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BizReport : Advertising archives : January 19, 2018

Why marketers need audience buying & how to create this strategy

Between voice activated assistants, mobile commerce, and video strategies, it can be hard for a business to know which new technology to choose. But, according to one expert, it may not be a change in technology that marketers need. It could be a change in how campaigns are bought.

by Kristina Knight

Kristina: We're seeing a switch in the way marketers buy campaigns - from media buying to audience buying. What is driving this change?

Victor Wong, CEO, Thunder: Identity graphs and CRM on-boarding have ignited the demand for audience buying and planning. Before you had a database of multiple digital identifiers tied a specific person authenticated by some personal identifier, you had no way to consistently and precisely target an individual on multiple devices. Adding a way to then match a list of identifiers between systems made it possible to find at scale groups of people that one system wants that another system can also find. These technologies also reached newfound scale in recent years through consortiums and also the major digital platforms where we've given a lot of personal information like phone numbers and emails. Machine learning is another technology that makes this useful because if you have a small audience list but want to reach a lot of people, it would be infeasible to figure out who resembles your small audience without modeling and machine learning that continues to figure out more people in the total audience pool that resemble the starting seed group.

Kristina: How can a business ensure they are properly making this switch?

Victor: Businesses can invest now in people-based advertising solutions like a CRM and a CRM on-boarder. They can challenge their audiences and tech providers about the accuracy and precision of their targeting abilities and if it is indeed linked to a deterministic, authenticated cross-device ID or if they are just buying proxies or anonymous cookies based on browsing patterns. They ask can ask how do we know who these people we're targeting really are. These questions will help drive their marketing practices toward people-based marketing and switch to audience planning/buying rather than just buying media based on aggregate demographics or patterns.

Kristina: What are your top 3 tips to incorporate a strong audience buying strategy?

Victor: ● Develop 1st-party customer data assets by collecting authenticated emails, phone numbers, or billing addresses. This data set will help you connect digital identifiers to your existing prospect and customer base via CRM on-boarding.
● Segment your 1st-party data by attaching everything you know about this person. Creating more dimensions to your audience profile will allow you to group people for different types of campaigns and help you learn more about who responds to what. You can then create better look alike segments that are as closely matched to the original seed audience by focusing on particular elements that seem to correlate with success.
● Figure out cross-channel solutions that can help you activate and manage your media and creative executions against these targeted people. No one media platform will have all of your audience or all of your audience's attention so you need to figure out how to keep track of who you are reaching and what they're responding to.

Kristina: How quickly do marketers need to be up to speed on this change/ready to roll out audience-bought rather than media-bought campaigns?

Victor: If media efficiency or personalization are top priorities, then marketers need to be ready to change right now because audience planning/buying is the leading practice today for achieving those goals. Even historically mass marketing organizations want more efficiency in their spend which means not over spending to reach the same person or over spending on someone who would have bought anyways.

Tags: advertising, advertising strategy, advertising tips, audience buying strategy, media buying tips, Thunder

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