EMarketer expects global spending on digital ads to reach $524.32 billion by 2022. 82% of the digital ad pie is estimated to go to global programmatic ads. These methods serve a vast digital audience, and managing them effectively is currently a top priority for brands.
In 2022, the focus is on being customer-obsessed. All brands, established and new, are trying to learn what moves their customers. They are adopting new-age tools to gain 360° insights into customer behavior. They know that they can successfully grow engagement with targeted campaigns and personalized messaging by comprehending these insights.
Brands need a reliable and powerful digital insights tool for gaining accurate insights, like Ask1. Aroscop Ask1 can deliver interactive display and contextual ads by utilizing Aroscop’s proprietary DART, COMPASS, and DSP solutions to provide uber relevant insights from different target groups at a given time.
Here are the top 5 benefits brands can earn by simply adopting a powerful digital insights tool.
Validate a new product idea
Launching a new product can be a daunting experience, full of unexpected possibilities. Gauging the customer response beforehand can be very useful in validating a product idea early. When the brands understand the psyche of their consumers, it gets easier to analyze if the new product idea will be a hit or miss. This is where digital insights can help by providing comprehensive insights into customer behavior and preferences early in the product lifecycle. Those insights can drive further development or tweaks.
If the brands want to introduce additional features for existing products, insights can again come to the rescue. If there is demand for the feature, rolling it out faster can lead to a greater conversion rate. Companies can improve their sales performance and venture into new markets with their products with better insights. Furthermore, brands can either dilute or enhance performance in underperforming markets that offer lesser ROI.
Analyze the gaps in a new market
Brands looking for growth opportunities conduct market research to assess the current gaps from time to time. If the brand successfully bridges the gap, it can do wonders for their business. However, many existing methods fall short in providing the insights brands need.
If the brand has already included a digital insights tool, it will generate more relevant and timely market reports around customer needs and the gaps in fulfillment of their wishes. Now it is upon the brand to leverage the customer insights and grab the opportunity of bridging gaps. Along with this, brands can also identify the new markets where expansion can drive their business.
Agile campaign messaging
Digital insight tools leverage machine learning and intelligent predictive analytics to determine audience behavior quickly. This facilitates the deployment of more precise campaigns that bring the most engagement to brands. Epsilon and GBH Insights found that 80% of the respondents preferred personalized products in a survey. Similarly, personalized and interactive campaigns can create better engagement and improve targeting, frequency capping, and ROI.
From the ongoing campaigns, digital insights tools like Ask1 also help the brands understand deeper purchase intent and customer feedback issues. These tools further simplify the verification of agile campaign messaging by studying customer responses to current messages. Furthermore, digital insights tools can identify the best-performing audience themes and audience categories and improve their marketing strategy as per their requirement.
Better audience reach
Efficient digital insights tools can leverage the latest technology to significant effect. Ad strategies can build on a powerful combination of technologies like programmatic ads, data science, contextual and audience cohorts to create an impactful campaign. But this landscape is very complex, and its needs are dynamic. The need is to know what is likely to work with which segment, even before launching the campaign.
By identifying the top-performing audience segment and targeting an audience with similar behavioral patterns, brands can enhance their customer reach with greater confidence. Digital insights can also identify the retargetable audience group and deliver a personalized experience to retain brand loyalty. Simply improving their audience reach through relevant promotions and data insights, retailers can increase their operating margins by 60%, as per a research report by MGI and McKinsey.
Determine optimal product pricing
Suppose you are a startup with a brand-new product never seen before? How do you decide the product price? The ideal cost is anything that the customer is willing to offer. McKinsey and company state that 30% of the pricing decisions across the market go wrong every year, leading to revenue loss.
To strike the optimal product pricing, digital insights tools can be of great benefit to any brand. You can set your product pricing that guarantees the best returns and customer engagement based on up-to-the-minute insights into customer behavior and preferences.
“Digital insights” is more than just a buzzword. What appeals to the customers today may not do so tomorrow! And the key to running a successful business is knowing what the customer wants.
To keep your brand aligned with the latest market trends and preferences, it is vital to collect digital insights using powerful tools like Ask1. The digital insights tool leads engagement by analyzing and segmenting the target audience and engaging them in their preferred interactive mode. With each campaign outcome, the process is optimized until it can analyze customer behavior in the future accurately. This approach is redefining marketing strategies in the digital space in 2022.
Want to leverage digital insights for your brand too? Reach out to Aroscop Ask1 and take the first step towards revolutionizing your brand performance.