“The world as we have created it is a process of our thinking. It cannot be changed without changing our thinking.”
― Albert Einstein
I recently attended the Ramp UP virtual Marketing Summit. These tumultuous times are upending a lot of consumer behavior and accelerating change.
Here are some of the key takeaways.
Empathy based Marketing
- Lens of authenticity. Diversity and inclusion will play major role in marketing.
- Not product-based marketing but people-based marketing
- Companies will need to act local.
- Some companies are trying to help local B2B partners and championing their stories as part of marketing campaigns.
Social Listening is more important than ever
- Social-Listening through AI-ML based tools will gain more traction
- Brand Survey and Third-party vendor based brand study will continue to be relevant
Consumer Behavior Upended
- eCommerce is on the rise. (Shopify -the e-commerce giant reported total revenue for Q1 2020 of $470 million, a 47% percent increase year-over-year.)
- Video consumption has increased many-fold.
Linear TV(Traditional tv) to CTV(Connected TV)
- AD supported connected TV platforms will play a crucial role in Marketing
- Platforms like Roku and Amazon who have content, Audience and DSP will be the major players.
- Outcome based TV marketing in the future.
DSP stands for demand-side platform it allows buyers of digital advertising inventory to manage multiple ad exchange and data exchange accounts through one interface.
Traditional Gender based Audience Segments losing relevance
- Millennia’s are looking at gender as a spectrum rather than a binary
Cookie Less world will increase reliance on first-party data
- Trusted eco-system with trusted value exchange
- How to use persistent data across platforms is a challenge
- Safari is blocking 3rd party cookies now, Google chrome to do it in a couple of years.
- CDP will gain traction as companies will be forced to better use the first-party data
- Companies will need to put well-defined governance process on data rules. How data will leave the enterprise, does it need to be anonymized, scrubbed etc.
- Logged-In data will become valuable
- Focus on Data Compliance will increase
CDP stands for Customer Data Platform. It aggregates data from different touch points organizes and creates a single view of the customer. First-party data is the data companies collect from the consumers.
Walled Gardens become more powerful
Walled Gardens mean closed platforms. In the World of AD tech, it will be Facebook and Google. In a cookie-less world with access to user-data of billions of users these enterprises will become more powerful than ever.
Location based targeting will gain importance IN A COVID-WORLD
What is a cookie?
A cookie is a text file that is stored in your computer through the browser when you surf the internet. The term was coined by web-programmer Lou Montulli and is in use since 1995.
What is a first-party cookie?
Stored by the website you are visiting. They are here to stay.
What is a third-party cookie?
Created by a separate domain. Ex: When we click on a ad-link in a site or a social-icon, third-party server saves a cookie in our machines. These are mostly used by ad-retargeting services.