Duncan Chater, Managing Director, EMEA at business giants Bloomberg Media joined us for a quick chat as part of our Marketing Maestro interview series in partnership with Press Gazette.
What’s been your proudest achievement in your current role?
The launch of Bloomberg UK in 2022, our first country-specific offering outside of the US, was a particularly proud moment for me and the team.
The UK is our second biggest market for digital globally and the launch of Bloomberg UK has allowed us to expand to new audiences, while continuing to serve our loyal base of UK business leaders.
Bloomberg UK created distinct content for British audiences and saw us invest in new editorial talent, verticals, and formats – producing a range of original multi-platform content – that audiences could enjoy at work, at home and on the go.
Since launching Bloomberg UK, we have grown our UK subscriber base by 12% and our digital UK-based monthly users by 1 million. Advertising revenue has hit record highs and we have delivered our tenth consecutive quarter of record growth.
Our subscription business growth shows that consumers are willing to pay for high quality business journalism.
Which media channels do you see as most important and best value when it comes to marketing spend and activity?
Each channel, when utilised effectively, offers value and impactful outcomes. We often speak to our partners and showcase examples of work on Bloomberg where a combination of platforms regularly deliver a multiplier on performance metrics. However to achieve the outcome, it’s essential that all parties are clear and aligned on a goal and the metrics to evaluate any campaign’s success.
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What is your advice for mastering social media?
My advice would be to sign up to one of the training courses offered by one of the platforms. Do some research and connect with a social media buyer or distribution specialist. Understand the process of buying, scaling and optimising campaigns. Then you need to spend time on the platforms, understand the products, what they deliver, what works and what doesn’t.
Social’s biggest asset has been the infinite scale it can provide, and this helps to build scale and retarget to engage audiences. Social is typically a low attention platform so it’s also critical to understand what social delivers for your campaign and what it doesn’t.
In your opinion, what is the main difference between B2C and B2B marketing?
Apart from the obvious, the approach can and should be consistent. The key difference is that in B2B we are driving to a much bigger outcome.
Rather than a consumer FMCG purchase, in B2B an order represents significant value. The principles are the same but the customer journey through the funnel would typically be deeper and more nuanced. Therefore in many instances, outcomes stretch over a longer period. Convincing a CEO, CTO or CFO to move to a new IT provider or invest in new software that can drive their digital transformation will have multiple stages.
What is the key to producing engaging marketing content and what types of content works best for you?
Quality content that shows real value to advertisers and consumers alike is key. Other key considerations include the issue of brand trust which is central to engaging and retaining audiences.
A number of factors spring to mind here. At the forefront of our approach is an audience-first mindset and first-party data. To have a clear understanding of what the brand or advertiser wants to achieve, all teams need to be aligned on the purpose of the campaign and the main objectives.
Then planning and distribution teams have a clear brief and can make sure that they are all working to one goal.
Once this is clear then the creative process can start. Finding the balance between delivering on the goal but also producing engaging content is always one of the fun parts of the job. You often need to put yourself into the place of your consumer or target audience so you can make the content useful, interesting, impactful and eye catching.
How important is technology in modern marketing?
Bloomberg has always been a lead innovator in technology using its expertise across data-based stories and analysis.
Our tools and data provide unique value that stands us apart. We continue to grow our work with both agencies and corporations in supporting their ambitions, offering a unique view of our data and insight on how they are perceived by global business leaders. Followed by our consultation on where and how they can make the biggest impact, our suite of tools and brands offer a proven path to execute a plan to deliver meaningful outcomes.
And finally, which future marketing trends will become mainstream before too long?
ESG is front and centre for every marketeer. Consumers are increasingly expecting high standards from companies across areas like sustainability and other key issues. I think companies increasingly need a clear vision and purpose for both their employees and customers. Purpose, authenticity and smart communication is what I think will be central to any company’s long term future.