Category: DMP

Marketers today have more data about their customers at their disposal than ever before. Marketers who incorporate these insights into a data-driven plan achieve the best outcomes. Consider the following statistics: 

• 87% of marketers say data is their company’s most under-utilised asset. 
• 40% of brands plan to increase their data-driven marketing budgets. 
• Companies which utilize analytics to create their strategies can expect to experience 5-8x more return on their investments in comparison to those who don’t. 

What Is Data-Driven Marketing? 

Data-driven marketing is a technique that utilizes customer data gathered from interactions and external sources to gain an insight into people’s tastes, motivations, and actions. It helps marketers create more targeted strategies to better cater to customers’ needs.Marketers are utilizing tailored messages & experiences to get the most out of their investments and boost ROI. 

Benefits of DDM 

Increased Return On Investment

Data-driven marketing is a great way to optimize your marketing ROI. It assists in identifying specific audiences and accurately tracking outcomes from your campaigns which allows for more informed decisions when making adjustments to overall strategies. 

More Efficient Marketing Channels

With data-driven marketing, you can make sure that your marketing budget is used in the most effective way possible. You can understand where your target audience is situated and then allocate resources accordingly to get the best ROI. This will also help you to reduce costs on channels which are not as successful for reaching out to your customers. 

Data tracking might show that TikTok is more successful than Facebook in terms of customer reach, so it’s possible that it could be a better option for marketing. 

Improved Customer Insights

Data-driven marketing uses comprehensive consumer profiles to improve customers’ overall experience. With nearly half of consumers leaving a website if they don’t have a satisfactory experience, this strategy is essential for any business that wants to succeed.Personalization through data-driven marketing helps to establish a sense of trust between customers and brands, resulting in amazing customer experiences.Putting customer experience first can really pay off. Studies by McKinsey have found that customizing experiences for consumers could result in five to eight times the return on investment of a company’s investment in marketing. 

Increased Sales

Marketing’s goal is to turn attention and engagement into sales. Data-driven marketing solutions can boost sales by helping you to target your audience and design conversion-focused marketing campaigns. Data can inform you the optimal time of day, week, or year to run an ad, for example. It can also tell you the age group or demography to target and which platform to use. When done properly, data-driven marketing can deliver a considerable return on investment and assist you in meeting your business objectives. 

Hyper-Personalization

Hyper-personalization is a data-driven marketing strategy that takes into account the unique preferences of each customer. Businesses can utilise data analytics to discover patterns and send personalised messaging to specific clients. This method has been proved to increase consumer engagement and loyalty.  Data can be used by brands to inform AI programmes that deliver personalised product recommendations or one-of-a-kind discounts on-site. A shopping website, for example, could utilise the program to present companion products to things currently in a customer’s cart. Beyond real-time hyper-personalization, data-driven marketing enables businesses to use predictive personalization. This strategy predictably promotes products that customers may want in the future based on their previous purchasing and browsing behaviour. 

Data-Oriented Budget Optimization

Marketers often struggle to figure out which portion of their ad spending is being put to good use. Analytical tools can help them identify where they can get the most bang for their buck in terms of conversions and brand recognition. Data-driven marketing gives greater visibility on this, leading to smarter spending in the long run. Attribution models like UMM are used in order to analyse customer journeys. UMM looks into multi-touch attribution and media mix modelling in order to gain a complete view of how a purchase is made.Companies can study what encourages prospects and existing customers to go deeper into the sales funnel, and then allocate finances accordingly.

10 most prominent Data-Driven Marketing Trends in 2023  

1. To battle the limits of relying on third-party data, marketers are turning to their own first-party data. This allows them to remain compliant and still use important information for better insights. 

2. Virtual reality (VR) and augmented reality (AR) experience slow adoption in marketing. 

3. Consumers prefer a customised experience as marketers know how to gather first-hand information from multiple sources. 

4. Establishing stronger ties with customers is made possible through the use of online brand communities and zero-party data. Both are essential for achieving this goal. 

5. AI and marketing automation are essential for scaling up personalization initiatives. They facilitate efficient and effective implementation of personalized strategies.  

6. Video content is kept short to cater to consumer preferences.  

7. Companies are using social media to give customers the necessary help &support. 

8. More organizations are using SEO to increase their visibility and attract more visitors through search engines. 

9. Ensuring your website is optimized for mobile users is becoming vital, as it allows you to effectively connect and engage them. 

10. More companies prioritise social responsibility to connect with conscious consumers.  

Make the most of your marketing with Segumento 

Enhance your marketing endeavors by incorporating AI and machine learning for crafting personalized communications and suggestions based on consumer data. Keep up with the ever-changing privacy regulations and make data privacy a top priority to establish trust among clientele, complying with GDPR and implementing cookieless marketing techniques. Utilize your first-party data to its full potential with a powerful data management platform (DMP) that captures, organizes, and evaluates customer data. Adopt a multi-channel strategy to connect with consumers across numerous touchpoints throughout their purchase journey, providing a consistent and unified brand experience.  

Build an online brand community that fosters a sense of belonging, using zero-party data to comprehend customer inclinations and curate tailored experiences. Incorporate engaging short-form videos and live streaming into your content plan, leveraging data-driven insights for developing appealing and pertinent content.Explore the exciting possibilities of virtual reality (VR) and augmented reality (AR) to deliver immersive brand experiences that truly connect with your target demographic. Enhance collaboration between your marketing and sales teams to improve customer acquisition and retention.  

Employ integrated marketing tools to monitor and assess data to obtain actionable intelligence, refine decision-making processes, and optimise marketing campaigns. Invest in AI-powered marketing automation technologies to simplify workflows, boost personalization, and increase efficiency in marketing operations.Assess the potential of native advertising as a means to seamlessly blend your brand message into pertinent content, reaching audiences in a non-intrusive manner. Finally, cultivate a socially responsible brand culture by aligning your company values with significant initiatives that resonate with ethically-minded consumers. 

Conclusion 

In conclusion, the marketing landscape of 2023 presents a plethora of opportunities and challenges. By embracing the emerging trends of leveraging first-party data, enhancing personalization, exploring the metaverse, prioritising data privacy, fostering online communities, and utilising short-form videos, businesses can stay ahead of the curve and connect with their target audiences in more meaningful ways. 

It is essential to leverage technology, such as AI, machine learning, and marketing automation, to optimise marketing efforts, streamline operations, and deliver tailored experiences. Additionally, considering the ethical and regulatory aspects of data usage is crucial to build trust and maintain compliance with privacy regulations. 

As the marketing landscape continues to evolve, staying agile and adapting to changing consumer expectations will be key. By harnessing the power of data, embracing innovation, and prioritising customer-centric strategies, businesses can position themselves for success in the dynamic world of marketing in 2023 and beyond. 

As the world continues to move towards a digital-first economy, consumer buying behavior is also evolving. In 2023, we can expect consumers to be more informed, more demanding, and more selective when it comes to their purchases. 

Understanding consumer trends in 2023 is essential for businesses that want to stay ahead of the competition. By understanding what consumers are looking for and how they are making their decisions, companies can tailor their campaigns to capture the attention of their target audience and increase conversions. 

This article will discuss how businesses can use consumer buying behavior in 2023 to create successful campaigns and maximize ROI. We will look at current trends in consumer behavior and how they are likely to evolve over the next few years so you can plan your marketing strategies accordingly. 

Key Trends in Consumer behavior 2023 

Consumer buying behaviour in 2023 will be influenced by several key trends that brands and marketers should pay attention to.  

Consumers are increasingly conscious of their environmental impact and seek sustainable products. Social media platforms like Instagram and TikTok continue to play a crucial role in influencing consumer behavior and purchasing decisions. The ongoing COVID-19 pandemic has brought about significant changes in consumer behavior, with a surge in e-commerce and online shopping.  

High inflation rates have impacted consumer sentiment, prompting them to look for cost-cutting measures. Retailers can leverage the focus on health and wellness among affluent consumers. Digging deeper reveals that 64% of US consumers believe that everyday goods have become pricier.  

Additionally, 27% of US TikTok users have purchased something via the platform, and this figure is expected to increase significantly in the next few years. Though the grocery delivery industry’s growth has reduced from the previous year, it still remains in double digits. Health and personal care products continue to witness steady growth in ecommerce, presenting an excellent opportunity for retailers. 

How Marketers can step up their game 

• Helping customers build healthy habits: Marketing campaigns that address consumer health and wellness concerns are becoming increasingly important in today’s world where people are more health-conscious.  
• Increased demand for ethical brands: Companies can also contribute to sustainability efforts by incorporating eco-friendly options in their product offerings and messaging. It is also important to emphasize the value and social impact of products and services to attract customers who prioritize social responsibility. 
• Flexibility is the key: Providing a flexible and convenient purchasing experience has become essential, especially with the growth of e-commerce. 
• Social media is the new marketplace: By partnering with influencers and utilizing social commerce channels, businesses can reach a wider audience. 
• Go Local: Highlighting local and community-based aspects of products and services can strengthen brand loyalty.  
• Storytelling never goes out of fashion: Offering home-based activities and entertainment options while creating emotional connections with consumers through storytelling and brand values can set companies apart from competitors. 
• Game On: Everyone is getting in on the action, from smartphone gaming to esports. These extremely active consumers become engrossed in a virtual game and become fascinated. Furthermore, many firms are developing playable advertisements or products aimed towards gaming culture.However, this is only the tipping point. Gaming as a source of entertainment and revenue will only grow from here.  

Conclusion  

It’s time to take action now that we’ve observed the consumer behaviour trends for 2023. Begin by implementing one or two of these trends in your company. Determine which works best for your target group and then create a marketing plan to target these behaviours along the customer journey. 

A data management platform (DMP) is a centralised system that collects, analyzes, and organises advertising campaign data. It creates a thorough profile of each user by combining data from several sources, including webpages, apps, and offline data. Advertisers, publishers, and ad agencies can use DMPs to organise and manage data, such as information about people and their online activity. 

Scope of Data Management Platform? 

What matters more is what you can do with all of that data. Here are a few examples of things you can concentrate on and what you can do with them:  

• Targeted advertising and audience targeting: Specify your audience and target their interests and requirements using video, images, and information.  
• Content and product recommendations: Provide personalised web and mobile experiences to users. 
• TV DMP: You can target your audiences across TV and digital to reach them when and where they are ready to buy.    
• Data monetization or data sale: Sell your valuable data for additional revenue.  
• Audience enrichment: Entails learning more about your audience than just what they do on your website or other sites.   
• Increase the size of your audience or customer base: Find a steady stream of new clients to help you create brand loyalty.   
• Sponsored search: Target, suppress, or dynamically adjust sponsored search campaigns using DMP-driven audiences.  
• Paid social: Use Facebook and Twitter’s respective custom audience solutions to execute DMP-driven audience buys within social contexts. 

Providing a personalised experience to your clients is one of the most critical scenarios, especially in e-commerce and marketing. You develop a rapport with your consumers by focusing on their interests and requirements. Using data to personalise their experience is an excellent method to accomplish this. It’s why companies like Amazon have “recommended” sections with things comparable to what a customer has previously viewed.   

You’re probably already sitting on a mound of useful data. Most people realise the value of gathering data and preserving it for later use. Unfortunately, storing and preserving data is not the same as using it. 

Benefits of DMP  

• Better Segmentation: A DMP enables marketers to segment their audience based on a wide range of criteria, such as demographics, behavior, interests, and more. By segmenting the audience, marketers can create personalized campaigns that resonate with each segment, resulting in higher engagement and conversion rates. 
• Less compliance issues: As data privacy regulations become stricter, it is important for marketers to ensure that they are handling customer data in a compliant manner. A DMP can help ensure that customer data is collected, stored, and utilized in a way that is compliant with data privacy regulations, reducing the risk of penalties and reputational damage. 
• Save Money: Using a DMP can help businesses save money by avoiding the need for multiple marketing tools and platforms, as well as reducing ad waste by targeting the right audience. 
• Better ROI: A DMP can also help increase ROI by providing insights into customer behavior and preferences, allowing for more personalized and effective marketing campaigns. 

To maximize the benefits of a DMP, businesses need to ensure they have a clear understanding of their marketing goals and data needs, as well as invest in the right technology and talent to manage and analyze the data. 

Want to get the most out of your marketing budget?  

Look no further than a DMP. According to a study by the Winterberry Group, 64% of surveyed marketers use DMPs for targeted audience segmentation, while 45% use them for finding new customers and upselling.  

Forbes Insights found that companies using DMPs saw a 67% ROI improvement and a 60% increase in customer engagement.  

To make the most of your data, invest in the right technology, talent, and strategy – the results speak for themselves.