Tuesday, September 15, 2020

Digital Marketers Race to Meet the Needs of a New Era

https://www.bcg.com/publications/2020/digital-marketers-race-to-meet-the-needs-of-growing-online-agendas

Sources continue to describe COVID-19 as an "accelerator." For example, pre-Covid, online learning was happening (to some extent) on most college campus. However, now most (if not all) colleges are teaching virtually. I think there are examples of this acceleration across all functions, fields, and sectors - including digital marketing. 

BCG highlights this - particularly, the potential value of "first-party data — the data that brands collect directly from consumers." First-party data allows companies to continue iterating, developing, and delivering a better user experience. And of course, consumers benefit from customization. This is big in the E-commerce space as online sales continue to outpace/replace in-store sales. That said, retailers should invest in digital marketing to increase revenue. Additionally, companies are using first-party data with other "offline" data to make strategic decisions. The article notes that a European company is looking at first-party and foot traffic data to decide/prioritize store openings. While some companies think it's counter-intuitive to invest in marketing strategies now, BCG argues that it's the right time, that the pandemic has also accelerated this agenda item.


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