The Marketing Landscape will Transform in 2020. Are You Ready?
In 2019, the marketing industry was witness to a number of changes that will transform the industry for the foreseeable future. 2020 will be the year when marketers take the reins on implementing new tactics and strategies that will help increase performance in light of changes to both technology and regulatory landscapes.
Data privacy laws such as CCPA and GDPR are inevitably going to reshape the practice of marketing. In response, we will need to create new avenues to extract value from omnichannel data sources. We will have to use data in more creative ways for personalization that is sensitive to regulations and consumer demands.
We will refocus on optimizing new channels in the customer journey. Permission-based marketing, cognitive uplift, and transparency will be the buzzwords of the year. In some ways, the marketing industry might look fundamentally different this month than it did only weeks ago.
Here are my top predictions for the ways marketing will transform in 2020.
Marketers will shift their focus to different data sets
For a while, marketers have focused on event-level data that enabled us to create hyper-targeted campaigns aimed at buyers at a practically individual level. But, as privacy laws like GDPR and CCPA change the marketing landscape, marketers will be forced to use different data sets to achieve the same results they did before.
In 2020, these privacy laws will amplify marketers' reliance on campaign-level performance data in place of event-level customer-centric data. While these two types of data are frequently used in combination with each other, marketers will need to supplement efforts with less personal data sets that are exempt from privacy regulations. This will put a greater emphasis on performance metrics and contextual data that will help generate holistic insights into the success of omnichannel campaigns.
Cognitive uplift is king
No longer does the adage that content is king hold true in omnichannel marketing. The if you build it they will come attitude is antiquated. Instead, marketers need to refocus their 2020 efforts on generating cognitive uplift to drive buying decisions, brand loyalty, and real campaign ROI.
One simple tactic to achieve this is curating campaigns around content that helps consumers realize what they don't know and what they should do now to drive consumers toward the next CTA until they purchase (and repurchase). Education-based campaigns, offering tips and tricks and other incentives, can be extremely effective in this regard.
Further, leveraging data analytics and intelligence capabilities now widely available to marketers across industries, sectors, and organizational size can provide immense value in determining which channels are more effective in driving cognitive uplift so marketers can optimize omnichannel campaigns accordingly.
Permission-based marketing takes center stage
CCPA and other data privacy laws are reshaping the foundation of digital marketing. The explosive data growth of the Internet age has been a boon for marketers' targeting efforts, offering widespread access to customer data that could be used to drive influence, but the party is over. As a result, marketers will need to switch their tactics in 2020.
One of the most effective ways to continue to target customers in a post-CCPA world is through permission-based marketing. By adopting robust permission-based philosophies as a keystone of strategic campaigns, marketers shield themselves from the risk of non-compliance by obtaining explicit permission to provide targeted ads, promotions, content, etc. To do this, brands should consider launching or expanding incentivized club programs that require customers to opt-in to marketing upon enrollment.
These programs should focus on delivering rich incentives for opting in to marketing programs that could include discounts and product offers, opportunities to engage with a brand-driven community, and/or training and education programs. This is an extremely valuable tactic for marketers as it enables them to aggregate critical, regulation-compliant customer data that can help optimize campaign decisions for offers and promotions as well as boost channel mix and opportunities for cognitive uplift.
Transparency will grow among brands, internal marketing organizations, agencies, and external stakeholders
The saying it takes a village holds true in marketing, where efforts are almost always made more effective through collaboration. This extends to the concept of data sharing, as brands and marketing stakeholders will realize in 2020.
In fact, Gartner's CMO report found that marketing leaders plan to increase their spending on insights (32%) and analytics (32%) in the coming year. As SaaS-based analytics and intelligence platforms become increasingly accessible, so too will the ability to share and act on that intelligence by all parties involved.
Personalization will continue to be a hot topic
2020 will be the year marketers get personalized marketing right. While marketers know that personalized content is key to appealing to consumers, their marketing strategy and the way they leverage data still needs vast improvement. As such, the effort to enhance personalization will continue into the new year as consumers voice their appreciation for relevant information. In fact,80% of consumerssay they'd give their business to companies that offer them a personalized experience.
As 2020 unfolds, we will see how the industry responds to the key forces shaping the market evolution in technology, ongoing expansion, mergers and acquisitions, and shifting regulations. While many of these forces are external to the marketers, they underscore a movement towards more effective marketing practices that respect the growing privacy demands of consumers.
If you are unsure about how to be a more effective marketer in the post-CCPA and GDPR industry, start by looking at your data, and double down on what has been successful while updating methodologies in accordance with new regulations. Let this be the foundation of your 2020 strategy as you formulate a plan for sustained omnichannel success in the new year.