Data and analytics continue to be the backbone of any successful strategy in 2021. As customer expectations change and evolve to reflect a time of economic shifts and lifestyle changes, a little more than simple market research surveys and click rates are needed to help advertisers get it right at a time when it’s so easy to get it wrong.
Advertising data analytics is one way to ensure that you get it right every single time. No matter what your audience looks or the malleability of their tastes and interests, advertising data analytics holds the key to a successful campaign that’s sure to get results.
Let’s say that you are an advertising agency whose client is a retail brand that sells luxury men’s suits. With the pandemic and the increase in remote work, you’ve had to completely overhaul their advertising strategy: how can you sell luxury suits when so many of their customers are working from home? You decide to change the way that the brand reaches its customers by launching a new ad campaign about how looking your best will increase productivity and give you confidence, no matter where you are.
You run the advertising campaign but it doesn’t lead to the conversions you wanted or expected. What went wrong? You use advertising data analytics and it tells you that the reason why you didn’t see much success is because you didn’t reach people who are still shopping despite the pandemic. With a deeper dive, you can see that those people who would still shop are entrepreneurs who are working from home. You run a new ad campaign directed at people who fit those interests. Nothing much happens at first, but you begin seeing higher click rates, and by the end of that month, you deliver your client the best ROI they’ve seen off of an advertising campaign in nearly a year.
Ad Timing and Placement
There’s so much more to advertising data analytics than audience segmentation, however. It’s equally important to touch on ad timing and the placement of those ads. When you use location intelligence as part of your advertising data analytics strategy, you gain important insights into where exactly your agency should place a brand’s digital out-of-home (DOOH) ad so that it can reach their target market.
When we consider the fact that 25% of American households will abandon traditional cable subscriptions by next year, it’s also necessary to start taking a closer look at CTV (connected TV) as an advertising powerhouse. Location intelligence can help you gage what times are best to send out your ads for the most reach. Think of this as an at-home billboard, but only the right audience is seeing it. The difference between traditional TV advertising and CTV advertising becomes immediately obvious when you consider that CTV allows marketers to personalize their ads so that they only reach the right audience at the right time. This means no more precious dollars wasted in ad spend.
A Cookie-less World
Third-party cookies are about to become a thing of the past, but this doesn’t mean that companies can’t get the same personalized reach that they used to. Real-world data like location intelligence can give advertisers the same, or even better reach than cookies could ever provide. With the changing economy and shifting consumer preferences, real-world advertising analytics has become even more important. Advertisers need a way to get into the minds of consumers in 2021: Who are they? What do they want?
To get the answers you’ve been looking for on advertising data analytics, speak with a location intelligence expert today.