Three tactics for marketers: From taking a goal-driven approach and implementing next-generation artificial intelligence to keeping the line between privacy and relevance, there are key tactics marketers must use if they want to become smart leaders.
We are in a unique moment in time. Both for business in general and for marketing. If the last year has shown us anything, it’s the power of marketing to help businesses differentiate and drive growth.
But with that comes new pressures to prove the ROI of marketing for business, which is causing more marketers to turn to digital and software technologies than ever before.
Marketers have a unique opportunity to use this shift to become even smarter leaders by providing answers to important business questions such as:
- How do you balance a long-term focus on consumer trust and privacy while improving the advertising experience and making it more relevant?
- How to unleash the power of first-party data in a privacy-compliant way?
- How to associate a company with premium content?
According to O2 Chief Marketing Officer Nina Bibby, “Discovering demand and economics is encouraging. Rarely has there been such a universal moment in time when marketers are in a unique position to take advantage of that hope, elevate it and embrace it.”
1. Find a focus with precise goals
Competition for consumers in many industries is sharper now than ever, as marketers are under pressure to prove a return on investment on every decision they make. They must run campaigns that achieve real business results and goals, such as increased awareness, attention, or conversions.
As consumers’ media consumption becomes increasingly diverse and fragmented, finding the right advertising position at any given time is impossible without the use of data and technology. A sophisticated ad-buying platform such as Solimar from The Trade Desk provides the maximum number of intelligent decisions for each ad, based on clear goals established at the beginning of the campaign.
Prioritizing goals and supporting decisions with rich data allows marketers to be more strategic and focus on what tech can’t do. Rather than managing thousands of campaign variables, platforms like ours enable prioritized decisions that can make or break a campaign.
2. Make data meaningful with artificial intelligence
Marketers understand their target audience best. They can use data about their top million customers to find the next million most valuable customers.
“Today we have more data, it’s easier to access, but the important question is, how relevant and meaningful is it, and can you use it? It’s not about the data itself, it’s about how you use it — analyzing and sorting it to make it actionable and usable is key,” says Just Eat CEO Susan O’Brien.
That’s the crux of today’s marketers’ dilemma. Marketing teams have so much data at their fingertips, but don’t always have the tools they need to figure out which ones to prioritize and take action on. Activating a campaign can be like flying in the cockpit of a 747 waiting to take off, with no flight training or co-pilot.
The good news is that artificial intelligence – such as KOA, the AI that underpins The Trade Desk platform – is really effective at dealing with huge amounts of data. This means that the technology is more like a modern automated car. A car that will get you to your desired destination while giving you all the help you need to drive smoothly.
All you have to do is sit back and let the car’s software help you identify blind spots, stay in your lane and optimize fuel consumption. That’s how a powerful artificial intelligence-driven platform can optimize decision-making, seamlessly plugging in the right data as needed. In fact, on average, the platform sees more than 1 trillion advertising opportunities a day — that’s about 13 million advertising opportunities every second, more than 100 times the volume of global search — and automatically sorts, analyzes and prioritizes them for the marketer.
A particular advantage of Solimar is that it brings to the surface the priority decisions that make up a campaign. Based on the user’s goal-setting, the platform itself determines which decisions are important and brings new insights to the user in the process, all in a very simple, intuitive user interface. At the same time, the marketer is in control, always seeing transparently what data-driven decision the platform is making.
3. The thread between privacy and relevance
Giving consumers the experience they deserve in today’s marketing landscape comes down to two main factors: providing relevant, timely advertising and approaching data with privacy in mind.
Consumers have come to expect advertising to match their interests and demographics. Advertising for retirement programs aimed at a young stay-at-home dad or cooking courses aimed at a high-flying chef can lead to disappointment. Not only that, but even if the right ads are served to those with relevant interests, they must be timed correctly, distributed to the right channels, and served with the optimal frequency.
Philippa Snare, senior vice president of EMEA at The Trade Desk, says, “The seamless delivery of relevant advertising must be balanced with protecting user privacy. Our research earlier this year found that 79% of UK adults are concerned about the collection and use of their data online, so the advertising industry must do what it can to give consumers more transparency and control over how their data is used.”
Marketers making investment decisions that prioritize the privacy of their customers should ask themselves, which tools are truly transparent? What technologies can really show me what’s going on behind the scenes?
Industry initiatives like Unified ID 2.0 put the consumer back in the driver’s seat, giving them transparency and control over their own data in an easy-to-use central hub.