In my role as Head of Advertising Strategy, I have an unique vantage from which to interact with and observe a huge variety of the players in the advertising ecosystem – global brands and media companies alike. When we on-board a new client, I always take the opportunity to have them restate their goals and objectives. This is a low-pressure part of the engagement that starts with the most generic of questions: “So, what is your data strategy this year?” Invariably, the responses range from; “great question”, to “we are sorting that out”, to the occasional, unfortunate, blank stare. However, there are instances where the conversation takes a very exciting shape - in which the client articulates a comprehensive data strategy that stems from multi-channel data collection, to activation, and the interpretation of insights. All of their business assets (TV, Mobile, Display, Video, POS, CRM, Email, etc.) are channelling data into one comprehensive and secure place. From a strategic perspective this is the proverbial Promised Land as we are now looking at information from across the business, which is effectively democratised and usable globally.
The reality is that today’s consumers expect and deserve a customised experience, from the content they are offered, to the adverts they are shown. When you think about data - what it is and what you can do with it - it is, very simply, human beings; it’s people.
We are pet lovers, business travellers and foodies. We have a favourite band and a memorable vacation spot. Each of us has multiple data points that make up who we uniquely are. The most effective brands identify these data points and use them to build an accurate and evolving picture of their consumers. They then execute a content and advertising strategy that speaks to us in a compelling way, a way that not only makes us feel closer to them, securing the relationship, but also encourages us to engage with the brand even further.
There are always challenges brands will face along the way. Each vertical and geography complex in its own right. For example, in the UK publishers and marketers don’t have the luxury of massive amounts of 3rd party data to augment their 1st party data so they need to be innovative in how they acquire additional people data. I’m seeing a lot of creativity and it’s proving to be very effective, as seen in the growing trend of second party alliances, such as the Pangaea Alliance, and the use of dynamic surveys to prop up 1st party data acquisition strategies.
Know the Whole Story - 1st Party Sharing
Many brands are already using their 1st party data to create their own audience segments. For example, they may have determined that I, Lindsey Clarke, a pet lover, is who they want to reach. They know that I’ve visited their store, their website and engaged with their mobile app. Marketers are now taking that 1st party data, on-boarding it online and, overlaying it with a publishers data; finding the exact users they are looking for. This gives the marketer unheard of accuracy and allows them to limit waste. It also allows publishers to actualise the true value of its incredible audience.
2nd Party Alliances
This spring saw the launch of the Pangaea Alliance and AOP Alliance, a new digital adverting proposition allowing brands to access a highly influential global audience via the latest programmatic technology. Publishers, such as The Guardian, Financial Times, CNN International, The Economist and Reuters, have come together to pool their 110 million-strong combined audiences to share with marketers. These alliances mean marketers can access the 1st-party data of all participating publisher partners to deliver highly targeted and relevant campaigns.
Dynamic Acquisition Strategies
1st party data acquisition is a critical piece of any data strategy. Simply collecting what you already have is only the first step. Savvy brands and publishers are analysing their weakest segments and then actively filling those gaps via dynamic surveys, acquiring declared data. By asking consumers questions about themselves directly, marketers and publishers can build an honest, personal, and individual picture of each consumer, and in turn deepening their engagement with us.
Developing data strategies is nothing new – both marketers and publishers understand the vital role it plays in ensuring they get the right level of engagement with their consumers. The key thing that organisations need to remember is that it’s all about the people data.
Behind those data points, made up of likes and dislikes, consumption and engagement, are individual people. Make sure your data strategy acknowledges this, by really getting to know your consumers through innovative acquisition and sharing.
By Lindsey Clarke, Head of Advertising Strategy at Krux.
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