Mobile Report Gaming Focus Feb2013

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MOBILE REVIEW GAMING FOCUS FEBRUARY 2013

THINK WORKS

THOUGHT LEADERSHIP SPARKING EXCEPTIONAL RESULTS www.latitudegroup.com | 1


Think Works Gaming Focus | 2013

CONTENTS 03 Executive summary 03 Key findings and quickstats 04 Mobile still key despite slowed growth 04 Smartphone growth slows down 05 Smartphone still the device of choice for sports bettors 06 Cost of smartphone clicks skyrockets 07 Adwords Enhanced Campaings: an absolute game changer 07 Get ready for June 08 How can I prepare my campaign for the changes? 09 3 top tips for better PPC campaigns in 2013 10 Google and Apple still in the lead 10 Bing competes over tablet click share 10 iOS loses visit share 11 Optimising in the gaming sector 11 Stay clear of the black hat 11 The long and winding road 11 Don’t forget about social 12 Mobile link building for SEO 12 Building links 12 Why is mobile link building important? 13 How do you build mobile-specific links? 14 Real-time bidding is no gamble 14 What is real-time bidding? 15 Pro-tips for mobile display advertising 16 Conclusions and recommendations 17 Contributors

www.latitudegroup.com | 2


Think Works Gaming Focus | 2013

EXECUTIVE SUMMARY Key findings Smartphone growth is slowing down, despite 55% year-on-year growth in PPC click share in December 2012 across all sectors. Our data shows mobile

Quickstats Apple’s iOS operating system loses visit share by 13%, while Android increases their share by 29%. p10 Bing’s click share is now 1.3%, down by 105% from Q3. p10

reaching a peak of 20% click share in October with dips in July and November. Read more on page 4

Real-time ad impressions have risen by 28% since May 2012. p14

Despite slowed growth, the smartphone is still the device of choice for sports bettors, with 26% of all clicks arriving from smartphones. Only 6% of gaming

Mobile real-time bidding has been shown to increase click-through rates by an average of 52%, when compared with non-RTB methods of buying. p14

clicks came via tablet in December 2012. Read more on page 5

bidding much more aggressively to grab greater click shares from mobile devices. Read more on page 6

Adwords Enhanced Campaign predicted to be a major gamechanger within PPC marketing. Changes are due to take place in June 2013, affecting the gaming industry in particular. Read more on page 7

PPC click share in gaming Mobile

Tablet

35% 30% 25% 20% 15% 10% 5% 0%

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Cost of smartphone clicks skyrocketed in late 2012, rising to an average of £1.19. Gaming advertisers are now

Source: Latitude Digital Marketing

www.latitudegroup.com | 3


Think Works Gaming Focus | 2013

MOBILE STILL KEY DESPITE SLOWED GROWTH Smartphone growth slows down

I

f you find yourself yawning when coming across the phrase ‘year of the mobile’, you’re not the only one. We certainly have been guilty of overusing the term, amongst many others. However there is no denying that 2012 saw mobile truly take off for the first time with more people accessing the web via their smartphones. Mobile has been growing steadily for over two years, but are we now seeing the first signs of this growth slowing growth?

It appears that the rate of smartphone growth in comparison with other devices may be slowing down. Overall PPC click share Smartphone

Tablet

25%

20%

15%

10%

5%

It would seem so. Despite seeing a 55% year-on-year growth in PPC click share from smartphones during December 2012 overall, the rate of smartphone growth in comparison with other devices may be slowing down. While tablet growth is still rising steadily, our data showed mobile reaching a peak of 20% click share in October, with dips in July and November, and then reaching 17% in Q4.

0%

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Mobile has been growing steadily for over two years, but are we now the first signs of this growth slowing?

Source: Latitude Digital Marketing

Our results here were influenced heavily by data from the gaming sector (accounting for approximately 40% of our clicks) where Euro 2012 and the early rounds of Champions League football saw huge numbers of mobile clicks during televised games.

www.latitudegroup.com | 4


Think Works Gaming Focus | 2013

MOBILE STILL KEY DESPITE SLOWED GROWTH

Smartphone still the device of choice for sports bettors

In the gaming sector we saw 2012 finish with just over one in four of all clicks arriving from smartphones after peaking at 33% during October.

However, YouGov estimates that the number of tablet devices in UK households will double during 2013, which promises to maintain the rate of click growth that we have seen in 2012. It seems likely in 2013 that more users, even gamers and bettors, will begin to adopt tablet as the preferred web device for the home at the expense of desktop and mobile devices.

It seems likely in 2013 that more users, even gamers and bettors, will begin to adopt tablet as the preferred web device for the home at the expense of desktop and mobile devices. Whether tablet dominates the gaming vertical in the same way as the retail sector remains to be seen but with the manufacturers launching more and more tablet devices, the consumer popularity is sure to follow.

PPC click share in gaming Mobile

Tablet

35% 30% 25% 20% 15% 10% 5% 0%

Ju nJu 11 Au l-11 g Se -11 pOc 11 t No -11 vDe 11 c Ja -11 nFe 12 b M -12 ar Ap -12 r M -12 ay Ju -12 n Ju -12 l Au -12 gSe 12 p Oc -12 t No -12 vDe 12 c12

D

espite mobile growth slowing down and tablet usage growing steadily across sectors, gaming is seeing the opposite trend. The sector saw 2012 finish with just over one in four (26%) of all clicks arriving from smartphones after peaking at 33% during October. Only 6% of gaming clicks in December came from tablets, while other sectors such as retail saw huge growth in tablet click share. Curiously, the gaming sector has seen no growth in tablet click share since June. Smartphone is still the device of choice for sports bettors.

Source: Latitude Digital Marketing

www.latitudegroup.com | 5


Think Works Gaming Focus | 2013

MOBILE STILL KEY DESPITE SLOWED GROWTH

W

e have spoken frequently in our previous Think Works reports about the comparative value of smartphone clicks. While the retail sector enjoyed further drops in CPC for smartphones during November and December, the competition in the gaming sector has driven smartphone cost-perclicks up quickly. In November and December 2012 we saw a dramatic shift for tablet and mobile CPCs in the gaming sector, rising to an average of £1.19 and £0.74 respectively, compared with £0.64 for desktop. The increase appears to have been driven by shifting strategies from some operators – mobile is becoming the lifeblood of the gaming vertical and advertisers are now bidding much more aggressively to grab greater click shares from mobile devices.

PPC click share in gaming Smartphone

Tablet

Desktop

£1.40 £1.20 £1.00 £0.80 £0.60 £0.40 £0.20 £0.00

Ju nJu 11 Au l-11 g Se -11 pOc 11 t No -11 vDe 11 c Ja -11 nFe 12 b M -12 ar Ap -12 M r-12 ay Ju -12 nJu 12 Au l-12 g Se -12 pOc 12 t No -12 vDe 12 c12

Cost of smartphone clicks skyrockets

Source: Latitude Digital Marketing

In November and December 2012 we saw a dramatic shift for tablet and mobile CPCs in the gaming sector, rising to an average of £1.19 and £0.74 respectively, compared with £0.64 for desktop.

www.latitudegroup.com | 6


Think Works Gaming Focus | 2013

ADWORDS ENHANCED CAMPAIGNS AN ABSOLUTE GAME CHANGER Get ready for June

T

he big news in February 2013 centred on Google Adwords Enhanced Campaigns. This may be the most significant change to take place in Adwords for many years.

Adwords Enhanced Campaigns may be the most significant change to take place in Adwords for many years. This update affects how smartphone and tablet users are targeted in Adwords and will come into effect at the end of June 2013. The changes (in summary) include:

Negatives

n Removal of options to target tablet devices separately from desktop n Removal of smartphone-only campaigns (can’t target smartphones without targeting desktop at the same time) n Removal of OS targeting options

Positives

n Stackable bid multipliers for geolocation, time and device n Sitelink scheduling n Improved sitelink reporting n Calls and app download reporting options n Cross device tracking

Gaming advertisers in particular will be affected. As the CPC chart shows, gaming advertisers are placing much higher value on clicks from tablets and smartphones. Routinely one-third of all gaming clicks are now coming from these devices and during the hours of a high profile televised sports fixture this proportion rises to over two-thirds.

Routinely one-third of all gaming clicks are now coming from tablets and smarphones and during the hours of a high profile televised sports fixture this proportion rises to over two-thirds. Over the past two years advertisers in the gaming sector have developed separate strategies for desktop, tablet and smartphones. Top tactics have included: n Segmenting campaigns and micro-managing budgets for each device type n Fine-tuning keyword level bids separately for smartphones and tablets n Producing ad creatives that are specific to the type of device and operating system being used n Installing customised day-parting schedules that reflect the different time-of-day usage trends for tablets, smartphones and desktops Don’t let Enhanced Campaigns become your three-legged pony – let’s look at some tactics to stack the odd in your favour.

www.latitudegroup.com | 7


Think Works Gaming Focus | 2013

ADWORDS ENHANCED CAMPAIGNS AN ABSOLUTE GAMECHANGER

How can I prepare my campaign for the changes?

T

he removal of the ability to target each device with separate campaigns will be seen as a backwards step by many advertisers. The change will certainly require a change of tactics in terms of account structure and bid/budget management. Here are a few top tips from our PPC managers…

1

Test first. The forced migration does not come into effect until the end of June 2013. This allows us time to experiment with new campaign structures while maintaining our current device-optimised campaigns.

2 3

New campaigns will need to target desktop, tablets and smartphones simultaneously. Smartphone targeting can be refined with bid multipliers and “customised messages”. “Customised messages” are a separate set of mobile-specific ads that are installed in the campaign alongside your regular desktop ads. You will be able to flag the ads you wish to display if the user is searching using a smartphone.

4

Bid multipliers for mobile are set at campaign level. This will allow a percentage increase or decrease of your default desktop bid. The bid multipliers range from -100% to +300%. If you need to opt out of displaying ads to smartphones (for instance, if your landing pages are not mobile-friendly) then a -100% bid multiplier effectively reduces your mobile bid to 0.

5

Since it is not possible to customise mobile bids at keyword level, you will need to consider the impact on your campaign structure. A possible solution might be to separate your best mobile keywords into their own campaigns as you won’t want a +300% multiplier for your top mobile keywords to apply to weaker performing keywords at the same time.

6

Adwords Enhanced Campaigns will not let you opt out of appearing on desktop devices. If your product is specific to smartphones, consider how you will deal with having your ads appear in desktop paid search listings too. Lady Lucks Casino provides a good example strategy, with a desktop landing page that requires only a phone number entry to push the conversion to mobile.

www.latitudegroup.com | 8


Think Works Gaming Focus | 2013

ADWORDS ENHANCED CAMPAIGNS AN ABSOLUTE GAMECHANGER

3 top tips for better PPC campaigns in 2013

1

It will still be possible to use smartphone and tablet segmented campaigns up until the end of June 2013. Take full advantage of this during the upcoming sports events. Cheltenham, The Grand National, FA Cup and Champions League fixtures all present massive opportunities for gaming advertisers.

2

Try geo-targeted smartphone campaigns for the big events to capture betting interest from spectators at the event. Suitable tactics for The Grand National would be:

Target a 25 mile radius around Aintree to capture people as they travel as well as at the racecourse itself

3

The start of Q2 this year coincides with the start of Easter school holidays in the UK. This also marks a peak interest period for online Bingo and Casino games. Prepare to increase marketing budgets if promoting these products – Google Trends is an excellent tool to help you decide how much extra budget you should allocate.

Use smartphoneonly campaigns (while you still can!)

Many spectators will be following specific horses, jockeys and trainers – include these as keywords in your campaign and make sure they feature in Use calls to your ad text too action such Set campaigns to as “bet on the end as soon as the Grand National last race ends – avoid from your paying for clicks from smartphone” punters who are To kick relevance up checking their results a notch, try USPs that will appeal to the audience on the day, for example “beat the bookie queues”

www.latitudegroup.com | 9


Think Works Gaming Focus | 2013

GOOGLE AND APPLE STILL IN THE LEAD Bing competes over tablet click share

F

ollowing a successful Q4 in 2012 Amazon reported that “Kindle Fire HD continued its run as the #1 best-selling, most gifted, and most wished for product across the millions of items available on Amazon worldwide. At year-end, Kindle Fire HD, Kindle Fire, Kindle Paperwhite and Kindle held the top four spots on the Amazon worldwide best seller charts since launch.” This is great news for Bing, which is the default search engine on the Kindle Fire HD. We saw Bing’s share of tablet clicks increase by 12% in Q4 2012 from Q3.

Bing’s share of tablet clicks increased by 12% in Q4 2012 from Q3. Desktop click share Q3 Q4 Bing 7.1% 7.0% Google 92.9% 93.0% Smartphone click share Q3 Q4 Bing 2.7% 1.3% Google 97.3% 98.7% Tablet click share Q3 Q4 Bing 1.9% 2.2% Google 98.1% 97.8%

Change -0.44% 0.03% Change -105.51% 1.42% Change 12.05% -0.27%

Desktop click share held steady. However, Bing share of smartphone clicks fell by a massive 105%. Bing has a click-through rate (CTR) problem to overcome before it can snatch back click share. Comparing CTRs suggests the sooner they do this the better – Google’s average smartphone CTR in December was 6.6% compared to just 2.4% for Bing. Bing is due to release CTR enhancing ad extensions such as Sitelinks later in 2013.

iOS loses visit share A quick look at the battle of the operating systems; the graph here shows the share of total website visits for each of the major mobile operating systems. This data includes both smartphone and tablet visits; Looking at Q4 compared with Q3 2012: n iOS visits fell by 13% n Android increased 29% n BlackBerry increased by 6.4% n Windows Phone increased by 74% Could we have seen the tipping point for iOS as the top traffic driving mobile OS? Android was the chief beneficiary of iOS loss of share, rising to account for 6.1% of all website visits while iOS fell to 18.4%. Windows Phone may be one to watch too; visitor share for this OS reached 0.14% of total website visits. Insignificant at the moment but a 74% QoQ increase and an on-going advertising campaign for Windows Phone handsets promises further gains for Microsoft in the coming months.

iOS visit share 25%

n iOS n Android n BlackBerry n Windows Phone

20% 15% 10% 5% 0%

Q1

Q2

Q3

Q4

Android was the chief beneficiary of iOS loss of share, rising to account for 6.1% of all website visits while iOS fell to 18.4%. Source: Latitude Digital Marketing

www.latitudegroup.com | 10


Think Works Gaming Focus | 2013

OPTIMISING IN THE GAMING SECTOR Stay clear of the black hat

O

nline gambling is a notoriously difficult vertical when it comes to search engine optimisation. Undoubtedly, having top SERP positions is extremely lucrative in the industry and as such there are thousands of sites all competing for P1. SEO activity for the majority of gaming sites has historically been predominantly “black hat”. Unfortunately, gambling sites have a reputation for engaging in underhand link building tactics. Link pyramid schemes and a mass of links through a network of poor quality sites are common practices. Effective link building has, as a result, been made that more difficult when many webmasters refuse to promote gambling websites. In light of increased algorithm updates, it is essential to follow the right road. A gaming website still needs to be in good standing, follow a best practice approach, effectively link build from authoritative sites and look to promote socially to provide an edge.

Get in touch

Is your SEO campaign in order? Contact Latitude for best practice guidance on your campaign. E: info@latitudegroup.com T: 08450 212 223 W: www.latitudegroup.com

The long and winding road After Google’s Panda and Penguin updates wreaked havoc with search engine results, particularly in the gaming sector, it is essential to create and maintain a site that is built with the user experience in mind and provide insight into current trends via a blog. Be seen to be adding value to the internet as a whole. This is always a great approach for gaining SEO value and increasing your domain authority. Because mobile gaming is now a crucial part of the gaming industry, your website needs to be accessible, target mobile optimised gaming terms and also include a mobile section on the desktop version of the site. Access to games when a punter is sitting on a train or a bus maximises the revenue potential for your site.

Because mobile gaming is now a crucial part of the gaming industry, your website needs to be accessible, target mobile optimised gaming terms and also include a mobile section on your desktop site. Don’t forget about social Gaming is a social interaction, so any domain looking to create wider web SEO footprint should be looking to maximise its interactions via social media. Facebook and Twitter are the immediate channels that come to mind, which are great because “Likes” and “Retweets” are proven social SEO signals. But with the rise of Google+ and authorship, it’s now a must for any site regardless of the industry, to be employing G+ strategy and be given credit by Google for being an authority in your niche. The days of black hat manipulation are over, and rightly so. The only way forward for a legitimate gaming business is to provide what the user is searching for, be confident in your content and products, and give back to your community by providing insight and valuable knowledge. Engage socially and take advantage of authorship, be seen as an expert in the industry. And most of all think long term, you don’t want to work hard to build a business, then see it wiped out of the search engine results pages (SERPS) in an instant. Risky tactics, which may have worked well in the short term, could come back to haunt you, so why take the gamble? www.latitudegroup.com | 11


Think Works Gaming Focus | 2013

MOBILE LINK BUILDING FOR SEO Building links

I

t is still somewhat unclear in the SEO industry as to the true importance of mobilespecific link building. However, there are plenty of technical recommendations out there on how to set up a mobile site, but even this can be divisive as the argument for mobile specific domains versus responsive design goes on. So how do you make a mobile specific domain stand ahead of competitors in the SERPS?

Why is mobile link building important? For long term success in mobile search, a varied link profile between desktop and mobile inbound links should be factored into a brand’s mobile SEO strategy. Links from both desktop and mobile sites will be beneficial for getting a mobile site indexed. In fact, research has shown that the overall link profile of a domain can have a positive halo effect on also ranking the mobile version of a site.

For long term success in mobile search, a varied link profile between desktop and mobile inbound links should be factored into a brand’s mobile SEO strategy. There are differences in traditional link profiles compared with that of mobile site links. Mobile sites are designed with a smaller screen size in mind. This leaves the site with a smaller area of size for which to display any links. Mobile websites are designed for the optimal user experience, so linking to and from other sites needs to be very tightly related to the niche and brand involved. Google ranking factors for mobile search engines indicate that a mobile specific site will be ranked higher than that of a responsive design, if strong mobile specific off-page factors indicate a quality niche specific mobile site optimised for mobile users. It therefore makes perfect sense that if you were searching on a mobile device, Google would return the most relevant search results back to you, favouring a mobile specific domain over that of a responsive designed desktop result, if highly related to the search query. SEO strategists looking to optimise for mobile need to consider not only the overall link popularity of a site they want a back link from, but are there mobile specific elements to a site that will provide greater SEO benefits to the site you want to rank for long term.

www.latitudegroup.com | 12


Think Works Gaming Focus | 2013

MOBILE LINK BUILDING FOR SEO

How do you build mobile-specific links?

T

he first steps in mobile link building are to get your site indexed via mobile-specific web directories, with mobile link acquisition being comparatively new compared with traditional link building methods, which should of course also be deployed. A mobile specific directory listing could be considered the strongest form of mobile SEO strategy out there today.

This is a quick win to acquire industry specific links with minimal fuss between webmasters, delivering search results for your brand. There are more and more mobile specific web directories coming into the internet arena as the importance of mobile search takes priority amongst the global online business community. The scope and quality of mobile-specific link building will achieve greater importance as the growth of mobile search continues. Considerations to be taken in pursuit of good mobile SEO link building:

Considerations to be taken in pursuit of good mobile SEO link building:

Link to mobile specific content in niche related domains.

Vary the link profile to include desktop sites.

Include a link to your desktop site for optimal user experience.

The scope and quality of mobile specific link building will be given greater importance as the growth of mobile search continues. www.latitudegroup.com | 13


Think Works Gaming Focus | 2013

REAL-TIME BIDDING IS NO GAMBLE What is real-time bidding?

W

Real-time bidding (RTB) is a revolutionary means of selling and buying online display advertising space. Despite being a relatively new method of acquiring ad space, RTB has already transformed online advertising and it is showing no signs of slowing down. RTB works in a similar way to stock exchanges and online auction sites. It uses data and smart algorithms to determine the best mobile sites and apps for a campaign based on target demographics or KPIs set by the advertiser. As the growth of searches arriving via desktop slows down, a larger percentage of direct response marketing budgets is being put towards RTB and programmatic mobile campaigns in particular. One large mobile platform has noted a 28% rise of RTB ad impressions since May 2012.

The online advertising world relies on cookies. First-party cookies recognise repeat visitors, while third-party cookies enable ads to ‘follow’ you around the web. Without cookies, there is no advertising in the online world. Cookies are not available on mobile devices. Right now there is no simple solution but by using demographic and behavioural data to decide whether or not to bid for each ad impression based on previous browsing behaviour, we should start to see an uptake in the number of advertisers buying mobile ad space via RTB as this is an intensive way around the use of cookies. In fact, mobile real-time bidding has been shown to increase click through rates (CTR) by an average of 52% when compared to non-RTB methods of buying.

Mobile real-time bidding has been shown to increase click through rates (CTR) by an average of 52% when compared with non-RTB methods of buying. When people leave the house they take their phone with them which means wherever they go they take the advertising with them. If you are looking for a marketing strategy that enables you to join all the dots between screens and locations, mobile is the one to include.

One large mobile platform has noted a 28% rise of RTB ad impressions since May 2012.

www.latitudegroup.com | 14


Think Works Gaming Focus | 2013

REAL-TIME BIDDING IS NO GAMBLE

Pro-tips for mobile display advertising Making your gaming ad stand out

M

aking your ad stand out from the crowd is particularly important in the highly competitive gaming industry. Rich media mobile ad formats that include interactive elements such as touch, pinch, swipe or shake and find out where you are, are effective tools for engaging with your audience. In fact, the most effective ads exploit a rich user interface to incorporate elements that people interact with, turning passive advertising into active engagement. Rich media ad formats are capable of generating double the average click through rates of static mobile ad banners.

Generate downloads

A

really effective way to generate mobile application downloads is to run a campaign where a number of ad formats are utilised with a core focus on generating app downloads. Latitude has found that using a combination of in app and in web advertising across mobile encourages app downloads and amplifies brand name awareness.

Get in touch

To talk to us about your display advertising requirements, contact us on: E: info@latitudegroup.com T: 08450 212 223 W: www.latitudegroup.com

www.latitudegroup.com | 15


Think Works Gaming Focus | 2013

CONCLUSIONS AND RECOMMENDATIONS Ready, Set, Go

Get ready for the storm that is Adwords Enhanced Campaigns. You have until June 2013 to take advantage of the current set-up and after that you will not be able to target each device with separate campaigns. This requires a significant change of tactics in terms of account structure and budget/bid management.

Think about your website

Smartphone is still the choice of device for bettors. However, with Google making segmentation nearly impossible between devices, desktop, tablet and smartphones all need to be targeted within the same Adwords campaign. Therefore, your website needs to be able to service searchers regardless of the device that they are searching from.

Always look on the white side of SEO

In such a competitive industry, it’s tempting to use what many call under-hand SEO tactics to get ahead of competitors. However, most marketers will by now know that using ‘black hat’ SEO will only get you in trouble down the line. It is essential to create and maintain a site that is built with the user experience in mind and provide insight into current trends via a blog while including social in the mix.

Give thought to mobile link building

While the importance of mobile link building within the SEO community is still unclear, a varied link profile between desktop and mobile inbound links should be factored into a brand’s mobile SEO strategy for gaining long term success. Recent research has shown that the overall link profile of a domain can have a positive halo effect on ranking the mobile version of a site.

Leverage RTB

We are not kidding when we say every marketer should consider the opportunities that real-time bidding can open for them. As the growth of searches arriving via desktop slows down, a larger percentage of direct response marketing budgets is being put towards RTB and programmatic mobile campaigns in particular. When people leave the house they take their phone with them which means wherever they go they take the advertising with them. If you are looking for a marketing strategy that enables you to join all the dots between screens and locations, display advertising on mobile is the one to include.

www.latitudegroup.com | 16


CONTRIBUTORS BEN WIGHTMAN HEAD OF PPC

HOLLY WILDE HEAD OF DISPLAY & PERFORMANCE MEDIA

JANET PLUMPTON SEO STRATEGIST

JOHN LLOYD SEO EXECUTIVE

About

Latitude Digital Marketing has pioneered the use of digital channels in the UK and internationally for 11 years. Areas of expertise include search engine optimisation (SEO), pay- per-click (PPC), social media marketing, online display advertising, affiliate marketing and conversion analytics. The agency works across a range of sectors including retail, gaming, travel and leisure with clients such as Post Office, bet365, Run2Sport, Fitness First and Haven Holidays. Latitude is an international agency with native speakers in 20 different languages managing campaigns in 157 countries. They also deliver the thought leadership series “Think Works�, which brings cutting edge knowledge and ideas via reports, seminars and email updates to clients, contacts and the wider industry. Exceptional results from the brightest minds in digital.

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Affiliate

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Get in touch

To talk about your mobile strategy or arrange a FREE audit of your mobile marketing campaigns, contact us now. E: info@latitudegroup.com T: 08450 212 223 W: www.latitudegroup.com www.latitudegroup.com | 17


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