Although it’s still early in 2018, we’re already seeing some significant mega trends in data-driven marketing emerge. In this blog post, we wanted to call out three to help you stay ahead of the game. The full list can be found in our guide titled, “The Top 8 Mega Trends in Data-Driven Marketing for 2018.”
Data Governance Is Now a C-Suite Discussion
As many companies are acutely aware, the combination of recent high-profile security breaches and the looming May deadline to comply with the General Data Protection Regulation (GDPR) have made data governance a boardroom conversation. GDPR impacts any business that may come into contact with a European citizen, including companies based in the US. To stay compliant, companies should have completed a data protection impact assessment by now and be well down the path of remediating any gaps.
Addressing these gaps should be viewed as more than a compliance exercise – practicing ethical data use builds the trust that companies need to establish with consumers in order use data effectively in our data-driven economy. Businesses looking to stay ahead are turning compliance activities into a broader opportunity to strengthen their data governance programs.
People-Based Measurement Goes Mainstream
People-based measurement provides insight into the true reach of campaigns by connecting exposures across multiple channels and devices to a single person in a privacy-compliant manner. A 2017 study conducted by Forrester on behalf of Acxiom and LiveRamp revealed that adoption of people-based measurement is likely to nearly double in the next 24 months.
This increase reflects the growing pressure that marketers feel to prove ROI and increase efficiency. We’re seeing that clients who embrace a ‘test and learn’ mindset are seeing superior returns by developing predictive response models over time. Larger clients are also seeing they can sometimes successfully work with walled gardens to combine their exposure data with exposures from other publishers if they push for this and engage an independent third-party to perform the analysis.
TV is Going BYOD (Bring Your Own Data)
The TV landscape is continuing to experience unprecedented fragmentation as streaming services gain traction and consumption expands across multiple devices. This is causing traditional approaches to targeting and measurement to break down. More marketers are expanding their use of addressable TV (we’ve seen a 10x increase through our platform in the past two years) and taking advantage of new OTT channels like Roku and Hulu to reach their desired audience.
We’re also seeing an increase in marketers using first and third-party data to define TV audiences and measure sales lift. While traditional TV buying has been slow to change, we’re seeing signs that the move to data-driven linear, addressable, and other advanced TV options is gaining steam. Companies that haven’t at least completed their initial tests in these areas by the end of 2018 will likely start to feel they’re falling behind.
More details on these topics and 5 other mega trends in data-driven marketing are available for download here.