Drowning in data? Media owners must help advertisers adapt to change
Although the increasing volumes of data being amassed by both brands and media owners can at times be overwhelming.
According to research by EY and Forbes Insights, just 37 per cent of chief marketing officers feel they have the capability to use analytics to tailor their communications to consumers.
We have found the benefits of mining this data intelligently invaluable. It enables us to facilitate campaigns that engage people and transform ordinary journeys into extraordinary experiences.
As data becomes more and more integral to a brand’s strategy, there has been much debate in the industry as to how best to harness the power of data, as well as how to process and manage it.
In a recent interview, Professor Brian Cox spoke about parallels in the way that science uses datasets and the way that advertisers can. Once you have set the right framework, he says, the creative process and success of the campaign could always be improved by using data.
Although some in the industry complain about too much data becoming a burden that saps time and resource, Cox said: “I don’t see how a dataset can be a negative. It’s just knowledge, and the more knowledge you have the better it is.”
Providing knowledge about consumer behaviour to advertisers is vital if they are to create relevant campaigns that surprise and excite. And in an ever-more competitive marketplace, advertisers need to produce targeted campaigns to enhance effectiveness and demonstrate a greater return on investment.