Personalized communication and an omnichannel experience are what customers seek and it is important for your business to be available track, and engage the customers from the start to finish their journey with your brand. However, in this age of digitization and connected devices, it gets both difficult and easy to reach out to prospective customers.
Brands have a lot of data insights gathered from various sources on customer preferences, buying behavior, etc., but that's not enough to set them apart from their peers. If your brand, product, or service offering grabs the attention of the customers, keeps them long enough on your app, website, or ad to convert into the next stage of their journey you're bound to succeed.
Sales Excellence is a word that gets thrown around boardroom meetings and conferences, with little understanding of how it can be achieved. Taking up a large chunk of every company's budget, this is one activity that needs more attention now than ever. If you are wondering why we are talking of sales excellence in the middle of Advertising challenges you should be prepared to face, here's the reason.
Sales excellence is not just the number of sales you close in the month, but also the time taken to close a deal and the success rate of every salesperson on your team. To ensure your team achieves sales excellence, you need to first enable sales. The first step to sales enablement is marketing and advertising.
While marketing and advertising have been in play since the evolution of business itself, there has been a paradigm shift over the past decades with everything going online. The recent shift has been the omnichannel customer engagement driven business. If you are to deal with new-age problems, you need new-age solutions. So, in this blog, we help you understand the points you should focus on in the year 2020.
Data Privacy First Advertising
The era of digital advertising started with gathering consumer data from all sources available. However, this has been receiving flake and brands have been losing their loyal customers consistently. This means brands will have to develop a newer approach to advertising and branding, preferably something that is more contextual to the customer rather than just ad-spamming based on data available from all the random resources.
Oracle acquired a contextual ad tech firm called Grapeshot for $325 million in 2018 by foreseeing the impact these types of ads would create for businesses.
When the General Data Protection Regulation was implemented, marketing campaigns that focus more on non-private data of the customers saw a sudden rise. However, in today's world the emphasis is on more sophisticated searches and personalized advertising that is not intrusive of the customer's privacy. This has led to the huge competition among brands, agencies, and publishers to get their hands on the best digital spaces available to get customer attention!
The era of the log-in alliances
While the decade that went by depending on the cookies from third-party vendors, 2020 needs more of first-party cookie information. However, companies cannot still forget or compromise on the user’s data privacy settings to track user behavior. To combat this challenge, a few businesses in Germany have teamed up to form what they call the log-in alliance. This comprises everyone that operates in the local market, including the competitors in the region.
Gaining this additional login data of customers is an add-on to the email subscribers, existing visitors, and customers that businesses have. Given that the world of digital advertising and digital data is what we are talking about, it might not come as a surprise to see the whole world-hopping onto the log-in alliance bandwagon!
Ads that have user consent
Ad agencies in the near future might start charging businesses a higher amount to offer them with customer data that has the user’s consent to see ads. With the implementation of the General Data Protection Regulation, it might soon become a norm for businesses to show ads only to viewers who have given their consent to the business.
While this means bad news to the third-party cookie vendors, it means good news for both the consumers and business as they will no longer be flooded by junk data and ads. If you already have a database of bonafide users who are willing to see your ads, trust me when I tell you that you’ve struck gold!
If you have been using real-time bidding to target your ads, this might be the time to look up for alternative ways to reach out to your audience. The reason for this is the fact that real-time bidding does not comply with the norms of data security and puts private customer information at risk. What’s more?
Browsers are coming up with a no-nonsense policy for making their product more user-friendly, thus making it difficult for advertisers to reach out to all their potential customers with ease. This also means the death of the third-party cookie vendors as companies are adopting a more customer-first, preference-based marketing approach in an attempt to win the loyalty of their buyers, prospects, and leads alike.
In short, If you wish to sustain in the industry, reach out to your customers successfully, and not lose to the competition, it’s time you adopt a personalized marketing approach and shun your dependency on random marketing and third-party cookies.