With Google abolishing third-party cookies and Apple continuing to push privacy-first solutions, marketers are on the lookout for new ways to reach engaged customers, while remaining compliant with rules and regulations.
To help these marketers, Australian data commercialisation company smrtr has recently released a new whitepaper Through the Looking Glass: The Rise of Hypothesis-based Marketing.
The whitepaper looks at how marketers can use hypothesis-based solutions to supercharge their campaigns and provides insight into why these solutions are proving so popular at the moment.
In particular, the whitepaper provides valuable information in regard to how hypothesis-based marketing can work for you.
Here are three useful pieces of advice that can be found in the whitepaper:
#1 Target at scale earlier in the buying journey
Hypothesis-based marketing is all about communicating with an aggregated cohort of consumers before they even realise they want a particular service or product.
This is counter to a cookie-based approach which targets only those people that have indicated less subtle cues and therefore reaches consumers when they are already quite far down the purchase funnel.
By focusing on a wider group at an earlier stage, hypothesis-based marketing provides greater scale and more opportunity to influence the buying behaviour via a longer-term relationship-building approach.
#2 Be clear with your idea
Speaking earlier this year, former MediaCom Australia CEO Willie Pang said marketers with a “very clear hypothesis” will be best served when it comes to bringing together the right dataset with the right purpose.
This means marketers should have a deep understanding of the data they have available and how this might be applicable to certain customers (as the saying goes: ‘no one knows your customers like you do’).
For example, a travel company may form a theory that families that have recently sold a property will be more likely to book a holiday. With this hypothesis formed, the travel company can then look to source aggregated data from recent property sales in certain areas.
From here, the travel company can target this audience with deals and customised messages to entice them into taking a well-deserved break and compare the results to their normal targeting.
If this strategy results in an uplift in sales, the travel company can assume that its hypothesis is correct and can start to include this in all marketing strategies moving forward.
#3: It’s all about data and analytics
As much as having a clear hypothesis can help marketers when shaping their strategies, using historical data and the power of analytics is an extremely effective way to predict future outcomes.
Past datasets can be taken and put into predictive analytics models such as unsupervised clustering, predictive models, propensity scoring and feature importance filtering. All of these models can be used by marketers to understand which campaigns are more likely to yield results in the future.
This not only saves marketers from ‘boiling the ocean’, but also can help reduce overall ad spend, as campaigns will be more targeted.
To find out more about hypothesis-based marketing and how it can be used for your business, download your very own copy of Through the Looking Glass: The Rise of Hypothesis-based Marketing.
You can also visit smrtr.com.au to learn more about how you can utilise the power of data to transform your business.
Featured image source: iStock/RichVintage
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