Our technological future is Automation and AI.
We live in a world which is getting increasingly tech-savvy. Having an unlimited amount of data available at our disposal, we want instant results. The same goes for modern marketers and with the rapidly growing technology, their expectations are on a rise.
20 years back marketing was all about communicating through traditional mediums. But as more consumers hopped on to the bandwagon of digital, a new genus of marketing emerged, i.e. Data-Driven Marketing. Today, a brand cannot think of simply sticking to the traditional mediums. A digital intervention and presence have become paramount to a brand’s position in the market. And the most successful brands think digital first.
As the hype around data-driven marketing grows, brands and agencies are becoming more clever in terms of who they are buying from and how they measure and quantify their success in terms of data-driven efforts.
Advertisers are attracted to the newest and freshest data in the market, they will buy anything as long as it gives them an edge over their competitors. There are many sources of these forms of data but how does one choose?
The power of marketing lies in its ability to connect brands with consumers and greatest propensity to convert, delivering a return on ad spend. But what happens if they are being compared against outdated data? The data no longer delivers against this ideal.
Data providers might be able to dazzle advertiser with the depth of their data but it is very important to ask the right questions to have the data that will give the most relevant insights. The more real-time data you are provided, the greater are the changes to connect with your consumers who are seeking the products you sell.
A good rule of thumb will be to prioritize data partners who can refresh their data sources on a monthly basis. Not all data is created equal. Data from months ago will deliver vastly different results as compared to data from days ago.
Revising your definition of the in-market consumers. The term ‘in-market’ gets tossed around a lot in the industry. But what does this term entail in the context of your own data-driven advertising efforts? It is up to you to determine what does it mean for you. Is it a single visit to your website page? Or a portrait combined of multiple data points.
It’s not about marketing your product but it’s about the people. We are entering an era where it’s not enough to simply know what your consumer’s profile is. You need to be in a position to anticipate their behavior.
Time is a key factor. When you are talking to your consumers, it is not only about the message. It is also about the time your communication is reaching the consumer. But today’s technology is helping marketers redefine time by being able to act on insights in real time.
For example, devices like home assistants and wearables have opened up a new array of opportunities for the marketers to tap into. It’s good to know your audience, but you also need to know when your audience is the most receptive.
Digital marketing and traditional age groups are coming together to work in a setting with an amalgamation of both. One great example is that some companies test out their key communication online before setting it out to be used on more traditional mediums like a TV commercial. Most digital ads or youtube ads are excellent places to put a piece of content and wonder if this what the consumer wants? Is my storytelling resonating with his?
Another shift that digital has brought in giving a fare playground too small companies. No more is the market only owned by the big company giants. If you up to date with the trends and agile to adapt to the new tech, you have an advantage over the more traditional firms.
One thing that is a great boost in the digital age is an openness to experimentation and change.it may mean experimentation with new tools, new approaches or new ways of reaching your consumer. It’s easy to perform pilots and change approaches basis the feedback provided by the real-time data.