Welcome to 2024, a year where the digital world is transforming at an unprecedented pace, inviting us on a journey into uncharted territory. In an era of constant innovation and technological advancement, data-driven digital marketing strategies are not only key to survival, but also for achieving growth and securing market dominance. Let’s explore the trends that will shape the landscape in 2024 and revolutionize the way businesses engage, convert, and connect with their target audience.
From artificial intelligence and immersive technologies to data ethics and personalization, it’s time to embrace the future and discover how these trends will give your business a competitive advantage in the digital universe. So let’s dive into the digital underworld and explore how you can ride the wave of innovation to reach new heights in 2024.
High-quality data is essential for AI-driven marketing
To succeed in digital marketing in 2024, businesses must come to a crucial realization: data is not merely a byproduct, it’s the cornerstone that elevates AI-driven marketing strategies to unprecedented levels. It’s like taking one step back in order to take two steps forward. To realize the full potential of artificial intelligence in marketing, it’s crucial to look at the source – the data itself.
In an era where AI and machine learning reign supreme over personalization, prediction, and efficiency, it becomes clear that the output of these technologies is only as strong as the data on which they are built. Many companies are quick to incorporate AI into their marketing strategies, but few recognize the urgent need to focus on data collection and data quality. It’s like having a rocket prepared for launch, but lacking the required quality of fuel. We have previously written more about this topic here.
Unfortunately, the reality is that the data foundations of most companies haven’t been able to keep up with the pace of AI adoption in marketing. Lack of attention to data quality and proper capture presents a risky scenario in which companies may build their marketing efforts on unstable foundations. The outcome is not only inefficiency, but also the potential danger of misguiding strategic and tactical initiatives in the wrong direction.
Therefore, it’s not just an investment in AI that’s critical, but a concurrent commitment to strengthening the data foundation. It’s only by embracing and improving our approach to data that we can ensure our marketing initiatives are driven by accuracy, precision and credibility. So, before diving deeper into the wonders of AI, let’s first ensure that a solid data foundation is established. Read more about how to build a strong foundation here.
Balancing compliance considerations and commercial growth
Companies face the dual challenge of maintaining regulatory compliance and driving business growth. The Danish Data Protection Agency is now vigilant, and the risk of fines looms over companies that fail to navigate safely through the complex landscape of data security and privacy regulations.
But it’s not just the Danish Data Protection Agency that dictates the development. Google has announced plans to phase out third-party cookies by the end of the year. This shift will leave a significant data gap in many companies’ advertising and analytics accounts, potentially undermining the effectiveness of their digital marketing strategies. To maintain the delicate balance between compliance and growth, it’s crucial for businesses to adopt a proactive approach. Implementing Durable Measurement elements will be key to staying ahead of the curve.
Part of the solution to this challenge is the implementation of conversion APIs in ad platforms, creating more robust and reliable data flows. But even more important is implementing a compliance solution like RECAPTURE. With this technology, companies can not only ensure full compliance with Google Analytics 4 data, but also unlock the otherwise invisible data – data that is not consented or measurable in traditional ways. This goldmine of data opens the door to a new world of commercial opportunities where businesses can leverage data that was previously out of reach.
In the battle between compliance and commercial growth, it’s clear that proactivity and technological adaptation are key to maintaining balance and maximizing the return on marketing efforts.
ACTIVATE: Accelerate your digital marketing efforts with AI models
Enabling data-based AI models in your digital marketing efforts requires a thoughtful approach that embraces the customer journey and leverages data across all stages. Here are some key steps and considerations to navigate this journey and maximize the value of your data:
The data foundation:
As mentioned earlier, a solid data foundation is essential. Make sure your data is accurate, up-to-date, and compliant with applicable laws and regulations. A reliable data foundation is the building block that enables AI models to derive meaningful insights and deliver targeted content.
Efficient data activation without expensive enterprise CDP solutions:
It’s not necessary to invest heavily in expensive enterprise Customer Data Platform (CDP) solutions to succeed with AI-based data models. Often, you can achieve significant results by leveraging the many data building blocks available in the Google Cloud environment. This can provide a more cost-effective and agile approach.
Focus on the customer journey:
When activating AI models, it’s critical to use the customer journey as your compass. Identify the key stages – Awareness, Consideration, Conversion, Growth and Loyalty – and understand how your data can support marketing activities at each stage. This not only provides a more cohesive strategy, but also allows for more targeted and effective interventions.
Data-supported marketing activities:
Make data your best friend throughout the entire customer journey. Understand what type of data is most relevant at each stage of the process and how it can be used to inform and improve your marketing initiatives. From creating awareness to building loyalty, data is the key to delivering personalized and engaging content that resonates with your target audiences.
One use case at a time:
Instead of trying to solve all problems at once, start with a single data activation use case. This can range from improving ad targeting (e.g., propensity to buy) to tailoring content based on user behavior (e.g., next best offer). By starting small and scaling gradually, you can generate positive ROI in both the short and long term and build momentum in your digital marketing strategy.
Experience and skills
If you’re feeling overwhelmed, it’s worth considering working with experts like IIH Nordic, who have the experience and skills to build a solid data strategy and activate your data. It’s the key to maximizing the potential of your data-based AI models and the optimization of your digital marketing efforts.
In conclusion, the big trend in 2024 is obviously AI (again) but to succeed, businesses need to take a step back and lay the groundwork before they begin or continue to incorporate AI-based data models into their marketing initiatives. Be aware of the dynamics and challenges surrounding technology and GDPR, and implement measures to ensure your data collection and quality. Identify and prioritize use cases based on the customer journey and activate AI-based data models one step at a time. With this comprehensive approach, your business is best positioned to maximize ROI on data-driven marketing initiatives.