Posted: 18 Feb 2020 Contributor: Matthew J Fritschle
Hey Marketers, Here's How Data-Driven Innovation Will Change in 2022
Marketing no longer relies on assumptions and gut feeling alone. Today, data-driven innovations are guiding marketers and showing them the best ways to operate. Data has the potential to be your most valuable marketing resource. With the right information in hand, you can create scalable and repeatable marketing processes.
In an age where digital makes things more accessible, things need to change dramatically to ensure the safety of all online users. Below we will look at how data will drive change in 2022 and how this will impact your online campaigns for the year ahead.
This is the true value of DDI as you can let your campaigns run based on data-driven innovation meaning you can focus on the creative side and optimize effectively.
What is Data Innovation?
Essentially, data-driven marketing is the strategy of using customer information for optimal and targeted messaging. The rising quality and quantity of marketing data has seen many companies begin to implement this approach for creative production and automation.
Data-driven decision-making is the process of taking answers to questions like who, when, where, what message, and making them a part of your marketing strategy moving forward.
What Will Shape Data-Driven Innovation in 2022
When it comes to data-driven marketing trends in 2022, we’re looking at the different ways in which marketers will access the data needed to run marketing campaigns effectively. We’ll unpack a few of them below.
The world has become more aware of the online risks that exist when transacting in a digital world. Customers need to know that the data you collect is safely stored and not left exposed. We’ve already seen how Google has announced the “death of cookies” in an attempt to ensure user privacy and safety while online. This means that marketers cannot access third party information and will need to rethink the way in which they collect important customer data.
Artificial Intelligence (AI) Data Management
The workforce has changed to include both human and robotic components that work alongside for the best possible results. The AI-human hybrid workforce will see the use of machine learning and AI to improve and optimize operations, while the human aspect manages it all, focusing on the jobs that they were employed to do instead of all the “busy work” that pops up.
One of the roles to be taken over by these innovative systems is data management, and with improved accuracy and little to no down time, it’s going to revolutionize the world of marketing.
The predictable nature of data paths makes it easy to automate the data collection process. Not only is this beneficial to the marketer, but to the customer as well. By driving high value data outcomes using high quality data, you can take your business too new heights.
One of the greatest benefits of using digital technology is the fact that it is flexible and scalable. The systems that you choose to implement, especially when it comes to data, needs to grow along with your business. And the best part? You can have a real-time overview of your business’s activities and make data-based decisions to affect immediate change.
Virtual Reality Customer Experiences
We’ve already seen the move to online shopping, but we foresee this going a lot further. Instead of going into a physical store, an AI agent will be able to assist you in selecting the right product or service. VR will step in to give you a “real” look at the product in question – without leaving your home.
In light of this, alongside the rise of artificial intelligence and machine learning, data-driven marketing trends in 2022 will be shaped by these factors if companies want to stay ahead of the curve.
How Data-Driven Innovation Will Change in 2022
Alongside factors like GDPR and CCPA, there will be several other examples of data-driven innovation trends in the coming year. Data-driven insights are continually evolving and are able to add value to businesses in ways that were not previously possible.
- As improvements in artificial intelligence and machine learning continue to occur at a rapid pace, it will allow companies to employ faster and more accurate ways of processing data at scale. Optimizing campaigns on the fly will become much easier as AI and machine learning capabilities continue to develop.
- Retargeting ads will grow in their usage. As consumers continually move between different platforms and devices, retargeting is becoming more and more important. In this case, a brand might use data-driven advertising to target someone who has moved on to other pages, reminding them of what they were looking at on their site. These can be especially useful when a customer abandons their cart, as the ad can help remind them of what they left behind and push them towards a checkout.
- Personalized marketing based on data will become more commonplace. With a data-first approach, marketers can build email marketing plans that deliver high levels of personalization to individual customers. Creating and delivering content based on a customer’s specific preferences is the best way for brands to build long-lasting relationships with their target audiences. This means using data insights to deliver the best message, to the best person, at the best time.
Real-Life Examples of Data-Driven Innovation
So, let’s take a look at some examples of data innovations where companies built their campaigns around their data growth statistics in 2022 to generate positive results:
- House of Cards - This Netflix show was one of the first to air, and it was a hit. So much so that back in 2013, subscribers said that this show would be the reason they kept their subscription.
But how could Netflix have anticipated the success of the show? Simple, data. They analyzed data and discovered a correlation between the British version of the show as well as fans of director David Fincher and actor Kevin Spacey. They bought the three together and launched a global phenomenon.
- The dynamic duo: Beer and nappies - Back in 1992, a Teradata analyst found that men were likely to buy beer when stopping at Walmart to buy nappies. SO, she suggested putting these tow incredibly different products near one another and increased the sales of both products significantly.
- QuickBooks - Before QuickBooks was developed, Intuit that created the program had another successful finance management tool. The team developed a platform that was intended for personal use, but after some research, it was found that most people used the tool for business purposes. Quicken was then transformed to handle both personal finances as well as that of their businesses, bringing QuickBooks to life.
The Future of Data-Driven Innovation
A data-driven digital marketing strategy should be a key aspect to your overall digital approach. With the data-driven innovations set to be focal points of more and more strategies in the future, it’s more important than ever that customer data is incorporated into your marketing.
When data is used in conjunction with the appropriate technology, it gives you the possibility to build powerful, creative campaigns that connect with your audience on a deeper, more authentic level. By understanding your customers and anticipating their needs, a data-driven strategy can provide marketers with a streamlined way to stay connected with a target audience.