The marketing ecosystem has evolved over this year especially with tighter global and local regulations such as GDPR, and the recent Australian Competition and Consumer Commission’s Digital Platforms Inquiry launching recommendations to reduce the market power of Internet giants. Amidst these changes, what remains unchanged is how marketers continue to create better customer experiences and drive more targeted digital marketing campaigns.
Ahead of the new year 2019, LiveRamp has predicted some key trends brands and customers are likely to see within the marketing landscape. Here are the top three to look out for:
Prediction 1: From data-driven marketing to people-based marketing
The marketing ecosystem will go from data-driven marketing to more people-based marketing and put customers at the centre of marketing. Australia boasts a sophisticated advertising market and is maturing very quickly towards people-based marketing. We’re experiencing increasing demand from marketers who require people-based data in all channels, and as quickly as possible. Being the leader in identity resolution technology, we partner with many industry players in the marketing ecosystem to be a driving force in making people-based marketing mainstream.
Prediction 2: Identity resolution will become the new norm
Today, data fragmentation results in incoherent consumer experiences which limits innovation. Identity resolution – the ability to connect people, data, and devices – is the key to eliminating fragmentation. We will see an increasing adoption of identity resolution technologies which provide the foundation for innovation in the marketing industry today. With identity resolution, the potential to serve a host of other industries in the future is an exciting prospect. Identity resolution will become the new norm for marketers in various verticals to dive deep into consumer data and more accurately map a customer back to his/ her digital footprint.
Prediction 3: Data-driven strategy will level the playing field for all businesses
We believe in an open ecosystem and level playing field. The technology today is made available to businesses of every size and looking forward, all data-driven expertise cannot simply reside just three or four companies. It needs to be available to enterprises of all sizes and scale. As more and more businesses adopt a data-driven strategy, they will realise the full potential of accessing the right information at the right time, and be able to make decisions and action immediately, providing a competitive advantage. This is the power of a data-driven strategy and one that will help the small players compete with the giants in the market today.
The role of data will become more important as we move into the new year. The growth of data will rise even more with the increasing use of mobile devices and the Internet. Marketers will need to ensure they have ready access to data when the need arises to ensure business decisions are made immediately.
Find out how you can prepare your marketing data strategy for your future here.