As the first month of 2024 draws to a close, marketers are anticipating the trends that will dominate the remainder of the year. The digital marketing landscape can change very quickly, making it difficult to accurately predict what is ahead. But one thing is abundantly clear; data will be at the forefront.
Data has been the backbone of our industry for quite some time now and it will continue to be for the foreseeable future. However, amid evolving technologies and shifting market dynamics, the role of data has become increasingly important.
The benefit of a strong data foundation
We have seen some incredible new technologies introduced to the digital marketing landscape recently, including generative AI, which is already being used to significantly enhance the likes of broad match and Performance Max. The introduction of Google Analytics 4 (GA4) has also brought new privacy and consent features, helping us to navigate tightening regulations and a more privacy-conscious approach to marketing.
But none of this means anything without the right data behind it. Before we get carried away with the possibilities of these technologies, we need to first make sure we have the basics right; a strong data foundation on which to build the rest.
The collection and integration of first-party data is key to building these foundations. Not only is it filling the hole left by the depreciation of third-party cookies, but first-party data can also provide a significant strategic advantage to those who are prepared to use it well.
The power of data
Collecting data is one thing, but on its own, it is useless. We need to translate the raw data into actionable insights, extracting meaningful information and using it to plan our future campaigns.
This is where the effective implementation of GA4 can make a huge difference. It is a highly customisable tool, providing us with adjustable features that can lead to more refined customer segmentation and cross-channel attribution. However, to get the most out of it, it needs to be configured correctly.
To achieve this, it needs to be fully integrated with a cloud platform that will allow data to be stored, pulled and analysed from various sources at the same time. We also need to have a clear picture of what questions we are looking to answer – which will no doubt involve a fair amount of trial and error, refining the inputs until we arrive at the desired output.
How data-driven strategies can provide future insight
Basic metrics are no longer enough to demonstrate campaign success. AI and data modelling have paved the way to deeper insights, with more information on lifetime customer value and engagement. Using this data effectively helps to demonstrate the causal impact of our efforts and identify where potential areas of growth are – something that is particularly important given that the economic uncertainty overshadowing 2023 looks set to continue.
Not only will this information be useful for the development of ongoing strategies, but will also benefit cross-departmental relationships, particularly between marketing and finance.
With more granular data at our disposal, we can better illustrate the effectiveness of our campaigns, helping to secure future budgets and align on KPIs.
Lars Lehne is global CEO of Incubeta
