At our annual thought leadership series, Targeting Tomorrow, we discussed the future of digital media. Here, we bring you the second batch of key learnings from the event’s presentations and panel session.
1) GAME OF ECOSYSTEMS
With the wide array of platforms available (from Google to Facebook to Amazon), the current landscape is turning into a game of ecosystems. There are a number of competing digital platforms to which marketers have access (as well a wealth of siloed information on their user bases). Agencies need to help guide their advertisers to connect these seemingly closed “gardens” and act as the aggregator of all these knowledge bases, making CRM and Data Management Platforms (DMPs) increasingly important. By de-siloeing consumer and advertising information, we will now have a better understanding of our customers and can better optimize our cross-channel marketing efforts.
2) EVOLUTION OF MEASUREMENT
Approximately 60% of marketers still rely on basic “movement” metrics such as clicks, followers and likes as key metrics of digital marketing performance. However, measurement has evolved and there are better ways to compute success online. Moving beyond conversions to segmenting customer lifetime value and marketing profitability is where the future lies. Measurement is no longer about linear direct response metrics alone. Being able to quantify success online is rooted in identifying your best customers and investing tailored strategies to maximize those relationships.
3) THE FUTURE OF ANALYTICS IS ANCHORED IN FIRST-PARTY DATA
Most businesses can’t answer the simple question of “who are your best customers?” and this is largely due to the fact that they aren’t collecting and analyzing data from their owned assets or CRM systems. By employing website tag management solutions and developing defined data layers to profile customers, businesses can better align their analytics metrics with their business goals. This approach should be anchored in first-party data, collected through your owned channels and thus providing you with a good idea of who your best customers are currently and in the future. We can no longer rely solely on media intelligence for an accurate measure of online activity since it provides us with an incomplete picture of where the true opportunities are. Instead, we will see a greater convergence between CRM and media data thus allowing marketers to hone in on the entire customer journey, from the lead-up to a conversion to what customers do afterwards, over the course of the relationship.
4) PERSONALIZE USER EXPERIENCES TO INCREASE EFFICIENCY
Armed with first, second and third party data, while focusing on business metrics, you can better segment and identify your most profitable customers. It’s important to remember that deriving and utilizing data and insights is only the first step towards improving your digital marketing performance; continuous testing and learning are the keys to performance gains. By focusing on data-driven marketing, businesses will be able to supercharge their programmatic media, content marketing and mobile marketing strategies, deploying personalized and individual experiences in real time to generate the maximum profit from each customer segment.
There are many exciting developments in the digital space, and we at Resolution are ready to embrace them. Let us know your thoughts on the future of digital by emailing us at email@example.com