An Educated Guess: Three Ways Hypothesis-Based Marketing Can Work For You
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
Latest News
DMARGE Founder Unveils Creator-Led Social Media Agency Feedstar
New creator-led social media agency Feedstar to be aimed directly at Gen Zs. Well, they'd hardly want print, would they?
TV Ratings (02/05/2024): A total of 1,753,000 Aussies Witness Port Adelaide’s Defeat
Seven's AFL numbers almost double that of the NRL last night. The NRL still easily winning for ruptured ACLs.
Hotglue Cashes In With La Trobe Financial Digital Media Account
Hotglue staffers learning their cashflows from their collaterals today after nabbing La Trobe Financial's digital media.
M&C Saatchi’s Sydney Creative Lead Exits
B&T's stopping short of calling it a revolving door at M&C at the present, but there's definitely heat on the hinges.
Taylor Swift’s Music Re-Enters TikTok As Universal Pens Landmark Deal
Yes, B&T may have spent 152 hours failing to get Taylor Swift tickets, but, as you'll read here, it's all behind us now.
HAVAS Red launches inaugural Influencer White Paper
Havas Red has debuted its first influencer white paper. Unless you print it out in colour, of course.
Two Sides Global Campaign Reports Increasing Greenwashing As Organisations Focus On Sustainability
New report confirms greenwashing's on the rise. Apparently Mars' 'work, rest & play' claims also under investigation.
Aruga Launches New HQ & Changed Ownership Structure
PR agency Aruga proves Brisbane is 'so hot right now'. So hot in fact, Adelaide's had to go on anti-anxiety meds.
Delicious & American Express Partner To Launch Month Out 2024 In Sydney
Cost of living got you eating noodles prepared in the two-minute style? Why not live vicariously through this.
Aussie Ad Market Continues Decline In March
The belt-tightening in adland shows signs of a turnaround soon. Bar the belt-loosening at the all-you-can-eat buffet.
VMA Focuses On Skills And Training For Members
If there was a post-COVID hangover (bar the anti-vax ranters) it was the rise in skills shortages. Here's another one.
Nearly 90% Of Consumers Want Transparency About AI Images, Finds Getty Images Report
Study finds consumers want transparency around AI images. Couldn't care less about photoshopped magazine covers.
The National Breast Cancer Foundation Partners With VML To Boost Funds
Anyone else feel we've exhausted the office morning tea for cancer? B&T proposes the office moonshine still instead.
Perry ‘Pez’ Lazaris Named New National Hit Network Announcer
Why is it mandatory for the media to only publish the nicknames of people in radio & underworld crime figures?
Before Adland: Garry Dawson’s Journey From Teacher To Marketer
Here, the Hopeful Monsters marketer talks his shift from the classroom to the room wherever marketers congregate.
Scott Cam Urges Tradies To Prioritise Sun Protection
The Block host promoting sun protection to tradies. Also, don't try getting into the RSL after 6pm wearing high viz.
PubMatic Study: Advertising On Retail Media Is 50% More Effective Than Social Media
New study finds retail media 50% more effective than social. B&T says two-for-one Tim Tams trumps the lot.
From MOWING to life GROWING: Jim Penman launches ‘Life Coaching’ services
Can't decide on getting the hedges trimmed or finding a deeper meaning to life? You're in luck with this new venture.
Budweiser Brazil Turns Songs That Name Drop The Iconic Brand Into Spotify Ads
It's strange that Budweiser never found a market among beer-swilling Aussies. Then again, neither did the fluffy duck.
Effie Worldwide Strengthens Board With 6 New Members
B&T hopes everyone's wearing their Maseur sandals at the Effies, as it's standing room only at the next board meeting.
Special Enlist A Penguin Named Nigel In Latest Energy Campaign For Contact
Special unveils Nigel the penguin in work for energy provider Contact. Apparently Percy the peacock was booked.
Anya Taylor-Joy, Chris Hemsworth & George Miller Ignite Sydney For Epic Mad Max Launch
The Mad Max film franchise is Australia's cinematic gift to the world. That & Chris Hemsworth's near perfect cheekbones.
IAS Launches First-To-Market Integration With Roblox To Provide 3D Immersive Measurement
Always thought you could do with better 3D immersive measurement? Happy days are ahead here.
Fast And Furious: Top Gear Australia Launch Thrilled Motorheads, Car Entusiasts And Guests
B&T is still no closer to knowing who the new Stig is, except that she is a woman and a ridiculously fast.
TV Ratings (02/05/2024): Seven’s The 1% Club Wins The Night
The 1% club did not live up to its name when it comes to TV ratings last night.
TRA Welcomes Raft Of New Hires; Bolstering Expertise Across Markets
Insights and research agency TRA announces slew of new hires. Still no news on the return of marble wash denim, however.
CX Lavender Hires Boston Consulting Group’s Kim Verbrugghe as Chief Strategy Officer
CX Lavender announces new strategy hire and channels 'acoustic folk act at local RSL' for the publicity pic.
Opinion: Community standards, will they be the death of us?
This columnist is talking community standards. Sadly not those people who put dogs in trolleys in supermarkets.
Tegel gets heads bobbing with new free-range chicken platform
Sure, there's a lot of moral considerations when buying a chook. Yet, not as baffling as buying eggs or canned tuna.
Study: 66% of Aussie men believe masculinity is under attack
Two-thirds of Aussie blokes say masculinity's under attack. That said, sales of Solo lemon drink appear robust.
‘Equal Writes’: Canyon reveals new campaign and refreshed brand for women and non-binary writers
As this brand redesign again proves, nothing beats black on white. Well, white on black in this instance.
Icon Agency bolsters consumer and integrated offer with major hires
Icon Agency unveils new recruits. As press photo confirms office moustache competition now a lay-down misère.
Clemenger launches agricultural graduate program
Has Farmer Wants A Wife triggered an interest in dagging & hay balers? This grads program may resonate.
Levi’s Appoint UM As Global Media Agency For $217m Account
Levi's are the jeans for rockstars, models & the cool kids. Although that's not stopped dads from ruining their image.
QMS Nabs Sean Rigby From oOh!media
Things set to get spicy at the next Outdoor Media Association dinner and dance as a rival gets poached.
Bumble Reveals New Brand Identity To Usher In New Era Of Dating
It's ironic that all the dating apps market themselves as having no weirdos, freaks or mummy's boys like their rivals.