As the third party data tracking software have come under a bevy of technical restrictions alongside the heavy legal regulations, those into advertising, branding and media affairs have now cast eyes and minds towards innovative marketing technologies to churn out first-party data to take further action. Among the reliable marketing technologies, we can regard CRMs, ERPS and tools useful to automate marketing using first party data collected thereby. Further, such data is brought under analytics resulting in a closer look into customers’ behaviour, their preferences and hence deeper personalization can be garnered to reap rich business revenues on such basis, in a short time when efficient and more targeted advertising would be carried out.
There are concerted efforts (immensely serious and thought provoking) being made by advertising consortia whereby there occur brainstorms to devise an identity system which would strictly be in compliance to privacy, showing compatibility to various channels, fairly and purely universal and which would keep track of data arising from third party sources. But, the standard requirement is to implement standard data practices and the relevant collective acknowledgement from business enterprises which like to be a part of this trend setting. Not surprisingly, value will be drawn out from real-time statistics highlighting customers’ behaviour filtered through graphs and spending curves but to ensure comprehensive professional sheen, profits earned as a result, need to be distributed among all business down the line.
Notable Trends And Aspects:
Thanks to key consumer data, the digitized channels are largely driven by data and thus ensure deeper targeting, such as:
As there is a rising demand favouring appropriately precise digitized marketing tactics keeping specific customer base in view, in order to cut on marketing spending as revenues have shrunk globally in light of pandemic, which threatens an even ghastly second wave in first world. As such, reliable consumer data is gathered following which net earnings can easily be measured and campaign benefit analysis. Likewise, in FY 2020, digital channels were predicted to earn more through in advertising than in the previous year. In case of TV ad market, in year 2019 itself, there was registered a steep 37% hike as it constituted (and does so presently also) household-centric dynamic targeting.
- Everyone Hankers For Flexibility:
Clearly, with digital channels, enterprises draw potential marketing flexibility and such campaigns are easily manipulated and can be scaled too, as time demands. This is all because brands are seen dismissing TV advertisements option as commoners are more glued to digital channels nowadays. Consequently, in US alone, TV advertising is bound to sink by 27%, as what data forecasts, in the ongoing season, i.e. 2020-21. Further, time taken to plan and execute TV based campaigns is also diminishing and what used to be 5-6 months BC (before Corona) has now come down to 2-3 months as crisis goes.
Mega players like Amazon, Google and Facebook have been up with tech innovation and are now openly supporting e-commerce trends, which also aim at full-funnel marketing. For instance, Facebook has unveiled Facebook Shops which also gives way to TV and video providers to enlist transactional ads, just like what GatewayGo ad section of Hulu has accomplished wherein notifications about customized deals are sent to customers’ cell phones via QR code, emails or SMSes.
Larger Pool Of Advertisers Is Helpful In Getting Through Challenging Times:
In first quarter of this year, Facebook declared a growth in its segment of direct response advertising wherein SMBs contributed and constituted a larger share, while economy was under severe stress globally owing to Coid-19 outbreak. As a result of this, in the following quarter, there was perceived a boycott by corporate giants who used to spend billions on Facebook. Long tail of advertisers is necessary to keep a business sail through tough weathers.
- Mobile Tracking To Be Put Under Check:
And Apple Inc leads here, by making it optional before users not to be chased under IDFA (Identifier for Advertisers) framework, where devices were identified by unique Ids and mobile marketers were empowered with user tracing and could see their buying spree and product or brand orientation, but such would not be the same like before, with rigid coding arising robust and impenetrable security bubble in place.
- Targeting Through Cookies To Be Phased Out:
It is claimed that, by 2022, Google will free up the programming codes embedded in its Chrome Browser by eliminating the use of third-party cookies and in its place, standard Google tools will garner more preference which would be browser-enabled to run specific ads which wouldn’t need personal data about the users.
In words of Nikki Mendonca, Global Managing Director, Accenture Interactive, USA,“
First-party data is the critical starting point in the new ‘audience-first’ ecosystem, but it is the analytics and targeting capabilities that are layered on top that will set companies apart.”