2015 in the digital landscape was about words like branded content and wearable technology. A year later, while these words have already become a part of our everyday digital lexicon, there are a few more buzzwords that would go on to change the digital landscape for marketers and brands alike this year.
Here are the top digital media trends that we are witnessing and predicting for 2016:
Big Data, Bigger Insights, Biggest Goal : According to research firm Gartner, by 2020, a third of the data in the digital universe (more than 13,000 Exabyte) will have big data value.
In simple terms, big data refers to a massive volume of both structured and unstructured data requiring dedicated database and software techniques for analytics. While big data essentially refers to numbers, from a strategic standpoint it has immense potential in achieving business goals by providing data to base decisions on.
Companies around the world are heavily investing in big data technology because big data:
- Improves operational efficiency
- Expands customer intelligence
- Facilitates new business tactics
- Helps not just in targeting but also retargeting potential customers
- Enables exhaustive social media outreach
With big data, you can help your business reach its ultimate potential.
4 global companies with astounding big data statistics
As a result of intensively adopting big data and mobile technology, the CitiDirect BE service, which provides treasury services anywhere on any regular device, grew dynamically from handling $37 billion in treasury volumes in 2013, to $58 billion in 2015.
2. Wells Fargo
Banking giant Wells Fargo invested 80% of the company’s technology spending on big data capabilities over the previous two years. Kevin Rhein, senior executive vice president of technology and operations at Wells Fargo & Co stated that big data offers significant opportunity for cross-selling and customised marketing by giving access to pools of data that was earlier unreachable.
The world’s leading advertising conglomerate and communications and marketing services group WPP expanded its partnership with IBM in 2015, signing a $1.25bn seven-year deal through which IBM will help WPP expand its use of big data and cloud-based collaboration services.
IBM became data leader by sharing its problem-solving power with corporates, businesses, city governances and universities. IBM amassed huge revenue from big data related products and services to the tune of $1.3. billion.
Responsiveness will rule: Not just the design but also the idea of reacting to data in real time will redefine the way the digital space is used. Flexible and fluidic response will no longer be a hallmark of your business but just another rule of the game that you will have to religiously follow. However, responsiveness still has a lot of scope for innovation and how businesses live up it would be the deciding factor. This could lead to converting audiences in real time by employing marketers with insights to make decisions quickly.
Cross-device targeting: Cross-device targeting refers to targeting customers across device such as laptops, mobile phones, tablets, desktops etc. and uniquely identifying them while avoiding redundancy of customer data. Consumers not only use multiple devices, they also use them in many different ways and frequencies. The digital natives (the generation born in the digital age) are particularly rigorous when it comes to gadgets, and switch screens as much as 27 times per non-working hour
Therefore, if you want to reach those highly active and technologically-evolved millennial, you need to know the trick to find them.
Content Remarketing: Right now marketers are focusing more on retaining consumers than acquiring new ones. With up to 88% of all marketing soon to be content marketing we can all agree that content such as articles, listicles, infographics and videos all work to engage consumers, but how do you bring someone who has already been to your website back for more? This is where content remarketing comes into play. In simple terms it’s the process of tagging your site visitors and targeting them with content based on their previous internet usage. For example, if a visitor searched about health insurance on your website, you can target them with health insurance related suggestions on YouTube or Google ads.
Extended Ecosystems: Insurers are partnering up with other brands out of financial or insurance sector to make an ecosystem of brands from different fields working together. For example, some are helping policyholders with personalised tracking reports to monitor their health. Others also offer value added services whereby policyholders can get discounts on OPD, tests etc. These insurance brands thus work with health brands to provide a better and healthier life to their customers as well as a better health report for the insurer.
Programmatic Buying: At Bharti AXA, we have achieved greater levels of customer satisfaction by adopting these digital trends. In addition to these, Programmatic Media Buying, an automated method of buying digital advertising, has allowed us to avail the following three benefits.
First, we are able to deliver a speciﬁc advertisement to a well deﬁned audience set, ensuring higher levels of targeting success, by giving consumers access to solutions that are ideal for them.
Secondly, real time bidding allows us to bid on a per-x‐impression basis for the TG which we wish to reach.
Thirdly, third party data sets give us individual-level data based on demographics, user behaviour, brand aﬃnity, and purchase behaviour, which helps to improve targeting.
Customers in turn are benefitted because they are better connected with the brand through messages which are personalised and truly address their unique needs.
Today, businesses worldwide are investing heavily in digital budgets with a focus on organic reach and content, both of which enable conversions significantly. But even as businesses acknowledge the importance of digital trends in the marketing strategy, the struggle to chart out a clear plan and effectively measure ROI to make educated decisions still continues. In fact, 50% of companies are using digital marketing without a plan
As a business owner, this is where you can make the difference count. If you strive to competitively position your business in 2016, you need to strategically master these digital trends.
Insurance is the subject matter of solicitation.