“If you try to sell to everyone, then you’ll end up selling to no-one.”
If you are not out there talking to a specific group of people, there’s a good chance your message will be lost drowning in the sea of unfocused noise. Targeting a particular market does not mean that you must neglect the rest. Instead, targeted marketing lets you focus your message on the right market, the people who are most likely to buy from you.
Consumer Segmentation: the backbone of consumer data collection method
It is a marketing strategy based on identifying groups and subgroups within the target consumer to deliver more tailored messaging for more reliable connections. Identifying the target market is an essential step in the development of products, services, and marketing efforts to be used to promote them. When it comes to advertising your enterprise, you must know who your target consumer is and how to reach them. Although targeting as many customers as possible is vital, and sometimes it may seem that concentrating solely on some parts of the population is minimal; in the end, attracting those interested in your product or service would bring more money in your wallet.
This is why famous consultant Peter F. Drucker said, “The aim of marketing is to know and understand the customer so well, the product or service fits him and sells itself.”
Let us look at the subgroups within a Target Consumer.
The subsets or consumer data providers depend on demographics such as gender identity, age, geographic location, ethnicity, income, or level of formal education, etc. Subgroups can also be based on buying history. Things such as Psychographics, too, are said to be considered when you have access of the insights of your consumer’s personality types, values, attitudes, and beliefs. For example, creating a separate segment for people based on if they are family-oriented or individualistic, leaders or followers, or adventure seekers or an introvert. It is proved over time that even a tine detail of any individual counts.
Consumer Data Trends
2020 is the year of consistent and tactical consumer targeting. The marketers are currently focusing on considering how their marketing improves customer wellbeing and fulfils consumers’ demand. Smart marketers are engaging the correct consumers by identifying them through the data support.
Alternative data is collected from non-traditional sources, for example, satellites, sensors, and the web. However, what counts as “alternative” depends on the industry’s standard data practice. When a data source begins to be widely used within an industry, it is no longer considered alternative, but rather fundamental for meeting the industry’s standards. When this data type is analyzed, it provides information complementary to traditional data sources, allowing a business or organization to gain unique insights that might give a competitive advantage.
Here is the list of the future consumer data trends
1. 5G Technology
5G technology, or the fifth generation of mobile technology, is the undeniable trend of 2020. This update adds to the speed and announces a new era of digital communications, and its impact will be felt across every industry. From self-driving vehicles to smarter home concept, streaming media and zero-lag sports, and so on. These are only a handful of the innovations, and connecting them through a wireless network function for 5G. These are all part of the super-fast communications, and 5G assures all. It can offer higher speeds and enable the seamless interconnection of our devices and resources, such as the Internet of Things or IoT.
2. Artificial Intelligence
If you haven’t already realized it, 2020 will be dominated by Artificial Intelligence (AI). It has come up with great prominence, and right now, it is proving its worth in every sector, including consumer data trend. It will be at the heart of global business and industry in the future. AI will evaluate user habits and browsing patterns, and use data from social media sites and blog entries to help companies understand how consumers view their goods and services.
For example, Microsoft and Uber use the Knightscope K5 robots to patrol parking lots and extensive outdoor areas to predict and prevent crime. The robots can also read license plates, track illegal activities, and gather data for their owners to monitor.
3. Video Marketing
A large number of companies use Live video for brand interviews, product demonstration, and behind-the-scenes glimpses, such as office life, how products are made, company events, etc. One to one video messages lets the marketers create customized video logs instead of an actual phone call or email. This is a smart choice considering that with smartphone cameras and no need for film equipment, one can still make high-quality films.
Just like text content, there are more and more video and YouTube content available on the internet. YouTube and other videos are displayed in search engines SERPs. So, Video Optimization is vital for a video to be recognized. This can be done by using functions such as using text overlays and closed captions in addition to your description title and file names.
IoT is simple in understanding, but it is difficult to be executed. What is critical to concede is that we already have all the tools we need now to start making IoT a reality, even as the new hardware and software are still under development.
As QuanticMind puts it rightly, these days connected devices and technologies unobtrusively and sometimes stealthily collect data of the vital functions of humans regardless of what human prefers, does, even what he eats and drinks!
With the advance in 5G technology matures, more IoT devices will present more on-demand content for consumers and more advertising opportunities for marketers.
5. Social Media Marketing
In 2020, brands are exploring more into the potential of video and interactive content along with social media. Social media will not just be limited to socializing and shares and likes; however, it will exploit social communities for business-related benefits.
Facebook Pay has brought its payment platform that was launched in November 2019 in the U.S. This payment feature would “facilitate on-platform payments, in-stream, making it easier for people to buy products on Facebook, Instagram, WhatsApp, and Messenger.“
There is another latest trend which is creating a big demand among youngsters which is a video-on-demand service. It is a great platform to showcase products, and from the viewers, it is easier to fathom the target consumer. Facebook Watch, Tweet streaming, Instagram videos are part of the latest trend.
Oculus (VR), Snapchat (AR) technology make social media more interactive. Augmented Reality would put an extra layer through digital graphics over people’s real-world view.
Rise of Voice Marketing
The sudden surge in the use of Voice Assistants (VA) has opened new doors of opportunity for marketers. As it allows for precise interactions with users, VA is being viewed by marketers as a tool that can help them take customization to an entirely new level altogether. Gartner had forecasted 30 percent of all internet searches could be done without a screen by 2020, as the marketing leaders are placing huge bets on voice being the future of marketing.
Website security is crucial as when a visitor lands on your site for the first time; within seconds, they make up their mind about their personal safety. If they feel unsafe, they close the tab, which leads to increased bounce rates. Over a period of time, as you’ll slide down in the SERPs and Google, a high bounce rate is terrible for your business and realizes that people don’t want to stay long on your site. The demand for a trustworthy secured website and app is the latest trend from the consumers.
It’s always tough to make predictions in the ad tech space, and that is even more true of data management and consumer targeting. Target marketing is evolving so quickly that it’s challenging to stay abreast of the everyday activities, forget looking 6-12 months into the future. However, as a marketing publication, we will make sure you are aware of the latest data trends.