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2023 Data Predictions

In the year 2023, we can expect to see significant changes in the use and management of data. Here are some predictions for the year ahead:

1. Adaptation and Integration Will Be Key

The last few years have been all about disruption, recovery, and resilience. Now, it's time for businesses to adapt to the new normal. A core part of this adaptation will be improving data integration. She believes that after countless discussions around accelerated digital development, marketers know that customer journeys have moved even further away from the traditional sales funnel. To effectively attract, engage, and delight individuals, marketers must ensure that every single interaction is informed by accurate, up-to-date data. Forward-thinking players are embracing the flywheel model, which focuses on delivering marketing that makes customers happy and turns them into brand champions who help drive long-term business success. This change is a big shift that raises the stakes for experience quality. With CMOs still feeling overwhelmed by the quantity of data available and struggling to keep pace with complex customer behavior, the need for a unified customer view is evident. Through 2023, we can expect to see more marketers doubling down on the key basics for powering Flywheel momentum, including ensuring their data management systems are well-connected and orchestrated to generate a constant flow of reliable, actionable data fuel.

2. CMOs Will Focus on Streamlining Data Foundations

We predict that 60% of CMOs will cut marketing analytics departments by half due to their inability to deliver expected improvements. This presents a flight risk to campaigns, and marketers will need the means to rapidly adjust their course and maintain altitude as turbulence hits, all of which is dependent on data and analytical capabilities. Moving into 2023, it will be important to overcome the challenges preventing marketers from unleashing the full value of available data and resources. Instead of onboarding different technologies in an attempted fix-all approach or even integrating more data, as Gartner also found organizations tend to do, marketers must switch their focus from adopting the latest shiny tool to refining what they already have. Regardless of how sophisticated technologies become, the fundamentals of data orchestration haven't changed; sorting, analyzing, linking, and visualizing data builds the runway for activation and informed marketing strategies.By optimizing and streamlining these fundamental components, marketers will be able to ensure that analytics does indeed deliver on its promise to improve campaigns and ROI.

3. More Transparency Will Lead to Better Personalization

The new year will bring in a more open marketplace for advertisers in 2023. People have ever so slightly loosened their grip on their personal data, and rather than blindly blocking everything, there is more of a selective acceptance of advertising if done in the right way. Consumers are learning, and the rise in technological savviness among customers presents an opportunity for marketers.Lakhani predicts a more personalized approach from advertisers in 2023 due to the more open consumer headspace. We see clearly how influence marketing plays a part in the purchase journey along with the increase in visual content, both of which open up that door to advertisers to curate content more carefully and tailor it to consumers. There are companies out there already doing this to a high degree. With the delay in the deprecation of third-party cookies from Google with reference to their Chrome browser, this might well be the last 12-18 months until the whole digital advertising space needs to pivot their ideas to enable marketing and advertising success.

4. Businesses Will Shift Data Strategies from Reactive to Proactive

The amount of data marketers use keeps growing, and that will not change in 2023. Making good use of data in 2023 comes in multiple stages of maturity. The first step is the ability to look something up ad-hoc. How well are my campaigns performing across channels? Where do I have potential? Where should I stop investing?Data maturity requires a clean and harmonized database that can be used by anyone in the organization. The second step is the ability to answer these questions continuously without having to query your database each time. This may be through dashboards or other means of data access or visualization and requires mastering step one. Lastly, using the data directly to influence the success of your campaigns; keyword audience activation. For this, one needs to fully understand their data and the impact of using it.In conclusion, 2023 is set to be a year of adaptation, integration, transparency, and proactive data strategies. By focusing on these key areas, businesses can better navigate the challenges ahead and make the most of the opportunities available to them.


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