The revolution in mobile has transformed the landscape for marketers as they struggle to adapt to the increasingly demanding consumer. Mobile provides an opportunity to get data and businesses need to rely on it to get closer to their customers. With the possibilities it gives them, if they are not using it then their competition will. Programmatic advertising is spearheading this trend with the wealth of data it can provide, but with the industry growing at a rapid rate where are we now in terms of deciphering the data?
Data is getting greedier
The value of data has long been a topic of debate. The issue has not been whether it is beneficial, but whether it can be accurately analysed to deliver insights that are not outdated by the time of implementation. Consumers are increasingly demanding a tailored experience and for brand marketers knowing your customer is essential.
Data has become more than just demographic profiles; marketers can now access the psychographics of the consumer; their personality, values and interests. They can get to know a consumer inside out and programmatic advertising opens up this world of information due to the wealth of first party data available in real-time. Brand marketers are given the tools they need to immediately connect with a customer and yield greater rates of return as a result.
Increasing transparency
Consumers are spending more time on their mobile devices and leaving behind greater digital footprints. Programmatic is leading the way in making this data visible. Through a new generation of Data Management Platforms (DMPs) the technical aspect of the process opens up and helps marketers to improve their targeting. Marketers’ needs are satisfied as they are given actionable insights to deliver the most relevant one-to-one mobile advertising possible.
As programmatic advances the data available will only become more powerful. By gaining access to information about their specific audience segments, a marketer is able to tailor their message for a particular consumer group and generate the highest engagement and profitability. Just as importantly they can learn which segments are not effective, giving them the option to retarget and ensure they are reaching the right people. By making this kind of data available to marketers, programmatic allows them to reach out to relevant consumers, leading to higher rates of customer loyalty and sustainable revenue growth.
Knowledge is power in the world of programmatic and the human element continues to play a vital role in further deciphering the collated data. Programmatic is building efficiency through the use of machinery, but creative thinking is still necessary to manipulate the data and give the campaigns more impact. Human conversations add significant value to deconstructing the data and sourcing insights beyond the capability of the computer. As a result the process is more efficient and businesses are able to utilise the information immediately.
Brand marketers vs data
Consumers are sharing more data than ever before and now is a crucial time for brand marketers to develop strong data capabilities and get ahead of their competition. The insights that programmatic can provide have led to it fast becoming a compulsory tool for marketers as brands start to understand just how powerful it can be can be. As shown by Bonin Bough, vice president of consumer engagement at Mondelez commenting, ‘Why would I not buy media in a way that I would actually get data back and use it to make smarter decisions?’ Brand marketers are facing an unprecedented opportunity with data and programmatic gives them the knowledge they need to unlock its true capability and lead their competition from the front.