In this final post of our 2022 marketing and advertising trends series, we round up 3 of the biggest upcoming trends for 2022.
We chose these three because they are not easily palatable like social media or paid ads. Many marketers are still trying to wrap their heads around these terms.
Understanding what they are and where they are heading can give you an edge against your competitors.
See also our previous posts in this series:
- 8 out 10 (Muslim) Consumers Prefer Live Stream Video Over Reading Your Blog
- The #1 Video Advertising Trend for Epic Muslim Consumer Engagement in 2022
So let’s jump right in:
1- Customer Data Platforms (CDP)
The easiest definition of a CDP is:
…a software package that creates a centralized hub for (mostly first-party) customer data. It pools data from multiple sources into a single, unified customer database.
Source: Oktopost
CDPs are growing in popularity for marketers because of their ability to “unify customer data silos into a single customer view, and deliver transformational, one-to-one, omnichannel experiences through one platform”.
Source: Martech Intelligence Report
Marketers are not dependent on IT or development teams to run CDPs. This gives marketers full control over granular customer data capture, segmentation, and campaign orchestration.
CDPs are Neither CRMs Nor DMPs
This might start to become confusing so let’s demonstrate what each one is and isn’t.
Customer relationship management (CRM) systems, customer data platforms (CDPs), and data management platforms (DMPs) all gather customer data from various sources effectively. They are similar in how they collect and store data, but there’s more.
Here’s a head-to-head comparison between the three:
| CDP versus CRM versus DMP | |
| CDP | CDPs eliminate data silos and unify first-party customer data into one platform providing a single customer view. By analyzing this data in real-time CDPs predict which customers are more likely to purchase certain solutions. CDPs can also tell when and why customers make those purchases. Employees from relevant departments like marketing or sales can access information stored in CDPs. |
| CRM | CRMs store customer data from all points of contact between an organization and its consumers. This data helps customer-facing teams avoid asking repetitive questions while on the phone, subsequently improving efficiency and customer experience. |
| DMP | DMPs capture and store large amounts of both structured and unstructured data. Think of audience data from online sources, web analytics, mobile, and even offline data. Businesses can use this data for media purchases and ad placements. DMP capabilities include gathering business intelligence data about enterprise digital media offerings to plan campaigns. DMPs capture, organize and segment both first-party and third-party data. |
Muslim businesses and organizations should seriously contemplate how they can benefit from their own first-party data with the impending death of the cookie. Understanding how CDPs function is becoming more important day by day.
2- Privacy
The impending death of the cookie which has been delayed until 2023 is a product of many years of users being skeptical about online privacy.
Today, more than ever, consumers are worried about their digital privacy. This is why we see browsers and mobile operating systems distancing themselves from individual-level identifiers.
These technologies are shifting towards privacy preservation methods like aggregation and on-device processing for advertising.
Advice from Google
Here is what Google advises marketers to do on their Think with Google privacy guide:
- Start using first-party data like customer purchase history more. It is accurate and privacy-safe.
- Measure your first-party data accurately through proper tagging to have a representative view of performance across channels.
- Activate your data with automation and pair your first-party data with other signals for the most accurate insights possible.
Getting privacy right in 2022 and beyond will be massively important. Muslim brands that can achieve excellence in protecting their user’s privacy will thrive. Those that don’t will take a nosedive.
Salesforce reports that 48% of consumers worldwide stopped buying or using a service from companies due to privacy concerns.
3- Metaverse
Metaverse is a virtual-reality world where users are able to interact with a computer-generated environment and other users.
Metaverse will advance even further in 2022. For instance:
- Meta (formerly known as Facebook) has a new higher-end headset coming out codenamed Project Cambria which mixes virtual elements with the real world.
- Apple is expected to introduce its first augmented and virtual reality headset.
- StartUps 8i and 8th Wall developed live hologram video calls. The technology known as volumetric video can be accessed on any web browser, computer, or phone.
Virtual Products
The more technology there is for AR and VR, the more we are going to see mainstream brands sell more virtual products and advertising even more in these virtual spaces.
Speaking of virtual products:
“Today there is a veritable gold rush in the metaverse, with young people and celebrities like Snoop Dogg investing millions of dollars in virtual real estate. Fortune magazine called it a “multi-trillion-dollar opportunity.” It’s conceivable that a new generation will purchase their first house (or a unique share of it) in the metaverse.”
Source: CoinBase
We took a more detailed look at metaverse for halal and Muslim-friendly brands in a previous article. We advise you to take a look.
Conclusion
User privacy is a big issue today. Understanding how to get the best out of your first-party data is vital for success and maybe even survival.
Technology, on the other hand, is getting more advanced and the metaverse will bring in more opportunities for brands and advertisers.
The online world is changing and MAN has strived all year to keep you updated.
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Have a blessed new year!
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