Analytics Archives - DMNews https://www.dmnews.com/category/analytics/ Digital Marketing News Tue, 21 Nov 2023 16:19:50 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.2 https://images.dmnews.com/wp-content/uploads/2021/10/favicon-32x32-1.png Analytics Archives - DMNews https://www.dmnews.com/category/analytics/ 32 32 Player Scouting and Recruitment for the Super Bowl: The Role of AI https://www.dmnews.com/player-scouting-and-recruitment-for-the-super-bowl-the-role-of-ai/ Tue, 21 Nov 2023 16:19:50 +0000 https://www.dmnews.com/?p=96319 So, you’re gearing up for the big game, the grand spectacle we all know as the Super Bowl.…

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So, you’re gearing up for the big game, the grand spectacle we all know as the Super Bowl. But have you ever wondered what goes on behind the scenes, beyond the glitz and glamour of halftime shows and flashy commercials? Enter the world of player scouting and recruitment, where the game is not just won on the field but also in the strategic choices made off it.

And guess what? Artificial Intelligence, or AI for short, is playing a pivotal role in this high-stakes game.

In the good old days, player scouting used to be more art than science. Scouts relied on their keen instincts, gut feelings, and maybe a bit of luck to identify the next gridiron superstar. But now, in this age of technological marvels, enter AI—a game-changer that’s taking player recruitment to a whole new level.

The Rise of Data Analytics in Player Evaluation

The Super Bowl is a big affair. And it’s all player-driven. Quarterbacks like Jalen Hurts, Brock Purdy, Lamar Jackson and Patrick Mahomes have redefined the game with their electrifying play this season. According to the latest Super Bowl odds, the Philadelphia Eagles boast the second-best odds at +550, followed by the San Francisco 49ers (+500) and Kansas City Chiefs (+500). The Baltimore Ravens (+900) round out the favorites.

These odds provide insights into how teams are judged entering the playoffs. The Eagles soared to the best record behind Hurts’ MVP-caliber year, but the experienced 49ers and Chiefs led by Purdy and Mahomes are right on their heels. While Jackson led the Ravens back into contention, injuries have hampered them. Still, gamblers see Philadelphia as the team to beat, with San Francisco and Kansas City having strong chances as well. With star power at quarterback, this could be one of the most exciting Super Bowl showdowns in recent memory.

In this era driven by data, analytics play a crucial role in determining roster fits and matchups. Gone are the days of gut feelings defining talent evaluations. Now, data analytics serves as the ultimate assistant – transforming raw numbers into meaningful insights that elevate decisions.

From completion rates to yards per carry, data crunching highlights player strengths, weaknesses, and tendencies beyond the surface. It’s like having a set of eyes surgically dissecting each performance. For Super Bowl hopefuls, data analytics is the unsung hero in building teams primed for excellence. The numbers never lie.

Role of AI in Player Scouting

Generative AI has already transformed entire industries on a global scale. AI is the analytical wizard that transforms scouting into a data-driven spectacle.

Picture this: AI is the scout with an encyclopedic knowledge of every player’s strengths, weaknesses, and potential. It dissects game tapes, scrutinizes performance metrics, and identifies patterns that might elude even the keenest human eye. It’s not about replacing the art of scouting but enhancing it, elevating the game to new heights.

But it’s not just about the present; AI has a knack for predicting the future. It’s the fortune teller of the gridiron, using predictive algorithms to forecast which players have the potential to shine under the Super Bowl spotlight. No crystal ball needed—just the power of AI turning raw data into strategic foresight.

Now, we’re not suggesting that AI has replaced the human touch. Scouts and coaches still bring their wealth of experience and expertise to the table. AI is more like the high-tech assistant coach—a valuable ally in the pursuit of assembling a winning team for the Super Bowl.

Predictive Analytics in Recruitment

Predicting a player’s potential impact is akin to foreseeing the outcome of a crucial fourth-quarter drive.

Enter predictive analytics, the wizard that turns historical data into a roadmap for the future. It’s not about gazing into a crystal ball; it’s about leveraging patterns and trends to make calculated decisions.

Prediction in AI is also pretty important, facilitated by the power of machine learning. Predictive analytics takes a deep dive into a player’s past performances, injury history, and even social media activity. It’s not about just what they’ve done on the field; it’s about understanding the factors that contribute to success. Will that rookie quarterback become the face of the franchise? Predictive analytics offers a well-informed answer.

But it’s not just about individual players; it’s about crafting a winning team. Predictive analytics identifies synergies, uncovering the combinations of players that could elevate the entire squad. It’s the strategic chess move that goes beyond assembling a group of talented individuals—it’s about building a cohesive unit ready to face the challenges of the Super Bowl battlefield.

And let’s talk about risk management. In the high-stakes game of player recruitment, avoiding fumbles is crucial. Predictive analytics assesses the potential risks, helping teams navigate the intricate dance of drafting, trading, and signing free agents.

Conclusion

And there you have it, folks—a glimpse into the high-stakes world of player scouting and recruitment, where tradition meets innovation, and the pursuit of Super Bowl glory takes center stage.

AI, our digital ally, has become the unsung hero of scouting, bringing a data-driven approach to player evaluation. Meanwhile, predictive analytics has emerged as the crystal ball of player recruitment.

As we anticipate another thrilling Super Bowl season, it’s essential to recognize the symbiotic relationship between human expertise and technological innovation.

 

Featured image provided by Wikimedia Commons; Thanks!

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Ahrefs Won’t Renew Some Legacy Accounts https://www.dmnews.com/ahrefs-wont-renew-some-legacy-accounts/ Mon, 16 Oct 2023 13:36:40 +0000 https://www.dmnews.com/?p=94582 In a recent announcement, Ahrefs CEO Dmytro Gerasymenko revealed plans to not renew about 15% of legacy subscriptions…

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In a recent announcement, Ahrefs CEO Dmytro Gerasymenko revealed plans to not renew about 15% of legacy subscriptions in order to enhance the service for the majority of users. This decision comes as a response to the challenges faced by Ahrefs due to account sharing and data scraping activities.

The Impact of Account Sharing and Data Scraping

Account sharing is a common practice within the search community, not limited to Ahrefs. By sharing expensive accounts, users gain access to more advanced tools and features, making it an attractive option for casual users. However, Gerasymenko pointed out that some legacy account subscriptions consume an enormous amount of data, leading to system slowdowns and crashes.

The heavy load on Ahrefs’ infrastructure is primarily caused by a subset of users who engage in account sharing and heavy data scraping. These activities result in sudden increases in usage, which can negatively impact the overall performance of the platform.

Initially, Ahrefs attempted to address this issue by allocating additional resources to handle the increased load. They also introduced a credits system to mitigate sudden jumps in usage and ensure fair resource distribution for all users. However, these measures may not have been sufficient to stabilize Ahrefs for everyone.

A New Approach: Not Renewing Legacy Accounts

In order to level the playing field and ensure a consistently high-quality experience for all customers, Ahrefs has decided to stop renewing approximately 15% of legacy accounts that consume the most data. Gerasymenko took to Twitter to share the news, stating that affected accounts will receive notifications one month before their subscriptions expire, allowing them ample time to assess whether Ahrefs continues to provide sufficient value.

This decision aims to create a fair environment for all users, where everyone is operating under the same terms. By focusing on the majority of users who do not excessively consume resources, Ahrefs can allocate its infrastructure more effectively and deliver a better overall service.

Mixed Reactions from Users

While Ahrefs’ intention to improve service for the majority of users is commendable, the announcement has received mixed reactions from the user community. Some users expressed disappointment, viewing the decision as a betrayal of their loyalty as long-standing customers.

One user on Twitter voiced their concerns, stating, “It could be 15, it could be 50, or it could be all – as end users we will never know and that’s unsettling. Here’s the thing: those loyal, early customers are the very people who propelled you to the stature you have today. We stood by you during your growth stages…”

It is evident that some users feel a sense of attachment and investment in Ahrefs as early adopters. However, it is important to remember that Ahrefs’ goal is to ensure a reliable and efficient service for all users, and this decision is a step towards achieving that.

See first source: Search Engine Journal

FAQ

Q1: Why is Ahrefs not renewing some of its legacy subscriptions?

A1: Ahrefs is not renewing approximately 15% of legacy subscriptions to address challenges caused by account sharing and data scraping activities. This decision is aimed at improving service quality for the majority of users.

Q2: What is account sharing, and why is it a concern for Ahrefs?

A2: Account sharing is when users share their Ahrefs accounts, allowing multiple people to access advanced tools and features. Some legacy accounts engaged in account sharing, which led to excessive data usage and system performance issues.

Q3: How does data scraping affect Ahrefs?

A3: Data scraping activities, such as heavy automated data collection, put a significant load on Ahrefs’ infrastructure. This results in system slowdowns and crashes, negatively impacting all users.

Q4: What measures did Ahrefs take to address these issues before deciding not to renew legacy accounts?

A4: Ahrefs initially allocated additional resources and introduced a credits system to manage increased usage. However, these measures may not have been sufficient to ensure a stable platform for all users.

Q5: How will affected legacy account holders be notified about the non-renewal decision?

A5: Ahrefs will notify affected accounts one month before their subscriptions expire. This provides them with ample time to assess whether Ahrefs continues to meet their needs.

Q6: What is the goal of not renewing legacy accounts?

A6: The decision aims to create a fair environment for all users, ensuring that everyone operates under the same terms. It allows Ahrefs to allocate its infrastructure more effectively and deliver a better overall service.

Q7: How have users reacted to this decision?

A7: The announcement has received mixed reactions from users. Some expressed disappointment, while others understand the need for the decision to ensure a reliable and efficient service for all users.

Featured Image Credit: Isaac Smith; Unsplash – Thank you!

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Over Half of UK Consumers Accept Cookies Without Thinking https://www.dmnews.com/over-half-of-uk-consumers-accept-cookies-without-thinking/ Wed, 11 Oct 2023 17:57:31 +0000 https://www.dmnews.com/?p=94422 In an increasingly interconnected world, ensuring cybersecurity is of paramount importance. However, a recent study conducted by Thales…

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In an increasingly interconnected world, ensuring cybersecurity is of paramount importance. However, a recent study conducted by Thales revealed a concerning trend among UK consumers. The research, which surveyed over 2,000 individuals, found that 56% of UK consumers always accept cookies on websites without giving it much thought. This article delves into the reasons behind this behavior, the implications it has on cybersecurity, and the challenges faced in educating consumers about online safety.

The Apathy Epidemic

The Thales research sheds light on the apathy prevalent among UK consumers when it comes to cybersecurity best practices. Astonishingly, 34% of respondents admitted to giving up on following such practices because they perceive it as an impossible task. This sense of futility is accompanied by confusion and information overload, with 51% of participants expressing difficulty in grasping the rapid advancements in technology and their implications on personal security.

This lack of understanding and awareness among consumers underscores the urgent need for security education. It is crucial to bridge the gap and empower individuals to navigate the digital landscape securely.

Compliance Confusion: The Significance of Data Storage

One of the key findings of the study is the lack of consumer understanding regarding critical cybersecurity issues. For example, 22% of respondents admitted to having no clue about the significance of the geographic location where their data is stored. This lack of awareness directly translates into 20% of participants expressing zero concern about the storage of their personal data by companies.

This ignorance regarding data sovereignty is concerning, as issues related to it continue to plague businesses. It is imperative for consumers to comprehend the potential risks associated with the storage and handling of their personal information.

The Careless Click: Signing Away Data Privacy

The lack of awareness and understanding among UK consumers is not only causing apathy but also leading to careless behavior. Nearly half (47%) of the respondents confessed to signing terms and conditions without thoroughly reading them, thereby exacerbating the potential risks to their own data privacy.

Furthermore, 57% of participants expressed suspicions that companies intentionally use convoluted language within terms and conditions to obscure the extent to which individuals inadvertently relinquish their personal data. This highlights the need for transparency and simplicity in communicating data usage and privacy policies to consumers.

Getting Back to Basics: User Experience vs. Security

Despite the well-publicized risks associated with data privacy, a significant portion of UK consumers prioritizes user experience over security. The study revealed that 56% of respondents always accept cookies on websites due to the convenience they offer. This finding underscores the need to strike a balance between user experience and security measures.

While it is essential for websites to provide a seamless browsing experience, it is equally important for consumers to be aware of the potential risks and make informed decisions regarding their online privacy. Educating users on the implications of accepting cookies can empower them to make more conscious choices.

The Power of Multi-Factor Authentication

Another aspect of cybersecurity best practices that UK consumers are neglecting is the use of multi-factor authentication (MFA). Despite being one of the easiest and most effective ways to protect one’s online identity, only 44% of respondents reported using MFA across all their online accounts.

Implementing MFA adds an extra layer of security by requiring users to provide additional authentication factors, such as a fingerprint or a unique code sent to their mobile device. Encouraging consumers to adopt MFA can significantly enhance their cybersecurity posture.

The Awareness Paradox: Overwhelmed by Information

Chris Harris, EMEA Technical Director at Thales, highlights a crucial aspect of the cybersecurity challenge – the overwhelming amount of information available to consumers. While awareness is essential, an excess of information can lead to fatigue and a decline in best practices.

To address this issue, businesses need to reimagine their communication strategies. Industry-specific terminology, such as “digital sovereignty” and “third-party cookies,” can alienate the broader consumer population. Simplifying and contextualizing cybersecurity concepts can empower individuals to protect themselves in an increasingly complex digital landscape.

See first source: Marketing Tech

FAQ

Q1: What did the Thales study reveal about UK consumers and cookies?

The Thales study found that 56% of UK consumers always accept cookies on websites without much thought.

Q2: Why do some UK consumers give up on following cybersecurity best practices?

A significant portion (34%) of respondents admitted to giving up on cybersecurity practices because they perceive it as an impossible task.

Q3: What is the significance of data storage location, and how do UK consumers perceive it?

The study revealed that 22% of respondents have no understanding of the significance of the geographic location where their data is stored. As a result, 20% expressed no concern about the storage of their personal data by companies.

Q4: How many respondents confessed to signing terms and conditions without reading them thoroughly?

Almost half (47%) of the respondents admitted to signing terms and conditions without thoroughly reading them.

Q5: Why do some UK consumers prioritize user experience over security when it comes to cookies?

A significant number of UK consumers (56%) prioritize user experience and accept cookies on websites because they find it convenient.

Q6: What is multi-factor authentication (MFA), and how many respondents reported using it across all their online accounts?

MFA is a security measure that adds an extra layer of protection to online accounts. Only 44% of respondents reported using MFA across all their online accounts.

Q7: How can businesses address the issue of overwhelming cybersecurity information for consumers?

To address information overload, businesses should simplify and contextualize cybersecurity concepts, making them more accessible to the broader consumer population.

Featured Image Credit: SJ; Unsplash – Thank you!

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Advertising Stacks: The Future for Robust Online Business Success https://www.dmnews.com/advertising-stacks-the-future-for-robust-online-business-success/ Tue, 10 Oct 2023 17:34:55 +0000 https://www.dmnews.com/?p=94330 Internet businesses have four monetization strategies: advertising, subscriptions, data monetization, and organic revenue. E-commerce and marketplace businesses are…

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Internet businesses have four monetization strategies: advertising, subscriptions, data monetization, and organic revenue. E-commerce and marketplace businesses are prime candidates for digital advertising. In addition to revenue generation, ad dollars are highly profitable and provide tools to better understand customer trends and help build supplier relations. These can all be addressed through an advertising technology (AdTech) stack—a complete digital technology software designed to oversee all aspects needed to show ads on a company’s website. An AdTech stack covers everything from campaign management and reporting to public application programming interfaces (APIs), budget management systems, and ad relevancy algorithms.

The power of digital advertising

Advertising is and has always been one of the most important monetization strategies for businesses. When it comes to Internet businesses, digital advertising is a powerful tool that boosts profitability. According to a 2023 trends report by Smartly.io, 60 percent of consumer-facing companies said they plan to invest more in digital advertising tools and technology. A report by Statista predicts that ad spending in the digital advertising market could reach up to $680 billion this year. Increasing profitability can be achieved by companies that cast a wide reach to consumers and enable their brands to engage with potential buyers at the correct time in the purchasing funnel.

Any internet business with decent footfall, page views, and a robust number of customers visiting them can feel comfortable investing in an AdTech stack and harnessing its power. In addition, a marketplace business trying to match suppliers and consumers (e.g., Uber, Amazon, Meta), is ripe for AdTech stack advertising on its platform. Investing in an AdTech stack, however, requires an upfront investment—something not all companies may have.

Creating a successful stack

If the funds are available, then first and foremost, companies should invest in an AdTech stack early on and adopt advertising as part and parcel of their core business instead of considering it as an afterthought. Second, companies can leverage their APIs as soon as possible to hone in on the correct resources and take advantage of the best time management strategies. Ideally, businesses will build their own AdTech stacks rather than working with a third-party vendor because this allows them to have more control over ad relevancy, customer experience, auction, and profitability, all of which are key to a business’s success.

While outsourcing its AdTech stack may lessen a company’s time to market and enable its site to go live more quickly, in the long run, it’s not beneficial. One reason is that it will be a generic platform that hundreds of websites can be run on. In order to gain the maximum benefit, it’s important for the stack to be customized for a company’s unique use. This also requires building a company’s AI algorithms to ensure there is a delicate balance between organic and paid content. Without that algorithm, companies will leave money on the table or deliver a poor customer experience by showing more ads than required.

Avoiding pitfalls

Some strategic forethought is required to make sure that companies avoid the pitfalls associated with an AdTech stack. Naturally, it’s exciting and tempting to increase ad spend once the profitability of an AdTech stack starts to kick in. The dollars are lucrative, the algorithms are showing high profitability, and the temptation is high to ramp up the advertising. Unfortunately, doing so at the expense of the customer’s experience will be detrimental in the long run. There is a fine line between organic and paid content. Understanding that sweet spot and maintaining that balance is key.

While creating their own AdTech stack is important, companies will do better overall if they seek help from existing mature AdTech partners, such as ad agencies, trade desks, and even Google. Doing so allows a company to tap into an even bigger customer or client base. By integrating more partners, companies will have better insights and more data and will be able to tweak their models accordingly.

Long term benefits

In addition, by investing in AdTech stacks, companies can not only boost profitability but gain important insights into how their business is running and adjust accordingly. These insights include obtaining a better understanding of customer segmentation, seasonality, and trends, as well as improved relationships with advertisers, which are a critical part of the marketplace equation.

The future of online advertising technology will only grow on an AI-driven platform with greater augmented and virtual reality. More paid content will crop up on marketplace websites, together with an uptick in auction-driven advertising that directly influences buying practices. By investing in AdTech stacks early on, incorporating advertising as part of their core business plan, building their stacks in-house, and leveraging APIs, companies can get ahead of the curve and create a top profitability strategy that will see them boost their bottom line well into the future.

 

Featured image provided by Mikael Blomkvist; Pexels; Thanks!

 

About the Author:

Someshwar Bindu

Someshwar Bindu is a director of product – AI/ML at a major e-commerce company. He has extensive experience in AI, advertising technology, e-commerce, and product management. Someshwar holds an MBA from the University of North Carolina and completed the Product Management in AI Era program at Stanford University and the Post-Graduate Program in Artificial Intelligence for Leaders at the University of Texas. For more information, contact captbindu@gmail.com.

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Important GA4 Privacy Update! https://www.dmnews.com/important-ga4-privacy-update/ Mon, 09 Oct 2023 16:44:06 +0000 https://www.dmnews.com/?p=94235 Google Analytics 4 (GA4) has recently introduced an exciting new feature known as Data Redaction, which aims to…

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Google Analytics 4 (GA4) has recently introduced an exciting new feature known as Data Redaction, which aims to prevent the inadvertent collection of personally identifying information (PII) and enhance user privacy. In this article, we will delve into the details of this groundbreaking feature, its significance in conforming to privacy laws and Google’s policies, and how it can benefit marketers and website owners.

Understanding GA4 Data Redaction

Data Redaction is a powerful setting within GA4 that automatically detects and removes PII from the data sent to Google. By default, this feature is enabled for new properties added to GA4. However, existing properties need to manually configure it in the web data stream settings.

The primary goal of Data Redaction is to ensure that no PII data is transmitted to Google, which could potentially be used to identify individuals. Examples of PII include email addresses, personal mobile numbers, and social security numbers. This feature analyzes events before sending them to Google and removes any PII that may be present.

Configuring Data Redaction

To enable Data Redaction for existing properties, users can follow these simple steps:

  1. Access the web data stream settings for the desired property.
  2. Locate the Data Redaction feature.
  3. Turn on the Data Redaction toggle switch.
  4. Configure the text patterns to identify and redact PII.

The configuration process involves identifying text patterns that are likely to contain PII. These patterns can be found in URL query parameters and event parameters such as page location, page referrer, page path, link URL, video URL, and form destination.

Ensuring Compliance and Responsibility

While GA4’s Data Redaction feature provides a powerful tool to prevent the inadvertent collection of PII, it is essential to remember that the ultimate responsibility for meeting regulatory requirements still lies with the entity collecting the data. The feature helps in identifying and redacting PII, but additional measures should be taken to ensure comprehensive compliance.

To assist users in meeting their responsibilities, GA4 allows them to test their configuration and verify if the identified text patterns are redacted as expected. Testing and validation can be done using the provided tools, such as Debug View and real-time monitoring of Analytics events.

It is crucial to understand that Data Redaction is just one aspect of data privacy and protection. Website owners and marketers should adopt a holistic approach, implementing various strategies to safeguard user data and comply with privacy regulations.

Benefits of GA4 Data Redaction

The introduction of Data Redaction in GA4 brings several significant benefits for marketers and website owners:

Enhanced User Privacy

By automatically removing PII from the data sent to Google, Data Redaction helps protect user privacy. This feature ensures that sensitive information, such as email addresses and personal contact details, is not inadvertently transmitted, aligning with privacy laws and regulations.

Compliance with Google’s Policies

Data Redaction enables users to adhere to Google’s policies regarding PII data collection. By configuring this feature, website owners and marketers can ensure that they are meeting Google’s guidelines and maintaining a trustworthy relationship with the search engine giant.

Simplified Setup for New Properties

For new properties added to GA4, Data Redaction is enabled by default. This simplifies the setup process and ensures that privacy measures are in place from the start. Users can focus on other aspects of their analytics setup, knowing that PII will be automatically redacted.

Testing and Validation Tools

GA4 provides users with tools to test and validate their Data Redaction configuration. These tools help users ensure that the identified text patterns are correctly redacted, providing an added layer of confidence in data privacy practices.

See first source: Search Engine Journal

FAQ

Q1: What is GA4 Data Redaction, and what is its purpose?

A1: GA4 Data Redaction is a feature designed to automatically detect and remove personally identifying information (PII) from data sent to Google Analytics 4. Its primary purpose is to enhance user privacy by preventing the inadvertent collection of sensitive PII, such as email addresses and social security numbers.

Q2: Is Data Redaction enabled by default in GA4?

A2: Yes, Data Redaction is enabled by default for new properties added to GA4. However, for existing properties, users need to manually configure it in the web data stream settings.

Q3: How can I configure Data Redaction for an existing GA4 property?

A3: To enable Data Redaction for existing properties, follow these steps:

  • Access the web data stream settings for the desired property.
  • Locate the Data Redaction feature.
  • Turn on the Data Redaction toggle switch.
  • Configure the text patterns to identify and redact PII, such as email addresses or personal mobile numbers.

Q4: What types of text patterns can be configured for Data Redaction?

A4: Data Redaction allows users to configure text patterns that may contain PII. These patterns can be found in URL query parameters and event parameters like page location, page referrer, page path, link URL, video URL, and form destination.

Q5: Is Data Redaction enough to ensure compliance with privacy regulations?

A5: While Data Redaction is a valuable tool to prevent the collection of PII, it’s essential to understand that ultimate responsibility for compliance with privacy regulations rests with the entity collecting the data. Additional measures may be needed to ensure comprehensive compliance.

Q6: How can I test and validate my Data Redaction configuration in GA4?

A6: GA4 provides tools for testing and validation, such as Debug View and real-time monitoring of Analytics events. These tools help users verify if the identified text patterns are redacted as expected, providing confidence in their data privacy practices.

Featured Image Credit: Myriam Jessier; Unsplash – Thank you!

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61% of Marketers Don’t Believe in Consumer Segmentation https://www.dmnews.com/61-of-marketers-dont-believe-in-consumer-segmentation/ Fri, 06 Oct 2023 16:20:29 +0000 https://www.dmnews.com/?p=94216 In today’s rapidly evolving digital landscape, marketers face new challenges in understanding and engaging with consumers. Traditional methods…

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In today’s rapidly evolving digital landscape, marketers face new challenges in understanding and engaging with consumers. Traditional methods of consumer segmentation, which categorize customers based on shared traits, are being called into question. Recent research indicates that 61% of UK marketers believe consumer segmentation is an outdated marketing method, with 63% considering it totally unfit for purpose. This article will explore the changing landscape of consumer segmentation and its implications for marketers.

The Rise of Consumer Complexity

Consumer behavior has become increasingly complex, particularly in the wake of the pandemic. With easy access to information and a plethora of choices, consumers’ priorities, preferences, and purchasing habits can change at any given moment. Marketers now face the challenge of understanding and targeting these ever-evolving consumer behaviors.

According to a survey of 500 UK marketers conducted by Treasure Data, 86% of respondents update their customer segmentations at least every two years. However, more than half (56%) still struggle to effectively target their audiences. This indicates that while marketers recognize the need for segmentation, they are grappling with its practical implementation.

The Limitations of Traditional Segmentation

Traditional segmentation models fix consumers into rigid and permanent groups, failing to account for the fluid nature of consumer behavior. As a result, marketers are seeking alternative approaches to better understand and engage with their target audiences.

Treasure Data’s research suggests that consumer “situationships” may hold the key to more effective segmentation. Situationships refer to momentary mindsets based on an individual’s current mood, needs, priorities, and circumstances. By segmenting consumers based on these ever-changing situationships, marketers can gain a real-time understanding of their audiences and tailor their messaging accordingly.

The Power of First-Party Data

To successfully implement this new approach to segmentation, marketers must leverage first-party data. First-party data is data collected directly from consumers through interactions with a brand’s website, app, or other touchpoints. It provides valuable insights into consumer behavior and preferences, enabling marketers to create more personalized and targeted campaigns.

However, many brands struggle with data blind spots, preventing them from obtaining a comprehensive view of their customers. In fact, 64% of UK marketers admit that data blind spots hinder their ability to understand their customers fully. This highlights the importance of investing in data management strategies and data security measures to gain consumers’ trust and achieve the gold standard of targeting: segmentation by mindset and situation.

The Modern Consumer Mindset

To further understand the potential of situational segmentation, Treasure Data surveyed 2,000 adults in the UK to identify the most prevalent consumer mindsets. These mindsets, or situationships, provide valuable insights into the diverse range of behaviors exhibited by consumers.

The survey revealed several common situationships, including “Family Firsts,” “Safe Shoppers,” “Infrequent Buyers,” “Purpose Shoppers,” and “Seasonal Spikers.” Each of these mindsets represents a distinct set of needs, priorities, and circumstances that influence consumer behavior.

Redefining Consumer Segmentation

The emergence of consumer situationships challenges the traditional notion of segmentation. Rather than grouping consumers into rigid categories, marketers must adapt to the fluid nature of consumer behavior and develop strategies to engage with consumers in real-time.

To achieve this, brands must prioritize the collection and analysis of first-party data. By understanding the nuances of consumer mindsets and tailoring messaging to specific situationships, marketers can enhance their targeting efforts and deliver more relevant and personalized experiences.

Overcoming Challenges

Implementing a new approach to consumer segmentation comes with its own set of challenges. Marketers must address data blind spots, invest in data security measures, and gain consumers’ trust in sharing their data. It is crucial for brands to prioritize transparency and communicate the value of data collection and analysis in delivering a better customer experience.

Additionally, marketers must adopt technology solutions that enable real-time data processing and analysis. This allows for dynamic segmentation based on changing situationships, ensuring that marketing efforts remain relevant and effective.

The Future of Consumer Segmentation

As consumer behavior continues to evolve, marketers must adapt their strategies accordingly. The traditional methods of segmentation are no longer sufficient in capturing the complex and ever-changing needs of consumers.

By embracing the concept of situational segmentation and leveraging first-party data, marketers can gain deeper insights into consumer behavior and deliver personalized experiences. This approach allows for more effective targeting, ensuring that marketing messages resonate with consumers and drive meaningful engagement.

The future of consumer segmentation lies in understanding the dynamic nature of consumer behavior and developing strategies that align with these changing needs. By embracing innovation and adopting a customer-centric approach, marketers can stay ahead of the curve and drive success in an increasingly complex marketing landscape.

See first source: Marketing Tech

FAQ

 

Featured Image Credit: Headway; Unsplash – Thank you!

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TikTok Just Made Analytics So Much Easier https://www.dmnews.com/tiktok-just-made-analytics-so-much-easier/ Thu, 21 Sep 2023 17:29:21 +0000 https://www.dmnews.com/?p=93455 TikTok, the wildly popular social media platform among Gen Z users, is making waves once again with its…

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TikTok, the wildly popular social media platform among Gen Z users, is making waves once again with its latest announcement regarding its measurement capabilities. In a series of blog posts, TikTok revealed a new first-party measurement solution and a shift to a self-attributing network, aiming to provide advertisers with better tools to track conversions and assess campaign performance beyond last-click attribution. This strategic move comes on the heels of TikTok’s recent launch of an e-commerce hub in the U.S. and as marketers gear up for the holiday season spending spree.

In this deep dive article, we’ll explore TikTok’s measurement suite expansion and the implications it holds for advertisers. We’ll delve into the details of the new measurement capabilities, the rationale behind the shift away from last-click attribution, and the potential benefits for brands looking to leverage TikTok’s unique advertising ecosystem. So, let’s dive in!

The Need for Better Measurement Capabilities

TikTok has long been celebrated for its ability to turn products and trends into viral sensations, with users often proclaiming “TikTok Made Me Buy It.” However, advertisers have struggled to accurately measure the impact of their campaigns beyond traditional click-based measurement. TikTok aims to address this challenge by introducing new measurement capabilities that provide a clearer picture of the non-linear path to purchase and a deeper understanding of the customer journey.

Attribution Analytics: Painting a Clearer Picture

One of the key components of TikTok’s measurement suite expansion is the integration of Attribution Analytics into its Ads Manager. This first-party solution aims to provide advertisers with insights into the various stages of the customer journey, including awareness, discovery, and action. By moving beyond last-click attribution, TikTok acknowledges that the user experience on its platform differs significantly from traditional e-commerce sites like Amazon, where users actively search for products and are one click away from making a purchase.

TikTok’s Attribution Analytics allows advertisers to view side-by-side comparisons of conversions during different attribution windows, enabling them to understand the impact of their campaigns at various touchpoints. This feature provides a more holistic view of the customer journey, helping advertisers identify the key moments that drive conversions and optimize their marketing strategies accordingly.

Shifting to a Self-Attributing Network

In addition to Attribution Analytics, TikTok is transitioning to what it calls a Self-Attributing Network (SAN). This shift aims to provide richer insights beyond the metrics shared by existing mobile measurement partners (MMPs). By joining TikTok’s SAN, advertisers gain access to more accurate and comprehensive data on conversions and other campaign outcomes, allowing for more effective attribution strategies.

TikTok’s SAN integration will gradually replace non-SAN MMP integrations, with the platform planning to wind down these integrations by the spring of 2024. This move reflects TikTok’s commitment to empowering advertisers with more robust measurement capabilities and driving innovation in the mobile marketing landscape.

The Limitations of Last-Click Attribution

TikTok’s decision to move away from last-click attribution is rooted in the platform’s unique user experience and the limitations of traditional measurement models. While last-click attribution may make sense in environments where users actively search for products and are ready to make a purchase, it falls short in platforms like TikTok, where users are immersed in a continuous stream of content and engage with brands while being entertained.

TikTok users often come across ads while scrolling through their personalized video feed, and their decision to make a purchase may not be immediate. Instead, TikTok’s impact on consumer behavior is more nuanced, with the platform playing a significant role in driving awareness, consideration, and intent. By looking beyond the last click, TikTok aims to provide advertisers with a more accurate representation of the influence their campaigns have on consumer behavior.

The Power of TikTok’s Advertising Ecosystem

TikTok’s decision to revolutionize its measurement suite is a testament to the power and potential of its advertising ecosystem. With over 1 billion monthly active users worldwide, TikTok offers brands a vast audience to engage with and a unique platform to showcase their products and services. By leveraging TikTok’s distinctive features, advertisers can tap into the platform’s viral nature, creativity, and entertainment value to drive brand awareness and conversions.

Undervalued Conversions and the Role of Attribution

TikTok’s internal data reveals that last-click attribution significantly underestimates the platform’s impact on conversions. According to post-purchase survey data, 79% of conversions attributed to TikTok by users were absent from last-click attribution methods. This discrepancy highlights the need for a more comprehensive approach to attribution that accounts for TikTok’s distinct user behavior and the non-linear path to purchase.

TikTok estimates that conversions on its platform are undervalued by as much as 73% based on click-and-buy metrics. This significant undervaluation underscores the importance of accurate measurement and attribution in unlocking the full potential of TikTok advertising campaigns.

The Role of Attribution Analytics and Performance Comparison

To address the gaps in traditional attribution models, TikTok’s Attribution Analytics offers a range of features to help advertisers gain a deeper understanding of their campaign performance. One such feature is Performance Comparison, which allows advertisers to compare conversions during different attribution windows. This visual representation of attribution windows enables advertisers to identify trends, patterns, and opportunities for optimization.

Performance Comparison provides insights into various conversion actions, such as content views, adding products to the cart, initiating checkout, and completing a purchase. By analyzing side-by-side comparisons over time, advertisers can refine their attribution strategies and allocate resources more effectively, ultimately driving better campaign outcomes.

Extending Attribution Visibility with SAN

TikTok’s shift to a Self-Attributing Network (SAN) further enhances attribution visibility for advertisers. By joining TikTok’s SAN, advertisers gain access to more accurate and comprehensive data on conversions and campaign outcomes. This deeper level of insight enables advertisers to refine their targeting, messaging, and creative strategies to maximize the impact of their TikTok campaigns.

SAN integration also allows for more granular measurement and attribution across channels, providing a more holistic view of the customer journey. Advertisers can analyze the impact of TikTok campaigns in conjunction with other marketing efforts, gaining valuable insights into cross-channel performance and the synergies between different touchpoints.

Benefits for Advertisers

TikTok’s measurement suite expansion offers several key benefits for advertisers looking to harness the platform’s advertising potential. By moving beyond last-click attribution and embracing a more holistic approach, advertisers can unlock a range of opportunities to optimize their campaigns and drive better results.

A Comprehensive View of the Customer Journey

TikTok’s Attribution Analytics provides advertisers with a comprehensive view of the customer journey, helping them understand the various touchpoints that lead to conversions. By analyzing the impact of campaigns during different attribution windows, advertisers can identify the key moments that drive engagement and conversions, allowing for more targeted and effective marketing strategies.

Better Optimization and Resource Allocation

Performance Comparison, a feature of TikTok’s Attribution Analytics, empowers advertisers to optimize their campaigns and allocate resources more effectively. By comparing conversions during different attribution windows, advertisers can identify trends and patterns that inform their optimization efforts. This data-driven approach allows advertisers to refine their targeting, messaging, and creative strategies, ensuring they get the most out of their TikTok campaigns.

Enhanced Cross-Channel Measurement

TikTok’s shift to a Self-Attributing Network (SAN) enables advertisers to measure and attribute the impact of their TikTok campaigns alongside other marketing initiatives. This cross-channel measurement provides a holistic view of campaign performance and allows advertisers to understand the synergies between different touchpoints. By gaining insights into the interplay between TikTok and other channels, advertisers can fine-tune their marketing mix and achieve better overall results.

See first source: Marketing Dive

FAQ

1. What is TikTok’s latest announcement regarding measurement capabilities?

TikTok has introduced a new first-party measurement solution and is shifting to a self-attributing network to provide advertisers with improved tools for tracking conversions and assessing campaign performance beyond last-click attribution.

2. Why is TikTok expanding its measurement capabilities?

TikTok aims to address the challenge of accurately measuring campaign impact beyond traditional click-based measurements. The platform recognizes that its user experience differs from traditional e-commerce sites, and it seeks to provide advertisers with insights into the non-linear path to purchase and the customer journey on TikTok.

3. What is Attribution Analytics, and how does it benefit advertisers?

Attribution Analytics is a key component of TikTok’s measurement suite expansion. It allows advertisers to gain insights into various stages of the customer journey, such as awareness, discovery, and action. This feature moves beyond last-click attribution and provides a holistic view of campaign performance, helping advertisers identify key conversion-driving moments.

4. What is a Self-Attributing Network (SAN), and why is TikTok transitioning to it?

TikTok is shifting to a Self-Attributing Network to provide advertisers with more accurate and comprehensive data on conversions and campaign outcomes. SAN aims to offer richer insights beyond what existing mobile measurement partners provide. This transition reflects TikTok’s commitment to empowering advertisers with robust measurement capabilities.

5. Why is TikTok moving away from last-click attribution?

TikTok’s unique user experience and the limitations of traditional measurement models led to the decision to move away from last-click attribution. Unlike platforms where users actively search for products, TikTok users engage with content continuously, and their purchase decisions may not be immediate. TikTok’s influence on consumer behavior extends beyond the last click, and this shift aims to provide a more accurate representation of its impact.

6. What is the significance of TikTok’s advertising ecosystem for advertisers?

TikTok’s advertising ecosystem offers advertisers access to over 1 billion monthly active users worldwide and a platform known for its viral nature, creativity, and entertainment value. Advertisers can leverage TikTok’s unique features to drive brand awareness and conversions.

7. How does TikTok address undervalued conversions?

TikTok’s internal data suggests that last-click attribution significantly undervalues conversions on the platform. To address this, TikTok provides Attribution Analytics, allowing advertisers to gain insights into their campaign performance. This data helps advertisers understand the true impact of their TikTok campaigns and refine their attribution strategies.

8. What is Performance Comparison, and how does it assist advertisers?

Performance Comparison is a feature of TikTok’s Attribution Analytics that enables advertisers to compare conversions during different attribution windows. It helps advertisers identify trends, patterns, and opportunities for optimization. By analyzing conversions side by side, advertisers can refine their strategies for better campaign outcomes.

9. What are the benefits of TikTok’s measurement suite expansion for advertisers?

The expansion of TikTok’s measurement suite offers advertisers a comprehensive view of the customer journey, better optimization and resource allocation through features like Performance Comparison, and enhanced cross-channel measurement capabilities. Advertisers can refine their targeting, messaging, and creative strategies to maximize the impact of their TikTok campaigns and achieve better overall results.

Featured Image Credit: Solen Feyissa; Unsplash – Thank you!

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