Over the past 12 months, we have seen the decline of universal analytics (UA), the rise of generative AI, and huge swings in consumer spending due to persistent inflation and eye-watering interest rates. But amid all these changes, one thing remains the same. It's data dependence.
Data has been driving digital marketing for years. As marketing evolves, the amount of data we have access to and the importance of using it correctly continues to grow. However, to get the most out of your data, you need to establish the right foundation.
Building a strong data foundation
Recently, several innovative new technologies have been introduced in digital marketing.
The advent of generative AI has enhanced tools such as broad match and P-MAX. Google Analytics 4 (GA4) was introduced to replace UA and introduce new features for privacy and consent in line with stricter regulation and a more privacy-focused marketing approach. Augmented Reality (XR) is creating innovative ways to provide unique experiences to your customers.
However, without proper data management and cloud infrastructure, these are of little use. Therefore, before diving into the amazing possibilities of these technologies, it is essential to work on getting the basics right.
Your first focus will be on collecting and integrating your first-party data, which will drive most of your marketing decisions in the coming months. This data complements the obsolescence of third-party cookies and provides a strategic advantage to those who utilize it effectively.
Progressive profiling is one of the best ways to accumulate first-party data. Collect information without burdening your customers and keep details up to date. Second, by leveraging cloud platforms that integrate data from various sources, you can create accurate profiles and audiences to guide future marketing strategies.
Dig deeper: Breaking down data silos: A practical guide to integrated marketing data
Effective use of data
Collecting data is the first step, but the real value lies in converting raw data into actionable insights that can be used to drive marketing campaigns.
It is important to use GA4 strategically in this process. GA4's extensive customization options, when set up and configured effectively, can refine customer segmentation and improve cross-channel attribution.
Cloud integration plays a key role here. The ability to process large datasets is essential for performing advanced analytics. With the ability to facilitate real-time collaboration across locations and data sources, GA4 provides a comprehensive view of customer behavior.
It is also important to clearly define the purpose of the analysis. This process may require some experimentation and tweaking of inputs until you get the results you want, but the insights you gain will be worth the time and effort.
Learn more: Data visualization: How to turn analytical data into actionable insights
Drive your future strategy with data
Collecting, integrating, and analyzing the right data can provide rich insights to guide future marketing campaigns and allow you to accurately measure their success.
Basic metrics like clicks and impressions are helpful, but they provide limited insight. We need to go beyond these and dig deeper into metrics like lifetime value and engagement levels using advanced measurement tools powered by AI and data modeling.
This sophisticated data allows you to demonstrate the direct impact of your marketing efforts. This helps us identify the most effective channels, identify growth opportunities, and recognize underperforming aspects of our strategy and other areas where resources may be wasted. Helpful. This is especially important given the ongoing economic uncertainty.
In addition to this, detailed data can prove invaluable for enhancing collaboration between departments, especially between marketing and finance. The more granular you can show through results, the more convincingly you can demonstrate the effectiveness of your campaigns, making it easier to allocate future budgets and align with KPIs.
Learn more: Why you should add predictive modeling to your marketing mix
succeed with data
Digital marketing is constantly evolving, shaped by technological innovation and changing consumer trends. However, the core elements remain the same. In other words, you need to leverage data to succeed.
Moving forward, a strong foundation for a data-driven strategy supported by a well-integrated cloud platform is essential. Those who base their marketing on these pillars will undoubtedly gain valuable insights that will help them adapt, fine-tune, and improve their future campaigns.
On the other hand, for companies lacking in these areas, the marketing environment will become increasingly difficult over time.
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The opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.
