RTB display alone accounted for 20 percent of all digital ad spend in 2013, and by 2017 it's expected to reach 30 percent, or $9 billion dollars. In a Spotlight presentation at the iMedia Agency Summit in Austin, Texas, Jess Beldner, regional vice president of sales, Central, at [x+1], and Chris Pope, manager of digital media at Haworth Marketing + Media, presented a list of the most common marketing myths they hear from their clients. Their presentation illustrated how data can create better performing campaigns for marketers and more relevant advertising for consumers.
Data is magical
There is a perception in the marketplace that once data is leveraged, everything changes immediately. But "there is no magic button," Beldner said. Marketers are flooded with data, and [x+1] uses a simple process that qualifies the data, makes sure it's accurate, and then uses the data in the most effective way. The easiest way to achieve this is to use first-party data, although it can be limited. A nice way to combat these limitations -- to create a larger scale -- is to create lookalikes by purchasing third-party data. "It sounds obvious," Pope said, "but in order to find consumer insights in real time, it's important to stay focused on the most important data."
More is better
It takes a lot of energy to collect, process, and house the data. Thus, it's imperative for marketers to ask which data will make the most sense. Understanding the consumers who are going through a specific purchase funnel is invaluable. And just as important are the consumers who abandoned that purchase funnel. There are different characteristics for each that will help make a campaign more relevant to the audience. A Haworth client example involved two campaigns run by St. Jude Children's Research Hospital. The goal of both campaigns was collecting donations: One used a one-time donation platform, and the other, a monthly subscription. From the data collected, it was revealed that men were more inclined to do the one-time donation, as opposed to women, who signed up for the monthly subscription. Gender made a difference with this campaign, and [x+1] was able to leverage that simple attribute to increase lift for the campaign.
Data is for propeller heads
Beldner explained that, although more mathematicians are encouraged to work at [x+1], in the last few years a lot of tools have been created to make data collection simpler. [x+1] has the expertise and the tools in place that enable this simplicity. Laying down tags, conducting audience analysis, remarketing line items, and leveraging campaigns across different social networks can make data collection user-friendly for any marketing professional.
All data is the same
With all the different acronyms and types of data thrown at marketers, it's important to use each type in the most effective way. For example, second-party data (from publishers) has new capabilities that can be leveraged and overlaid with first-party data for more enriched audience information. As an agency partner, Haworth focuses on differentiation of the data for its clients -- taking the first-, second-, and third- party data to produce the best content that is worthy of the audience, and reaching them at the right time.
Data is just for RTB
RTB data is no longer the only relevant data, and programmatic isn't the only way to leverage data. Marketers are now able to communicate with consumers -- and prospects -- across many channels, making one-to-one conversations in real time possible. One impression can predict and inform the next move in an additional channel. This also will graduate marketers from the siloed channels that are slowly disappearing.