With the topic of economic instability resounding in news headlines, such as Britain’s exit from Europe (or Brexit, if you will), and a downturn in emerging markets and worldwide concern over geo-political issues, such uncertainty is already resonating in many sectors and especially affecting marketing spends. However, with the highest growth in planned expenditure being earmarked for the digital marketing space, marketer’s quest for valuable insights that point to where the biggest return on investment lies is becoming more important than ever.
Never before has it been so vital to hit the right note with your marketing cash but the exponential growth in channels through which to communicate with potential customers means that budgets have to be carefully planned and allocated to make best use of them. And with higher spend and multi-channel advertising comes also an increase in the need to track it all, so that advertising effectiveness can be carefully measured – that’s where real-time insight providers have rushed to aid marketers to ensure that you and I can reach the right people at the right time.
One of the latest digital solutions to this challenge has been using real-time insights tools connected with pre-profiled community databases. Thanks to this technology it is today possible, not only to ascertain that your online advertisement campaign has received, e.g. 10,000 impressions, but also that 460 were registered members of a community with self-reported demographic data attached to each of them. Invaluable and detailed personal data that can tell us with certainty whether an advert hit the right audience or not and give us the tools to take data-based decisions and adjust our media plan right away.
Additionally, by being able to put a “face” on the audiences that have been in contact with specific online ads, we can action this data even further to survey these groups and prove ad effectiveness.
Not all data is good data
But while marketers should take advantage of these great innovations, they also need to be aware that not all data is good data. It is in your best interest to make sure that the quality and source of the data being used is sound and reliable so that it can stand as a true measurement of the effectiveness of your advertising efforts. You need to ask yourselves where the profiling data was sourced, how it was verified, whether the data points are enough to create a personal profile, and whether these are data points that matter to you. And above all if the people you are about to survey are managed and treated fairly.
Adopt, assess, adjust
To conclude, as marketers it has always been our duty to understand, learn and own new technologies but today, thanks to tools that bridge real-time data with self-reported profiling points, we have, for the first time, the power to take action over fresh factual intelligence, demonstrating how data can truly become an asset from beginning to end when the right technology is in the right hands.