The marketing industry, including media, is going through a massive transformation lead by the rise and proliferation of data. Data is readily available, but how do you unleash its full power?
Media has always been about finding the right consumer. In a world where digital media relies on precision, relevancy and efficiency, data becomes an anchor in decision making, from defining who we want to reach, to measuring the performance of our media investments.
But in reality, too much data is just as big of a challenge as not enough data. Using data in defining who to talk to – our audience – can be a nightmare if we are drowned in an overwhelming sea of data. The process needs to be guided by a strong strategic vision, rooted in desirable business outcomes, and it needs to be applied to all channels.
The power of first-party data (email list, loyalty program, website/app login or analytics, social platform subscribers, etc.) can bring a new dimension to modern marketing. Clearly this potential goes far beyond just media. But for media specifically, strategy becomes the combination of relevant and efficient media tactics and, perhaps more importantly, delivering the right message or creative to a defined audience.
The strategy must be defined using first party data points to identify current customers and their behaviour. The behaviour indications can be: an engagement on the website or with content, a purchase or a reservation, an email subscription, a loyalty program enrollment, etc. In other words, first party data becomes the core of the strategic approach and a gold mine for consumer insights.
When we place known customers at the center of the strategy, we can also leverage data points about these known customers to extend reach and bring new consumers into the conversion funnel. This is where the combination of first-party data and interest or affinity parameters can create a scalable pool of audiences required to keep fuelling the replenishment of the funnel.
Defining what the desired consumer action is will dictate what the appropriate KPIs are to measure the performance of media tactics. Furthermore, using multiple audiences and tactics that enhance each other will deliver most efficiency of media investments.
On that note, even the best, well-thought media strategy is nothing if not well executed. Hence, optimization plays a key role in ongoing improvement and quality control. Testing and audience optimization allow media to maintain results betterment, improving overall efficiency of media. In other words, it is an upwards cycle of improvement!
One thing for sure: the process of audience planning requires time and preparation; it cannot be rushed.
There are multiple ways of approaching audience planning, but here are the guiding principles:
-There is no one size fits all when it comes to audience planning. Every campaign must be customized to the brief and the potential customer
-Audience planning is a new science. We must test and optimize along the way. Our approach will evolve with learnings.
-Only one thing is guaranteed: everything will change. Consumers, technology, platforms, algorithms! This means that what works today might not work tomorrow.
-Keep it fresh: Refreshing our audience pools is essential to performance.
-Audience planning does not just concern media. It influences messaging just as much!
-Keep it fresh: Refreshing our audience pools is essential to performance.
Following the guiding principles, along with always having your known customers at the core of your strategy will propel campaign performance, setting the bar higher and higher, campaign after campaign!