Hyper-personalisation at scale and product innovations will rule the world of performance marketing in 2021, here’s all you need to know.
Performance trends for the coming year would be rooted heavily from the impact of COVID-19 on consumer behavior. Having seen the market during the different phases of the year 2020, here are some of the trends which will influence performance marketing in 2021.
Bharat takes over India – Rise of vernacular based strategies
Considering lockdown, online services including groceries, pharmacies and OTT platforms saw tremendous growth in its consumer base. First-time users, majorly from Tier 2/3 cities with vernacular first usage, contributed significantly to this growth.
We had a large insurance player unlock growth by redesigning the whole consumer journey in regional language that helped build an instant connect with consumers. Given the proportion of Non-English, Non-Hindi users entering the market, mass brands should look to keep vernacular as the core of their strategy.
Dynamic Media Mix based on attribution – Figuring what works!
Brands are increasingly looking to pinpoint how their marketing efforts contribute to their business KPI’s. Hence, statistical modelling such as multi-touch attribution has become the need of the hour. It gives a holistic view of digital channels to assess effectiveness rather than just a siloed look at channel performance.
We carried out the MTA exercise for a large financial client, resulting in a 52% decrease in CoA based on optimization derived from the MTA study insights.
Hyper-Personalisation at Scale – Going Niche for the mass audience!
Consumer behaviour has drastically shifted in 2020, and it has tested propositions, loyalties and notions that many brands harboured for years. Given the expanding digital audience and their varied behaviour, ‘One Size Fits All’ marketing strategies will lead to diminishing returns. Hyper personalization allows extensive targeting strategy based on testing.
We have seen 51% efficiencies in total bookings compared to static creatives for a large luxury client with our award-winning hyper-personalization strategy encompassing an in-house DCO.
Brands will continue to embrace DTC – Brand immersed commerce experience.
DTC as a medium is crafted for the right user experience, portfolio differentiation, growing CLTV and delivering best in class ROI. The strategy for DTC needs to be distinguished from the approach used on e-tailers and marketplaces.
We are working with leading FMCG/CPG brands with our 7P framework to enable and drive their DTC goals in conjunction with Publicis Commerce, an end-to-end commerce consultancy.
Product innovations will enhance user experience – Bridging gaps between offline and digital.
Due to the pandemic, consumers have become wary of physical/offline activities and hence prefer digital alternatives. We have this seen happen with our BFSI clients enhancing their STP processes to great results.
Product innovation can aid conversion and serve as alternatives to offline activities. The adoption of virtual trial rooms and the rise of telemedicine are a testament to the changing consumer behaviour.
This piece has been authored by Performics India.