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Data, Data Everywhere…

Trends and Insight 90 Add to collection

Adsteam explains the possibilities of 'big data' and how businesses can be using it to their advantage

Data, Data Everywhere…

The problem that brands have on their hands on ‘Big Data’ is not knowing what to do with the vast amount of information. Over the years, Adstream have gotten better at understanding what the data means, but are we truly getting the most out of it?

Not long-ago data seemed to be misunderstood, with companies wanting more and more ‘Big Data’ to drive their business. The problem though is that when brands got their hands on this ‘Big Data’ they didn’t necessarily know what to do with it. Fast forward a few years and we’re in an environment where we have a better understanding of what our data means, but are we getting the most out of it?

Garnishing insights from this data is the holy grail of advertising. Being able to seamlessly optimise campaigns to better perform based on current metrics enables marketers to drive increased return on investment (ROI). In the world’s current environment, this is more than just valuable or ‘good to have’ – it could be life-changing for a brand.

Personalise Your Advertising

Brands have access to more information about their consumers now than they did 10 years ago, five years ago, even last year. Step away from basic demographic information for a minute – brands can now see how their consumers act emotionally, behaviourally, and the preferences they hold. These rich insights allow marketing teams to specifically target their consumers with personalised advertising to increase conversion rates. In fact, in a study conducted by Salesforce 54% of customers say it’s harder than ever for brands to earn their trust, but by personalising experiences brands are able to earn the trust of their consumers and increase conversion rates.

Cross-Media Visibility In An Increasingly Complex World

From video ads to paid media to social media advertising, having cross-channel visibility on campaign performance has become increasingly challenging. The beauty however is that by utilising Adstream One, you can see a single view on all of these channels, allowing marketers to paint a masterpiece around their consumer profile – we’re talking Picasso level masterpieces. Media rich dashboards enable strategists to visually monitor campaign performance across all of their marketing channels to react in real-time, vital for campaign optimisations.

Which Channels Are Working … And Which Are Not

The worst thing to see is that you’ve wasted budget on channels that just didn’t work. Greater visibility is one of the main benefits of the vast amounts of data that’s at our fingertips. Being able to track consumers' full funnel journey enables teams to provide the right ads, messaging and content and the right stages to drive their journey forward. This visibility in turn allows marketers to prioritise the channels and spend that is working and either cut or optimise non-converting channels. Ad delivery dashboards, asset usage reports, geographic statistics are just a few examples of what marketers need to deluge this visibility.

Building A Future, Now

Exciting developments continue in the marketing industry every year. From new channels to artificial intelligence to predictive analytics, marketers are connecting deeper and deeper with their audience groups. By being able to predict what the consumer will want to see, brands are able to get ahead of the curve and introduce new advertising that will connect with the audience before even themselves realise that is what they want to see. Now this isn’t some model that you can implement and boom, you know the future. But by looking at historic metrics, marketing teams can identify trends in their audience groups. Combining this with environmental factors and what is known from the future, brands can become more proactive in their outreach, creating long-term relationships with their audience.

We are producing more data than ever before, to the point where it may seem overwhelming. The key is being able to garnish insights from this vast ocean of qualitative and quantitative information. Utilising technology platforms that enable in-depth campaign analytics allows marketers to visualise performance across multiple media channels to further deepen their connections with their core audience groups. This deepening in turn empowers marketing teams to increase ROI against their campaign spend while reducing waste by identifying ads, channels, messaging, etc. that just isn’t connecting. Now more than ever, reducing wasted resources, budget and time are key to increasing productivity and aligning brands to become more successful in this challenging environment.

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Adstream New York, Fri, 05 Jun 2020 10:13:37 GMT