By Josh Anton, Chief Strategy Officer for Digital Envoy
In the ever evolving digital age, the marketing landscape can shift quickly. In just the last few years, for instance, marketers have had to adapt their tried-and-true methods to attract the new highly engaged post pandemic consumer. And while there are no definitive best-practices in the untread waters of this post pandemic, post cookie world, there are some key identifiable consumer driven trends that can be leveraged to inform marketers’ strategies in order to build lasting relationships with potential and existing customers.
Privacy regulations are changing the ways marketers use data
There’s no question that data collection within the digital ad-tech ecosystem went too far. Consumers’ data was being leveraged without their consent, and often with no recourse to prevent it. Naturally, this resulted in a distrust between consumers and brands, eventually leading to consumers calling on their governments to create laws to help protect their online privacy.
A symbiotic relationship of trust between consumer and marketer is integral to both parties. As that relationship degraded with the perceived overuse of consumer data, so too did marketers’ abilities to effectively reach their target audience. Privacy regulations, such as GDPR and CCPA, have helped to restore the trust between consumers and marketers.
It’s not that consumers don’t want to share their data, but rather they want to be in control of which data they share and with whom they share it. Providing them with the ability to make that distinction buoys the trust between consumer and brand, helping to restore the marketing ecosystem in which customers agree to share their data and, in return, receive more relevant, targeted ads.
One important distinction worth mentioning is that privacy regulations do not ban the use of customer of data; instead, they limit the data that can be leveraged to that which the customer has consented.
Consumers have shown they are willing to share their data, even highly sensitive data, if they feel the return is worth it. As such, marketers need to focus on articulating the value the customer will receive should they choose to share their personal data.
Connected TV is receiving considerable ad spend
Linear TV is the way of past. People don’t set aside time to watch certain television programs at certain times. Instead, CTV provides them with the ability to watch the show they want to watch when they want to watch it.
Recent studies have shown that CTV has overtaken traditional linear TV in terms of time spent watching content, which is great news for marketers. Given the abundance of ad-based streaming platforms, there are plenty of opportunities for impressions, meaning more cost-effective ad space.
Additionally, digital television provides marketers with in-depth analytics so that they can better assess which platforms and shows are delivering the best results and adjust their ad spend accordingly.
Furthermore, brands can now create multi-channel experiences that integrate into their own commerce initiatives. As an example, with CTV, brands can leverage consumers’ IP data to create innovative storytelling experiences that tie into their commerce initiative.
ID graphs are the hot new trend
ID graphs,databases that consolidate identifiers associated with individual customers, aren’t necessarily a new concept. In fact, there are many companies that have been using them for years to resolve identities across devices. However, many marketers are now turning to ID graphs to drive campaign performance. Many are also interweaving IP data to gain further insights into their customer segments.
However, with the emergence of this ID graph trend in marketing, so too has come an influx of companies looking to cash in. There is currently an overwhelming number of companies offering ID graph services, and not all of them are created equal.
If history is any indication, it can be assumed that the more accurate and better funded ID graph companies will likely outlast or even absorb their smaller counterparts. Until then, however, marketers should test a range of ID graph services to find the solution that best meets their needs before settling into one.
These, of course, are just a few of many marketing trends that have emerged in the last year or two. All of them present opportunities for marketers to test and adjust their strategies to better reach a highly connected consumer base.
