Data is the secret to longevity in digital transformation

What has been clearly visible is those brands that have adapted, and continued to adapt have survived. Hopefully now, by 2023, most businesses have worked out that there isn’t an endpoint for digital transformation, it is a journey and as technology continues to change and shape our world, a digital transformation agenda will continue to evolve and develop with it.

Which brands are in it for the long haul?

2022 saw a flurry of brands entering the metaverse with brand activations and PR stunts to generate brand excitement and fame. How much of this has a long-term potential or a long-term strategy behind it?

Now, with 2023 so far set to be the year of generative artificial intelligence (AI) as the hot topic bandied around, will this be left behind? And are these the main priorities for brands in their transformation journey? Maybe, or maybe it’s a plan now, test later. These big trending topics aside, there are still core fundamentals that brands are missing, one unsung hero vastly unutilized in a meaningful way is data.

The digital age has seen an explosion of media channels, including social media platforms, video streaming services, and mobile apps. These channels offer vast opportunities for businesses to reach their target audience, but the challenge is to be distinct and stand out from their competition in environments. Many brands have ended up in a sea of sameness, rather than delivering meaningful brand experiences.

Data is the key

Harnessing the power of data is the answer, or at least part of it. Using data should be looked at in a three-pronged approach, to garner a deep understanding of their audience; to inform content and connect meaningfully; and to measure results and adapt.

By leveraging data analytics and artificial intelligence, businesses can gather insights into their audience's behaviors and preferences, data capabilities now enable brands to surface insight in real-time, break the boundaries of targeting, allowing them to be more relevant with content that resonates with their audience and to find that audience in the right moment. Data should not be viewed as the enemy of creativity, but rather as a tool, an enabler to enhance it.

For example, empirical and real-time data can lead to more human and meaningful insights to inform the creative process, allowing businesses to create content that is tailored to their audience's preferences. By analyzing the performance of previous content and behavioral insight businesses can identify the elements that resonated with their audience and incorporate them into future content.

Data-led audiences don't have to mean highly targeted. While there is a place for targeted advertising, especially when we are talking to in-market consumers, using data smartly, can help you find more broad but more relevant audiences that will connect with your brand. Communities with values that share your brand values, enable brands to be more distinct and connect more meaningfully with future customers.

Say no to superficial metrics

Finally, data is the key to measuring, understanding and evolving businesses’ media approaches to drive more growth. Many brands continue getting stuck in a cycle of measuring superficial media ‘efficiency’ metrics that do not connect to the brand’s business goals. This makes it impossible to measure the effect of media on growth.

Using advanced data and analytics to uncover the impact media is having on short and long-term business goals will enable planners to continue to evolve the approach and connect brand and performance.

Digital transformation has had a profound impact on the media industry, and while Meta, metaverse and generative AI may dominate the headlines, there is much more opportunity for brands to modernize their approach today. Using data to inform the creative process and create content that is highly relevant, find and connect with the right audiences will enable businesses to harness the power of the digital age and deliver new business growth.