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How to ensure the success of your CDP initiative

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How to ensure the success of your CDP initiative

Vendors, analysts, and industry trades have heralded the Customer Data Platform (CDP) as a panacea for the seemingly impossible task of collecting and unifying data from disparate, unconnected online and offline data sources to form a comprehensive 360-degree view of the customer across devices and channels.

And marketers are jumping in with their pocketbooks. Statista research from March of this year indicates that CDP industry revenue worldwide for 2021 was approximately $1.6 billion, reflecting a 23% increase over the previous year. And that doesn’t include the costs for building and maintaining in-house bespoke solutions.

While the pandemic has accelerated digital adoption and activation in many organizations (for example, according to Statista, in 2021, e-commerce accounted for about 20% of global retail sales), before jumping into the CDP pool feet first, step away from the checkbook, and consider some things.


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The omnipresent consumer

We’ve all been told that omnichannel experiences are the epitome of modern marketing. If you’re not creating omnichannel experiences — using as many channels as you can to reach and connect with your customers — your business is going the way of the dinosaur. 

While it’s true that consumers are rather ubiquitous in their use of devices and channels to conduct their day-to-day, trying to simultaneously use as many channels as possible to connect and convert isn’t realistic, as many marketing organizations have realized. The proven approach is more convergent in its practicality; it’s about creating integrated experiences across your prospects and customers’ preferred channels, a seamless experience encompassing online and offline touchpoints.

CDPs are purpose-built for the structured and unstructured data aggregation required for these integrated experiences to come to life. They provide a way to consume (and enrich) channel-specific data from websites, point-of-sale systems, social platforms, CRMs, mobile and myriad other first through third-party data sources.

I’m sure we agree that collecting and unifying all of that data provides a compelling and potent method of harnessing the power and value of data and using it as a force for good to create integrated experiences. The benefits include, but are not limited to, keeping up with customers moving (and changing) faster than your brand, developing more profound and meaningful relationships with prospects and customers and predicting future behaviors.

However, despite the hype surrounding CDPs, it’s not as simple as signing up for Gmail. I recently spoke with a CMO who wanted to add a CDP to the upcoming budget cycle. “Just tell me when you think we should slot it into our ’22-’23 roadmap and how much it’ll cost.” I wish it were that easy.

Like any marketing technology initiative, adding a CDP to your digital ecosystem will require time, money, people, and a considerable amount of (before, during and after) work. One of the most critical areas of focus before you sign on the dotted line and engage with a CDP vendor or start building your own is understanding your data from every possible angle.

Data quality is your friend

Garbage in, garbage out is an adage with a lot of truth. My uncle was a sanitation worker, and he used the phrase a lot, but we’re talking about data quality in this case. “Data quality” can have many meanings. For our discussion, let’s define data quality as “…the state of qualitative or quantitative values and its fitness for intended uses in operations, decision making and planning.”

IBM research indicated that bad data costs the U.S. economy around $3.1 trillion yearly. Experian also found that bad data directly impacts the bottom line of almost 90% of American companies, with the average company losing over 10% of total revenue. Let’s face it. The chances of your data being grungy or downright junk in its present state are pretty good. And I’m not judging — I promise. We’re all pretty much in the same boat at one point or another.

That’s why part of your CDP implementation budget will focus on proactively cleaning and standardizing your data mess and making the data fit for purpose to enable CDP integration, use cases, automation, machine learning, analytics, privacy and so much more. 

It’s not about you

The CDP is a marketing tool. But the monetization of data – and there’s no shortage of it – through employing it to understand your customer’s attitudes, needs, buying preferences, behaviors and more is everyone’s obligation.

The consolidation of data silos from across the enterprise into a single source is one of the primary goals of the CDP. But getting the plethora of marketing and other data into the hopper is just one part of the equation. It’s also about democratizing the data and turning it into information and insights that everyone in the business can use to reach their intended business, marketing, and, yes, even technology goals. According to Splunk, some 55% of an organization’s data is “dark,” meaning they have no idea it exists – and if they don’t know it exists, it stands to reason they can’t use it. 

Empowering the enterprise, not just marketing, to utilize this powerful “magic” through robust data governance and syndication is critical to your CDP investments’ successful activation and realization.

But wait, there’s more

Depending on the goals and scope of your CDP initiative, the care and feeding of your CDP will require more than a positive attitude, unbridled excitement, innovative technology, and clean data. Three specific areas where you’ll need to invest in skilled, experienced people to make your CDP implementation and operation a success are marketing operations (MOps), data operations (DataOps) and development operations (DevOps). 

Gartner defines MOps as “…the function of overseeing an organization’s marketing program, campaign planning and annual strategic planning activities. Other responsibilities include technology and performance measurement and reporting and data analytics.” 

CIO.com defines DataOps as “…an emerging discipline that brings together DevOps teams with data engineer and data scientist roles to provide the tools, processes and organizational structures to support the data-focused enterprise.”

AWS defines DevOps as “…the combination of cultural philosophies, practices, and tools that increases an organization’s ability to deliver applications and services at high velocity: evolving and improving products at a faster pace than organizations using traditional software development and infrastructure management processes. This speed enables organizations to better serve their customers and compete more effectively in the market.”

The point is there are substantial human costs beyond just the licensing of a commercial CDP or the development of an in-house bespoke platform. As Tony Byrne of Real Story Group says, “The other piece on the cost side is that implementing a CDP often requires collateral work around data availability, cleaning, stewardship, quality control, and identity resolution. We see licensees constantly adding new pipelines, new events, new activations, and new customer interactions. All these needs marketing, data and IT ops to work together.”

Know before you go

Regular reviews are essential to help you unlock the power and ROI of your marketing technology investments. If you haven’t already, perform a detailed assessment of your digital ecosystem, specifically your martech stack. Before you engage with a CDP vendor, performing some due diligence upfront will make the CDP evaluation process less painful, more efficient and significantly improve your chances of success.

One other thing to consider is hiring a guide to help you navigate the growing CDP landscape and choose wisely. The upfront investment in the success of your CDP initiative will more than pay for itself through faster time to market, enhanced time to value and a reduced total cost of ownership.


Opinions expressed in this article are those of the guest author and not necessarily MarTech. Staff authors are listed here.


About The Author

How to unlock the power of your marketing technology How

Gene has been a Martech Healer for three decades, inventing the future while helping organizations and leaders ‘Ride the Crest of Change.’ A serial entrepreneur since his first newspaper delivery start-up, Gene developed early innovations in social media networks, digital-out-of-home narrowcasting, and SMS mobile marketing. He currently serves as the chief strategy officer and head of consulting at GeekHive, a New York-based marketing technology consultancy helping clients maximize their investments in martech.


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AI driving an exponential increase in marketing technology solutions

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AI driving an exponential increase in marketing technology solutions

The martech landscape is expanding and AI is the prime driving force. That’s the topline news from the “Martech 2024” report released today. And, while that will get the headline, the report contains much more.

Since the release of the most recent Martech Landscape in May 2023, 2,042 new marketing technology tools have surfaced, bringing the total to 13,080 — an 18.5% increase. Of those, 1,498 (73%) were AI-based. 

Screenshot 2023 12 05 110428 800x553

“But where did it land?” said Frans Riemersma of Martech Tribe during a joint video conference call with Scott Brinker of ChiefMartec and HubSpot. “And the usual suspect, of course, is content. But the truth is you can build an empire with all the genAI that has been surfacing — and by an empire, I mean, of course, a business.”

Content tools accounted for 34% of all the new AI tools, far ahead of video, the second-place category, which had only 4.85%. U.S. companies were responsible for 61% of these tools — not surprising given that most of the generative AI dynamos, like OpenAI, are based here. Next up was the U.K. at 5.7%, but third place was a big surprise: Iceland — with a population of 373,000 — launched 4.6% of all AI martech tools. That’s significantly ahead of fourth place India (3.5%), whose population is 1.4 billion and which has a significant tech industry. 

Dig deeper: 3 ways email marketers should actually use AI

The global development of these tools shows the desire for solutions that natively understand the place they are being used. 

“These regional products in their particular country…they’re fantastic,” said Brinker. “They’re loved, and part of it is because they understand the culture, they’ve got the right thing in the language, the support is in that language.”

Now that we’ve looked at the headline stuff, let’s take a deep dive into the fascinating body of the report.

The report: A deeper dive

Marketing technology “is a study in contradictions,” according to Brinker and Riemersma. 

In the new report they embrace these contradictions, telling readers that, while they support “discipline and fiscal responsibility” in martech management, failure to innovate might mean “missing out on opportunities for competitive advantage.” By all means, edit your stack meticulously to ensure it meets business value use cases — but sure, spend 5-10% of your time playing with “cool” new tools that don’t yet have a use case. That seems like a lot of time.

Similarly, while you mustn’t be “carried away” by new technology hype cycles, you mustn’t ignore them either. You need to make “deliberate choices” in the realm of technological change, but be agile about implementing them. Be excited by martech innovation, in other words, but be sensible about it.

The growing landscape

Consolidation for the martech space is not in sight, Brinker and Riemersma say. Despite many mergers and acquisitions, and a steadily increasing number of bankruptcies and dissolutions, the exponentially increasing launch of new start-ups powers continuing growth.

It should be observed, of course, that this is almost entirely a cloud-based, subscription-based commercial space. To launch a martech start-up doesn’t require manufacturing, storage and distribution capabilities, or necessarily a workforce; it just requires uploading an app to the cloud. That is surely one reason new start-ups appear at such a startling rate. 

Dig deeper: AI ad spending has skyrocketed this year

As the authors admit, “(i)f we measure by revenue and/or install base, the graph of all martech companies is a ‘long tail’ distribution.” What’s more, focus on the 200 or so leading companies in the space and consolidation can certainly be seen.

Long-tail tools are certainly not under-utilized, however. Based on a survey of over 1,000 real-world stacks, the report finds long-tail tools constitute about half of the solutions portfolios — a proportion that has remained fairly consistent since 2017. The authors see long-tail adoption where users perceive feature gaps — or subpar feature performance — in their core solutions.

Composability and aggregation

The other two trends covered in detail in the report are composability and aggregation. In brief, a composable view of a martech stack means seeing it as a collection of features and functions rather than a collection of software products. A composable “architecture” is one where apps, workflows, customer experiences, etc., are developed using features of multiple products to serve a specific use case.

Indeed, some martech vendors are now describing their own offerings as composable, meaning that their proprietary features are designed to be used in tandem with third-party solutions that integrate with them. This is an evolution of the core-suite-plus-app-marketplace framework.

That framework is what Brinker and Riemersma refer to as “vertical aggregation.” “Horizontal aggregation,” they write, is “a newer model” where aggregation of software is seen not around certain business functions (marketing, sales, etc.) but around a layer of the tech stack. An obvious example is the data layer, fed from numerous sources and consumed by a range of applications. They correctly observe that this has been an important trend over the past year.

Build it yourself

Finally, and consistent with Brinker’s long-time advocacy for the citizen developer, the report detects a nascent trend towards teams creating their own software — a trend that will doubtless be accelerated by support from AI.

So far, the apps that are being created internally may be no more than “simple workflows and automations.” But come the day that app development is so democratized that it will be available to a wide range of users, the software will be a “reflection of the way they want their company to operate and the experiences they want to deliver to customers. This will be a powerful dimension for competitive advantage.”

Constantine von Hoffman contributed to this report.

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Mastering The Laws of Marketing in Madness

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Mastering The Laws of Marketing in Madness

Mastering The Laws of Marketing in Madness

Navigating through the world of business can be chaotic. At the time of this publication in November 2023, global economic growth is expected to remain weak for an undefined amount of time.

However, certain rules of marketing remain steadfast to guide businesses towards success in any environment. These universal laws are the anchors that keep a business steady, helping it thrive amidst uncertainty and change.

In this guide, we’ll explore three laws that have proven to be the cornerstones of successful marketing. These are practical, tried-and-tested approaches that have empowered businesses to overcome challenges and flourish, regardless of external conditions. By mastering these principles, businesses can turn adversities into opportunities, ensuring growth and resilience in any market landscape. Let’s uncover these essential laws that pave the way to success in the unpredictable world of business marketing. Oh yeah, and don’t forget to integrate these insights into your career. Follow the implementation steps!

Law 1: Success in Marketing is a Marathon, Not a Sprint

Navigating the tumultuous seas of digital marketing necessitates a steadfast ship, fortified by a strategic long-term vision. It’s a marathon, not a sprint.

Take Apple, for instance. The late ’90s saw them on the brink of bankruptcy. Instead of grasping at quick, temporary fixes, Apple anchored themselves in a long-term vision. A vision that didn’t just stop at survival, but aimed for revolutionary contributions, resulting in groundbreaking products like the iPod, iPhone, and iPad.

In a landscape where immediate gains often allure businesses, it’s essential to remember that these are transient. A focus merely on the immediate returns leaves businesses scurrying on a hamster wheel, chasing after fleeting successes, but never really moving forward.

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A long-term vision, however, acts as the north star, guiding businesses through immediate challenges while ensuring sustainable success and consistent growth over time.

Consider This Analogy: 

Building a business is like growing a tree. Initially, it requires nurturing, patience, and consistent care. But with time, the tree grows, becoming strong and robust, offering shade and fruits—transforming the landscape. The same goes for business. A vision, perseverance, and a long-term strategy are the nutrients that allow it to flourish, creating a sustainable presence in the market.

Implementation Steps: 

  • Begin by planning a content calendar focused on delivering consistent value over the next six months. 
  • Ensure regular reviews and necessary adjustments to your long-term goals, keeping pace with evolving market trends and demands. 
  • And don’t forget the foundation—invest in robust systems and ongoing training, laying down strong roots for sustainable success in the ever-changing digital marketing landscape.

Law 2: Survey, Listen, and Serve

Effective marketing hinges on understanding and responding to the customer’s needs and preferences. A robust, customer-centric approach helps in shaping products and services that resonate with the audience, enhancing overall satisfaction and loyalty.

Take Netflix, for instance. Netflix’s evolution from a DVD rental company to a streaming giant is a compelling illustration of a customer-centric approach.

Their transition wasn’t just a technological upgrade; it was a strategic shift informed by attentively listening to customer preferences and viewing habits. Netflix succeeded, while competitors such a Blockbuster haid their blinders on.

Here are some keystone insights when considering how to Survey, Listen, and Serve…

Customer Satisfaction & Loyalty:

Surveying customers is essential for gauging their satisfaction. When customers feel heard and valued, it fosters loyalty, turning one-time buyers into repeat customers. Through customer surveys, businesses can receive direct feedback, helping to identify areas of improvement, enhancing overall customer satisfaction.

Engagement:

Engaging customers through surveys not only garners essential feedback but also makes customers feel valued and involved. It cultivates a relationship where customers feel that their opinions are appreciated and considered, enhancing their connection and engagement with the brand.

Product & Service Enhancement:

Surveys can unveil insightful customer feedback regarding products and services. This information is crucial for making necessary adjustments and innovations, ensuring that offerings remain aligned with customer needs and expectations.

Data Collection:

Surveys are instrumental in collecting demographic information. Understanding the demographic composition of a customer base is crucial for tailoring marketing strategies, ensuring they resonate well with the target audience.

Operational Efficiency:

Customer feedback can also shed light on a company’s operational aspects, such as customer service and website usability. Such insights are invaluable for making necessary enhancements, improving the overall customer experience.

Benchmarking:

Consistent surveying allows for effective benchmarking, enabling businesses to track performance over time, assess the impact of implemented changes, and make data-driven strategic decisions.

Implementation Steps:

  • Regularly incorporate customer feedback mechanisms like surveys and direct interactions to remain attuned to customer needs and preferences.
  • Continuously refine and adjust offerings based on customer feedback, ensuring products and services evolve in alignment with customer expectations.
  • In conclusion, adopting a customer-centric approach, symbolized by surveying, listening, and serving, is indispensable for nurturing customer relationships, driving loyalty, and ensuring sustained business success.

Law 3: Build Trust in Every Interaction

In a world cluttered with countless competitors vying for your prospects attention, standing out is about more than just having a great product or service. It’s about connecting authentically, building relationships rooted in trust and understanding. It’s this foundational trust that transforms casual customers into loyal advocates, ensuring that your business isn’t just seen, but it truly resonates and remains memorable.

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For instance, let’s talk about Oprah! Through vulnerability and honest connections, Oprah Winfrey didn’t just build an audience; she cultivated a community. Sharing, listening, and interacting genuinely, she created a media landscape where trust and respect flourished. Oprah was known to make her audience and even guests cry for the first time live. She had a natural ability to build instant trust.

Here are some keystone insights when considering how to develop and maintain trust…

The Unseen Fast-Track

Trust is an unseen accelerator. It simplifies decisions, clears doubts, and fast-forwards the customer journey, turning curiosity into conviction and interest into investment.

The Emotional Guardrail

Trust is like a safety net or a warm embrace, making customers feel valued, understood, and cared for. It nurtures a positive environment, encouraging customers to return, not out of necessity, but a genuine affinity towards the brand.

Implementation Steps:

  • Real Stories: Share testimonials and experiences, both shiny and shaded, to build credibility and show authenticity.
  • Open Conversation: Encourage and welcome customer feedback and discussions, facilitating a two-way conversation that fosters understanding and improvement.
  • Community Engagement: Actively participate and engage in community or industry events, align your brand with genuine causes and values, promoting real connections and trust.

Navigating through this law involves cultivating a space where authenticity leads, trust blossoms, and genuine relationships flourish, engraving a memorable brand story in the hearts and minds of the customers.

Guarantee Your Success With These Foundational Laws

Navigating through the world of business is a demanding odyssey that calls for more than just adaptability and innovation—it requires a solid foundation built on timeless principles. In our exploration, we have just unraveled three indispensable laws that stand as pillars supporting the edifice of sustained marketing success, enabling businesses to sail confidently through the ever-shifting seas of the marketplace.

Law 1: “Success in Marketing is a Marathon, Not a Sprint,” advocates for the cultivation of a long-term vision. It is about nurturing a resilient mindset focused on enduring success rather than transient achievements. Like a marathon runner who paces themselves for the long haul, businesses must strategize, persevere, and adapt, ensuring sustained growth and innovation. The embodiment of this law is seen in enterprises like Apple, whose evolutionary journey is a testament to the power of persistent vision and continual reinvention.

Law 2: “Survey, Listen, and Serve,” delineates the roadmap to a business model deeply intertwined with customer insights and responsiveness. This law emphasizes the essence of customer-centricity, urging businesses to align their strategies and offerings with the preferences and expectations of their audiences. It’s a call to attentively listen, actively engage, and meticulously tailor offerings to resonate with customer needs, forging paths to enhanced satisfaction and loyalty.

Law 3: “Build Trust in Every Interaction,” underscores the significance of building genuine, trust-laden relationships with customers. It champions the cultivation of a brand personality that resonates with authenticity, fostering connections marked by trust and mutual respect. This law navigates businesses towards establishing themselves as reliable entities that customers can resonate with, rely on, and return to, enriching the customer journey with consistency and sincerity.

These pivotal laws form the cornerstone upon which businesses can build strategies that withstand the tests of market volatility, competition, and evolution. They stand as unwavering beacons guiding enterprises towards avenues marked by not just profitability, but also a legacy of value, integrity, and impactful contributions to the marketplace. Armed with these foundational laws, businesses are empowered to navigate the multifaceted realms of the business landscape with confidence, clarity, and a strategic vision poised for lasting success and remarkable achievements.

Oh yeah! And do you know Newton’s Law?The law of inertia, also known as Newton’s first law of motion, states that an object at rest will stay at rest, and an object in motion will stay in motion… The choice is yours. Take action and integrate these laws. Get in motion!


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Intro to Amazon Non-endemic Advertising: Benefits & Examples

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Intro to Amazon Non-endemic Advertising: Benefits & Examples

Amazon has rewritten the rules of advertising with its move into non-endemic retail media advertising. Advertising on Amazon has traditionally focused on brands and products directly sold on the platform. However, a new trend is emerging – the rise of non-endemic advertising on this booming marketplace. In this article, we’ll dive into the concept of non-endemic ads, their significance, and the benefits they offer to advertisers. This strategic shift is opening the floodgates for advertisers in previously overlooked industries.

While endemic brands are those with direct competitors on the platform, non-endemic advertisers bring a diverse range of services to Amazon’s vast audience. The move toward non-endemic advertising signifies Amazon’s intention to leverage its extensive data and audience segments to benefit a broader spectrum of advertisers.

Endemic vs. Non-Endemic Advertising

 

Let’s start by breaking down the major differences between endemic advertising and non-endemic advertising… 

Endemic Advertising

Endemic advertising revolves around promoting products available on the Amazon platform. With this type of promotion, advertisers use retail media data to promote products that are sold at the retailer.

Non-Endemic Advertising

In contrast, non-endemic advertising ventures beyond the confines of products sold on Amazon. It encompasses industries such as insurance, finance, and services like lawn care. If a brand is offering a product or service that doesn’t fit under one of the categories that Amazon sells, it’s considered non-endemic. Advertisers selling products and services outside of Amazon and linking directly to their own site are utilizing Amazon’s DSP and their data/audience segments to target new and relevant customers.

7 Benefits of Running Non-Endemic Ad Campaigns

 

Running non-endemic ad campaigns on Amazon provides a wide variety of benefits like:

Access to Amazon’s Proprietary Data: Harnessing Amazon’s robust first-party data provides advertisers with valuable insights into consumer behavior and purchasing patterns. This data-driven approach enables more targeted and effective campaigns.

Increased Brand Awareness and Revenue Streams: Non-endemic advertising allows brands to extend their reach beyond their typical audience. By leveraging Amazon’s platform and data, advertisers can build brand awareness among users who may not have been exposed to their products or services otherwise. For non-endemic brands that meet specific criteria, there’s an opportunity to serve ads directly on the Amazon platform. This can lead to exposure to the millions of users shopping on Amazon daily, potentially opening up new revenue streams for these brands.

No Minimum Spend for Non-DSP Campaigns: Non-endemic advertisers can kickstart their advertising journey on Amazon without the burden of a minimum spend requirement, ensuring accessibility for a diverse range of brands.

Amazon DSP Capabilities: Leveraging the Amazon DSP (Demand-Side Platform) enhances campaign capabilities. It enables programmatic media buys, advanced audience targeting, and access to a variety of ad formats.

Connect with Primed-to-Purchase Customers: Amazon’s extensive customer base offers a unique opportunity for non-endemic advertisers to connect with customers actively seeking relevant products or services.

Enhanced Targeting and Audience Segmentation: Utilizing Amazon’s vast dataset, advertisers can create highly specific audience segments. This enhanced targeting helps advertisers reach relevant customers, resulting in increased website traffic, lead generation, and improved conversion rates.

Brand Defense – By utilizing these data segments and inventory, some brands are able to bid for placements where their possible competitors would otherwise be. This also gives brands a chance to be present when competitor brands may be on the same page helping conquest for competitors’ customers.

How to Start Running Non-Endemic Ads on Amazon

 

Ready to start running non-endemic ads on Amazon? Start with these essential steps:

Familiarize Yourself with Amazon Ads and DSP: Understand the capabilities of Amazon Ads and DSP, exploring their benefits and limitations to make informed decisions.

Look Into Amazon Performance Plus: Amazon Performance Plus is the ability to model your audiences based on user behavior from the Amazon Ad Tag. The process will then find lookalike amazon shoppers with a higher propensity for conversion.

“Amazon Performance Plus has the ability to be Amazon’s top performing ad product. With the machine learning behind the audience cohorts we are seeing incremental audiences converting on D2C websites and beating CPA goals by as much as 50%.” 

– Robert Avellino, VP of Retail Media Partnerships at Tinuiti

 

Understand Targeting Capabilities: Gain insights into the various targeting options available for Amazon ads, including behavioral, contextual, and demographic targeting.

Command Amazon’s Data: Utilize granular data to test and learn from campaign outcomes, optimizing strategies based on real-time insights for maximum effectiveness.

Work with an Agency: For those new to non-endemic advertising on Amazon, it’s essential to define clear goals and identify target audiences. Working with an agency can provide valuable guidance in navigating the nuances of non-endemic advertising. Understanding both the audience to be reached and the core audience for the brand sets the stage for a successful non-endemic advertising campaign.

Conclusion

 

Amazon’s venture into non-endemic advertising reshapes the advertising landscape, providing new opportunities for brands beyond the traditional ecommerce sphere. The  blend of non-endemic campaigns with Amazon’s extensive audience and data creates a cohesive option for advertisers seeking to diversify strategies and explore new revenue streams. As this trend evolves, staying informed about the latest features and possibilities within Amazon’s non-endemic advertising ecosystem is crucial for brands looking to stay ahead in the dynamic world of digital advertising.

We’ll continue to keep you updated on all things Amazon, but if you’re looking to learn more about advertising on the platform, check out our Amazon Services page or contact us today for more information.

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