Continue reading to find out why marketers are placing such a high priority on machine learning, first-party data, and the effects that inflation has on the performance of marketing campaigns.
Merkle, the industry leader in technology and data-driven customer experience, has just released its quarterly Performance Media Report. This report was published last week.
The most recent research from the previous quarter reveals important insights into the priorities, difficulties, and performance of marketers.
These findings are especially important in light of the fact that more than fifty-seven percent of respondents indicated an increase in paid search spend year over year. This comes at a time when we are facing economic issues and uncertainties.
I had a conversation with Matt Mierzejewski, who is the Senior Vice President of Search at Merkle. During our conversation, he shared his perspective on some of the most startling statistics from the Performance Report.
Putting an Emphasis on Measurement and Privacy
According to the Merkle survey, nearly half of the people polled believe that obtaining accurate reporting despite the presence of privacy rules is one of the most important aspects of measurement.
There are probably a lot Google ads for service companies in the same boat as you, but they might not know where to begin.
According to Mierzejewski, “Brands are big on cross-device measurement.” [Citation needed] Apple completely changed the rules of the measurement game. The following are some of the many reasons why many businesses are wanting to construct their own data warehouses:
An unhealthy dependency on the various separate platforms. The more conversions that are represented within a platform, the less accurate the individual measurements of each organisation are going to be.
They are sick of being given mysterious answers. The manner in which brands model conversions is something that they desire the ability to either own or alter.
Putting First-Party Data and Audiences at the Top of the List
The impending implementation of privacy legislation has sparked the necessity for companies to start collecting and managing their own first-party data.
Managing audiences and first-party data is prioritised by only 35 percent of survey respondents.
I inquired as to “what do you see as the macro ramifications of so many companies waiting on this?” from Mierzejewski.
He responded with a few points, which are as follows:
From a digital point of view, they are moving toward perfecting their creative and messaging strategies. If you’ve ever done business with a company, you’ve probably noticed how the expectations of customers have evolved.
“Providing a subpar experience for customers is an inevitable consequence of deprioritizing audiences and first-party data,” If these essential parts of marketing are not given priority, it will hasten the process of distancing customers from a particular brand or further erode their sense of connection to it.
To match consumer expectations and outperform the competition, employ unknown audience indications. For instance, Google PPC In-Market audiences reveal a higher level of signal and intent regarding a consumer’s likelihood to buy. They are permitting those signals to be traded freely on the open market
Growth of Paid Social Networking in 2023
An overwhelming majority of respondents (67 percent) placed a higher priority on sponsored social media this year compared to 2021.
One of the contributing factors to the higher prioritising is the expanding variety of social sites that offer advertising chances.
When asked which social site would experience the biggest growth in 2023, the answer was Instagram.
According to Mierzejewski’s statement, Facebook and Instagram will continue to come out on top in In addition, he makes the following observation: “If we’re looking at percentage growth and who to watch for, it’s TikTok.” [Citation needed] Matt said TikTok’s growth will surpass Snapchat’s next year.
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