As a marketer, you know that the digital landscape is always changing. That’s why it’s important to make sure you’re equipped with the right tools every step of the way – no matter how rapidly things change. You want to ensure your strategies and tactics stay ahead of any changes in technology or consumer behavior, so what new marketing strategies should be in your toolbox in 2023?
Discover what industry leaders from Experian, Adweek, FreeWheel, Tubi, and Instacart had to say about what should be in every marketer’s toolbox in 2023 at Cannes.
Keep reading to learn the top four new marketing strategies you need in your marketing toolbox for 2023 and beyond.
1. A plan for signal loss
The first item you should have in your marketing toolbox is a plan for signal loss.
The phasing out of third-party cookies presents both a challenge and an opportunity. This shift not only poses challenges but also opens up opportunities for alternative strategies.
On the one hand, it makes it more difficult to track users across channels and measure the effectiveness of marketing campaigns. On the other hand, it forces marketers to focus on building relationships with their customers and collecting first-party data.
Consumer behavior is changing
When we consider signal loss in a traditional sense, we think of the implementation of iOS 14, where we couldn’t track click-based data from campaigns. It’s important to reflect on the fact that the paid media ecosystem needed to adapt to new consumer realities.
Younger demographics are less likely to click on ads and instead engage in video environments. They discover brands through platforms like TikTok or Instagram. It’s crucial to understand how people behave, where they discover products, and where influence takes place. This understanding becomes even more vital when targeting a young audience demographic.
Four things to consider when planning for signal loss
There are four things you should consider when building out a plan to address signal loss and fragmentation.
Channel diversification
You need to reach your customers on the channels where they are already spending time, such as social media, email, and your own website. You should work with platforms that have first-party data to understand how your customers interact with your brand.
Data privacy
You need to be transparent about how you are collecting and using customer data. You should also anonymize data whenever possible.
First-party data
First-party data is now more crucial than ever, awakening its importance in shaping our actions. The combination of channel diversification and first-party data will be essential in the years to come. By focusing on these two areas, you can build stronger customer relationships and create more effective marketing campaigns.
Contextual targeting
Contextual targeting is emerging as a viable method to deliver more relevant content to your intended audience.
By embracing signal loss, the alternative new marketing strategies that are emerging as a result, and adopting a privacy-centric mindset, you can navigate cookie deprecation.
2. Collaboration
The second item you should have in your marketing toolbox is collaboration within the AdTech ecosystem.
To address signal loss and changes in privacy, moving toward a more collaborative, holistic marketing ecosystem is key.
Two ways we can achieve better collaboration
Here are two ways we can create better collaboration in the AdTech ecosystem.
Enable interoperability
We should aim to create an ecosystem that fosters collaboration between marketers, publishers, advertisers, ad tech companies, and more. When we enable seamless interoperability, everyone can use the best data available.
Use clean rooms
We are witnessing a growing trend of collaboration between parties, where buyers and sellers share data in these secure environments. Clean rooms can help us develop data strategies in a controlled manner.
3. Generative artificial intelligence (AI)
The third tool you should have in your marketing toolbox is generative AI.
Benefits of implementing AI
There are three main benefits to implementing AI within your marketing strategy.
Enables creativity
Although AI and machine learning have long been part of our toolbox, this moment marks an extraordinary acceleration that expands our capabilities. Copywriters can now create visuals, and art directors can write compelling copy. It’s an extension of what we’re capable of, potentially alleviating the burden of repetitive tasks and enabling more time for collaboration, creativity, and strategic thinking.
By embracing generative AI, we can preserve valuable talent, prevent burnout, and invigorate the advertising industry.
Enables more personalization
The rise of personalization with AI has significantly increased the demand for tailored experiences. People now willingly allow AI agents to read their emails, hoping for quicker and easier responses. This shift signifies a change in the previous emphasis on privacy and consumer preferences. Consumers now see the value in exchanging personal information for more targeted services.
E-commerce has already witnessed this transformation with customized ads based on individual preferences and behaviors. For instance, if a CPG brand notices you’re not purchasing meat, they won’t serve you ads for meat products.
However, it’s crucial to strike the right balance between being useful and intrusive. Users want relevant information that aligns with their needs without feeling intruded upon.
As we navigate this path, we must ensure that personalization remains beneficial and respectful of user preferences.
Helps drive impactful results and customer satisfaction
The tool is a perfect analogy for improving your job performance and business operations. Having the right data input to feed the machine is crucial, just like using the right ingredients to cook a perfect meal. Keeping the consumer in mind throughout the process is key. You can ensure customer satisfaction by putting the right ingredients in and allowing the machine to work its magic. Scaling up, repeating, and refining the process will drive impactful results.
4. First-party data
The fourth item you should have in your marketing toolbox is first-party data.
Benefits of implementing a first-party data strategy
Moving from a third-party cookie world to a first-party cookie world brings about significant transformation. Here are two benefits of implementing a first-party data strategy.
Greater accuracy
The shift to first-party cookies ensures greater accuracy, enabling us to establish critical mass through secure partnerships. This empowers us to strengthen and refine our personalization capabilities, much like Amazon’s ability to anticipate customer needs before they arise. When you can predict and understand customer behaviors with remarkable precision, you can reach your customers with tailored and creative ads.
“Building a robust first-party data strategy should be a central discussion for marketers, involving key stakeholders such as CEOs and CMOs. Quality and precise data are paramount, and while first-party relationships with consumers form the foundation, even established brands benefit from strategic partnerships. Together, we can unlock the potential of accurate and meaningful data-driven marketing.”
jeremy hlavacek, cco, experian
Identify high-growth audiences
First-party data can help you identify audiences with the greatest growth potential, ultimately optimizing marketing dollars for greater efficiency.
Watch our Cannes panel for more new marketing strategies for 2023
We hosted a panel with Adweek in Cannes that covered what should be in every marketer’s toolbox this year. Check out the full recording below to hear from leaders at Tubi, Freewheel, Instacart, Adweek, and Experian.
Check out more Cannes content:
- Our key takeaways from Cannes Lions 2023
- Insights from a first-time attendee
- Exploring the opportunities in streaming TV advertising
- The future of identity in cookieless advertising
- Maximize ad targeting with supply-side advertising
Follow us on LinkedIn or sign up for our email newsletter for more informative content on the latest industry insights and data-driven marketing.
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Even though most kids haven’t even completed their current school year, now is the time for retailers to start preparing their 2012-2013 back-to-school marketing strategies. I remember growing up as a kid in rural Massachusetts thinking about how “back-to-school” TV ads were so irritating. Back-to-school? In July? I’m not even half way through my summer vacation! Little did I know back then that marketers like to get an early start to the back-to-school sales season by planting seeds with their target audience and hoping those seeds grow into a healthy crop of new customers. This remains true today and planting season starts even earlier. The back-to-school sales season represents a huge opportunity for marketers. Here are some facts and figures that help quantify the size of the market: According to the National Retail Federation, consumers will spend approximately $70 billion on back-to-school merchandise. About $23 billion of this is spending by parents of children in kindergarten through 12th grade. The remainder represents spending by students starting or returning to college. All told, the back-to-school season is the second largest consumer spending event for retailers outside of the winter holidays. According to the U.S. Census Bureau, this year there will be over 55 million students enrolled in schools from pre-kindergarten through high school. About 56% of these students are in grades one through eight, 28% are in high school and 15% are enrolled in preschool or kindergarten. About one-third of households contain children under age 18. That translates to roughly 38 million households. The vast majority of these contain school-age children. The back-to-school season is not just about reaching kids in elementary school, middle school, junior high school and high school. Another 20 million students are expected to be attending college. That’s a huge opportunity to sell things like dorm room furnishings, electronic gadgets and computers, just to name a few. With every marketing opportunity come certain marketing challenges. It’s never easy. Marketers of back-to-school products face their own set of challenges when vying for the attention of parents of school-age children. Here are some specific examples: Who are my key targets and how can I differentiate my marketing message? Targeting a market that includes a vast array of families with contrasting attitudes, opinions, motivations, lifestyles and shopping behaviors is incredibly challenging. Not all of these families are working from the same shopping list. And not all of these families will respond to the same marketing message. Segmenting your market into finer target audiences is highly recommended. How should my marketing budget be allocated across multiple online and offline channels? You have multiple sales and marketing channels to consider. You don’t want to build a marketing plan without a well-defined strategy for reaching your best targets. For instance, moms have a greater propensity to have a smartphone compared to the overall adult population. Thus, marketers should then be thinking about integrating mobile applications into their overall strategy. What can I do to make my message stand out above the crowd? Put yourself in the consumer’s shoes. I’m sure some of you are parents with children in school or in college. It’s a very crowded and cluttered back-to-school marketplace with many, many retailers clamoring for attention. One idea for standing above the crowd is to start by identifying your existing customers who are most likely to have families with children. Then send them an email early in the summer with suggestions for fun things to do this summer season. This can be followed up later with an email campaign containing some tips about getting ready for back-to-school. The key is to grab their attention and start engaging early. What variety of offers and promotions will enable me to capture a significant share of back-to-school expenditures? To capture your fair share of the back-to-school market you’ll need to develop offers and promotions that are both enticing and relevant. This requires learning as much as you can about your prospects and what motivates them to buy. For instance, a typical mom with elementary school-age children might enter the back-to-school season with the following thoughts: “I want to buy him the cool gear to go back to school with: new clothes, shoes, backpack and lunch box. And I don’t mind, I actually LOVE back to school shopping.”* That mom may quickly respond to your marketing message. Or, you could have a mom with these thoughts: “I’m not upper class – we’re in the lower/middle income bracket and money is tight for us. I budget for school expenses as I would anything else…and I won’t have my son miss out because ‘we can’t afford’ something… I’d give up something else first.”* She loves shopping for back-to-school, she has budget limitations, and she’s willing to make certain adjustments to her budget with the best interests of her child in mind. If you knew what she was most likely to be thinking, do you think it would influence the messaging and offers you would use to attract her? Well, of course. Attitudes shape shopping behavior. ___________________________________________________________________________________ Watch our recent webinar about planning your back-to-school marketing campaigns in style. And stay tuned for part two of my blog series on the topic in a few days. *Feedback was compiled from PHD in Parenting: http://www.phdinparenting.com/2011/08/22/who-should-pay-for-school-supplies/
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Today, it costs more than $40 to send a five pound package from the U.S. to Canada or Mexico. The cost to Europe or South America is even more expensive. For U.S. companies operating on a global scale, such as retail specialists or ecommerce organizations, address accuracy is crucial. Organizations can’t afford undeliverable mail and packages due to a wrong address – the total cost would be unmanageable. Mistakes happen frequently, whether it is an error by the company or the customer. If a mistake is made, companies can’t ask the customer to cover delivery fees, leaving the organization with the bill. Retailers must also consider potential delays due to long distances and custom checks. Altogether, address errors result in a poor customer experience and a decrease in efficiency. Implementing international address verification will save money, time and improve the customer experience. By combining primary address data from national postal authorities with partner-supplied data, businesses can verify international addresses from countries all around the world.