Trends for Marketing Analytics in 2021 | Michael Troina
Companies can optimize profit-generating activities by understanding marketing trends. Here are a few things to keep in mind for 2021.
Customers want to understand the types of data that websites collect. Technologically literate individuals know that companies use customer profiles to display relevant advertisements. People want to know how much control they have over the data collection process. For example, can they choose not to participate and still use the website? Can they let websites collect only specific types of information? Websites need to be transparent over their privacy policies and procedures.
Sophisticated hackers understand the rise of e-commerce. They target websites to access payment processing information. They also want to understand the personal details required to commit identity theft successfully. Therefore, companies need to invest in encryption technology and other services designed to keep their websites safe. Customers want to know if their credit card information is protected. Otherwise, they will be reluctant to complete transactions.
Companies no longer have to wait days or weeks to see if a marketing campaign is successful. They can launch a paid advertisement on social media and immediately see live traffic data to a website or online store. Businesses can use real-time data to prevent errors and improve customer service. For example, marketers will know if they included the wrong website address in an advertisement. They can also tell if the entire website is down. When issues arise, marketers can pause the ad and save money. They can fix the errors before resuming the marketing campaign.
Real-time data helps businesses speed up the response process to customers. For example, items on an online store may quickly sell out if an advertisement becomes popular. The company can then maximize sales potential by redirecting customers to another part of the store.
Consumers can now take pictures of products they find exciting and search for similar products online. This improves the product discovery process since consumers do not need to know the names of products before searching. Websites can benefit from this by using high-quality images. They can increase the number of customers by being descriptive with captions and file names.