Lessons we learned from data-driven marketing

Lessons we learned from data-driven marketing In 2016, the power and importance of “big data” finally started to pay off–everywhere around the globe, across all markets and industries.

For businesses, the role of information in supporting marketing and advertising is no longer just about providing learnings. They are moving towards a smarter and more consumer-centric approach, which can only be done by deriving meaning from data.

With a survey done by the Hong Kong Advertisers Association (HK2A) and Nielsen projecting a 41% increase in digital advertising budgets in 2016, organizations are now looking to data for actionable insights and to drive business outcomes by better engaging the consumer.

In fact, a 2016 MediaMath commissioned research study undertaken by Forrester Consulting revealed that almost 41% of marketers in Asia Pacific said that they have adopted programmatic buying, with 82% of them either satisfied or highly satisfied with their investment in the technology.

It’s clear that data and programmatic is now a central pillar of customer experience, and therefore marketing. As businesses look to jump on board, here are some lessons we’ve learned over the past year that marketers in Hong Kong can take with them into 2017.

It’s still all about the consumer

Consumers increasingly expect a more personalized experience. This is perhaps why consumers are voting with a click of their mouse in order to avoid disruptive, annoying, or irrelevant advertising. The increased usage of ad blocking technology is a consequence of irrelevant and unwanted advertisements.

To address this issue, marketers are enthusiastically embracing the “customer-centric” approach and marketers in Hong Kong (and everywhere) are looking to better understand customer interactions across channels. Brands are increasingly turning to data-driven marketing, including the management of customer databases, deployment of predictive analytics, and segmentation to learn more about addressable audiences, and implementation of omni-channel campaigns to have a more holistic view of their audiences.

With platforms that recognize individuals across multiple devices, address changing behavior of consumers, and enable omni-channel execution, marketers can deliver experiences that transcend channels, formats, and devices.

Digital is where it’s at

Web content, social media, search, and online display advertising increasingly make up a greater proportion of the marketer’s arsenal to reach their target audience–and it’s easy to see why.

Consumers from all demographics are now spending more time online. Digital consumers are spending an average of over six hours daily on the internet –which is equivalent to more than half of a consumer’s daily media time. Marketers here can take full advantage of this huge opportunity by bridging the gap between traditional and digital in their media mix.

As such, marketers are reporting that digital media is now delivering the greatest return on investment, with the performance of their display advertising, web content, and social media investments making the most strides in the past year.

The trend is similar in Hong Kong as 72% of marketers indicated greater commitments in digital marketing budget, allocating almost two-thirds of their budget to social media, online digital advertising, and mobile.