By Kumar Doshi, VP of Marketing, Lucid
While “data-driven insights” has been a buzz term for years, it received heightened focus in 2020 amidst the pandemic and as companies began to measure customer sentiment more frequently. But what does it mean and how are companies really using those insights? With Q1 signifying the perfect time of year for a refresh and reset, many brand marketers and advertisers are spending the coming weeks re-evaluating last year’s measurement tactics as they set new benchmarks and KPIs for the quarters ahead.
The concept of being data-driven means using data as the basis for mindful decision-making. Insights gathered from data analysis can be utilized to develop measurement strategies. While today’s marketers have access to more data than ever, evaluating this data takes time and many lack the tools necessary in-house to leverage it to drive or even measure campaign results. As consumer sentiments are quickly evolving, marketers must find alternative marketing resources to evaluate performance.
Let’s explore a few ways marketers can begin to innovate and embrace new ways of measuring ad success.
Display agility by consistently prioritizing, and tracking, sentiment analysis.
We mention the importance of marketers working with market researchers to gather insights into their target audience’s behavioral patterns. It is essential to do this on an ongoing and consistent basis and can be accomplished by tapping into the power of ResTech.
ResTech is a comprehensive term for the software and tools that help platforms, agencies, and brands target, deliver, and analyze their insights initiatives. It is the number one advisor to help advance the worlds of business, culture, and politics forward. Simply put, it’s about actively listening; and, marketers can no longer afford not to prioritize doing that. ResTech affords marketers the power to accurately extract details to identify shifting sentiments, which they can then leverage to adjust and optimize their campaigns, accordingly.
Utilize smart market research to better capture ad effectiveness.
A key part of effective measurement is utilizing a combination of metrics to get a more holistic view of overall performance. It’s not about measuring what happened after the ad campaign ran; it’s capturing and appropriately analyzing responses to a campaign before, during, and after launch. With that in mind, integrating media measurement enabled by big data is the key to improving advertising measurement.
Think of the benefits of a focus group; marketers can ask a target audience how a specific ad made them feel, and what resonated with them. Now, think about applying those same principles on a mass scale, and earlier on. By aligning more closely with market researchers, marketers can now make the fantasy a reality. The more insights that marketers have into their target audience’s behavioral patterns, the more easily they can make an informed decision on how to create content that will resonate, and where best to spend dollars to host-specific campaigns. It’s all about the impact. If marketers are not taking the time to stay in tune with their target consumers’ changing sentiments, the impact won’t be very effective.
Focus on measuring what was once considered the abstract, starting with authenticity.
When we talk and debate the cookieless future, the latest updates in data privacy regulations, and overall shifts in measurement tracking, we’re really talking about measuring one thing: authenticity. The point to better understanding ad effectiveness, and staying on the pulse of shifting sentiments, is to be more authentic in the way you target consumers.
The consumer should always be top of mind when building out and executing on a marketing strategy. Consumers are tired of receiving targeted ads that don’t read as targeted at all. They want ads that are relevant to their needs. Marketers that leverage first-party data and other actionable consumer insights are able to create authentic messaging that they know will work – and these marketers will be the ones who have the competitive advantage in the months ahead.
Measurement is a critical part of every advertising campaign. Marketers must keep an eye out for new developments and have the tenacity to implement emerging and creative measurement strategies as well as refine commonly used metrics. Looking beyond traditional performance indicators to prioritize the consumer is the future of driving real business outcomes.