With 2023 quickly moving into the rearview mirror, now is the time to build your 2024 marketing strategy. In our blog, 3 Ways to Power Your 2024 Marketing Strategy, you’ll learn data-backed methods to transition from 2023 to 2024 successfully. We’ll examine a few key areas, focusing on the importance of real-time data, first-party data, and cost savings. Plus, we’ll give tactical use cases at each step.
Why Real-Time Data is Critical For Success
We believe that 2024 will be defined by owning the moment. A crucial piece to owning the moment is the ability to create real-time customer journeys. According to James McCormick at Forrester Research, real-time data must be “fast enough to keep up with the customer.” At Tealium, “real-time” is measured in milliseconds, not minutes, hours, days, or weeks. Real-time is especially relevant when 2024 customer expectations will be at an all-time high! Engaging customers at the right time, and with the right information, is crucial for enhancing conversion rates and boosting business revenue. The availability and utilization of real-time data can drastically influence the customer experience’s quality and the pace of conversions.
In the retail industry, the significance of real-time data is particularly evident – especially for our customer, Adore Beauty. The founder of Adore Beauty, Kate Morris, aimed to recreate the in-store experience within the digital realm. Since reading body language to offer product recommendations wasn’t feasible online, Adore Beauty sought a method to translate these subtle cues into the digital realm… Cue real-time data!
With Tealium’s CDP, Adore Beauty rolled out a new campaign, aimed at providing advice to customers with skin and hair concerns by harnessing recent browsing behavior data. The quality data sets gathered by Tealium iQ and EventStream were optimized through AudienceStream, providing Adore Beauty with an optimal data supply chain from collection to engagement. Activating this optimized data meant that Adore Beauty could identify browsing activity that demonstrated intent signals for specific skin and hair concerns. Then, customers were served with targeted and relevant emails to encourage further consideration and purchases. Using real-time data helped Adore Beauty boost customer engagement by 400%!
When it comes to real-time, it’s not simply about speed, avoiding data duplication or composibility. Our goal is to help our customers optimize value using real-time data. While Tealium’s heritage and core differentiators lie in real-time streaming data, we also offer significant capabilities for working with data at rest, like Data Connect, with more features coming soon!
The Importance of First-Party Data
Over the years, businesses have relied on third-party cookies to monitor and gain insights into online consumer behavior. However, with growing privacy apprehensions and tightening regulatory restrictions, marketers are grappling with data deprecation issues. 2024 will be defined by third-party cookies crumbling. According to MarTech’s article, Relay42’s research found that 72% of CMOs say it will be difficult to handle the impending ‘cookiepocalypse’. So, what’s the solution to third-party cookie depreciation? First-party data.
Before we delve into the importance of first-party data to your 2024 marketing strategy, let’s define it first. First-party data is data that your company gathers from consumers interacting directly with your brand. First-party data can encompass actions that a user takes on your website, like adding an item to their cart. With first-party data, you can analyze how consumers interact with your brand to improve their experience and deliver better engagement holistically and individually.
Now, let’s discuss a tactical first-party data example from Bosch Power Tools (Bosch). While Bosch serves both trade professionals worldwide, the company faced a challenge due to its limited customer data since it doesn’t directly sell to many end users. Bosch needed to maximize the use of its existing first-party data to enhance its comprehension of users and their preferences. However, data silos posed an obstacle to their goal. With Tealium AudienceStream to unify user data from various touchpoints, Bosch created a comprehensive view of its user base. As a result, this facilitated a heightened level of user insight within the company and enabled more data-driven, personalized marketing strategies. With this newfound insight, Bosch achieved an impressive average open rate of 70% in France with dynamic product recommendations.
How to Save Money With Your 2024 Marketing Strategy
Increasing economic pressure means getting smart with cost-saving strategies is a must-have for 2024! When it comes to your marketing budget, you’re likely heavily invested in paid social advertisements. So, how do you combat signal loss while saving money? The answer lies in Conversions API (CAPI).
CAPI empowers businesses to seamlessly share their data directly from servers, eliminating the reliance on web browsers. Tealium’s suite of CAPI integrations includes major platforms like Meta, Google, Snapchat, TikTok, Pinterest, Amazon Ads and LinkedIn. By leveraging CAPI, advertisers can drive desired outcomes by utilizing their own controlled information and data, including interactions with their websites, products, and services. Tealium has a demonstrated track record of being the first or among the first, vendors offering packaged CAPI integrations starting with Meta’s CAPI.
It’s time to examine how Golfbreaks utilizes CAPI to boost their business. Golfbreaks relies on the expertise of its sales staff to provide advice to customers, meaning the call center is the best conversion channel. The ability to track inbound calls (including server-side events as a webhook from the phone tracking system) and send those to Meta, allowed Golfbreaks to get a full picture of conversions. The results speak for themselves!
- Ad click-through rates improved by 18% from using both the CAPI and the Meta pixel
- Online sales conversion increased by 11% from using both the CAPI and the Meta pixel
- Golfbreaks ad spend ROI increased by over 17%
Tealium continues to invest in making this measurement more efficient operationally. We offer a wide collection of packaged CAPI integrations with top-tier companies and make data easier to set up and use – facilitating better insights and attribution across the customer journey.
In conclusion, now is the time to determine the most important components of your 2024 marketing strategy. We feel that some defining characteristics of a 2024 marketing strategy include real-time data, first-party data, and cost savings. We included case studies from leading
brands. To explore more Tealium case studies, see our Resource Library or our whitepaper, A First-Party Data Strategy Takes the Cake.
