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2024 is here and marketers need to prepare for some big industry changes. The elimination of third-party cookies and the traditional customer journey will have a major impact on marketing strategies and transform the way businesses interact with their customers.
Marketers also need to address a problematic problem: dirty data. Accurate, unified data is the critical fuel for successful artificial intelligence (AI) efforts, whether it’s insights to better understand your customers or generative AI approaches to customize content and experiences. Masu.
AI will play a pivotal role in adapting to these upcoming changes, reshaping the entire marketing process. Here are his 2024 trends we’re watching and what marketers can do to prepare for them.
When third-party cookies are phased out, a first-party data strategy is needed
In the first quarter of 2024, Google will disable third-party cookies for 1% of Chrome users, continuing the slow but steady demise of third-party cookies. This change is happening whether brands are ready or not.
The 75% of marketers who still rely on third-party cookies may not even realize the depreciation impact until it’s too late. If marketers don’t want to scramble to understand and effectively engage with their customers, they should prioritize implementing a first-party data strategy now.
Without first-party data, marketers cannot create data-driven strategies to reach customers or make effective measurements to determine which messages resonate most. When marketing becomes a guessing game, both time and advertising dollars are wasted and customer loyalty decreases.
But with first-party data, marketing is no longer a guessing game. Marketers can customize ads based on insights gleaned from accurate, clean customer data, including shopping preferences, habits, and purchases made in-store and online, increasing brand loyalty, customer engagement, and more by 2024. The return on advertising spend will improve in 2020.
Solve your customer data infrastructure before it sinks
Brands need to resolve inaccuracies in customer data and outdated processes before they negatively impact operations and daily operations. For example, relying on individuals to manually enter data into a system is time-consuming and error-prone. Brands need to streamline and update these processes and implement new automation tools that enable a frictionless customer experience.
Customer data is inherently complex. It comes in many formats from many sources, all at scale and fast. It requires certain technical processes to collect and integrate it effectively. Otherwise, brands will be left with “dirty” data – inaccurate customer information that doesn’t truly represent their customers’ preferences and needs.
Without the right strategy and the right tools, marketers are likely to work with inaccurate data and draw invalid conclusions that impact business decisions.
To combat this in 2024, brands will need to implement tools like customer data platforms (CDPs) to resolve dirty data and ensure the trustworthiness of the tools and information driving their campaigns. With a CDP, brands can ensure their marketing strategies are based on accurate data that paints a complete picture of their target customers, increasing campaign effectiveness and customer retention.
There is more than one true customer journey
As we enter the new year, brands need to realize that there is no longer a single customer journey. This reality invalidates traditional marketing strategies. Every customer now expects a unique experience, making it difficult for brands to predict how customers will shop and interact with ads.
Customer intent is difficult to predict, making it difficult for brands to know when to engage with customers. For example, a customer may have purchased a product based on a TikTok influencer rather than a brand’s advertising or marketing.
Therefore, understanding and quickly adapting to customer shopping habits is essential for successful engagement. What’s the best way to ensure effectiveness? Accurate customer data.
Leveraging the right tools, first-party data provides near real-time insights, allowing brands to quickly see customers’ evolving behaviors and changing preferences.
A comprehensive, up-to-date view allows brands to target the right ads and messages to the right audience, increasing brand trust, customer buying experience, and likelihood of conversion.
Use AI to improve your marketing funnel before it’s too late
In 2024, marketers will need to further deploy AI to improve customer experiences and scale hyper-personalization by integrating AI across the ecosystem.
Marketers are facing a fundamental question: how to deliver personalized experiences to millions of customers. AI is key to enabling hyper-personalization by leveraging data analytics, predictive algorithms, and machine learning to tailor experiences, offers, and messaging to individual preferences and behaviors, efficiently and quickly. play a role.
However, to reap the benefits of AI, marketers need to know what questions to ask. “Rapid engineering” will be a key skill. This refers to intentionally crafting prompts or input queries to elicit specific responses or behaviors from an AI model. Marketers need to understand the capabilities and limitations of their AI models and adjust prompts to achieve desired results.
Marketers will also need to get creative in applying AI throughout the marketing process. AI helps with campaign and audience strategy. You can also write marketing copy, which can streamline these processes and make them more effective.
However, this cannot be done effectively without accurate data. If the data feeding AI is dirty or incomplete, marketers run the risk of receiving inaccurate insights that can impact strategy and results.
Using AI’s predictive capabilities based on accurate data, marketers can improve customer experiences and help brands attract and retain customers.
2024: For the future
2024 will be a pivotal year for marketing. Upcoming trends like cookie deprecation and new AI capabilities will force marketers into new practices and standards, changing the way they think about brand trust, customer loyalty, and revenue. Now is the time for brands to prepare to meet customer needs and business goals to ensure 2024 is full of innovation and success.
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