Decades past, manufacturers and advertising companies utilize magazines, billboards, and TV and radio commercials to communicate product awareness to their consumers. It’s kind of a one-way relationship where companies feed us what products to buy. But that’s no longer the case. Data processing signal paves the way to break through a new way of data-driven consumerism.
Companies and advertisers have learned the art of listening and bowing down to the consumers’ need. No longer do we, as consumers, just purchase what we see on TV and billboard ads.
Consumerism has now become a two-way street. Advertisement no longer spoonfeeds us about a product. Through product description, product review from social media influencers, and seeing product ratings coming from real people, we can study each product and decide which one to purchase.
Social media and other platforms give us an idea about the products that sell. While on the other hand, each click we do sends them back data from us. Marketers and advertisers use these platforms as channels to gather data to create a brand that is more personalized. Each party now has a voice in the market and shares their own stories which have become an essential part in marketing creative process.
Leading and local marketers now use data to get-up-and-go their product development and marketing campaigns. They are now considering the data they gathered on social media to reach out to more consumers and make their campaign appear stronger and more relevant to their consumers. They have considered making their product more personalized for the right person, place, and time.
Social Media Critics
Product review from social media influencers allows both companies and buyers to set their budgets wisely. With just a click, consumers can buy or switch quickly to another supplier to complete a purchase.
Companies are challenged and have to become more adaptive. They optimized their products knowing what the consumers want and need from a particular product.
This phenomenon changed the world of consumerism significantly. More effective and quality products are delivered on the shelves that are based on data supplied by consumers. These data inform the companies and producers to meet what the consumer expects and provide a more relevant and useful brand.
Data Signal Impacts Marketing
Google Marketing Platform is one of the data-driven platforms which processes real-time data signals to develop and deliver information that is relevant to the user’s environment. Data signals that are processed and used by some brands to be creative and meet their consumers’ expectations come from
- stock levels
- trending products
- website visits
- customer relationship management (CRM)
- demographics and audience interests
- keywords, site, and device
- data traffic
These data are used to develop more relevant ads that will effectively communicate with the consumer.
Practical buyers also now embrace the process of making decisions that are data-driven. For consumers, brands with most data win, focusing on price and anticipated outcomes. eBay uses this technique. An auction method where you tell eBay how much you are willing to pay for a particular item and wait for someone to bid more. Whoever turns out to be the highest bidder will get the product.
Some buyers now understand marketing objectives and how these buying platforms can be used to buy, manage, and report street-wise campaigns. Technologies using digital signal processing keeps on assessing available inventory data, enhance their drive, and make real-time bidding pronouncement. As this happens, people who are managing the campaign review the performance on a regular basis.
Consumers, ads and manufacturing companies have evolved and will continue to be so. Marketers now understand their audience (consumer) and what they need and care about. This then provides them with more logistical data through knowledge sharing and programmatic strategy expertise and execution. This centralized data accessed by two parties have opened up a much deeper two-way relationship between the marketer and consumer, benefitting both.