Our own Doug Grumet, SVP of Media & Analytics, was recently interviewed for eMarketer’s latest report on Digital Ad Spending by Industry by Ross Benes. The report analyzes digital ad spending from three countries and details fascinating findings, like that US digital ad spending will reach $129.34 billion in 2019, up 19.1% from last year. Doug spoke with Ross in depth about the shifting media landscape of the largest industries and how AMP Agency is adapting with the trends to drive greater efficiency and a stronger customer experience. In the report, Doug shares, “Our retail and CPG clients are very active in mobile. The rationale there is around bridging the offline and online worlds. Can I leverage mobile as a retailer or as a CPG brand to either push brick-and-mortar or pull people into the ecommerce funnel?” Check out the full report from eMarketer here: https://www.emarketer.com/content/digital-ad-spending-by-industry-2019
Over the past several years, we’ve operated in a golden age of data. Between first-, second- and third-party sources, marketers have leveraged this information about their consumers as a powerful marketing tool. But the data well is about to start drying up. Our VP of Strategy, Greer Pearce, and our VP of Media, Kazi Ahmed, talk about the data drought and the three things brands can do right now to ready themselves for it. Check it out on MediaPost: https://www.mediapost.com/publications/article/331299/data-drought-coming-prepare-with-effective-use-of.html
As consumers continue to buy online, retailers are under more and more pressure to refine their sites to convert to sales. However, the average conversion rate for most e-comm sites is still hovering around the 3-4% mark globally. While there are a myriad of reasons of why someone would leave your site before buying, one of the main causes is usually attributed to not delivering the product information they were seeking. This can be solved through optimizing your product pages with more in-depth information, such as images, videos, and consumer reviews. Given that updating an e-comm site to add this content usually requires integration between the UX, creative, development and marketing departments, it can take a while to get changes made. Enter Flixmedia, a UK-based company who is the leader in product page optimization*. Flixmedia has made it easy for retailers to quickly add in enhanced product information to their site pages. Using existing assets, they are able to seamlessly incorporate product imagery and videos into the product page. They also use innovative technology in their dynamic hotspots, giving consumers an opportunity to interact with the product. Why are we so obsessed with Flixmedia? Because they produce results. Adding interactive hotspots has resulted in increasing conversion rates by 28%. Adding imagery and videos to product pages has grown Add to Cart rates by an average of 23%. Don’t spend all that time and money driving traffic to a site that doesn’t convert. Optimize your product pages to give consumers the information they are looking for and leave that 3-4% in the dust. *Full disclosure: Flixmedia is owned by our same parent company, Advantage Solutions
I recently read a stat from CMO.com that said 56% of consumers feel more loyal to brands who “get me” and show a deep understanding of their priorities and preferences. It reminded me of a conversation I had at an event with a woman who walked up to me and said, “Can I ask you a private question? Just what in the heck is a DMP?” Those two things highlight the disparity between the need for data-driven, personalized marketing and just how tough it is to figure out how to do it. The woman at the event who asked me that question is not alone – I get asked some form of it all the time and from really experienced, savvy marketers. They know that they need to care about data’s impact in their campaigns and they usually have some great ideas for how to personalize content so it’s meaningful for their customers. However, they are absolutely lost when it comes to understanding how to capture, analyze, and actually use the data. A data management platform (or, DMP) is extremely helpful for that, but it can feel overwhelming to figure out how to build and maintain one. With the number of MarTech tools growing exponentially every year, most marketers don’t even know where to start. Add to that the significant investment in money and time as well as a potentially foggy ROI and it can be easy to slip into analysis paralysis. Since I get asked so frequently, I thought it would be helpful to start with the basics on what the heck a DMP is and what kind of campaign results can be garnered using one. To start, a DMP is basically just a big database that stores a bunch of different data points on your current and potential customers. It can be populated using 1st, 2nd, and 3rd party data which is then combined to identify patterns in the way your target audiences shop, spend their free time, consume media, and move about the world. Using a DMP, marketers have the ability to get deep insights into their customers, such as what other retailers they visit and how frequently they are viewing their website versus going into stores. When paired with media trafficking systems, like a demand-side platform (DSP), a DMP is able to use those insights to inform personalized media campaigns and deliver messages to consumers at just the right time and on the right device. They are pretty amazing things. Of course, that amazingness can come at a hefty cost. There are plenty of vendors out there who will set up your own DMP using their infrastructure and your data; the average estimated cost to get started is around $250,000, not a small investment by any means. Maintaining and optimizing the data over time is an additional cost. Some companies do invest in building their own DMP, but with the necessary staff, servers, and security precautions, you can quickly surpass the cost to outsource. Before you feel you have been priced out of the game, I have good news. There are several companies, of which AMP Agency is one, who have gone through the hassle of setting up and populating their own DMP, allowing clients to use them for their campaigns for a fraction of the cost. AMP’s DMP is called Advantage Media MomentAware,™ and has been created by partnering with some of the largest data providers. Also through our partnerships with the largest retailers and consumer packaged goods (CPG) companies in the world and our own 2nd party (proprietary data), we are giving our clients access to informed insights . We made this investment and continue to build on this proprietary data investment because we recognized that our media products wouldn’t be cutting edge without it; in fact, the market is evolving so quickly that pretty soon media products that don’t leverage insights from a DMP will be deemed obsolete. So, I’ve told you what DMPs are and how to get access to them, but how does using one impact results? Positively, of course. Here are a few examples of ways that a DMP could be used to build and optimize campaigns: Audience identification – one of our clients in the pet insurance space had low brand awareness and came to us to help with targeting prospective customers. They had small budgets and large conversion goals, usually a deadly combo when needing to get results quickly. We built our target audience by identifying the physical locations of dog parks, veterinarians, and pet stores across the nation; using anonymized data, we were able to identify patterns in frequent visitors to all three locations. We then built out a profile on their media consumption and determined the time of day to best deliver messaging for maximum conversion. The campaign improved their click through rate by nearly 250%, reduced cost by 83%, and increased lead efficiency by 19% Target specific stores – with MomentAware, you are able to use location-based targeting to deliver media to specific store locations. Have a store that has an abundance of inventory of one item? Run a campaign in the local area to drive in-store traffic. This also can be used to exclude locations that don’t have the item in-stock, particularly during promotions. Save your valuable media dollars to only spend where shoppers can take direct action v. running a blanket campaign. Connect online actions to in-store visitors – In a recent Salesforce consumer study, 52% of Millennial shoppers said they strongly/somewhat agree that it would help them if a physical store knew about the online research they had done prior to getting to the location (e.g. wishlists, abandoned cart, etc) so they could receive better service. Using MomentAware makes that possible – it associates mobile device IDs and cookies (computer) to understand site activity and when that device is in store. Imagine that the shopper gets a relevant ad or offer with a store locator when they are browsing prior to going to the brick and mortar location. Better, more relevant experience, both online and offline. With MomentAware, it’s easy. These examples are just the tip of the iceberg when it comes to using data in creative ways to deliver personalized experiences. Using a DMP is integral to activating on data quickly and easily. Are you using a DMP? Let us know your experience in the comments.
The advertising-supported model online is broken, and is threatening the whole online content experience with it. It’s no easy task to either make money online as a publisher or to advertise your product in a world where attention is so fleeting and divided. But the current system of ad-supported web content isn’t working for readers and viewers. It needs to be reset. The alternative is elusive.
To say that the Internet has changed the media business is so obvious. It turns out that the impact of the Internet — and the outlook for the future — differs considerably depending on what part of the media industry you look at. Most of the changes in the last three years were simply laying the groundwork for actual shifts in behavior. Once those shifts start to happen in earnest, there will be feedback loops in everything from advertising to content production to consumption that will accelerate the changes, resulting in a transformed media landscape that will impact all parts of society. The end is nearer than you think.
Facebook wants to show more ads to people who watch its videos and start making money for the people who supply it with those videos. Industry sources say the social network is going to start testing a new “mid-roll” ad format, which will give video publishers the chance to insert ads into their clips after people have watched them for at least 20 seconds. Emphasizing time spent vs. impressions
Paid-search ad conversions grew 45% year-over-year from Thanksgiving through Christmas day or 37% from Thanksgiving through Cyber Monday, according to data released Tuesday. Overall, marketers ran 58% more product ads such as PLAs, this holiday season, compared with 2015. Smartphone PLA orders were up 117% YoY. Text ad orders rose 31% YoY and smartphone text ad orders were up 96% YoY, according to AdLucent data. Search's growing share of total revenue
Ever since the paywall model for online journalism was introduced about five years ago, news consumers have spent just as much time figuring out how to avoid paying for content as they have paying for it. But what if you only had to shell out a measly quarter to read one article instead of paying an expensive monthly subscription fee? Quarter for your thoughts.