GeoMinds: Redefining Success — How Advertisers Can Approach Measurement in a Cross-Device World

http://www.geomarketing.com/redefining-success-how-advertisers-can-approach-measurement-in-a-cross-device-world

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engage:BDR's Ted Dhanik

From smartphones to wearables, the increase in digital device adoption offers advertisers a great opportunity to reach consumers in real time wherever they are. However, as the channels for marketing opportunity open up, so to do the issues surrounding cross channel targeting and measurement. Calculating ROI can be difficult across the variety of digital channels out there and without the proper strategy in place, marketers run the risk of wasting dollars.

According to research from Experian, 89 percent of marketers lack a single customer view. Forty-three percent of those challenged attribute the problem to bad data, while 39 percent say that siloed departments are the cause of the problem and another 37 percent claim the issue stems from an inability to link different technologies. No matter what the cause, it’s clear that by not synergizing data across all channels, many marketers fail to optimize their budgets and get the most out of their marketing mix.

These hurdles are not insurmountable, but do require some savvy work to overcome. Below is a list of tips designed to help marketers improve measurement in a cross-device world.

  1. Rethink your metrics. Many marketers are caught up thinking about conversion rates and click through rates (CTR), but you should look beyond these to find more immediate metrics. For instance, metrics including viewability and time spent looking at creative can serve as a fairly good indicator of media quality, even if you can’t tie the impression to an offline sale. A consumer that spent 10 or 15 seconds with the creative is a lot more likely to be influenced than someone who scrolls past the ad. According to research from Chartbeat, consumers who read an ad for 10 seconds were about 30 percent more likely to recall the ad’s brand than those who looked at the ad for only 5 seconds.
  2. Target and measure users across devices. More often than not, marketing budgets are extremely siloed and different teams within the marketing department are too focused on their own KPIs to accomplish the company’s big picture goals. For example, one group might be running a desktop display campaign without knowing what the mobile video team is doing. The mobile team may be targeting a user on their phone without realizing that the same user has already converted by seeing the same creative on a desktop. In fact, the department might even be confused as to why the consumer isn’t converting after showing intent and seeing a number of impressions on mobile. This issue needs to be addressed right away to achieve better measurement in a cross device world.
  3. Implement household targeting. This approach allows you to recognize a user and their Wi-Fi and IP addresses in order to measure all of the devices in one household. Marketers can use Device IDs on top of this data to help identify a behavioral segment across devices. For example, you might know that a user is loyal to Nike and this data can be overlaid on the user’s desktop and mobile devices in order to deliver a more targeted experience. From a statistics perspective, you have to ensure that you are targeting and measuring users across all of the devices that they own. This is the only way to have insightful things pop out at you while analyzing data.
  4. Invest in a brand lift study. This third-party input will help measure brand recall and in-store sales. While many marketers forgo this route because of the upfront cost, this approach can be more cost efficient for marketers dealing with medium- to large-sized budgets. Spending $30,000 upfront might seem like a lot, but you are getting excellent data to optimize and scale your spend in the right places. This can end up being more affordable than the trial and error of testing a campaign in many places and not really knowing what is working. A brand lift study will essentially allow you to have a more closed feedback loop and see the results of what you are doing. These tests allow you to see what is working best so that you can replicate those strategies instead of running varied tests on your own.
  5. Utilize location to bridge offline data. This data is worth considering to help improve your cross channel measurement. Offline metrics are hard to measure, but there are ways to connect your online advertising to determine how it affects your in-store sales. For instance, a chain retailer might have locations all over the country, but they can only run test campaigns digitally in one specific location. This data is then mapped back to in-store sales in this location to help close the feedback loop.

Rewiring your marketing department by integrating channels, and rethinking how and what you measure, will help you to achieve success in a cross-device world.

*A co-founder of engage:BDR, Inc., Ted Dhanik serves as Chief Executive Officer overseeing strategic marketing, sales and business development, client relationship management, and content acquisition.

**Editor’s Note: Our “GeoMinds” opinion series features posts written by outside contributors from all parts of the GeoMarketing community who want to share their views of the trends, issues, problems, and solutions changing the online-to-offline advertising and marketing landscape. To become a contributor, contact us atsupport@geomarketing.com.

How advertisers can replicate display success in video

Mobile video is quickly taking the reins as the ideal channel to acquire new customers into the marketing funnel. According to Business Insider, mobile video ad revenue will grow more than three times faster than desktop through 2020, and BrightRoll recently revealed that 60 percent of agencies expect mobile video to see the largest increase in digital media spend this year.

With this massive growth trajectory, marketers are scrambling to build out video ad strategies that capitalize on the opportunity. Yet some marketers are intimidated by video, fearing that it is too expensive or technically complicated, or too difficult to produce. But in fact, while price can be a hurdle to entry, video often has better engagement than display ads and drives higher ROI, so cost alone should not keep you from getting into video. There is also a lot more real estate to tell a story within video, giving marketers a more effective use of ad space per dollar spent. In addition, due to the demand for video, production companies are helping brands leverage existing video content for online video campaigns or start from scratch to build creative for digital channels.

Creating a successful video program is just as simple as managing display once it’s up and running. Below are four tips for advertisers looking to apply display expertise to video campaigns:

Use clear call-to-actions

Video is a great opportunity to take advantage of more frames to tell your story and really build out a narrative. But while you don’t have to deliver your entire value proposition in the first second of a video ad, it is important to keep clear call-to-actions just as you would with display ads.

Plan campaigns across devices

Make sure you are treating your entire marketing budget in a complementary fashion, and that you know how your different channels are working together. Implement a plan to identify users across devices so that you can deliver a targeted experience to the consumer and accurately measure their interactions with your brand.

Look to out-stream for additional scale

As online video consumption grows, the demand for online video advertising is growing, but at a faster rate than sites can create quality inventory. This results in a large amount of low quality inventory on the market. As more publishers adopt out-stream units, more premium inventory is created and becomes available. Advertisers that purchase out-stream placements are able to scale more on high quality sites with large players, potentially at a lower price point than standard pre-roll. This is an excellent way to get additional scale through players that were once difficult to access. Out-stream is great for publishers who don’t have video content to sell video ads on their website and creates incremental streams of revenue, so it is being adopted and growing quickly.

Replicate targeting from display campaigns

Marketers that do display are likely to have data on behavioral segments, geos, and other key targets that work for them. All of this targeting can be extended to video — you don’t have to start from scratch. When you build out a video campaign, you can start by using those existing audiences to reach your users in a different way. For instance, if your display ads are working well at a particular time of day or on a particular website, then use this sweet spot as a starting point when you start to explore video.

Creating a video strategy is easier than most people think. If you’ve done display, then you’ll be able to succeed at video. There should be no more excuses for not bringing your brand to life with video ads.

Ted Dhanik is CEO at engage:BDR.

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