It is essential for business owners and marketers to familiarise themselves with the upcoming marketing trends. Knowing which ads and channels to use is crucial for a successful marketing campaign.
In addition, marketers must use data-driven marketing strategies that target campaign audiences with customer-centric messages. According to Ernst & Young MMA Report released in 2022, 78% of Indian marketers saw a lift in marketing efficiency by leveraging data in 2022.
As we look ahead to 2023, Paytm Ads lists data-driven marketing strategies to stay ahead of the curve.
1. Omnichannel tops Multichannel
Omnichannel marketing relies heavily on first-party data and personalization. Brands will now have to leverage offline purchases and online behaviour to understand their customers. In 2022, 73% of Indian organisations relied on a blend of first-party (1P) and third-party (3P) data for marketing activities. This helped brands target potential
customers and enabled them to craft personalized messaging.
Interesting Read: Paytm Ads Can Make Your Brand Shine in Tier 2 Cities
Paytm Ads lists elements of a successful omnichannel marketing effort:
- Know your customers: There are many points where customers may decide to switch channels or stop spending altogether. However, as omnichannel customers spend more and purchase more often, it’s crucial to understand who they are and what makes them tick to retain them for the long haul.
- Distribution: Customers are no longer just sitting at home in front of a computer or television screen; they are everywhere. Being available where the customer is, means being available at channels like watching content, commerce marketplace, offline shopping, deals and couponing sites, referrals, and influencers. Distribution across channels is the key to reaching customers effectively and providing value to them.
- Attribution Model: It is estimated that over 70% of retail purchases in India are made offline. Most Indian marketers saw the benefit of leveraging consumer data for marketing but have struggled with robust attribution models. Brands need to activate their offline channels to be competitive in the market by utilizing discovery, data, attribution, and incentives that help sales and flow this back into their marketing mix.
2. Post-Cookie Contextual Targeting
Considering 56% of Indian marketers had gaps in consumer data leading to difficulties in data-driven decision-making, marketers now need to explore contextual and publisher targeting as a key strategy for tackling the cookie-less world and enriching 1P data.
This can help marketers determine the products and services consumers are interested in and display native ads that cater to their interests.
Contextual targeting of native ads will allow companies to deliver highly relevant ads based on the consumer’s last purchase activity, personal interests, demographics, and other variables. Additionally, this advertising method goes beyond simple content-based targeting by considering factors such as location data, user behaviour, and other affinity indicators to refine an audience profile further.
This increased focus on consumer behaviour will allow brands to gain better insight into their target audiences to create more tailored and successful campaigns.
3. Coupon-based Marketing
In an era where consumers prefer to shop directly with the brand, it is essential to take a data-driven approach to digital coupon-based marketing. Coupon marketing is a strategy that can help increase sales while also focusing on brand loyalty apart from driving customer acquisition and boosting consumers’ purchase habits.
Coupons are typically discounts and promotions that brands offer customers or potential customers. Specifically for D2C brands, sharing discount coupons and promotional codes have become an essential strategy. Coupons urge shoppers to stay on your website longer, drive them down the conversion funnel to make a purchase finally, and come back again. Incorporating them into your marketing strategy can help brands build their 1P data.
By leveraging transactional insights from mobile wallets and payment platforms to reach customers more effectively, brands can create targeted campaigns and personalise offers based on customer preferences.
4. Get Programmatic
As data-driven marketing evolves, so does programmatic advertising.
Programmatic advertising is a form of automated buying and selling of digital ads, which involves using advanced algorithms and artificial intelligence to target specific customers with the most relevant ads. With programmatic ads, marketers can reach out to their audience on multiple platforms, such as mobile, desktop, and connected TVs.
Programmatic advertising also helps marketers access valuable data and insights about their customers, which can improve their campaigns and better understand their customers’ needs. In addition, programmatic ads help increase brand visibility by driving more qualified traffic to the brand’s website or app.
Interesting Read: Brands can leverage Paytm Ads audience insights to run media campaigns
To stay ahead, advertisers must now look for partners who can integrate rich audience insights from scaleable first-party data providers to power their programmatic media campaigns.
Advertisers must use accurate platforms to reach relevant audiences by collaborating with different demand-side platforms (DSPs). While DSPs offer inventory, collaboration with large consumer platforms can help advertisers prospect users better for their growth campaigns. Additionally, leveraging effective data signals can help brands identify new audiences and refine existing ones while uncovering key correlations between data points.
Data-driven marketing will allow brands to create effective campaigns. From gaining insights into your customer base to customising your digital marketing campaigns across distinct user segments, Paytm Ads can help with innovative ad solutions backed by deterministic audience insight.
To know more, write to us at ads.marketing@paytm.com
