What We Heard at LeadsCon 2023
The ultimate goal of any marketing program regardless of industry is to successfully generate, nurture, and convert leads to help grow pipeline and improve the bottom line. This year’s LeadsCon Las Vegas brought together business leaders in lead generation and performance marketing to discuss strategies around how marketers can hit their targets amidst a fluctuating economy, new consumer consent laws, and emerging technology.
Over the course of three days, there were three reoccurring themes present not only from a content perspective, but also within 1:1 conversations taking place on the exhibitor floor and in meetings. These specific topics are not new to this space, but they have morphed into different concepts and trends as behaviors have changed over time.
1. Empathizing with the consumer’s desire to have control over their data.
Over the last ten years, a lot of emphasis has been put on consumer consent. It started with TCPA, but now we have data privacy laws such as GDPR, CCPA, CPRA, and at least 20 more states with data privacy legislation in some stage of the process. Consumers want control over how their data is being collected, stored, and used and this has caused a lot of fear, uncertainty, and doubt amongst marketing professionals.
While it might feel like all doom and gloom – especially as tried and true methods like third party cookies become obsolete – consumers aren’t saying they don’t want to be contacted by brands; they just expect transparency. And many experts believe that businesses who listen to consumers’ wants and needs and pivot their business strategies to align to those desires will not only experience long-term success but will also set an industry standard.
This has shined a spotlight on the importance of first-party data collection, and developing strategies around obtaining, enhancing, and activating it. Marketing professionals are working even harder to earn leads organically, but are left with large data gaps, ones that consumers are unwilling to fill, preventing them from providing a targeted and relevant customer experience.
So, questions loom – What can marketers do to target consumers with personalized content and offers? What strategies can marketers implement to help complete consumer profiles?
2. Embracing digital transformation can increase revenues by 71%.
Ten years ago, offline channels made up most of a business’s marketing mix. Digital was in its infancy, but we are experiencing a significant shift in the other direction especially after the pandemic. Digital engagements have tripled in the last three years. Not to mention, the average person has an average of 27 online profiles. All those profiles are tied to an email address, which is the stickiest form of PII.
Marketers should be moving full steam ahead with digital strategies and incorporating an omnichannel approach. While email marketing is a valuable touchpoint, consumers are engaging with your brand on a variety of channels. The message you deliver needs to be focused, streamlined, and targeted regardless of channel or device.
This makes first-party data collection more important than ever. The saying is, “garbage in and garbage out.” So, it’s critical to develop a plan to clean, connect, and complete your first-party data to make your marketing efforts effective.
3. Improving operational efficiencies using the right technology for your business.
There is always new technology in the works or feature upgrades to an existing platform created to improve operational efficiencies within your business. The recent trends in consumer consent will likely lead to new solutions to help simplify the process.
Artificial intelligence and machine learning dominated the talk tracks especially with the rise of ChatGPT. Businesses are looking for ways to use AI technology to help streamline internal processes, generate leads, or create effective content.
The key is to utilize the technology as it makes sense for your business, not just add another solution into your tech stack because it’s shiny and new. Oftentimes, solutions begin to overlap and you’re double paying for features and benefits. It’s critical to incorporate technology strategically so it proves to be an asset rather than a distraction. Implementation and optimization require man hours. Building a business case and developing an action plan is a must to ensure the platform fits seamlessly into your workflows.
Every year, LeadsCon Las Vegas is an event that enables marketing professionals and business leaders to come together to understand what is trending in the lead generation space. It provides a level of insight into where the industry is heading, how technology providers might address specific pain points, as well as strategies marketers can take home and implement immediately.