As marketing strategists, we aim to understand the circumstances around us and synthesize them into actions that drive better outcomes for our businesses and clients. The following resolutions will improve performance and keep teams ahead of the curve.
Understand predictive customer lifetime value
We recognize the importance of optimizing campaigns to the true value of a customer. That means knowing, at the time of the first brand interaction, what we expect a potential buyer to be worth over the defined customer lifetime, not just the first order or lead. Achieving this requires the right backend setup and advanced analytics to predict value across segments and audience types. It starts with a clear view of customer lifetime value.
Demonstrate value to customers
As conversions become harder to come by, it will be increasingly important to find customers in the earlier stages of the buying journey and reach them with differentiated messaging. 2023 will be a year of demonstrating value to consumers. One of the most effective ways to do this will be in more visual formats like video, or typically upper-funnel approaches. With these moves toward demand-generating formats, we will balance short-term and long-term goals, aiming to be in a strong position when more sectors see recovery. Balancing ROAS goals with brand awareness and engagement metrics will be critical to set clients up for long-term success without forgoing immediate efficiency.
Run creative testing
Advancements in automation mean there are more options and methods than ever to pair the right creative with the right user in dynamic, scalable ways that also lighten the load on marketing teams. The separation in buyer behavior means more bespoke and specific messaging is required to connect with what matters most to each segment. Effective marketers must have a robust testing plan to find the right message for the right moment. What works best today will likely change quickly, so the testing plan must be very iterative.
Test more platforms
We want to find the right platform mix for each advertiser that makes sense for their brand and target consumer. As new ad formats and methodologies emerge and evolve, they present unique opportunities to find and connect with customers in relevant ways. However, only some options are the right fit for each brand, so they must be approached with careful consideration and a detailed testing plan to find out whether they are worth incorporating.
Improve first-party data systems
Facilitate privacy-safe use of first-party data through audience capture and identification technology. Accurate first-party data is the future of good marketing and advertising. Taking control of first-party data should be a priority for any company that wants to monetize, learn from, and use the information to scale valuable audiences and deepen engagement with consumers. It allows marketers to focus on building better customer experiences and to improve ROI across channels.
First-party data should be a priority in marketing analytics because of its relevance and quality. Businesses can better understand their target audience, locate missed opportunities, and create strategies to increase ROI, and they can do it at a user level rather than with aggregated or directional data.
- User-level data: active users, customer ID, emails, repeat buyers
- Aggregated data: page views, session count, unique visitors
If your audience is relatively small, you can still analyze first-party data to gain valuable insights. Explore the data to find what your customers have in common, build out that segmented audience, expand it, broaden your customer segments, and grow your business. Marketers can then use first-party data to inform and predict future customer behavior, improve targeting, enhance campaigns, and personalize content.
Ready to make first-party data a priority this year? Talk to our team.