As a digital marketer responsible for planning, executing and optimizing campaigns you have a finite amount of “free” time. You are constantly trying to ensure that the objectives of your campaign are met, and you are delivering value to the business. Some days it probably feels like you have very little time to breathe, let alone think about the strategic direction of your organization.
So, when you see announcements or articles in the marketing trade press about news regarding digital analytics, marketing technology or advertising technology it’s likely impossible to keep up. Even more so because digital analytics and marketing technology are two of the fastest growing industries in marketing today. You probably would love to learn more about how these data and tools could be used to help further your business objectives, but there is simply no time.
That’s why our team of experts is releasing weekly recaps to keep you up to speed. Here’s what we’re watching this week.
- Facebook Expands the Functionality of Their Tracking Pixel: Tracking Pixels, snippets of code used to track conversions, have been used for many years to track the effectiveness of digital media. They can be a useful tool; however, they are often limited in functionality and what channels they give insight into. Facebook last week started to open up their tracking pixel a little more when they introduced functionality to support Facebook Groups. Marketers can get excited about this development because it’s the first time Facebook is giving this level of insight into both paid and organic content.
- Amazon Starts Testing a Tracking Pixel of Their Own: Amazon has been working steadily to enter the digital advertising space. In fact, they brought in about $2.2 billion in sales last year. In order to strengthen their offering, they’ve started to test a tracking pixel that retailers can place on their Amazon.com product listings. These pixels will measure A) if conversion on Amazon is better than owned properties and B) how amazon stacks up against other platforms. Just like the Facebook news above, more insight into performance is certainly something for marketers to get excited about. However, we always advise also using a vendor agnostic model – like the one we’ve recently released at W2O – to get an unbiased view of attribution as well.
- Forrester Finds that Video Advertising is Still Huge – Just Much More Complicated: Forrester’s latest report on video advertising showed an expected $103 billion to be spent in 2023; that’s a big number! However, video advertising has become much more nuanced with the myriad of platforms and audiences available. Marketers used to be able to peg a certainly amount of budget to ‘TV’ as a category. Now they need to view TV as deserving of an entire media mix strategy in and of itself.
- Podcast Audiences Showing Advertising Potential: Moving from the mature channel of TV and Video to the nascent venue of podcasting. Podcasts have long touted a devoted and captive audience for marketers. However, the small scale of the audiences has limited the utility of the channel. As Nielsen recently reported, the scale issue may be going away as podcasts rise in popularity. From TV to podcasting and everything in between, it can be difficult to nail down an exact marketing mix with confidence. At W2O we use past performance, industry trends and statistical prediction to come up with the perfect strategy.
Those are the four pieces of news we are watching closely this week. Watch this space weekly as we’ll continue to keep you updated on digital analytics and marketing technology trends.