A convergence of marketing and advertising technologies is occurring. Performance advertisers know that data insights and integrations form the core of a winning campaign, both from a creative and a revenue standpoint. But many aren’t taking full advantage of the information they have access to.
While data provides a wealth of information that brands can leverage to enhance their strategic and tactical initiatives, the sheer volume of insight to manage may hinder the innovation that marketers and advertisers can achieve. Additionally, it’s challenging to find the right talent given the rapidly evolving pace of change.
Enter Data Management. At its core strategic function, Data Management unites marketing and advertising technologies to ensure an excellent customer experience that drives better results. It allows for shared insights between typically disparate systems to inform better modeling practices and identify actionable insights about customers.
While the ability to connect the right data sources in a meaningful way for audiences is a critical business differentiator, several factors inhibit the adoption of marketing and advertising technology.
IAB research analyzed marketers’ attitudes regarding data-driven marketing, as well as what is needed to adopt a data-driven approach. This research found the depth of knowledge about the role of data in marketing is lacking. Only 18% of marketers said their organization understands data’s value “very well,” while about 42% said it is understood “to some extent.”
Better Data Technology
When asked what is needed to develop a more data-driven strategy, respondents cited “better data technology” (48%) and “more first-party data” (42%).
The convergence of AdTech and MarTech presents new opportunities for marketers. Several factors are driving opportunities for marketers. These include platforms and technologies that connect known and anonymous data, a rise in tech spending by CMOs, and a demand to create more personalized customer experiences. Three key technologies being used by marketers are:
- Marketing automation. This can be retargeting email recipients and enhancing email campaign performance with cross-channel messaging. It can drive KPIs in real time.
- Customer journey analytics. This makes individual customer journey events more actionable by targeting in real time based on individual experiences. It activates insights from digital analytics.
- Site/offer optimization. This leverages targeting data and performance results from cross-channel media campaigns to match offers with audiences who are most likely to act on them. These technologies can drive in-store sales, lead to better conversion, and reduce marketing waste.
With a clear understanding of the measures required to marry data sources, marketers and advertisers can better align messaging across al channels to improve audience engagement. Technology is helping to bridge the gap from strategic vision to execution and success.
To learn more strategic insights on how to take better advantage of internal data sources and systems, as well as how to marry DMP insights with advertising excellence, download A Better Customer Experience: Where MarTech and AdTech Meet for Performance Advertising Success.