understand and leverage data
Advertising has changed significantly over the last 10 years and will continue to do so in the future. While the growth in digital advertising at the expense of offline advertising has been dramatic, the evolution in digital advertising and demise of traditional advertising will intensify over the next 5 years. This is the last of five thoughts on the subject of the changing face of advertising.
Recent research in the United States found that 91% of advertisers have, or plan to adopt, a ‘data management platform’ (DMP) within the next 12 months.
Other research found that 94% of advertisers rely on a broad base of CRM data, ranging from transactions and contact information to brand preferences,to track advertising effectiveness.
Yet another study found that 47% of advertisers in North America will increase their use of third-party data in the next year, the largest increase among regions.
In the United States:
- 94% of businesses plan to increase their use of CRM data in the next year
- 90% of businesses plan to increase their use of online data in the next year
- 95% of businesses plan to increase their use of demographic data over the next year
Data really is king and is becoming more important in customising all aspects of a marketing strategy. This highlights the needs for businesses to have:
- Access to high quality data
- The technology to process data
- The expertise to use data
It is predicted that the demand for people with high quality data management expertise will grow.
This all reflects a growing focus on the customer and tailoring all aspects of marketing from product development through to communication to address what is ‘known’ rather that ‘felt’ about the customer.
This trend is reflected in the ‘Benjamin Button Effect’, so well executed by the likes of Google, Amazon, Apple and Facebook – where every interaction between a customer or potential customer and the organisation generates data that is subsequently used by the business to upgrade its offering and make it more relevant to customer needs and wants.
In 2018, understand and leverage data
Every year – put the facts ahead of intuition and guesswork.
Sources of core statistics – Business Insider, Digi-Day, CMO, ADWEEK, Future of Everything, Information Age and Forbes