Are you collecting the right types of data but ignoring the bigger picture?
Once upon a time, measuring media buying results was something that took time and piecing together to analyze. Different silos were pulled together with an overall media strategy, but as far as analysis went, you were limited to a patchwork of data that (might) paint an incomplete picture.
Data collection is easier and simpler now. However, times have changed. Data collection is easier than ever before. Rather than being limited to last-click measurement for your media strategy, you can now take a more high level and holistic approach. For the first time ever, technology has enabled media buyers to see their strategies under new light. They can gain access to sophisticated metrics that create a very accurate and nuanced view of a campaign’s performance at a variety of levels and across multiple channels.
Media buyers can see the whole picture. In short, as a media buyer, advertiser or marketer, you can very easily take a look at your entire ecosystem of marketing. It’s never been simpler or more accurate. So why are so many media strategies failing?
It’s one thing to use technology and tools to review your marketing results, but it’s entirely another to use that data to make smart decisions. The advantage of marketing software only comes from its ability to give us insight – it doesn’t do the job for media buyers. It’s your responsibility to make optimization decisions informed by that data. That’s the only way you can leverage your data and get better performance from your programs.
With technology and metric data by your side, you can explore different possibilities for future media strategies – even before they are made. It will be simple to predict your likely performance, and it will empower you to tweak your mix of marketing options and create better strategic plans. New tools make it possible to explore several real-world constraints against optimization – like pre-contracted media buys that are inflexible to current needs. By taking these factors into account, you’re able to make changes that will boost your results as well as contribute to ROI.
Of course, it’s not all about plans and analysis. However, don’t get so caught up in analysis that you neglect the activation of your plans. Measurement and optimization are only two-thirds of a successful media strategy. Activation is critical – and it can be simple with the help of technology. Activating your optimization recommendations needs to be as real-time as possible, and that can only happen through automation.
With technology tools, media buying instructions are sent automatically to programmatic execution platforms. Demand-side platforms, search marketing bidding tools and real time bidding engines can receive orders that ensure that your media buys are accurate and strategic. As an added bonus, using this approach also gets your media buys to market faster, and avoids several of the problems associated with the “human touch.”
Modern media buying requires you to focus on the consumer – not the individual channel. It’s all channels you’re looking at. You’re trying to appeal to the consumer on a variety of platforms – so its important to focus on what will positively resonate with the consumer, as well as what will perform on the individual channel well.
You still need good insight into your consumers or customers. In order to get to know your consumer, you have to take a high level approach to analysis and implementation of media strategies. Going through the cycle of buying, measuring, reporting and then optimizing all media buys will reveal insights into consumer needs that will make all future buys more sophisticated and successful.
No more guessing…We’ve long passed the point where inefficient and “best guess” buys are effective. By linking your multichannel results with programmatic media buying engines, you can take advantage of real time adjustments in your needs. You’ll develop and implement a stronger media buying strategy that focuses on consumer resonance and results.