– By Lauren Brudermann, nexoya
Today’s consumers can now interact with a brand through many streams and are expecting a more personalized experience. Such expectations have transformed traditional marketing, which has evolved into an increasingly technology-driven discipline. The marketing landscape has dramatically changed since the widespread introduction of the internet in advertising.
Three major trends marketers encounter regularly can be highlighted:
1. What is MadTech?
MadTech builds relevant customer experiences. MadTech is the merger of marketing technology (MarTech) and advertising technology (AdTech), which together translates to an emphasis on quality rather than quantity. MadTech is highly relevant in this regard as technologies are evolving so rapidly and have brought important innovations to online marketing and advertising. The industry quickly evolved and became more dynamic than ever with the emergence of people-based marketing.
2. People-based marketing: identifying audience segments to offer relevant experiences
MadTech helps combine different sets of customer data together to perform people-based marketing and eliminate data silos. The data can come from a variety of sources: first, second, or third party data sources.
First party data is data collected directly from the audience, second party data is first party data that was collected by a second party data.
Third party data is data that has been collected, anonymized and then sold by a vendor. For instance, first party data from MarTech platforms can be crossed with third-party data from advertising channels to create the most meaningful and unique proposal.
3. Connecting the best performing marketing with the audience that matters the most
By combining audience and attribution, brands can drastically reduce their advertising efforts and costs. This new approach to digital marketing has created various new challenges around data, especially in terms of measurements and analysis.
Considering the fast-paced business world and these new trends, marketers need to adapt and make quick and informed decisions to drive growth.
Data-driven marketing to understand audience segments
The challenges these marketers face include transparency, speed, and money, as there are more than 8,000 different streams to engage with customers and collect data. On average, marketers use more than 12 different tools on a regular basis and for some marketers there are
up to 31 unique tools used per campaign. Yet most of these tools operate as stand-alone systems.
This results in marketers operating in silos without a holistic perspective of both customers and prospects, which makes it complex to accurately quantify the value of each effort. Companies often have several data sources operating in silos: digital data, offline data, transactional data, sales data, and market research data.
Gathering all of this data and extracting insights from it is a challenge for a marketing professional. By merging relevant data from each separate tool together in a single, real-time overview, marketers can fully understand the characteristics of consumers and how distinct audiences interact with a brand across channels and devices. More importantly, this knowledge allows marketers to optimize budgets and create relevant and personalized campaigns to have results.
Marketing has become data-driven to increase performance as it helps create insights about customers’ engagement patterns, define customer segments, optimize advertising spending, and get a holistic view. A further key challenge is to then map, structure, and refine the data. Subsequently, the data must be visualized in a meaningful format to enhance its underlying insights.
The ultimate stage is to make use of this knowledge to do something with the information. The value of a marketing analytics solution is most powerful when the findings are actually understood and acted upon. If you can’t measure it, you can’t improve it.
Data challenges and marketing intelligence solutions
As we have previously seen, companies are facing numerous challenges. But the most recurring one might be to understand what works and what does not work. By combining all these data sources, marketers can see the full underlying potential; it can be the nature of
audience segments or engagement, etc. Having a clear overview of this data creates insights for upcoming campaigns.
Marketing intelligence can benefit your company by:
- Understanding your audience, which allows brands to personalize the customer experience and
predict customer trends.
- Having more visibility of what content consumers are actively engaging with, identify
ineffective efforts, and make the appropriate changes.
- Focus spending on effective channels to maximize future consumers’ engagement and use
at their full potential existing budgets.
- Measuring and improving performance helps make links between marketing and sales.
The more data is used by marketers, the more they will understand, target, and engage with