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Business Reporter: Marketing in the “now economy”
James “JT” Turner, founder and president of Delineate; Ben Litt, CEO of Delineate
“Half of my advertising is wasted, I just don’t know which half,” department store pioneer John Wonamaker once said. And although today the world looks completely different, his assessment is still relevant for modern marketers.
Big problems await in the future. Consumers buy products with their thumbs up, waiting for them on the doorstep in days, hours or even minutes. This blurs the boundaries in retail, advertising and brand positioning, making advertising harder to execute and even harder to measure. We are in the consumer era “now”.
The problem now
Marketing tools should be able to provide coverage through multiple channels, often at one point in time. This transmedia approach to interconnected companies has led to new marketing technology platforms (martech) moving into the hub of marketers ’toolkits, with company decisions need to be made in real time to maximize audience attention and cost. Short-term sales goals call for immediate solutions, which means the need for immediate data. This has led to greater reliance on social media and search data for answers – even if those answers are inaccurate.
If good enough – not good enough
Data collected from search engines and social networks play a role in measurement. Simple social metrics provide marketers with a superficial level of brand engagement and audience response to messages and campaigns on social media, and social listening technology allows marketers to better understand consumer sentiment around the brand. But these quick fixes have big reservations.
With a high reliance on search and social media for a broader view of the world, marketers face two main challenges – lack of context and little way to control quality. Many automated tools can find words and related phrases that help define moods, but this is often limited to a single publication related to a brand or product. It does not place this post in the broader context of a person’s worldview, beliefs or habits.
And with the tightening of privacy laws, creating an accurate picture of the consumer becomes even more difficult. Consumers who were once accessible through the digital footprint they left for marketers now use private browsing, disabling tracking features on their mobile devices, and are protected by laws governing information collection tools such as cookies.
Revolutionary market research
Surveys bring extension and context to a set of marketing measurement tools by showing marketers an iceberg below the waterline. They give a broader understanding of why people do what they do so that they can be influenced. Unlike passive monitoring of social media, survey surveys are proactive: they help brands achieve real change that can only be made with an understanding of how decisions are made and the causal pathways that stimulate behavior.
Market research surveys have historically had a reputation for being slow and fragmented, often used in isolation to answer a specific business question. This world still exists, but it is constantly being replaced by daily, valid survey data available in the current data structures and tools of our Delineate Proximity ™ platform.
The answer to the problem of measurement and attribution
The Delineate Proximity ™ platform, launched in 2021, measures advertising campaigns as they run across all media channels and contact points. It uses daily surveys for a representative view of the world, with data transmitted directly to the customer’s data lake, so it can be linked to other real-time data for simulation attribution, in-flight adjustments, and creative optimization.
For those who are worried because 50% of advertising costs are wasted, Delineate Proximity ™ offers a solution. Brands that use our platform save 25% of their total advertising costs. Contact here to talk to us about our revolutionary approach.
Join the research revolution! Find out more at outline.ai
Originally posted on Business reporter
Marketing in the economy now
Source link Marketing in the economy now