DATA DRIVEN MARKETING VS GUT INSTINCTS
Data Driven Marketing – For a long time, creative marketing was targeted on specific business branding and creating a narrative for the potential demographic. Much like Mad Men – instincts and creativity lead to market success. Back when brands were king, and the majority of purchases were made by people who thought they knew, and trusted those brands. Focus groups and various psychological tactics to ingrain the audience with products they need, paired with primarily visual creatives as a mainstay of advertising.
Recent studies show that brand affinity in all categories is down significantly, and product searches are on the rise.
Buyers aren’t searching by brand name, instead, they search for the products they want and then compare prices and specifics for the range, with focus on quality at cost. This is also true of local entertainment, “What to do on Friday night in…” would be a common search. The data is pointing away from your gut and instead to your buying habits. Buying opportunities now exist between micro moments, the moment where a person searches for a product that will lead to a purchase. These “I want to know”, “I want to go”, “I want to do”, and “I want to buy” moments take place away from where traditional ads are shown and exist uniquely in the digital ad realm. During that micro moment your potential buyer experiences, your digital advertising shows up, lending to create buying moments where traditional media exists to create awareness.
While experience, instincts, and risk taking in advertising are still valuable – highly data driven marketing organizations are three times more likely to report significant improvement in decision making, based on research done by PwC.
But what about creative? Do large data volumes and in depth analytics do away with good copy and compelling media?
No – but it does change the way we use it.
Most millennials aren’t listening to the radio, reading the newspaper or watching TV in the traditional way. Now we’re online and 90% of the population is on YouTube, consuming immense amounts of content and advertising daily. Short 6-second bumper ads lend to higher brand lift and recognition, while the longer TV length commercials are less memorable. The targeting, demographic identification, and ability to create specialized ad groups specific to interests means we can now put ads in front of viewers that will recall it and be interested in the product or service. Creative visual media is still very valuable, it’s just on a new platform that lets you zone in on your audience.
Good ad copy is also important to your digital and search ads. Catchy, well-written articles about your product or service can lead to improved brand/product awareness. Paired up with the ability to capitalize on micro moments, your creative copy will net you sales where the buyer is ready to spend their money – bringing them to the bottom of your funnel.
So, while your gut instincts and creativity can lead to great brand lift and awareness – a data driven marketing approach will lead to improved targeting and measurable sales results. Hand in hand, the two are skipping forwards into an exciting, data informed, creative world.
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