The State Of Data-Driven Marketing In 2023
In this article, we will take a look at the state of data-driven marketing in 2023 and how it is transforming the marketing landscape.
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At [B]RIGHT, we illuminate data-informed digital solutions to help your brand succeed in an increasingly complex marketing landscape. That means we help brands grow based on data, research, and a hefty dose of proven processes, tactics, and channel-specific strategies.
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JULY 2022 EDITION
At the end of June, the Energy and Commerce Committee introduced a bipartisan bill, ADPPA (the American Data Privacy and Protection Act), to the U.S. House of Representatives. The bill could be a major step forward for congressional data privacy negotiations. It aims to create a national data privacy framework to support consumer privacy rights and to act as the U.S. equivalent of the European GDPR law.
The ADPPA will regulate what are known as “covered entities,” which includes most organizations that collect, process, or transfer “covered data.” Covered data is information that identifies or is linked to an individual or a device that may include derived data and unique identifiers. Under this bill, even smaller nonprofits and local businesses will be required to maintain practices that protect covered data against unauthorized access and acquisition. This process of protection is being called “privacy by design” and would also prohibit entities from preventing users access to services or products if individuals do not wish to waive their privacy rights.
For Americans, this means more control over their digital footprint, full access to owned data, the ability to restrict certain uses of data, and the right to have data permanently deleted. The provision will allow between 30 and 60 days for consumer-data-usage changes to be processed. Marketers should take note and begin reviewing the current processes for ways to ensure compliance or consider adopting other privacy-centric technologies.
Social commerce has skyrocketed during the pandemic, growing 38% in 2020 alone and reaching $26.77 billion in annual sales—and that number is expected to reach $80 billion by 2025. Channable, an e-commerce integration program, has assembled a playbook of best practices and curated stats on social commerce performance on the top social media channels. Creating an effective social-selling strategy, according to Channable, starts with a top-to-bottom review of the brand’s digital footprint, and below are nine steps to consider.
GWI has published a report that takes a look at the vehicles that drive entertainment globally, the channels that are growing and the resulting consumer media preferences. Streaming services noted a few key insights that could be of interest or worry to some traditional marketing efforts.
Streaming platform usage is reaching its peak, as new users have been largely driven by pandemic-induced behavioral changes. Now, platforms are trying to poach subscribers from competing platforms by creating the best media offerings. Standard TV viewing is at an all-time low, and that should be an indicator to any marketers holding out on adapting streaming-based advertising.
Music streaming is still thriving, and to date, the gap between radio and streaming usage has never been bigger. Music streaming is widely accepted by the younger generations, and its continued growth is driven by older users. There’s been a 13% increase in boomers listening to music-streaming services each week. According to GWI’s research, ’90s music has the most cross-generational appeal, as it ranked in the top three for every generation.
Other noteworthy insights in the report include the continued growth of TikTok, as older users are adapting to the short-form video format, and gaming is appealing to a growing number of female users as well as older generations.
An infographic published by ShortStack, a contest and giveaway services platform, dives into current video trends on YouTube, TikTok, and Instagram. YouTube has nearly 1 billion more monthly active users than Instagram and 1.5 billion more than TikTok.
Those active users consume a monthly average of 11.2 hours of content on Instagram and 23.7 hours on YouTube. That is a lot of time that could be available for your brand’s messaging, if your niche tends toward active user behaviors. According to ShortStack’s research, YouTube’s male user base is 7.8% larger than the female user base. But females use TikTok more than males do, by 12%. Lastly, considering the number of monthly active users present on each platform, YouTube has the potential to reach 32.4% of the population, while TikTok has a population reach of only 11.2% currently. If your media strategy lends itself to video content, these stats should provide some added data points on the average platform usage rates of the top video-centric platforms.
Pandemic-created supply chain and inventory issues affected consumers at supermarkets, at local shops, and online. This has had some adverse effects on marketing, messaging, and customer service, as product availability could stop a promotional campaign in its tracks. Specific product demand may skyrocket or plummet, and marketing tactics need to respond. As stated by Michael Felice, an associate partner at consulting firm Kearney, “Customers are saying, ‘It’s insulting when you’re pushing a product to me that you can’t get into my hands.’”
Marketing Dive stated that agency holding companies are now seeking better insights into the supply chain, to make their marketing efforts for clients more effective. WPP, Publicis Groupe, and Omnicom have all invested in providing logistics and delivery data tied to their marketing efforts, in their pledge to be better agency partners. According to Greg Paull, co-founder of R3 search consultancy agency, “Clients like the idea of integration, but whether bringing logistics into the fold will really save brands time and money is yet to be proven.”
GRIN, a creator management platform, surveyed 530 brands of consumer goods, home goods, apparel, travel, food, and other industries to gauge what social platforms yielded the highest ROI for their business and industry vertical. Facebook was top ranked for most industries, and that makes sense, since Facebook accounts for 73% of Americans’ total social media visits. LinkedIn was a top ROI channel for the travel industry, and interestingly enough, Twitch performed well with the pet industry businesses that were surveyed.
According to GRIN, there are a few somewhat obvious guidelines that will help you in choosing the optimal channels for your brand to invest in. First, look for existing communities that already align with your brand values and product offering. What channels are they on, and are there established influencers or authorities on your niche? Are there opportunities to partner with them or, at minimum, gain proximity to their audience? Next, when selecting your channel, consider how your brand can authentically fit among the platform’s other content. Promoting business travel on TikTok doesn’t make much sense, and neither does sharing a makeup tutorial on a LinkedIn post. Matching your content to the channel is just as important as ensuring your brand values, messaging, and creative all align in a genuinely authentic way.
(Editorial) Methodology: We help brands grow based on data, research, data analysis and synthesis, and a hefty dose of proven processes, tactics, and channel-specific strategies. | Objective: To distribute timely insights and information about tools, trends, and research and data strategies that work. | Sample size: n=the entirety of the Internet. | Audience: Smart brand marketers that understand the importance of using data and research to inform strategic decision-making.
In this article, we will take a look at the state of data-driven marketing in 2023 and how it is transforming the marketing landscape.
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