“Data-driven marketing” is certainly in the running for one of the industry’s phrases of the year. But what does it really mean?
What do you see as the biggest advance in data-driven marketing recently?
Measuring and optimizing TV like digital.
Major brands have reinvested in TV due to digital issues – transparency concerns, click fraud, even fake news sites. TV doesn’t pose the same brand-safety risks; advertisers have much more control. And, with advances in data analytics, TV campaign performance can be measured and optimized in real-time.
A few years ago, this wasn’t possible, but today’s TV is now a fully optimizable channel. The marketing possibilities are endless.
What’s your vision of ‘perfect’ data-driven marketing?
The “Holy Grail” is accurate, fast, cross-channel, cross-device attribution. It’s knowing the exact contribution that every marketing channel, online and offline, played in the customer journey. Then taking those insights to create a powerful media mix designed for maximum response.
This can be done by channel, with different degrees of efficacy, but there’s not an all-in-one solution yet. The industry is getting close with increasingly advanced marketing mix models (MMM) and multi-touch attribution (MTA) though.
What’s stopping us get there?
The evolution of media, and how it’s consumed, is happening so quickly. Technology needs to catch up; get ahead of it. There’re also regulatory, privacy and security concerns to consider. But we’re getting there.
In the meantime, marketers need to find ways to optimize every channel. For TV, it’s with same-day spot performance by day, time, program, genre, network, creative, etc. Understanding what’s working and what’s not, marketers can make in-flight changes to maximize response.
Without giving too much away, how are you approaching the subject of data-driven marketing at PI LIVE?
The digital ad space has had its fair share of trouble recently, but advertisers still enjoy its benefits of real-time measurement and optimization. At PI Live, we’ll be hosting a panel exploring how digital has influenced the TV ad industry, and how TV has risen to the occasion – providing an equivalent and, at times, even better level of measurement and optimization.