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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Q&A with John Fetto, Senior Analyst, Marketing & Research Earlier this year, Experian Marketing Services released our Cross-Device Video Analysis. The analysis has generated such strong and sustained interest from marketers and the media, we wanted to explore the subject further. The following is an exchange with the report’s lead author John Fetto who answers some common questions that we’ve received since the analysis was published. Q: In the Cross-Device Video Analysis, you report that consumers are “cutting the cord” on pay cable and satellite television services. Can you elaborate on this trend? What’s driving it? According to our research at Experian Marketing Services, U.S. consumers are increasingly likely to have high speed Internet at home but no cable or satellite TV subscription. There are two primary consumer trends driving this: 1) Households that never subscribed to a pay TV service are now upgrading to broadband Internet; 2) Households that previously subscribed to both pay TV service and broadband Internet that have since cancelled the cable or satellite TV subscription. While the vast majority of U.S. households pay for either cable or satellite TV, an estimated 15.1 million (or 12.9 percent of households) do not. That’s up from 13.5 million households (11.9 percent) who didn’t pay for TV in 2009. At the same time, the share of broadband households is also rising. Today, 72.7 million homes (61.4 percent) have broadband Internet, up from 65.0 million homes (56.9 percent) in 2009. As Americans’ Internet connection at home is increasingly fast enough to deliver high quality video content through sites like YouTube, Netflix, Hulu and the like, as well as the ability to consume that online video content across an array of devices ranging from Internet-connected televisions to smartphones and tablets to computers, they are increasingly questioning whether they need to continue paying for TV. And more and more consumers are deciding to cut the cord. Q: With more consumers cutting the cord, how are they consuming video content? While the most commonly used device to consume online video is the smartphone — used by 24 percent of adults during a typical week to watch online video, according to our research — “cord cutters” are primarily using Internet-connected TV to consume online video. In fact, an adult who watches online video on their TV is 3.2 times more likely than the average adult to be a cord-cutter. This means that the Internet-connected TV market is critical in predicting the future of the cord-cutting consumer. As existing devices like Apple TV, Chromecast and Roku are upgraded and new devices like Amazon Fire TV are introduced to the market, consumers will have more and more options to consume online video without sacrificing quality or screen size. As a result, more consumers will be reconsidering whether they need to continue paying for TV. Q: What percent of consumers get their television programming from various sources including cable, satellite, online streaming and free over the air TV? Combined, 87.1 percent of U.S. households subscribe to either cable or satellite TV. While Experian Marketing Services doesn’t specifically measure the percent of Americans who watch TV through an over the air feed (OTA) we know that among those who do not subscribe to cable or satellite, the vast majority (77 percent) still watch TV. And while it’s possible that some are viewing TV from a cable or satellite feed away from home, the most likely source of their TV content would be from OTA sources. That means that at least 10 percent of American adults are watching some TV through an OTA feed. In addition, 48 percent of all adults watch online video each week through a variety of devices. Those who don’t pay for TV are 12 percent more likely than those who have cable or satellite TV to watch online video (54 percent vs 48 percent). Q: The cord-cutting trend has many implications for the cable and satellite companies, but what do consumer-facing marketers and advertisers need to know about this trend? The growth in online video viewing creates many opportunities for marketers. Online audiences can be more easily targeted and served up advertising that is more relevant, responsive and measureable. Marketers can also be more confident that their online ad was actually seen, given that viewers are typically unable to skip ads. And while CPMs for online video ads may generally be lower than those of TV, marketers can use that savings to negotiate costs based on clicks or transactions rather than impressions, giving them a better picture into audience interest and insights to inform their budget allocation. Millennials are the most device “agnostic,” with more than one-third saying they don’t mind watching video on a portable device even if it means a smaller screen. That’s more than double the rate of those ages 35 and older. This decentralized viewing can create headaches for marketers who need to start a relationship with Millennials during this stage of their lives when they’re most open to trying out new brands and have yet to settle down. On the plus side, marketers who do manage to reach this audience will find them much more open to advertising than average. In fact, Millennials are more than four times more likely to say that video ads that they view on their cell phone are useful. So while the challenge is big, so is the potential reward. Download the full analysis to learn more about: Cross-device video behaviors to optimize media mix approach The impact of the growing trend in cord-cutters The rising influence of Internet-connected TV How to get more impact from video content
School may be out for the summer, but this is the perfect time for marketers to begin back-to-school planning. Follow these five simple tips and be on your way to back-to-school success. Searchers are actively seeking out ideas around clothes, hairstyles and dorm room décor as they prepare for the school year to start. Leverage sites like Pinterest to promote back to school merchandise and content. Don’t forget to include DIY and customization options as these appeal to today’s students. Don’t underestimate the influence of moms and college students. These consumers are more likely to actively search for the best deals online so test using deal-seeking terms like “free” and “sales” in promotional campaigns. In 2013, Marketers experienced a 35 percent lift in unique clicks when they used the word ‘college’ in the subject line. This year, try targeting specific ages for back-to-school by including terms like “college” and kids” in the subject line. Timing of back-to-school campaigns matters. While August is the key month for back-to-school campaigns, there may be more opportunity to mail additional campaigns for school supplies in July, and clothing and accessories in early September. Don’t forget to personalize! Last year, we saw a 44 percent increase in unique open rates for emails that contained personalization in the subject line. These tactics should be included in a strong back-to-school mailing program. For more information on back-to-school planning, download the 5 Lessons for Back-to-school Marketers in 2014 report.
Experian Marketing Services conducted an analysis into the attitudes, language preferences, spending habits and media behaviors of Hispanic Consumers, some of which were featured in the 2014 Hispanic Market Overview presented by López Negrete Communications. This post highlights findings from that analysis, which focus on Hispanic consumers’ adoption and use of smartphones. Hispanic consumers, who today account for 15 percent of the total U.S. adult population and 22 percent of Millennials, represent an ideal audience for mobile engagement and mobile advertising. While cell phone ownership rates among Hispanic and non-Hispanic adults are equal, Hispanics are more likely to own a smartphone and use it as their primary device to connect to the Internet. According to the latest estimates from Experian Marketing Services, 63 percent of Hispanic adults own a smartphone versus 60 percent of non-Hispanics. That’s up from 52 percent and 51 percent, respectively, since 2012. Among smartphone owners, Hispanics are 17 percent more likely than non-Hispanics to say that they access the Internet more through their phone than through a computer. In fact, 45 percent of Hispanic smartphone owners are mobile-dominant when it comes to going online compared with 38 percent of non-Hispanics. Marketers courting the influential Hispanic consumer must consider this fact and take a mobile-first approach to ensure that online marketing efforts, including everything from email to websites to e-commerce, are designed to engage the customer as effectively on a mobile device as on a computer. Even traditional marketing tactics such as television ads should reflect the growing likelihood that Hispanics have a smartphone either nearby or physically in their hand and are ready to engage. In fact, 37 percent of all Hispanic adults say that they often use their cell phone while watching television compared with 29 percent of non-Hispanics. Among smartphone owners, the share of Hispanics who use their phone while watching television shoots up to 50 percent versus 42 percent of non-Hispanics. Millennial smartphone owners are among the most likely to be splitting their attention between the big and small screen with 61 percent of Hispanic Millennials and 58 percent of non-Hispanic Millennials doing so. Knowing what specific mobile activities Hispanics are engaging in is critical for marketers in identifying the best tactics for reaching them via mobile. The chart below shows that Hispanics engage in most smartphone activities at above average rates, but they are much more likely than non-Hispanics to IM/chat on their phone. As a result they are slightly less likely than non-Hispanics to email from their phone, though the vast majority of Hispanic smartphone owners still use mobile email. Other activities that marketers will find Hispanics engaging in at above average rates include watching videos, using mobile GPS and listening to music. Learn more about how Experian Marketing Services can help your organization more effectively target, reach and engage today’s Hispanic consumer.