It is interesting to watch how the media industry has evolved throughout the years. Stuff that works 5 years ago may be obsolete today. Impressions on a creative without the right audience and a solid "call-to-action" will just be what it is, "impressions". Good work on busting your marketing dollars on impressions. But hey, that's how branding campaigns work! They get you the eyeballs that you want, put your message out there and you just hope they come back to you with increased loyalty and revenue. Unless you have got really deep pockets and are able to weather the time it takes for your brand to gain traction and eventually stickiness, good luck with generating sales revenues.
As much as branding has been hardwired in marketers, and has been the social norm of marketing, the question somehow arises in recent years. "How do we generate the ROIs to justify our marketing spend?"
If your campaigns are not measured, you really are just playing guesswork. Welcome to the new world of marketing.
DO IT THE PERFORMANCE WAY. BUT NOT IN SILO.
Performance marketing relies on data to aid in the measurement of how campaigns fare. Data provides resources and it allows marketers to optimize campaigns in real time due to changes in market dynamics. Technological platforms embedded with machine learning algorithms are used to predict consumer buying behaviors and trends.
The Digital Media market as I have observed is pretty fragmented at present.
With so much buzz created in the market, people seem to forget what Omni-channel marketing means. As a Digital Media Specialist, I am appalled when clients think that by hiring a rockstar Digital Marketer, they will start "getting digital right". Gone are the days you have a huge marcomms team and only one pathetic Digital Marketer sitting by him/herself in that gloomy corner with only access to Facebook posts.
Digital in silo does not do it justice.
Let's talkÂ INTEGRATED. In an ideal scenario, you'll have a nice supportive management who is willing to evolve with time and explore Digital Marketing. You'll then need a fairly experienced Digital Marketing team that understands the intricacies of the Digital Media ecosystem. Who your major DSPs, SSPs, AD Exchanges, DMPs, Social Ad Techs are in the region you operate in, who your content producers are, the kind of inventories you get, the kind of channels you wish to utilize to reach out to the right audience.
Resources and channels are limitless. Complement these with a strong Offline Marketing and PR team, you really can't go too wrong. Yes, offline marketing still has its place. So don't be in a hurry to go all Digital. Connect the dots, identify your audiences, and decide on the best channels to use to complete the task and generate the kind of results you want.
Major acquisitions and partnerships that happened in recent months have proven one fact. We need one another to survive. It is an ecosystem filled with domain specialists. Every one of them that sits within the Lumascape each has their USP. And only then with this forging of relationships will Advertisers start benefiting. It is ultimately a cycle of giving value and everybody has a part to play.
When Advertisers are properly educated on how to qualify the good platform providers from those who are in to make a quick buck, everyone benefits.
I know it's easier said than done, but hey someone has to start the ball rolling.
THE PENDULUM WILL SHIFT
The pendulum has started shifting with brands spending more of their marketing budget in programmatic buying, as long as it continues to bring them the ROIs. It costs lesser, provides more transparency, and better returns. Kind of a no-brainer really.
For now, it certainly looks good for platform owners in the market to play a part in influencing where the future goes. As long as they keep innovation and technological relevancy in check, they could be a formidable force alongside with brands.
What will happen to AGENCIES you ask?
It is hard to say. The upside of agencies for now is the relationships they have since forged with brands. While the DSPs are working hard to bridge this gap, it wouldn't take long for agencies to start feeling the heat if they don't start thinking of a backup plan.
Exciting times ahead I say!
"change is the only constant"