Category: Marketing Strategy

Social Commerce & The Future of Social Shopping

Posted on by Stephanie Dwyer

The big picture: The concept of social commerce took root during the early days of eCommerce. But it was the mobile revolution, plus the meteoric rise of social media titans like Facebook, Instagram, and Pinterest, that enabled this approach to truly disrupt digital shopping.  

Social commerce focuses on convenience and relationship-building, tapping into unplanned discovery moments as consumers scroll through inspirational content. Watching real people interact with products helps shoppers understand and visualize them better, building confidence around online purchases.

For marketers, this shift toward social platforms reflects new expectations set by Gen Z and millennial shoppers who increasingly make purchases directly via social apps. It is an opportunity to maximize reach and nurture lasting brand relationships by organically integrating into the customer journey. Platforms now orchestrate a seamless, trust-based shopping experience where inspiration can instantly lead to purchase.

Why it matters: Despite expectations that eCommerce will surpass 8 trillion dollars by 2027, consumers are becoming increasingly wary of how much of their personal data they share with online marketplaces and brands. Marketers may accidentally push these hesitant consumers further away by pushing hard-sell messaging to audiences who are still considering their product. These tactics are the online equivalent of the over-eager salesperson peppering you with corporate scripts about deals and asking you to open a store credit card when all you were looking to do was casually browse. They’re annoying. 

But casual browsing presents an excellent opportunity for brands to humanize their eCommerce messaging. This shift toward Social Commerce allows for the ease of purchase and speed of online shopping while giving consumers the chance to window shop again. 

How it works: The goal is to remove friction when interest strikes while also organically introducing additional products based on what originally caught their eye.

  • For example, when a consumer admires a product shown by an influencer they trust, social commerce allows them to seamlessly find that item or brand’s storefront to browse and buy. They will be able to find those glasses and discover a range of other items, enhancing their shopping experience. 

Done well, the experience guides consumers through an intuitive path to purchase via content they already enjoy. This allows brands to inspire consideration and visibility of products in authentic contexts rather than disruptive ads. Social commerce puts the shopper first – their organic journey dictates the path, not predetermined funnels.

How to start:

  • Ensure your brand has ‘virtual storefronts’ across online marketplaces and social media platforms, keeping in mind that the virtual aesthetic is just as important as physical store décor. 
  • Create natively social, shoppable content and tap influencers who have an authentic tie to your brand. Small influencers are essential: the recommendations of these content creators drive 86% of purchases — just as strong as recommendations from a trusted real-life friend. 
  • Explore how to repurpose authentic user-generated content (UGC) in your marketing materials. The goal is to facilitate organic community engagement and discovery around your brand versus hard-selling. 

The bottom line: The future of brand loyalty lies in shoppable communities, where shared values and experiences fuel organic amplification. Social content creates better browsing experiences, allowing consumers to discover items at their own pace before being hit with hard-sell messaging. Social Commerce provides an authentic, engaging discovery experience — adding the human touch back to your eComm strategies.

Say No to Lazy Data – How Everyone Can Be Part of the Solution

Posted on by Jacob Amann

What is Lazy Data?

Picture this: a chaotic jumble of inconsistent formats, messy categories, and a general disregard for order. Lazy data isn’t just data that prefers lounging on the couch to hitting the gym; it’s the unruly teenager of your business – wild, rebellious, and refuses to conform to a standard.

This laid-back attitude is the root of the problem – a lack of discipline that prevents your data from realizing its full potential. Lazy data isn’t a solitary problem; it triggers a domino effect. One inconsistent entry leads to confusion in reporting, which, in turn, affects decision-making.

Why Did Data Get Lazy?

In the early days of digital marketing, the ease of connecting systems with just a click led to a somewhat chaotic scenario. Imagine the digital landscape as the Wild West, with data flowing freely and connecting without much oversight. While convenient, this Wild West approach allowed lazy data to thrive, as there were minimal checks and balances. The ability to effortlessly connect systems created a false sense of accuracy, like linking two puzzle pieces together without ensuring they fit. 

Inconsistent data entry, neglecting updates, and failing to recognize the importance of standardized schemas have allowed lazy data to infiltrate our systems. The result? Confusion, inefficiency, and missed opportunities.

As privacy regulations tightened, especially in the wake of concerns surrounding user data, businesses realized they could no longer afford a laissez-faire attitude. The emergence of data clean rooms and the imperative for strict naming convention compliance, essential for enabling tools like marketing mix modeling, forced a reckoning. Lazy data, accustomed to a more carefree existence, suddenly found itself in an environment that demanded structure and order.

While the concept of standardized schemas might initially seem bureaucratic, they are, in fact, the essential foundation for ensuring data usability. Consider it as akin to a musical performance without a conductor; in such a scenario, each instrument plays its own tune, leading to dissonance.

How to Solve  

Data should not be viewed as isolated islands or individual pieces. Instead, envision your organization as a harmonious orchestra led by a master conductor. This fresh perspective brings forth a unified approach, ensuring that every fragment of data performs its role seamlessly.

View Your Business as a System: Don’t think of your business data in silos or individual platforms. Instead, adopt a holistic approach, viewing your organization as an interconnected system – an orchestra led by a master conductor. This perspective helps in creating a seamless flow of information and makes sure that every piece of data plays its part.

Embrace the Standard: Establish a standard data schema across your business. Think of it as giving your data a set of rules to live by – no more rebels without a cause – every piece of data should know its role and play it well.

Audit to Insure: Regular audits are the insurance policy for your data’s health. Ensure that the established standards are being followed and identify any areas that might need a little extra TLC. An audit is like a health checkup for your data – catch potential issues before they become major problems.

Mastering the Cookieless Future: Leverage Retail Data for Unmatched Customer Engagement

Posted on by Jeanette Alvey

In the cookieless marketing era, the decline of third-party cookies opens new doors for marketers to leverage retail data, transforming marketing with personalized, engagement-driven messaging. This shift to analyzing customer behaviors and preferences via retail data not only enhances campaign effectiveness and loyalty but also fuels predictive analytics for strategic planning in product development and inventory. As traditional reliance on third-party cookies becomes obsolete, retail data stands out as a vital tool for building deeper customer relationships and driving business success

First-party retail data guides the way for gaining strong insights into customer behaviors and preferences, which are vital for enhancing personalization and developing tailored loyalty programs. Its use breaks through the limitations of traditional marketing, allowing businesses to understand customer segments more profoundly and anticipate future trends. This level of insight is critical for crafting effective, personalized marketing strategies, shifting the focus from mere transactional interactions to building lasting, data-driven customer relationships. In a cookieless future, leveraging retail data is key to staying ahead in areas like product development and inventory management, ensuring that brands not only adapt but thrive in the new marketing landscape.

The strategic utilization of retail data is crucial, going beyond merely recognizing its value. This is supported by a national survey from The Trade Desk Intelligence, which shows 91% of U.S. advertisers plan to maintain or increase their investment in retail data, to drive overall business success.

Unlocking the Power of Retail Data: How Enhanced Insights Lead to Personalized Marketing Triumphs

In today’s marketing world, retail data is crucial for creating highly personalized campaigns that truly understand customer desires and behaviors. It involves deep analysis of various data points, from purchasing habits to browsing patterns, offering a comprehensive view of customer preferences and behaviors.

This depth of insight allows for more than just tailored marketing messages; it enables behavioral and interest targeting. Marketers can segment audiences based on their actions, such as frequent purchases of a particular product category or regular browsing of certain content. Similarly, interest targeting becomes more refined through analyzing data points like search queries, product views, and content interactions. This approach ensures that marketing efforts are not just personalized but also highly relevant to each customer’s unique interests and behaviors, leading to more effective campaigns and a stronger connection with the audience.

This approach results in marketing that feels more like a personalized conversation than a generic broadcast. This tailored strategy leads to higher engagement and conversion rates, as customers encounter content that aligns closely with their individual experiences and needs, striking a chord that transcends mere attention-grabbing. This marks a fundamental shift in how marketers connect with their audience, paving the way for campaigns that are deeply personal and rooted in a thorough understanding of customer behavior.

Forecasting the Future: How Enhanced Predictive Analytics Shape Strategic Marketing and Decision-Making

Armed with a wealth of data like historical purchases and customer interactions, marketers are not just looking at what’s happening now. The spotlight is now on retail data, especially when it comes to predictive analytics. They’re using this data to power models that predict what customers might want next. It gives marketers a peek into future consumer trends and behaviors based on solid, data-driven insights from the past.

Marketers build predictive models on the concrete foundation of past customer data to anticipate shifts in consumer preferences and market dynamics. It’s about staying one step ahead in the game. Whether it’s product development or inventory management, predictive analytics provide invaluable foresight. Marketers can now predict emerging customer needs, ensuring that new products hit the mark and inventory levels are just right – no more guessing games.

Personalized marketing, empowered by predictive analytics, revolutionizes marketing by tailoring efforts to future customer needs, enhancing relevance and engagement. This strategy not only improves marketing effectiveness but also bolsters customer loyalty and guides SEO content strategies to align with future trends. Essentially, leveraging predictive analytics with first-party data equips marketers to create more impactful, forward-looking marketing strategies.

Data-Driven Bonds: Transforming Retail Data into Lasting Customer Loyalty and Trust

Retail data is driving the creation of deeper, more impactful customer relationships. ‘Data-Driven Bonds’ represents a strategic revolution, where retail data is not just supportive but central to forging enduring loyalty and trust with customers.

At the heart of this strategy is enhancing customer experiences through the insights gathered from first-party data, ranging from purchase history to direct feedback. This approach is more than just habit tracking; it’s a deep understanding of individual customer preferences, thereby establishing a foundation of trust and strengthening brand loyalty.

The strategy goes beyond traditional, one-size-fits-all loyalty programs to personalized experiences aligned with each customer’s unique needs. This personalization elevates loyalty programs from transactional tools to key components of the customer journey, enhancing repeat business and fostering long-term loyalty.

Embracing the Future: Navigating the Cookieless Landscape with Retail Data

Retail data opens up a treasure trove of opportunities for deeper customer insights, personalized experiences, and predictive analytics. This shift is a strategic evolution, positioning brands to not just understand but also anticipate customer needs, forging stronger, trust-based connections.

In this new era of marketing, customer-centric strategies define the approach, with personalization and predictive insights actively driving engagement and loyalty. As we navigate this cookieless landscape, leveraging first-party data is not just about adapting. Marketers need to transform every customer interaction into deeper engagement and lasting loyalty. The future of marketing lies in creating not just transactions, but meaningful relationships powered by data-driven insights.

MarketingProfs – ‘Subtractive Innovation’: Four Steps for More Efficient and Effective Marketing

Posted on by Coegi

Explore the power of ‘less is more’ in marketing with our latest post on MarketingProfs, where Allie Haupt, Innovation Lead, delves into the concept of subtractive innovation. Learn how rethinking strategies, like Dyson’s bagless vacuum breakthrough, can lead to streamlined processes, enhanced efficiency, and better outcomes. She covers four key steps to adopt a subtractive mindset, encouraging marketers to pause, evaluate, and focus on what’s essential for success. Read now to transform your approach and discover the benefits of simplifying to amplify results.

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The Drum – 4 Questions to Help Build Your 2024 Marketing Budget

Posted on by Coegi

Elise Stieferman from Coegi presents four principles to guide marketers in determining their 2024 marketing budget. Addressing the perennial question of how much revenue to reinvest in marketing, she acknowledges the complexities of planning a new year’s strategy amid heightened goals, market pressures, and competition, and emphasizes the importance of aligning with CEOs and CFOs on budget allocations for achieving these objectives.

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CTV + Live Streaming – What You Need to Know

Posted on by Allie Haupt

With the rise of cord-cutting and the 2023 Hollywood strikes delaying content creation, tapping into live-streaming CTV inventory has piqued marketers’ interest with its ability to reach a highly engaged audience. Live-streaming offers brands a valuable space to programmatically connect with consumers at scale to drive awareness goals with the added benefit of flexibility that is not found in traditional linear TV buys. If you’ve been on the fence about testing live streaming in your marketing initiative, you likely have many questions regarding how to efficiently and effectively leverage this inventory.

For this Live Streaming Q&A article, we met with two CTV experts – Stephen Eidelman, Director of Inventory Development at The Trade Desk, and Joel Schaffner, Manager of Programmatic Operations at Coegi. They answered key questions to help inform your planning and activation of live streaming inventory to achieve your brand goals.

Why should advertisers incorporate live-streaming CTV into their strategic plan?

Joel: Incorporating live streaming CTV into a strategic plan is a great way to reach a new set of users at a slightly different angle. The live-streaming viewer is typically more engaged since they’re watching content in real-time, instead of having something on in the background that they can go back and watch later.

Stephen: Similar to the reason they have been historically coveted properties in linear TV advertising, live sports are highly sought after because they draw large audiences that are attentive and emotionally engaged – up through the very last second.  Not only does streaming account for more than 30% of live sports viewership, but we’ve also seen advertisers reach audiences that are completely unique compared to audiences in linear live sports and non-live sports streaming, meaning the only way to connect with that audience is by buying on live streaming sports. 

What has been a key driver of the increase in interest and investment in live streaming?

Stephen: Viewership patterns have shifted, so much so that the majority of Americans are expected to be watching live sports via digital channels by next year. At the same time, top-tier broadcasters like NBC and Disney have continued to shift more of their highly valued properties to be distributed exclusively on streaming apps (i.e. Peacock & ESPN+). Some of the most sought-after content is only available on streaming, and you saw that this year with NFL games exclusively on ESPN+ or Peacock. Fans are a more passionate audience than regular viewers, and they can’t miss a game!

Joel: I think a couple of things have been key drivers in the growing interest of live streaming. For one, the pandemic accelerated the trend of people cord-cutting and shifting to streaming services, making live streaming an avenue to reach a larger, more highly engaged audience.  Another thing is that live streaming inventory is much more accessible now, so marketers can seamlessly integrate it into their plans to test and compare performance with other streaming inventory.

How can marketers measure the impact of live-streaming CTV on brand goals?

Joel: Reach is a primary KPI for CTV in general, but especially for live streaming inventory since it is often seen as a mass reach play. With our partner, The Trade Desk, we can measure the quality of reach by comparing the users the CTV campaign reached to the seed audience, such as site visitors, sales data, and CRM lists. This measures the quality of our reach and helps us optimize media spending toward users that drive brand goals. We can also track offline actions, enabling conversion attribution to a user exposed to our brands’ live-streaming ads. 

Stephen: This is the beauty of live sports in streaming, you can achieve the same goals, and measure the same impact in live sports as you do in the rest of streaming. Whether it’s awareness, incremental reach, or outcome impact, all the targeting and measurement available in streaming is available in CTV. 

What is the impact on user engagement running in live streaming compared to standard CTV?

Joel: Standard CTV user engagement is valuable since media is reaching an entire household on the biggest screen, but live streaming takes this engagement to another level. The real-time factor of live-streaming content means that the audience is more engaged as they set time aside from their day to watch this specific event. 

Stephen: Live sports engagement is highly concentrated because the viewership patterns are usually in a set period of time, either a few minutes or several hours if they’re binging sports all day. The spikes in traffic are larger, so live sports can generate a larger audience reach much faster compared to other genres.

What are some best practices marketers should know for live streaming?

Stephen: Start broader and build your campaigns across all sports and leagues since there are live sports with big audiences all year round. You can also gain flexibility by getting into live sports programmatically without being tied to larger commitments or spending thresholds that are often required of traditional TV advertising. The growth of streaming allows for more and more types of sports to be aired, meaning more opportunities for advertisers as more diehard fans watch live sports via streaming. 

Joel: Some best practices marketers should consider when planning and executing campaigns on live streaming are to: 

  • Plan in advance
  • Plan for higher CPMs than standard CTV due to the high demand of live-streaming content, and 
  • Invest in high-quality and meaningful creatives since these ads will be seen on a big screen with highly engaged viewers

Are there any potential challenges to be aware of when leveraging live streaming?

Stephen: Live sports are unpredictable, and no two campaigns in live sports will be the same. That’s dependent on the sport, the teams involved, the time of day and so much more, so don’t expect that you can replicate the same recipe every live game. Aaron Rodgers getting injured in the first few minutes of the Jets season is a prime example of that – and also why advertisers need flexibility rather than being locked into deals for games that became far less appealing without start power. One thing to be conscious of is league sponsorships and other agreed upon contracts that may limit access to inventory. However, we see so much scale in live sports that advertisers should not be deterred – in fact, we’ve seen over one billion impressions of football-related content in a given weekend. Imagine all of the opportunities just in one weekend alone.

Joel: Of course, there are potential challenges to be aware of when leveraging live streaming but challenges is what makes the programmatic team at Coegi thrive! One obvious challenge can be the seasonality of live-streaming events which causes a high demand for the inventory. You can mitigate the shifts in demand by continuously monitoring the campaign’s bidding parameters and adjusting as needed in order to win in the ad auction.

What criteria should marketers consider when selecting live-streaming inventory?

Stephen: It’s important to approach live streaming with a balance of the marketing initiative’s overall goals (e.g. reach, frequency, outcomes) since regional and national live-streaming content are both available. By sticking to an audience strategy and testing across all live sports, for example, there is an opportunity for unconventional wisdom (sports co-viewing) and to find audiences when they are highly engaged and leaned in.

Joel: When selecting live streaming inventory, marketers should consider what type of event their ad will be viewed during – college sports, professional sports, awards shows, etc. It’s important to consider because each live event draws a different audience with various interests and purchase intents.  

What audience targeting strategies should marketers utilize to effectively reach their core audience?

Joel: Always consider the geotargeting parameters as some regions may align more with the marketing goal. Demographics, such as age, are also important to broadly refine the core audience media intends to reach. When thinking of data-driven audience strategies, try to keep this fairly broad as live streaming inventory is competitive, and efficiently scaling can be a challenge if too many variables are layered on.

Stephen: Advertisers need to understand who their audience is in live sports if they want to provide the best ad experience and use a strategy rooted in precisely reaching the core audience when and where they are watching live sports. Building your strategy around strong, authenticated data so you can see that the avid baseball viewer is also a loyal grocery store shopper requires a cross-channel identifier like UID2. This is especially important since much of the rise in live sports viewership is also taking place on non-traditional TV devices, such as tablets and mobile phones, so you want to connect the dots across viewers and devices for the best ad experience.

And finally, what piece of advice would you give to markets to run a successful live-streaming CTV campaign?

Stephen: Getting in programmatically provides cost efficiency by offering flexibility, control, and access that otherwise would only be available from larger networks or league sponsorships. If a game is a blow out by halftime, you don’t risk wasting budget on the second half that likely had significantly less viewership. Consolidating live sports within your CTV planning will also give marketers better decisioning and frequency management with the line of sight into the rest of the marketing objectives.

Joel: As most live events are scheduled at least a year in advance, it’s never too early to start planning. However, I recommend planning at least one month in advance of the campaign’s intended launch date. One of the first things to consider during the planning period is what kind of live events to incorporate in the strategy in order to reach the right audience. 

To learn more about broader CTV strategies, check out our other Q&A with The Trade Desk or take a deep dive with Connected TV Advertising Guide.

 

4 Digital Marketing Trends Sparking Strategic Growth in 2024

Posted on by Jeanette Alvey

Welcome to the ever-evolving realm of digital marketing, where change is the only constant, and marketers sometimes feel like they’re surfing a wave that just won’t quit. As 2024 quickly approaches, it’s not enough to simply predict the next wave – marketing teams must master the art of riding it. Plan to seamlessly weave them into your strategies and create a digital ecosystem that resonates with your audience. 

The Digital Marketing Revolution of 2023: Strategic Imperatives for Growth and Connection

As we gear up to embrace the trends that will define the upcoming year, it’s equally crucial to cast a retrospective glance at the lessons learned and trends witnessed in the past year; exploring the currents that have propelled us to this point and laying the groundwork for the strategic surf ahead.

Content Grounded in Research and Careful Planning

In 2023, content ceased to just exist – it delivered purpose. Meticulously crafted, research-backed content seized consumer attention, proving quality and relevance outshine brevity. Consumers devoured content across various formats, from extended TikTok videos to long-form articles, reaffirming that quality and relevance surpass brevity. The results are clear – dedicate resources to content that educates, entertains and supports customers.

Consumer Insights Unlock Growth

In 2023, first-party data emerged as the primary driver of marketing success. As Coegi’s President emphasized, harnessing consumer insights from owned properties unlocks substantial value. He even threw in a friendly reminder – having first-party data without a strategy is like having a toolbox without a plan. The time is now to get strategic, tap into the goldmine of consumer insights to personalize experiences. The growth implications are immense.

Retail Media Reshapes Strategy

The emergence of retail media took center stage as a primary driver for digital marketing campaigns. Only gaining substantial emphasis in the past two or three years, its trajectory transformed. 2023 marked its seismic rise from the experimental budget line to the backbone of consumer packaged goods (CPG) marketing campaigns.

We are at a pivotal juncture where it’s essential for brands to adopt omnichannel strategies, placing retail media at the forefront and shifting social media into a more supportive role. The strategic imperative is clear – retail media first.

Breakthrough Digital Marketing Trends Poised to Captivate Customers in 2024

AI is Revolutionizing Digital Marketing

Artificial Intelligence (AI) has evolved beyond a buzzword; it stands as a transformative force elevating your marketing success. Like a strategic genie, AI delivers hyper-personalization, automates rote tasks, and unlocks data-fueled consumer insights on demand. 

With 80% of marketers witnessing a positive impact, it’s clear that AI has transitioned from being a nice-to-have to a must-have. It’s imperative to harness the power of AI immediately and integrate it deeply into your marketing strategies. With AI transforming the marketing field, it’s vital for marketing teams to focus on essential integration areas to maintain a competitive advantage in this dynamic market.

  • Sentiment Analysis for Personalized Experiences: Implement sentiment analysis powered by generative AI into your marketing strategy to craft personalized customer experiences. Employ advanced algorithms to customize content and recommendations based on individual preferences, thereby enriching user engagement and satisfaction.
  • Instant Service Bots: Embed smart AI chatbots to engage customers with responsive, personalized interactions, boosting satisfaction.
  • Strategic Insights Arsenal: Unlock actionable intelligence by unleashing algorithms on unused data to sharpen targeting and segmentation.
  • Automate Routine Tasks: Free up talent by using AI to eliminate repetitive tasks like email workflows and social media scheduling through automation. By automating these repetitive processes, your team can redirect their efforts toward high-impact, strategic initiatives, boosting overall productivity.

By activating AI across these four areas, you not only free your teams to focus on high-value strategies but also unlock the potential for more meaningful interactions with your audience. The result? Immediate opportunity to better serve customers and outpace the competition. 

The First-Party Imperative: Winning Customer Intelligence to Fuel Growth

With the looming threat of cookies getting the boot in 2024, your first-party lists are about to become the MVPs of your marketing strategy. Far beyond lifeless lists, rich first-party data fortifies marketing strategies by enabling immersive personalization and forging enduring consumer bonds.

With consumers increasingly expecting hyper-relevant brand experiences, first-party data serves as rocket fuel – when artfully collected through value-driven relationships. This inside track on customer truth unlocks a multi-faceted competitive advantage. First, intimately understand your customers. Then, engage them in a relationship – not a transaction. With consumer trust earned, responsive audiences readily share information and preferences. 

Activate a systematic first-party data blueprint using these five high-impact strategies to own your consumer connection: 

  • Optimized Website Forms: Ensure that your website features user-friendly forms that encourage visitors to willingly provide information. This could include newsletter sign-ups, account registrations, or surveys.
  • Omnichannel Data Integration: Break data silos by connecting data collected from various touch points – website, social media, email interactions – to build a comprehensive customer profile. This integrated approach provides a more holistic view of your audience.
  • Consistent Data Updates: Establish consistent triggers that encourage users to update their preferences regularly, keeping data current amid evolving consumer needs and preferences.
  • Interactive Content Experiences: Compel users to self-identify through polls, assessments, calculators, and other diagnostic tools woven into the consumer journey.
  • Incentivized Programs: Implement loyalty programs, discounts, or exclusive access in exchange for customers sharing their information. This not only encourages data collection but also fosters a sense of value for the customer.

The rewards are immense for brands centralizing first-party data – enhanced segmentation and targeting, future-proofed marketing strategies, and customer experiences driving satisfaction through relevance. Integrating first-party data into your digital marketing strategy is a strategic move that unlocks a wealth of insights and enhances your ability to connect with your audience on a personal level. Prioritize first-party data collection and usage. Your personalized approach will thank you later. 

Retail Media Reshapes the Digital Landscape

Retail media has solidified its status as a disruptive marketing powerhouse. By engaging shoppers at the point of purchase, retail media delivers hyper-targeted ads without relying on unstable third-party data.

As consumers increasingly discover and purchase products through retailers, these platforms will reshape strategies. Insider Intelligence predicts a noteworthy surge of 28.6% in retail media ad spend for the year 2024, reaching a substantial total of close to $60 million. For marketing teams mapping out 2024 plans, retail media can no longer be an afterthought. Its trajectory as marketing’s predominant disruptor means integration must become a strategic pillar to lift visibility and results.

The time is now for you to lean into retail media’s unmatched ability to connect with high-intent users through relevant ads and premium placement. Integrating retail media into your 2024 strategy is a pivotal step toward enhancing visibility, engagement, and, ultimately, the success of your marketing initiatives. Here’s a few things to consider when planning your strategy.

  • Strategic Platform Selection: Strategically identify and invest in dominant retail media platforms where your audiences are actively discovering and purchasing. Commit resources to owned properties with the most traction. 
  • Point-of-Purchase Activation: Engage shoppers with contextual messaging and offerings to breakthrough the clutter at that crucial instant at the digital shelf where decisions are made.
  • Acknowledge Consumer Behavior: Continually realign efforts to acknowledge where consumers are demonstrating shopping behavior shifts. Tailor your strategy to align with these preferences.
  • Strategic Adoption: Approach retail media as an urgent marketing imperative – not a tactical experiment – fusing it into the very fabric of 2024 plans to lift brand visibility and engagement.
  • Utilize Direct Engagement: Harness retail media’s unparalleled avenues to deliver tailored brand messaging that resonates at the individual level based on each platform’s unique consumer DNA.
  • Performance Optimization: Regularly measure and analyze the success of your retail media initiatives. Track metrics such as visibility, engagement, and conversion rates to gauge the effectiveness of your strategy.

In 2024, marketers are experiencing rapid growth and strengthening their brand’s distinct value by integrating retail media into their strategies.

The Social Commerce Boom

As consumers increasingly take to social platforms to discover and purchase products, social commerce has emerged as retail’s new normal..

With social media shopping revenue expected to surge to $1.2 billion by 2024, brands must prioritize integrated social commerce to effectively engage audiences. The numbers signal that the time has come for social platforms to transform from casual scrolling to frictionless buying destinations. Find several strategies below to embrace social commerce effectively in 2024:

  • Optimize for Shoppable Posts: Break down barriers between discovery and purchase by enabling integrated product exploration and payment functionality for platforms like Instagram and Facebook.
  • Influencer Commerce Alliances: Activate influential brand ambassadors to connect target consumers with products through embedded social commerce capabilities and exclusive offers. 
  • Exclusive Social Promotions: Drive urgency and action by giving social followers unique access to exclusive promotions and discounts available only on owned social properties. 
  • Performance Intelligence Infrastructure: Utilize analytics tools to track and analyze the performance of your social commerce efforts. Measure key metrics like conversion rates, click-through rates, and customer acquisition costs to refine and optimize your strategy.
  • Seamless Cross-Channel Integration: Ensure a seamless integration of social commerce with your overall multichannel strategy. Align your social media efforts with your website, email marketing, and other touchpoints for a cohesive customer experience.

By seamlessly intertwining social media and direct sales, marketers are not only streamlining the customer journey but also tapping into the rich tapestry of trust and engagement woven within social communities.

Key Takeaways for Your Marketing Strategy

The digital marketing landscape is undergoing a paradigm shift powered by disruptive technology and shifts in consumer behavior. As the course ahead is chartered, new frameworks must emerge across five pivotal domains – AI, first-party data, retail media, and social commerce.

Marketing leaders must be able to realign strategies, budgets and teams to activate these trends in order to gain a durable competitive advantage and build future-proofed growth models. Complacency poses grave risk. Effective leadership recognizes the need for bold and decisive action in response to changing circumstances, and with marketing currently experiencing a significant transformation, that moment is undeniably now.

The window of opportunity is immediate; build your vision and begin navigating uncharted waters armed with five navigational pillars able to elevate relevance, engagement and profitability in your decidedly digital future.

MediaPost – 5 Ways To Evaluate Brand Partnerships

Posted on by Coegi

Unlock the secrets to successful brand partnerships by harnessing the power of audience research, developing content that is relevant, and strategic execution for impactful marketing. This essential guide offers marketers a comprehensive roadmap to create meaningful, long-lasting customer relationships. Don’t miss out on these expert strategies to elevate your brand – click to read the full article now!

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Navigating the Evolving Digital Video Landscape: 2024 Trends and Strategies for Marketers

Posted on by Stephanie Dwyer

In the digital realm, we’ve witnessed firsthand the transformative power of converging technologies and evolving consumer preferences. The intensifying battle for user attention, the ubiquity of smartphones, the proliferation of streaming services, and the growing appetite for immersive, personalized experiences have propelled video to the forefront of content consumption, surpassing text-based alternatives.

2023 saw video marketing become the cornerstone of engagement, revolutionizing business connections. This surge showcases diverse content and devices catering to personalization, authenticity, and educational value, making video king in marketing strategies.

Video & The Consumer Consumption Landscape 

Imagine captivating a global audience of 3.5 billion by 2023. That’s the video revolution unfolding before us, and the screen time speaks for itself: Americans spend over 7.5 hours glued to screens daily, devouring video content with unmatched fervor. Marketers are chanting in unison: video reigns supreme in social media marketing. Over half (54%) have named video as the sovereign ruler, with its unmatched ability to enthrall audiences, educate them, and spur them to act.

 

Smartphones have become the go-to device for digital video consumption, embraced by 69% of U.S. adults. This shift away from traditional television is fueled by the widespread adoption of 5G connectivity, with nearly one in four smartphone owners streaming videos on the go.

 

While mobile video remains significant, connected TVs (CTVs) are poised to take the lead with video accounting for 90% of CTV content. This trend will reshape the digital video landscape by 2025, with CTV video, social video, and YouTube taking center stage. Subcategories like SVOD and TikTok will further solidify the dominance of CTV video and social video.

The Impact For Marketers: Digital Video Advertising Spend & Strategy

The global video advertising landscape is experiencing a seismic shift, propelled by user consumption patterns. With an expected video ad spend reaching a staggering $180 billion by year-end 2023, it’s clear that video is king. The United States leads the charge, with a significant portion of that budget allocated to search and social video ads. Both channels exhibit a strong mobile bias, while their presence on CTV remains limited.

 

But this is changing. CMOs are discovering the undeniable power of video, with a 24.74% increase in brand lift and recall, 21.71% improved user experience, and a whopping 40% boost in brand perception. This translates to a more engaged and informed audience, ultimately driving brand awareness and loyalty. While video’s direct sales impact sits at 15.65%, its ability to nurture leads and build trust makes it a vital tool for marketing teams. This is evident in the fact that 68% of marketers track engagement, and 51% now measure lead generation and conversion rates, recognizing video’s true value beyond just views and likes.

 

2023 witnessed a critical development in this evolution: a wave of CTV adoption across diverse industries, with retail, health & wellness, and CPG leading the charge. By 2027, retail media spending on CTV is projected to reach $8.64 billion. Yet, a crucial challenge remains: our lagging migration to CTV. Despite consumers spending a whopping 25% of their time on the platform, advertisers are underinvesting, allocating a mere 9.5% of digital ad budgets.. Concerns about limited inventory and premium pricing are holding us back.

 

It’s time to overcome these hurdles and unleash CTV’s potential. By collaborating and harnessing its power, we can reach target audiences where they are and achieve unparalleled success in this transformative era. The video advertising landscape is ripe for innovation and growth. By embracing the full potential of video across platforms, we can unlock unprecedented opportunities to engage with audiences and build lasting brand connections.

Trending: AI-Powered Digital Video Creation & Personalization

In the competitive landscape of 2024, AI-powered personalization and audience insights can elevate your video marketing campaigns to new heights of engagement and effectiveness:

Key Takeaways for Marketing Professionals

  • Embrace AI-driven personalization while prioritizing authenticity: Audiences are craving real connections, not manufactured perfection. Refine your content to resonate on a deeper level, but steer clear of anything inauthentic. Micro and nano-influencers who spark genuine conversations are your secret weapon. And remember, transparency is key – be upfront about AI’s role in crafting your message. This authenticity is your golden ticket to engagement, trust, and brand loyalty.
  • Utilize AI for efficiency, not replacement: Automate tasks and gain insights, but don’t let it replace human creativity. High-quality creative content remains essential for impactful marketing campaigns.
  • Craft personalized video journeys with AI-powered insights: Analyze customer data and deliver hyper-personalized video content, tailored to individual interests through dynamic elements, interactive experiences, and customized recommendations. It allows you to lean into using an inclusive approach by going beyond surface-level metrics while driving engagement and fostering loyalty.

Unleashing Innovation through Experimentation

  • Streamline your video production process & elevate your marketing videos with AI-powered platforms, empowering you to easily create engaging videos. These platforms can be used to create videos from text, add AI-powered voiceovers and avatars, and craft captivating social media videos.
  • Harness the power of AI-powered creative effectiveness platforms to revolutionize your campaign planning, video testing, and media planning. These platforms utilize advanced technologies like facial coding, eye tracking, and computer vision to provide unparalleled insights into your target audience’s behavior and preferences.
  • Foster inclusivity by leveraging AI-powered dubbing tools to unlock global audiences, enhance accessibility, and expand your video’s reach by removing language barriers through dubbing, subtitles, and captions.

Trending: Cross-screen, Cross-channel Advertising Solutions

As audiences divide their attention across various devices and engage in multitasking, marketers must reimagine their video advertising strategies to win them over:

Key Takeaways For Marketing Professionals

  • The rise of Netflix and Prime Video’s ad-supported tier: As CTV advertising gains traction and linear TV struggles to find its footing, Amazon’s Prime Video ad-supported tier is set to fuel a surge in ad spending. This presents marketers with a wealth of new diversification opportunities using multi-platform video ad campaigns to engage with a broader audience.
  • Distinguish your brand and engage viewers with premium-produced video ads: UGC’s authenticity and relatability can be highly effective, but its production quality often falls short of premium video content’s polished and refined aesthetic. As streaming TV continues dominating viewing habits, marketers should prioritize premium video content to capture attention and drive results.
  • Fragmented media consumption necessitates a multi-screen marketing approach: With 5G technology enabling seamless video delivery, marketers can now craft engaging ad experiences that adapt to individual viewing habits. By leveraging an omnichannel approach, you can ensure your message reaches the right audience at the right time, maximizing the impact of your campaigns.

Unleashing Innovation Through Experimentation

  • Streamline the shopping journey by incorporating shoppable CTV video ads: Seamlessly integrate product information and purchase options within your video ads, enhancing engagement and driving immediate conversions.
  • Tap into the massive audience consuming live sports online: As digital platforms compete for your ad dollars, unlock premium inventory with NFL Sunday Ticket on YouTube. Reach paying subscribers, traditionally targeted by major brands, with the precision of digital advertising. YouTube’s “multi-view” expands this inventory, offering even more targeted ad placements.
  • Long-form video investments drive exponential returns: Let performance, not production value, guide your video investments. Embrace a data-driven, multi-platform approach, and repurpose the content that truly connects.

Trending: Embracing Interactivity, Live Streaming, and Format Diversity

Marketers should strategically embrace the versatility of vertical and horizontal videos, strike a balance between short-form and long-form video content, and engage audiences in an interactive and immersive modern world:

Key Takeaways For Marketing Professionals

Unleashing Innovation Through Experimentation

  • Incorporate AR elements & VR experiences: Overlay virtual objects and graphics onto real-world scenes to create an interactive and immersive storytelling experience. Transport viewers into a virtual world where they can interact with your brand’s story and products in a fully immersive environment.
  • The Synergy of Branching Narratives and Gamification: By allowing viewers to choose their own path and incorporating engaging gameplay elements, you are enhancing viewer engagement, collecting valuable data, personalizing product recommendations, and fostering deeper connections. 
  • The powerful trifecta: Live shopping experiences, combined with horizontal and vertical video formats, and creator content, can create a powerful video advertising strategy that resonates across platforms and drives meaningful engagement with their target audience.

Digital video has emerged as a formidable force in the modern online world, offering marketers an unparalleled opportunity to captivate audiences and foster meaningful engagement. Marketers who fail to incorporate video into their strategies are forfeiting a valuable opportunity to connect with their target audience.

By embracing the evolving trends and unleashing innovation through experimentation, marketers can effectively navigate the ever-changing digital video landscape, establish deeper connections with their target audience, and achieve their marketing goals in 2024 and beyond.

The Drum – Unraveling the Multidimensional Consumer Tapestry

Posted on by Coegi

The pursuit of inclusive marketing is a shared goal, but the path to achieving it remains elusive. In this article on The Drum, Coegi’s Stephanie Dwyer outlines four actionable steps to foster inclusivity within the intricate customer journey of today.

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