Towards the end of 2019, businesses began to shape their themes for the next 12 months; 2020 was the year to head ‘Back to the future’. In light of the third-party cookie demise in reaction to GDPR and other global privacy regulations, the (m)adtech industry was witnessing a seismic shift in how businesses sought closer connections to their customers. Little did we know what the next 12 months had in store.
Skip on 14 months and we find ourselves in a brand-new world, a world where old ways of working are no longer fit for purpose. The global pandemic has affected us all, forcing us to adapt and react at record speed. So, instead of heading back to the future, we need to pivot our mindset to paving a brand-new path – a future fit for the new marketing age. Here are key factors to keep in mind:
Context is the answer we’ve all been seeking
Brands know it. Vendors understand it. Content owners drive it. First-party data is the fuel that powers a marketing strategy in today’s climate.
The fact is 81% of marketers are worried that their use of third-party data could raise privacy concerns, and 82% of marketers plan to increase their use of first-party data. But we knew that already, right? The challenge that now falls onto the shoulders of businesses today, is how to survive in a cookie-less future – and how to add scale to a first-party data strategy – in a privacy compliant way. The answer is context.
According to eMarketer, contextual targeting is on the rise, thanks to its greater assurance and security in reaching consumers within the environments they choose. Contextual solutions offer an incredible array of opportunities to reach the right person, in the right place, and at the right time. And, advancements in these technologies, including machine learning algorithms, computer vision and natural language processing, are delivering a future-proofed solution for businesses that want to enrich first-party data to enhance their contextual solution. It really is the future of marketing.
Without a presence on VOD, you’re invisible
It comes as no surprise that consumer behaviours have changed. 2020 saw unprecedented behavioural shifts to online and digital channels. As the pandemic took over, this seismic change grew from strength to strength and the video and TV markets exploded. The video advertising marketplace is set to change more in the next five years than it has in the past 60. Traditionally utilised as a brand-building marketing channel, video is set to be one of the most important customer acquisition channels of today. The market agrees – headlines such as Magnite agreeing to buy SpotX for $1.17B and the recent Trade Desk stock market numbers show significant growth within this landscape. In fact, the AA/WARC Expenditure Report released July 2020, underlined a predicted 21.1% year-on-year growth in video-on-demand in 2021. Last summer, Ofcom reported that the global pandemic further accelerated the popularity of video-on-demand (VOD) services, with more than 50% of households subscribing to at least one subscription video-on-demand (SVOD) service. ThinkTV reports last year in Australia Broadcast Video on Demand (BVOD) grew more than 30%, and in the UK 53% of all households are subscribed to at least one VOD service. It’s clear that there’s an abundance of opportunity within this space.
Outcomes are key
To keep afloat of the ever-changing (m)adtech landscape, and the new opportunities that lie ahead of us in this brand-new world, businesses need to focus on outcomes. Outcomes that protect customers and drive revenue. And this requires a new type of marketing partner; one who blends services and products to drive ROI and business outcomes.
Service providers who assemble the right talent and deep expertise have enormous value to offer clients.
Brands, marketers, and content owners alike will be looking to create a “best of both worlds” business model: one that harnesses innovations surrounding software, while retaining benefits of a service-oriented partnership. At Silverbullet, know our clients buy outcomes, and so by ensuring our products fit seamlessly into their martech infrastructure – combined with our dedicated team of experts – we can bring them into the next chapter of data-driven marketing.
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ABOUT THE AUTHOR
Ian James, Co-Founder & CEO of Silverbullet
For 20 years, Ian James has been working in the integration of brands and their customers with digital technology and data. Ian has held a breadth of diverse and dynamic leadership roles in Entertainment, FMCG, Media and Technology organisations. Delivering transformation for businesses such as Chrysalis PLC, Bacardi, Aegis, Starcom MediaVest Group, Acxiom and Verve. Ian is a thought and industry leader and serves on numerous Boards as a Non-Executive Director in the technology and marketing arena, notably serving as a trustee of The Technology Trust – an organisation that serves over 20,000 charities in the UK with technology products and services.