Electronic advertising spend reach $178bn according to IPG’s Magna. Online ad spend is expected to overtake TV ad spending, this past year.
Around $ 500bn has been spent on advertising per year, now. However, fast-forward into a planet where all websites are media, growing fast, and it is not tough to imagine the overall pie growing to a1,000bn.
But what if all of the money wasn’t spent but, instead, invested?
What’s the difference? Allow me to clarify.
Making sense of everything
Data has been the fuel for the media train.
TV ad buying is based on panel dimension, newspapers sell ads by readership; that inventory is sold and priced – using a science that is analogue.
In digital, we enjoy a lot more precise data with which to measure and cost our ads – in actuality, we are currently drowning in it.
We now have access to high volumes of data that could provide insights from exploring behaviorsactivitiesnetworking interactions and interests.
From the world, companies, agencies that are digital, marketing departments and ad tech providers are scrambling to discover programmers, data scientists, data analysts, statisticians and data miners to make sense of it all.
Moving from websites “paying” to media “investing”
Much of the intelligence – along with the numerous technologies we currently use to buy and market – has been set up that effort to buy the ideal stock at the right price to reach the user that was right.
The problem with this strategy is, this intelligence isn’t currently producing insight.
Now, what the business is currently deploying is merely data processing – .
We might think, with our tools, that we have created a new advertising industry. But we have simply applied data to the old means of trading, a one-dimensional and inherent strategy in which so much effort is put in prior to the execution as well as the purchase is regarded as the conclusion of the journey.
When you allow your ad venture out in to the wild, you might glean an understanding of its performance in the campaign level that is instant, but if you do not exude that understanding in efforts, then you will leave vital clues.
I predict this missed opportunity “insights-based advertising”.
Insight is about turning the advertising approach into a continuous feedback loop.
Upon completion, the results shared with media buyers for more exact future targeting, and also briefed to agencies for innovative creation of each campaign ought to be injected back a promotion department for. It’s quite evident to see a complete shift from media “spending” to websites “investing” is occurring.
Why is your business not fine-tuning its trading to create actionable data points that continually optimise client work in this manner?
Creative, media, advertising, research agencies departments and customers have been following agendas for several decades.
To benefit from insights, these media operators will have to work collectively in a brand new way to answer the deeper questions entrepreneurs are asking themselves: “Who are you, where are you, where do I find you, what are you searching for, why do they want this and if do you want it…”
Turning outcomes into insights can provide the answers.Yet getting to enlightening planning isn’t just a human issue – to get more intelligent campaigns, we also must make some structural fixes.
A few of the data collection methods used out there are no more fit for purpose. Take sex data, such as – quite often, that consumers self-declar information point and stems out of email addresses or other non-verifiable sources, a method that is highly inaccurate.
Similarly, monitoring for new sentiment in consumers’ profiles has been discredited by the realisation that consumers project companies, and themselves, in ways that were slanted online.
And let’s not even mention the polling companies, whose honorable methods are now getting votes such as Brexit and Trump’s results erroneous.
The importance of customer searches
Where, then, can marketers turn to glean the data that may really be turned in to insight? Look to search.
Consumer searches show who people are, by revealing their interest and their intent. Searches aren’t normative or attitudinal, they are individualised and behavioural. Search is a space where consumers are unwittingly projecting their actual life.
However, search is not enough. Applied and semantics also ought to be considered. It is not because someone is searching for a Ferrari he plans on purchasing one away. We need to appear back to their data string to pinpoint an accurate intent.
For instance they might have just searched for a loan, or for a Ferrari driving experience.
If insights are to become the new thread uniting media and marketing, we could say that research will become its new currency, and search intelligence its new market.