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Thus far in 2022, digital images, digital spaces and the use of data for personalized advertising and experiences abound. Marketers are navigating best practices in virtual spaces, specifically the metaverse, as they look for ways to build engagement in NFT ownership. It has been a year of hyper-personalization, with marketers using data for personalized advertising and redefining the ways people search for product and service information.
Interestingly, in this time of digital images traded through cryptocurrency, there are market trends seemingly at odds with the mar-tech boom. First, the impending phase out of third-party cookies requires marketers to consider how to bolster their first-party data gathering and what implications this has for tailored advertising content.
Second, in a time of tremendous growth and interest in all things virtual, there is equally strong consumer nostalgia, specific to the 1980s and ’90s. Kate Bush, Taco Bell’s historic Mexican pizza and physical baseball cards are all trending with as much momentum as virtual real estate and digital avatars.
So, what is a brand to do at a time when new and nostalgia are both in? This is not new, as consumer and organizational trends are cyclical by nature, but the range of trends has never been quite so wide in terms of content and physical tangibility.
As digital spaces become crowded and third-party cookies more limited, many marketers are reallocating budgets toward more traditional channels and there is renewed focus on out-of-home (OOH) advertising. While there is no silver bullet, there are a few things to consider.
How does your target consumer seek information?
There is often a rush to utilize the newest channel. There are benefits to being an early mover in a new space, but it is important to first consider the information-seeking behavior of your target user.
As I discussed the metaverse with my (amazing) students, they lauded Burger King’s “Keep It Real” campaign that allowed users to collect sets of NFTs connected to different celebrities, operationalized almost like an “adult, digital Happy Meal toy.”
However, they noted Burger King’s “Made to Order” print and outdoor campaign was equally effective. In fact, they may have a direct impact on the consumption behavior of a hungry individual searching for a lunch option. Similarly, Panda Express leveraged an offline option (direct mail) to effectively reach local consumers.
Which channel to leverage does not have to be an either-or decision but, for smaller brands, it is advisable to consider where to focus first.
What is the most effective way to tell your story?
It can be helpful to step back and consider the story before the channel. A brand story focused on nostalgia may garner greater results in an offline environment, while one focused on innovation and evolution may benefit from a digital campaign.
Your most effective medium could be a print ad that allows for olfactory appeal, a strategy that has expanded from perfume brands to other categories, or a nostalgic cereal box for an endcap display.
What are your team’s expertise and bandwidth?
It is critical to consider expertise in-house and through agency partnerships to pinpoint where your team’s expertise lies, and furthermore, how much your marketing team can take on.
Increasingly, marketers are experiencing stress and burnout as they analyze thousands of metrics, learn new tools and explore new channels. It may be worthwhile to explore how a new campaign may impact existing work and whether tradeoffs are necessary.
It is no doubt an exciting and challenging time to be a marketer when Dr. Martens, digital avatars and shifting privacy laws may be part of the of the same brand strategy meeting. Maintaining an ongoing focus on the target consumer, the brand story and your marketing team (in-house and partners) can help to keep it all manageable.
