explain the mindset that we operate under every day. -At Facebook, we talk a lot about our network of 1+billion people…
- You will hear me use the word “people” a lot today. -If you think about your business plus Facebook’s one billion plus people in one place, -With more data then ever before, -It’s pretty well impossible NOT to have good results. -But to get the results you’re after, you don’t need 1.1billion people. -What you need is all of the people who matter to you.
- -And perhaps most importantly, you need access to them. -And I want to talk about WHY people matter to travel. -The bottom line is simple: People matter because people are at the heart of travel. -People shop online for travel. People share photos and stories of their travel online—and they’re doing this practically as it happens, in real time. -People are at the heart of this business. -So how do you make sure your business intersects with the people you want to reach? How do you amplify your business by harnessing the power of people to book travel? -The answer is that technology has changed everything, but people are the constant. -The easiest lever you have is people. -And I am of the mindset that you can address conversion with three core ideas…
- <Lee: Say each of these words once, slowly. Repeat them, if necessary.> -Efficiency. -Mutli-channel. -Identity. -As prices have commoditized to the lowest common denominator, leveraging data for more efficiency and accuracy are essential to conversion. -And that’s what I want to talk with you about today.
- First, efficiency. -Efficiency is an absolute must and technology has fundamentally changed efficiency. -You all know better than anyone that a high ROAs is critical to the success and growth of your business. -In such a highly commoditized industry, efficiency matters more every day, especially in marketing. -Reach the right travelers at the right time, in the medium that drives action. -And in terms of driving action, here’s an interesting statistic.
- -In a recent study analyzing more than 60 brand campaigns on FB, data shows that 70% of those campaigns saw returns-on-ad-spend of 3x or greater (Datalogix June 2012). -That’s no small feat. -3X ROAs is remarkable. -Here’s another statistic for you.
- -Travelers are 80% more likely to book a trip from a friend liking a Page on Facebook than they are from responding to traditional advertisement. -Some of the biggest names in travel are doing this well. -They’re reaching the people who matter to them at the right moments and they’re seeing tremendous results. -I’m going to highlight a few good examples. -Let’s look at Trip Advisor.
- -Trip Advisor is another good example. -The world’s largest travel site mapped out multiple ways to maximize Facebook integration, a strategy that has yielded strong results. -Facebook users have 27% higher engagement on TripAdvisor, contribute twice as much content, and generate more revenue. -These kinds of results are not uncommon. In fact, they are the norm. -There are countless success stories like this. -And they show us a few things…
- -Trip Advisor is another good example. -The world’s largest travel site mapped out multiple ways to maximize Facebook integration, a strategy that has yielded strong results. -Facebook users have 27% higher engagement on TripAdvisor, contribute twice as much content, and generate more revenue. -These kinds of results are not uncommon. In fact, they are the norm. -There are countless success stories like this. -And they show us a few things…
- <Talk about AirBnB results> NOTE: I MIGHT HAVE SLIDES 13-16 STACK/BUILD ON EACH OTHER AS OPPOSED TO USING SEPARATE SLIDES.
- -Talk about MGM results. -When I talk with experts from hotel and resorts, they love this example bc MGM not only drove bookings, but they figured out how best to reach people and stay relevant to them on the platforms they’re using most….which actually brings me to my next point. Multi-channel.
- -OTAs, hotels, airlines suppliers…so many businesses are transitioning to be multi-channel. -They are connecting with the right people at the right time, with the right message—on all of their devices. -Like I said, you’re going to hear me use the word “people” a lot today. -But I want to take a step back for a moment.
- -Look at this old photograph. -This is the old way to get the message in front of people. -Marketers used one-way communication to push their messages at people. -Marketers used to have to cast wide net with a generic message to reach a lot of people.
- -Now, we can reach people in much more strategic ways. -And with digital having surpassed TV year—at least in the US so far—and we expect the rest of the world to follow suit—we know -We can time and tailor our messages for just the right people. -The second reason people matter to you is because of the world in which we now operate. -The world is telling you that you need to be omnichannel… -This new landscape requires that you are omnichannel…
- -But the only thing that is truly omnichannel is people. -And that’s why people-based marketing is effective. If you are truly omnichannel, marketing with a people-first mentality will reflect that. -Knowing that people are more connected than ever, reach them where they want to be reached. -Take a look at this picture…
- -Take a look at this picture my friend Erin snapped this of her husband “watching” TV one night… -This is typical for most households. -This is the new normal.
- -Multi-screening is the new normal. -These percentages are telling and they seem to increase every year.
- -People also use their devices for very different purposes. They expect seamlessness across those devices. -As a result of multi-screening, marketers have more opportunities to reach more people where they are spending their time. -Reach travelers regardless of device.
- -Message consistency is key. -Message consistency across those devices and across platforms is critical to your brand. …from dreaming, to planning, booking, to experiencing that travel…
- …from dreaming, to planning, booking, to experiencing that travel, and even during the reflecting stage. -The internet is where people discover things (formerly, it was search). -And the Newsfeed is where a lot of that discovery happens for more than a billion people. -Facebook Newsfeed is where they discover what matters to them.
- But by far, the biggest, most significant change to travel is and will continue to be mobile.
- Mobile is not a trend.
- -With 1B people and 819 million people using Facebook mobile, what you’ve got is more opportunity to reach people who matter to you. -Average user spends 30 minutes per day using Facebook mobile. -Statistically, these are numbers marketers couldn’t have imagined even a year ago. -That kind of reach is astounding. -Hotel Tonight has been really successful in this area.
- -Talk about MGM results. -When I talk with experts from hotel and resorts, they love this example bc MGM not only drove bookings, but they figured out how best to reach people and stay relevant to them on the platforms they’re using most….which actually brings me to my next point. Multi-channel.
- -Third, identity. -In addition to the proliferation of devices, we now have buzzwords like “big data.” -But “big data” really just means “targeting.” -And it represents one of the biggest opportunity we have.
- -Travel is a high-consideration purchase. -The average online shopper will actually visit more than 20 websites before making a purchase. -This means that maximizing every dollar you spend is critical. -Leverage that data.
- But I’ll remind you that data is not just for reaching a lot of people. It’s about finding the people who matter to you. -With sophisticated targeting capabilities, we can pinpoint, to a science, exactly who you want to reach and when you want to reach them. -And it can be done at scale.
- -But more effective than sheer volume is coupling your data with ours for unprecedented accuracy. -I want to take a minute to dispel a myth. It’s not uncommon to hear in -the media, or murmurs in the halls of marketing orgs around that world about Facebook’s “enormous treasure trove of data.” -It’s true, we have a lot of people AND a LOT of data. -But the future of data, and big data in particular, isn’t going to be one company’s treasure trove. -Because the truth is that YOU have a lot of data too. -And with privacy-safe structures that allow you to combine that data with our data, people matter to you even more.
- -Combine all of this data with digital technology and you have massive efficiency opportunities -Beyond targeting and reach, what also sets FB apart is accuracy. -In fact, almost 90% of the time, our targeting is accurate, compared to the average narrowly targeted online campaign, which sees only 38% accuracy. -If we were in Monte Carlo or Las Vegas, where would you place your bets? I’d bet on 90% accuracy every time.
- -THE GRAPH MODEL -The whole difference boils down to 'what is the best' vs. 'what is the best for me now' -Some people believe that there are absolute answers, truths if you will. We just don't model the world that way. We believe that every single person has a unique perspective, and that perspective evolves over time. That is the fundamental conceit of the graph as our model, and our challenge as a company. -We spent the last eight years as a company in the cartography business building out a relatively static map. Just connecting the world.
- -Now we need to understand that map as a living breathing organism as new connections form and others decay. -We need to understand that in reality there are as many perspectives on the graph as there are people in the graph -And we need to be able to deliver to each their best answer in context, rather than an average.
- EXAMPLE -Practically speaking, people ask perfectly reasonable questions like “Where should I stay in New York?” -But when people ask "where should I stay in New York?”, what they really mean is ”Where should my family and I stay when we’re there next week?” or “Is there a good hotel in New York that suits my family’s needs?"… -And we are building the infrastructure as a company for people to help each other in answering this personal cut of the question. -Think about a major personal choice you made in your life in the past. Where to go to college, who to marry, where to work. What if you would have known more about the consequences of your options? Would you have chosen differently? Now think about the option you didn’t even know existed.
- MISSION OF SOCIAL -When you hear people asking … where should I stay in New York? where's the most relaxing vacation spot?, who should I spend time with?, Who is the best employer?, Who's the best pediatrician?, what is the best car?, remember that they are always asking all of these questions prefaced with "for me", "right now" in an attempt to live better, to make a better decision. -In many ways life is just a string of these decisions… and we can do so much good, and create so much value, by creating a medium through which we can work to do this.
- -At the end of the day, digital addresses this…which means conversion can be addressed head on. -Efficiency. Multi-channel. Identity. -Look at MGM, Hotel Tonight, TripAdvisor, Sea Escapes…OTAs, hotels, airlines, resorts, CVBs all over the world are doing this well. -But as an industry, we need to get better at adoption. The competition is too steep not to. -Conversion is as much about efficiency as it is about efficacy. -Find the people who matter to you—those most likely to convert.
- -So in thinking about thriving in this digitally dominated, constantly connected world, know that the challenges you face are the same marketers in travel have faced for decades. -If there is one thing you remember from today, it’s that social marketing…
- -Now, people can act as their own travel agent. -People are empowered. -Companies like TripAdvisor, Secret Escapes, British Airways, Hotel Tonight—the list goes on—are using the resources they already have, data they already have, and combining that with digital to do what they already do best—book travel and keep people coming back, season after season. -And so much of driving those results and managing those relationships involves your brand. -With people acting as their own travel agents, your brand is more relevant than ever….
- -From inspiring people by sharing photos and travel stories, to influencing them to book a trip and stay at a particular hotel or resort, there have never been better ways to reach so many people who matter to your business. -You have the power to drive growth and optimize your market potential. -You have the power to scale farther and faster than ever. -You have the power to harness the power of all of the right people who matter to you.
- Thank you.