A lot of movement is happening in the data and ad tech world this year as notable changes to privacy framework take place, expectations of performance measurements begin to shift, and new technologies continue to come onto the scene. What’s a DMO marketer to do to ensure that they’re staying ahead of the curve to develop successful marketing strategies? We’ll break it down for you. 

New privacy frameworks and geolocation data:

In 2024, we’re going to see the continuation of more direct user control around how and when personal data (such as location data) is shared. This will, in turn, continue to impact data availability and consistency. Up to this point, we’ve become accustomed to working with a more consistent data panel – but as users take more control over how their data is shared, geolocation data vendors will need to adjust.

We still believe that geolocation data can and should remain a tremendously powerful tool if we acknowledge the limitations while continuing to focus on what geolocation data does best of all. There are a few key steps that DMOs can take to make sure that they’re getting the most out of their geolocation data in light of the privacy changes. For example: Layer in additional data sets to create a more holistic view of the destination, focus on large footprint areas to maximize sample diversity, and zero in on KPIs like origination markets, length of stay, and seasonality and relative performance – metrics that are still the bread and butter of geolocation data and critical to DMO strategy and accountability.

Want to learn more about a few best practices that DMOs can integrate this year to get the most out of geolocation data? Click here to read all about it. 

The cookieless future:

There’s no denying that cookies have been a tremendously helpful tool for marketers, and that DMOs will feel their absence in areas like website retargeting, third-party website analytics, and interest-based advertising audiences when Google gets rid of them. Let’s also acknowledge that their absence creates the need for new solutions. So how can DMOs execute successful audience targeting strategies that don't require third-party cookies? The answer lies in placing a greater emphasis on first-party data, leaning into geo-based and contextual targeting strategies, and in the emerging concepts of identity networks and clean rooms.

Read more about what that can look like here. 

Shifting performance metrics:

In the face of these seismic shifts to the industry, it may not be surprising to hear that we’re also predicting a change to its key performance metrics. Namely - iROAS is going to receive a lot more attention as one of the leading KPIs that DMOs should be tracking.

What’s iROAS? It stands for Incremental Return on Ad Spend, and it measures the impact of your marketing effort. The key difference between iROAS and the oft-used ROAS is incrementality. ROAS doesn’t always give the full picture, but being able to measure incrementality means that you can pinpoint the value of your marketing efforts by isolating the impact of said marketing separate from other potential factors - a critical element in proving the worth of your organization’s marketing efforts and, in turn, defending your funding.  

Learn more about how to isolate the impact of your marketing efforts and determine iROAS here. 

Digital marketers need to be hyper-aware of these changes as we develop our forward-looking marketing strategies. And while there are some challenges ahead, we’re in an exciting moment in the digital advertising space, full of opportunity and growth for those that are ready to meet it.