Month: March 2024

5 Ways to Maximize Programmatic Dollars Amidst Economic Uncertainty

Posted on by Allie Haupt

As economic uncertainty looms, marketing dollars matter now more than ever. However, this challenge presents an opportunity for brands to re-evaluate their programmatic marketing strategy and discover innovative approaches to maximize media investment. While it’s critical to continue on with proven marketing strategies that consistently deliver against business goals, refinement and experimentation is the name of the game within the programmatic ecosystem to position the brand for success and drive growth well beyond the downturn. 

Here are five tips to ensure your investment in programmatic channels is efficiently driving brand goals and positive ROI:

#1 – Prioritize high-value audiences

Advertising to a broad and undefined audience often results in reaching users who are unlikely to convert. An important first step of media planning is gaining a deep understanding of the audience you are trying to reach and what motivates them. 

  • Conduct Audience Analysis: Utilize data-driven research tools, analyze existing customer data, and review past campaign performance. This approach helps identify users demonstrating interest and intent, setting the stage for a highly targeted audience strategy. 
  • Focus on Likely Converters: Prioritize your programmatic media spend toward audiences with a high propensity to convert. This strategy reduces ad waste and ensures your media budget is invested in segments most likely to generate significant impact.
  • Balance Your Retargeting Efforts: While retargeting can yield strong results, it’s crucial to balance your investment in this area. Over-relying on retargeting can lead to spending unnecessarily on users who would likely have converted anyway, and will be a recipe for disaster with third-party cookie deprecation. Diversify your approach to capture new potential customers without neglecting those close to conversion.

#2 – Eliminate inventory inefficiencies 

One of the benefits of activating programmatically is accessing inventory across the entire open web, enabling efficient reach and scale. However, not all inventory is created equal and investing in poor quality placements may inhibit ROI goals. Platform algorithms use ad engagement metrics, such as clicks or video completions, to assess the quality of an inventory source. However, it lacks human logic by not considering the user’s intention with the engagement, such as accidentally clicking on an ad. Therefore, it’s critical to incorporate supply path optimization (SPO) into your media approach to have a granular understanding of where your ad dollars are being spent and how it contributes to the overall campaign’s success. SPO analysis highlights which inventory sources drive the most efficient conversions, informing optimizations of media spend toward the most valuable placements. This translates into a campaign that uses each ad dollar effectively to maximize ROI.

#3 – Leverage AI for operational efficiencies

In times of economic uncertainty, every resource counts. To maximize the impact of your media investments, AI can augment your team’s capabilities and streamline operations enabling you to do more with less. AI-powered solutions, like dynamic creative optimization (DCO), reduces the human hours needed to manually develop and assign each creative since DCO automatically generates and assigns the most effective creative variation in real-time. Delivering highly personalized and performance-driven creative can improve engagement and messaging resonance for each individual user, leading to overall stronger media results.

It’s critical to roll out AI to your teams with a focus on responsible usage and governance. The upfront investment of AI training and policy development will set your team up for success. 

#4 – Optimize user frequency 

Frequency metrics tend to be overlooked due to focusing on metrics that ladder up to business goals, like ROI. However, it’s important to actively monitor frequency to ensure media spend is not resulting in wasted impressions. Oversaturating users with brand messaging can lead to ad fatigue or a poor user experience potentially creating negative brand associations. High user frequency can also indicate media dollars are being spent on reaching users who have already performed the desired action.

Utilize frequency as an optimization lever to ensure your media dollars are efficiently invested in creating valuable brand engagement and driving results. Every brand’s customer journey is unique, so there’s not a one-size-fits-all approach to optimal frequency. Consider the steps and length of the audience’s journey to set realistic goals. Then, continually monitor the frequency compared to performance and utilize conversion path analysis to hone in on the optimal level of brand interaction with your audience. 

#5 – Embrace omnichannel strategies

Users interact with brands across multiple touchpoints throughout their journey, including traditional and digital channels. To maximize the impact of your media investment, develop an omnichannel approach tailored to your audience that provides a holistic and streamlined brand experience. 

  • Research Your Audience’s Behaviors: Assess which channels highly index with your audience’s behaviors and preferences to align media with how users consume content. 
  • Optimize Channel Mix: Strategically select the channels that ladder up to the overall marketing and brand goals. For example, if your audience has an affinity for video and the goal is to increase brand awareness, leveraging a high reach channel, such as Connected TV (CTV), is an efficient way to capture attention. 
  • Develop an Integrated Strategy: Once the optimal channel mix has been identified, create a strategy that maximizes the strengths of each channel to amplify a consistent brand message.

As marketing leaders navigate economic challenges, leaning into innovative and data-driven approaches will ensure every media dollar invested efficiently contributes to brand and marketing goals. Through continuous campaign optimizations aimed at reducing impression waste to prioritize investment on the audiences that matter most, brands will be well positioned for continued growth.

The Green Influence: How Social Media Stars are Steering Sustainable Commerce

Posted on by Jeanette Alvey

Sustainable commerce has grown to include more than just eco-friendly products on store shelves in the digital commerce world. It’s about creating a movement – a lifestyle that reduces environmental impact and promotes ethical practices, focusing on changing consumer habits and business models for a healthier planet. 

A significant force behind this movement? Social media influencers. Influencers have emerged as pivotal figures steering the movement towards a more sustainable world, leveraging their significant sway over public opinion and consumer behavior. 

Critics initially accused influencer marketing of promoting over-consumption during the 2010s, yet a notable shift has quickly followed. Brands and influencers are increasingly using their platform and follower relationships to promote eco-friendly commerce practices, proving themselves to be essential allies in the quest for environmental sustainability.

The Responsibility of Influencers in Promoting Sustainability

With 46% of consumers demanding brands to lead in sustainability efforts, there’s a clear call for brand accountability in environmental initiatives. But how can influencers help a brand succeed in reshaping their marketing efforts?

  • Visibility and Awareness: Influencers are a secret weapon in sustainability marketing, driving personalized awareness that goes beyond the impressions of traditional advertising. By showcasing sustainable lifestyle choices, influencers not only promote products but also inspire a shift in consumer behavior towards more environmentally responsible actions.
  • Authenticity and Trust: Consumers are more likely to trust and emulate the green practices of influencers they follow, especially when those influencers share their authentic experiences and the tangible benefits of their eco-friendly choices. This trust fosters a deeper connection between consumers and sustainable brands, bridging the gap between awareness and action.
  • Engagement and Community Building: Influencers excel in creating communities centered around shared interests and values. Their platforms become forums for discussing sustainability, exchanging tips, and encouraging eco-friendly practices. Shopify highlights how influencers can really connect with their audience, turning casual watchers into engaged supporters of the eco-friendly movement.

Navigating Challenges and Shaping the Future of Sustainable Commerce

Addressing the challenges in sustainable commerce and influencer marketing requires a multifaceted approach, requiring a shared responsibility from both consumers and the brands themselves:

  • Combat Greenwashing: Brands should ensure all claims are backed by credible certifications and clear, accessible evidence of their sustainability efforts. Transparency in marketing and product labeling will help build consumer trust.
  • Bridge the Digital Divide: Increase accessibility by offering diverse, inclusive content and solutions that cater to various demographics and technological access levels. This could involve optimizing content for low-bandwidth environments or leveraging different platforms to reach a broader audience.
  • Maintain Authenticity: Brands should prioritize partnerships with influencers that align with their values and are passionate about sustainability. Brands and influencers alike should maintain transparency regarding their sponsored content and openly share the criteria guiding their partnership selections.
  • Educate and Engage: Both brands and influencers can play a role in educating consumers about sustainability. This includes sharing information on the importance of sustainable practices and how individual choices can make a difference.

The role of marketers in harnessing the power of social media influencers for promoting sustainable commerce is more vital than ever. As consumers increasingly prioritize ethical and environmentally-friendly practices, marketers have the opportunity to steer their brands towards greater sustainability. By supporting and amplifying their message, we can all be part of the solution, driving forward the movement for a more sustainable and ethical world. This approach not only meets consumer demand but also builds lasting brand loyalty and trust. Dive deeper into the world of ethical marketing by exploring our white paper on Simple Strategies for Sustainable Marketing. Download now and take a step towards driving the movement for a more ethical and sustainable world.

How Search Engine Insights Fuel Growth Marketing

Posted on by Allie Haupt

Most think of search as purely an activation channel that captures demand and defends the brand’s presence on the SERP, but it’s actually an intent-driven data goldmine. Search can be leveraged as the eyes and ears for a brand to gain insights on audience motivations and pinpoint their stage in the conversion journey. These insights should be translated into holistic channel mix planning, media measurement, and competitive research to build an informed growth marketing strategy.

The big picture

Picture it: All of your brand’s digital (and even traditional) media gets completely turned off for a month. What do you think would happen to demand? The brand’s search volume would likely take a noticeable hit since search effectiveness diminishes without the push of brand messaging from efficient reach channels like streaming TV or social media. Similar to social listening, search serves as a behavioral listening tool that captures consumer engagement with brands throughout their conversion journey. For example, if someone sees a connected TV (CTV) ad that piques their interest and addresses a current need, the logical next step is searching for the brand to learn more and potentially convert. This scenario highlights the critical relationship between paid media channels and brand demand – as advertising amplifies a brand’s offering across channels, consumer demand grows. By using search lift as a KPI, we can analyze demand pre and post marketing initiatives to understand the directional impact on total sales.

Why it matters

Using search analysis as a key indicator of consumer demand lays a foundation for a growth marketing strategy. First, it can identify untapped opportunities and whitespace to better align media investment and messaging based on seasonality and emerging keyword trends. For example, if a financial brand consistently observes search demand peaks during tax planning season, they can heavy up their digital presence with a branded search investment that will effectively capture consumer demand and drive them to convert. 

Analyzing search lift after a media initiative launches can also help uncover how the channel mix and messaging strategy impacted brand awareness and interest, informing future channel investment. Non-clickable environments, such as CTV, can be challenging to showcase the impact on driving conversions, but using search demand provides directional insight into a holistic view of your marketing efforts.

Applying search insights to maximize your marketing ROI:

  • Real-time optimization: Analyzing search trends offers a cookieless measurement and attribution solution that not only measures the impact of paid media on driving brand awareness and purchase intent, but also informs real-time campaign optimizations. Examining branded search lift, the increase in search volume of branded or related keywords, after a marketing initiative launch can inform campaign optimizations, including:
    • Audience targeting refinement to maximize reach and allocate media spend toward the highest performing segments to drive ROI
    • Messaging strategy optimization based on consumer searches, dynamically tailoring the messaging to align with their preferences and needs
    • Marketing budget reallocation to channels driving the most effective search lift 
  • Competitive intelligence: Search trends can give you a peek behind your competitor’s curtain to learn what initiatives they are amplifying or what audiences they are reaching. By analyzing the peaks and valleys of competitor search trends, you can identify whitespace to capture the attention of potential customers who are actively searching for a related product or service. Get started by:
    • Analyzing competitor messaging strategies to identify ways to differentiate your brand and highlight the value of your offering
    • Increase media investment during the valleys of a competitor’s search trends to capitalize on the lower competition efficiently, grow share of voice, and gain a spot on audiences’ consideration sets
    • Develop a targeting strategy aimed to engage with movable audiences who have been exposed to your competitor but aren’t yet loyalists
  • Demand forecasts:  Search demand insights can be leveraged far beyond marketing strategy development and execution – it can also inform broader business implications, such as:
    • Supply chain logistics – ensure efficient operations with production and staffing levels based on consumer search demand
    • Seasonality indicators – uncover your customer’s most important needs and preferences to inform your brand’s messaging strategy to engage them with relevant content

The application of search engine insights goes way beyond SEM channel activation – it’s a treasure trove of intent-based data that should be used at every stage of marketing strategy development and execution to effectively align with consumer demand and preferences.

Navigating Privacy Regulations In The Dynamic Pharma Landscape

Posted on by Jacob Amann

From the patchwork of stringent state laws to the nuances of consent in patient data usage, explore the critical elements that organizations must adeptly navigate privacy regulations to ensure ethical and legal adherence in this dynamic pharma landscape.

State of Privacy Regulations in the United States

Data privacy laws, especially those related to healthcare, are subject to frequent changes at both the federal and state levels. At the federal level, the Health Insurance Portability and Accountability Act (HIPAA) is a key regulation governing patient data privacy. However, there may be additional federal laws, state laws, and other enforceable guidelines that impact healthcare marketing. Staying updated with these changes is important not only for following the law but also for maintaining top-level privacy and trust in healthcare.

Divergence at Federal and State Levels

Within the federal landscape, HIPAA serves as a fundamental regulation, offering baseline protections for Protected Health Information (PHI). However, beyond HIPAA, various factors contribute to the evolving regulatory environment. The CARES Act, with its temporary modifications to HIPAA, introduces additional considerations for handling health data during emergencies. The FTC continues to play a crucial role in enforcement, ensuring that entities adhere to privacy standards.

On the state level, the regulatory landscape introduces a patchwork of stricter laws that organizations must consider. States like California, with the California Privacy Rights Act (CPRA), Colorado with the Colorado Privacy Act, and Virginia with the Consumer Data Protection Act, have implemented comprehensive privacy laws. These state laws grant patients various rights over their data, necessitating organizations to establish robust opt-out and data deletion processes to comply with diverse state-level requirements. The existence of these stricter state laws adds complexity for entities operating across multiple jurisdictions, requiring them to adapt their practices to align with varying privacy standards.

Difference in Patient and Provider Marketing

Patient marketing operates under more stringent restrictions due to the involvement of sensitive health data. The use of PHI necessitates careful handling and compliance with privacy regulations. Organizations engaging in patient marketing must establish clear opt-in and opt-out mechanisms, allowing individuals to express their preferences regarding the use of their health information. Transparency about how data is utilized becomes paramount, ensuring that patients are informed about the purposes for which their information is being used. This transparency not only aligns with regulatory requirements but also builds trust with patients, a critical factor in healthcare marketing.

In contrast, marketing efforts directed at healthcare providers may have less stringent regulatory requirements concerning patient data. However, ethical considerations and data security measures remain crucial. While there may be more flexibility in the approach to provider marketing, organizations must uphold ethical standards to maintain trust within the healthcare ecosystem.

Compliance Strategies

Principle of Clear and Informed Consent

The essence of clear and informed consent is embodied in four key attributes:

  • Freely given: No coercion or undue pressure.
  • Specific: Clear explanation of data usage and sharing.
  • Granular: Allow patients to choose what data is used and shared.
  • Revocable: Easy opt-out mechanisms.

Opt-In Methods and Opt-Out Mechanisms

Opt-in and Opt-out methods are pivotal in healthcare marketing, offering an ethical way to engage individuals by obtaining their explicit consent prior to using their information for marketing purposes. 

Opt-in Methods:

  • Require obtaining explicit consent before using information for marketing.
  • Align with clear and informed consent principles.
  • Allow individuals to express willingness to receive promotional materials or participate in initiatives.

Opt-out Mechanisms:

  • Important to protect sensitive health information.
  • Essential for effective consent management.
  • Crucial for adhering to privacy regulations.
  • Important for nurturing trust among stakeholders

Role of Consent Management Platforms (CMPs)

CMPs are valuable tools for pharma brands, enabling them to specify the exact purposes for which patient data will be used, particularly in remarketing efforts. This level of granularity in consent management not only aids in regulatory compliance but also plays a significant role in fostering patient trust.

Managing Third-Party Data Aggregation

While leveraging data is essential for targeted marketing efforts, especially in the pharmaceutical industry, where Personal Health Information (PHI) is involved, it is crucial for pharma brands to exercise caution when considering third-party data aggregation. Sharing PHI requires explicit authorization and adherence to strict data security measures to protect patient privacy. A notable challenge in the realm of third-party data aggregation for pharma brands is the inherent difficulty in auditing external service providers thoroughly. As a general principle, pharma brands should exercise prudence and consider the potential risks associated with incorporating third-party data into their marketing strategies. 

Ultimately, these efforts converge on a singular goal: to uphold the highest standards of patient privacy and trust. As the legal and ethical landscape continues to evolve, staying informed and adaptable is not just a regulatory requirement but a cornerstone of building lasting relationships in the dynamic world of healthcare marketing.

Coegi Partners

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