For this post, we sat down with the JAPAC Managing Director of Factual, Chris Pattinson, to discuss the power of data-driven marketing and how it drives better performance. Factual is a LiveRamp partner; its data is available through the IdentityLink™ data store feature.
1. How is the data-driven ad landscape in Australia shaping up against counterparts in APAC?
Australia is simply a more mature market –– it’s one of the top ten ad markets in the world with $11.95 billion in ad spend in 2017 and a forecasted $13.12 billion by 2020. Advertisers in Australia have embraced data and programmatic media, and they are now in search of new opportunities to optimise their data-driven marketing strategies. For example, we’re seeing a great deal of interest in advanced location-based audience targeting and offline attribution from Australia. Other markets are in earlier stages of adoption, but mobile is driving programmatic adoption throughout APAC –– and mobile ad spend growth is strongest in more emerging markets.
2. How is access to more people-based data and technology changing the role of marketing? Why?
At the highest level, the role of marketing hasn’t changed. Marketing is responsible for aligning the brand with consumers’ interests and needs. Outwardly, marketing is still the voice of the brand –– while inwardly, marketing still represents the voice of the consumer. The ultimate goals haven’t changed either: marketers must deliver business growth by ensuring that the brand’s voice resonates with their target audience.
However, the role of the marketer has changed dramatically due to the growth of data and technology. The CMO’s purview has grown. The modern CMO must now be a visionary creative as well as a data-minded, analytical technologist.
3. What are the biggest challenges digital marketers face today?
Harnessing the power of data presents a significant challenge for digital marketers. In order to leverage data effectively, marketers must understand complex concepts like data accountability, data provenance, validation, and analysis.
But data also provides an incredible opportunity. For example, developing an accurate, scalable, and universally addressable first-party database is still a challenge for most organisations. Yet high-quality data from partners like Factual provides opportunities to fill this void. Using Factual’s location-based targeting solutions, retailers can target lapsed visitors (e.g., people who have visited their store within the past year but not within the past three months) easily.
Location-based data also provides new opportunities to deliver relevant brand communications. QSR brands can partner with Factual to conquest consumers that frequently visit competitive chains. Entertainment companies can reach millennials who have visited the movies on blockbuster opening weekends. Insurance providers can target consumers who have recently visited auto dealerships.
Such precise and customisable targeting was unheard of until only a decade ago.
4. What are your top three tips for digital marketers looking to become more data driven?
First, data bring myriad opportunities –– as well as challenges. Don’t get mired in the challenges. Be open to testing new strategies, tactics, and approaches. The beauty of data-driven marketing is that it is quantifiable: it’s easy to test, learn, and optimise.
Second, don’t go in blind. Demand transparency from your data partners so you understand what you’re buying. For example, data quality is incredibly important. Ask your data providers how they validate their data to ensure accuracy and precision.
Third, lean on your partners to help. The data ecosystem is complex, but you don’t have to navigate it alone. For example, Factual has a team dedicated to providing value-added strategic guidance tailored to our customers’ campaigns.
5. What are you most excited for in 2019?
In 2019, the consumer will again be at the forefront, in Australia and around the globe. Personalisation that adds value while respecting consumer privacy will be key. Factual has always aimed to democratise high-quality location data while protecting consumers’ privacy, which enables personalisation that drives relevance and revenue.
With the increased availability of neutral, privacy-compliant marketplaces –– like LiveRamp’s IdentityLink Data Store –– I’m excited to see huge growth in data-driven marketing throughout Australia and APAC.