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Consumers who looked to corporations and high street giants as credible champions of ethical behavior during the pandemic now feel they should be doing more. In the latest evolution of responsible marketing, 85% want brands to show responsiveness by cutting promotional spending amid rising inflation, rising prices and a record slowdown in the economy. increase.
Recent rumors that the government plans to scale back the campaign and significantly cut prices have been firmly quelled, but it doesn’t look like these expectations will be difficult to live up to. Notably, 7 in 10 CMOS already cite budget as the most stretched resource. But there is an extra problem. With 75% of consumers demanding greater brand accountability as the cost of living rises, investment decisions should be carefully considered.
To ensure that activities provide legitimate and meaningful value, CMOs need a stronger grasp of rapidly growing data sources to understand a larger audience than they currently have. Simply put, giving consumers what they want requires greater data efficiency.
humanizing marketing
Human behavior is rapidly becoming more complex. According to Accenture, consumers reeling from multiple turbulent events are feeling increasingly conflicted. Whether buying for personal needs, helping others, prioritizing eco-friendly principles and prices, or the desire and belief to be independent, brands strive to meet evolving needs. It means that there is a need.
Managing these various paradoxes is not easy for marketers. A look back at other recessions, such as the 2008 crash, may indicate that some trends may repeat themselves, such as the surge in online trade comparisons and the shift to lower-cost goods, even when premium names are preferred. there is. But working from past insights and assumptions can result in outdated or, worse, irrelevant messages. Take, for example, the backlash BP faced when a big-budget social media drive was launched, just as the scrutiny on its energy company’s profits intensified.
It’s clearly important to start engaging with consumers as multifaceted people. Tying marketing activities to changing requirements not only helps increase relevance, but also ensures that activities are perceived as valuable. Octopus’ Blackout Busters initiative is a prime example of how to strike the right value-oriented tone. However, all this depends on the consumer’s correct understanding. Marketers who want to stay on top of developing priorities must be able to collect, organize, and analyze vast stores of diverse data in real time.
Data overload big problem
It’s not just perspectives that are accelerating change. As consumer interactions spread across a rapidly expanding array of digital touchpoints, broader reach opportunities abound for brands. Many brands struggle to handle the sheer volume of relevant data. A recent survey found that CMOs now collect data from at least 10 sources, with 67% saying the amount of information available is overwhelming.
Interestingly, the data problem does not appear to be due to technology shortages, with CMOs planning to allocate a quarter of their budgets to technology this year. However, considering that only 42% of them feel they are fully utilizing their stack capacity, it is clear that something is wrong. Especially given that marketers spend more time integrating data than using it.
No matter how smart the modern data stack is, many marketers aren’t laying the groundwork they need. The inability to establish a streamlined orchestration layer means that the data cannot be understood or mined for consumer intelligence. Until you cover the nitty-gritty of integration, you’ll be buried in potentially valuable but unusable insights.
The Right Basis for True Relevance
What smoother data reconciliation brings to marketers can be summarized relatively succinctly. By enabling marketers to create a holistic pool of knowledge, deeper analysis can be performed. But, of course, there are prerequisites for maximum efficiency. A system that creates interconnected pipelines to merge, cleanse, and harmonize data from all relevant sources provides complete visibility into consumer behavior.
Likewise, having the setup automatically synchronize existing data with fresh insights means that emerging trends, habits, or paradoxes are never missed, and marketers can be more balanced and thoughtful. You’ll be able to determine where creative tweaks are needed to deliver a certain message. For example, a customer who previously visited a product page for a high-end TV may return to see a mid-range model while also reviewing the partner’s sustainability information. By serving ads that recommend the highest rated mid-priced models and highlight the recycling practices of featured manufacturers, you can meet your environmental and shopping needs.
Importantly, continuous monitoring of cross-channel performance will enable marketers to quickly identify what is working and what is not, allowing them to optimize the channels, campaigns, and processes that meet consumer needs. It makes it easier to direct your spending towards offers and stop investing in those that don’t. In addition to accurately measuring business contribution and maximizing ROI,
Consumers are aware and comfortable with vastly different requirements, and increasingly feel that brands should be as well. This means that being accountable is not just about demonstrating commitment to the core causes and principles they hold dear. It is also about understanding and meeting their different needs. Marketers are more likely to stay aligned with what consumers want by sequencing their data manipulations and closely monitoring whether promotions provide sufficient value so that their activities are You need to make sure it’s based on an accurate understanding of your inherent priorities.
Harriet Durnford-Smith adversity
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