This is the summary of an article by Allison Klein, which talks about how marketers and advertisers spend a lot of time and effort trying to understand the behavior of consumers and what affects the decisions they make when purchasing. It also talks about the future of behavioral targeting. Here’s the link to the original behavioral targeting article: Sparking Convo: Data is Money.
Over the years, advertising has played an essential role in business. In broadcast media such as radio and TV, advertisements are a staple part of the programs. When children see an exciting new toy on television, that’s when they urge their parents to buy it for them.
Other kinds of advertising are more personal. An example of this would be a group of marketers in school handing out free samples of an energy drink; more often than note, this entices students to try the product, especially when they are marketed during exam time.
Lately, we have also witnessed a surge of advertisements featured on the Internet. Online stores abound, selling almost everything form clothing to electronic gadgets to second hand things. Naturally, when one sees apparel that includes matching accessories, it would be more appealing than just one piece of clothing being featured.
The Evolution of Advertising Strategies
Without a doubt, the people involved in the advertising and marketing of different kinds of products and services spend a tremendous amount of money, time, and resources on learning about consumer behavior.
This includes finding out about the various factor that affect decision-making and purchasing. It also involves knowing which particular people are really interested in a service or product, and which ones will really decide to buy them.
In relation to this, advertising strategies have also evolved over the years. Before, TV advertisements were the popular way of showcasing a product. But lately, the practice of behavioral targeting, as well as retargeting, have also been gaining popularity.
Through the use of advanced technology, along with analytics that can keep track of a person’s behavior online, behavioral targeting enables one to collect information that are truly beneficial for business. This includes data like websites that a person has visited, product searches that he or she has made, and basically the consumers shopping and spending habits.
Security and Privacy Concerns
Although there are plenty of users who look at behavioral targeting as something that helps enhance their Internet experience, other people are not as enthusiastic. They view the practice as something that intrudes on a person’s security and privacy.
As a matter of fact, in Congress several bills have been proposed, specifically those that aim to regulate marketing and advertising online. In relation to this, companies have been responding by first explaining to Internet users how their personal information will be utilized. What’s more, they also ask them for permission to “opt in” to data collection.
What’s in Store for Behavioral Targeting?
Media Online Daily predicts that by the year 2020, behavioral targeting and retargeting practices will go beyond what search advertising was able to achieve. In any case, it is a must for every marketer to be updated about the different kinds of customers that visit their site. Through this, they are able to engage them more, and eventually improve sales practices.