[MUST READ] If you run a business or are responsible for the current and future success of a business, this is likely the most important 350-page presentation on internet trends that you didn’t know you need to read. If you are one of the many small business owners that are still questioning the importance of the digital world, Mary Meeker’s Internet Trends 2017 are required reading.
We have scoured Mary’s presentation and picked 12 gems that apply to small business owners.
- Digital advertising is growing at a greater rate 22% YoY. And, mobile is growing faster than desktop. We often speak about the fact that most people pick up their phone as soon as they wake up. Look around you right now. It is likely if you are around people they have their noses in a digital device.
- Ad spending on the Internet will eclipse TV ad spend within 6 months. This metric is becoming harder to determine as digital and traditional channels morph. For example, is watching Netflix on a TV digital or TV?
- 86 % of digital ads are going to Facebook and Google. This stat is really astonishing. Consider what this means for your business: Do you have more control or less access to prospects with two giants controlling the digital world?
- Measuring social advertising ROI is difficult and many marketers may not like what they see. The digital space is becoming more convoluted each year and although we can track and analyze a lot, seeing the total picture can be difficult. Additionally, if you are comparing two Facebook ads and one has lower engagement rates it doesn’t necessarily mean the ad isn’t adding value or that you should stop the ad – or does it?
- Adblocking is on the rise, which emphasizes the importance of targeting the right prospect with the right message at the right time. This sounds worse than it is. Google and Facebook NEED advertising revenue, so click bait and shady advertising practices will be penalized more heavily.
- 26% that click ads in Facebook purchase that product. WOW! This speaks to the previous point about ad blocking. Creative advertising still has a place. I learned this sales principle early in my career: People hate to be sold but they love to buy.
- Geo-targeted ads driving foot traffic at a rate of 5x YoY. I heard of a shoe store running setting up a geofence around a mall and they had a countdown ticker with a discount for those that used their app and were within the geofence. There were reports of customers running out of other stores and into their shoe store. Our goal should always be to get the right message in front of the right person at the right time. This gets us much closer to that.
- The future of search will be pictures instead of keywords. How often do you add the word ‘image’ to your Google searches? Ex. turducken+ image
- 86% of customers stopped doing business with a company due to a bad experience, compared to 72% in 2016. Bad service and bad companies are going to have a hard time hiding. How often do you check reviews when looking into a restaurant or a car dealership?
- If it seems like package delivery is expanding it is because it is! 9% YoY in fact! eCommerce has been around for years and is still in its infancy but it is gaining acceptance by the masses. Apartment buildings becoming warehouses and doormen becoming foremen.
- Retail store closing may break 20-year record all while Amazon is opening bricks and mortar stores. “Retail is dead, but, mediocre retail is dead though”.
- 90% of American’s live within 10 miles of a Walmart. This is quite an amazing statistic as well. As much as many people like to troll Walmart online, clearly some people value what Walmart has to offer.
Without further adieu, here are Mary’s Internet trends for 2017:
Kleiner Perkins Caufield & Byers (KPCB) partners with the brightest entrepreneurs to turn disruptive ideas into world-changing businesses. The firm has helped build and accelerate growth at pioneering companies like Amazon, Google, Nest, Twitter, Uber, and Mandiant. KPCB offers entrepreneurs years of operating experience, puts them at the centre of an influential network, and accelerates their companies from success to significance.