Why media data solutions pave the way to marketing success
Media data solutions are hardly a new technology for marketers. In the modern marketing age, every advertiser is looking to get an edge, and often this means digging into the details and looking for the extra value. Media data solutions can be vital for doing the heavy lifting to find these insights.
However, it seems that there is still a disconnect between known best practice and marketers’ day-to-day reality. Nearly a third of US marketers and 22% of EU marketers state that a lack of reliance on data-driven decisions is a key challenge they face. Furthermore, 31% of EU marketers and 27% of US marketers believe they lack access to centralised data and analytics across their organisation.
It is no wonder that investment in marketing analytics and data infrastructure is set to grow in the US and Europe from $22 billion in 2022 to $32 billion in 2026.
This in itself brings another risk. Media buyers are spending an increased amount of time aggregating media data, with marketers losing 10% of the working week managing these platforms.
In an age of increasing pressure on marketers – and regular reminders such as the National Tech Day in India, GDPR anniversary in the UK and Europe, or Data Privacy Day – there are fewer excuses than ever for poor media data practices from marketers.
Here are our tips for finding a tech solution that gives you the data oversight to maximise your media budget potential:
A media data solution that puts local teams first
In marketing, local is king. But more often than not, tech solutions act as a barrier between those on the ground and global teams.
Often this leads to two outcomes. First, local teams adopt their own solutions that fit their specific needs. While this enables local teams to collect more market-specific media data in their unique taxonomies, it can lead to confusion when ingested by global teams. Ultimately it results in more hands touching media data – and the more hands present, the higher the chance of unreliability and manipulation creeping in.
The second outcome is global teams implementing a solution that doesn’t give flexibility to local teams. This leads to valuable insights relating to individual markets being lost and, as a result, media spend not being optimised.
Advertisers instead need to look for solutions that give local teams the flexibility and preserve the nuances of local markets, while also harmonising this data for global teams so both teams can work in ways that drive successful outcomes.
A media data solution that can be tailored to your needs
It’s no surprise people get excited about new tech. It’s shiny. It’s fresh. It promises to make life easier. But while it's easy to get drawn into all the bells and whistles that a tech solution offers, marketers need to step back and ask themselves: do I need these features?
Not everything a tech solution offers will fit the needs of a global advertiser. Marketers should search for solutions that suit their workflows and prioritise insights that they need to know. Start with the end in mind. It’s only through having a clear view of the data most important to your campaigns that you can begin to find extra value.
You can have the most expensive hammer in the world, but if you’re trying to put in a screw you’re still stuck.
A media data solution that offers a single view of media data
Modern marketers suffer from tech overload. When dealing with something as valuable as media data, there can be no room for error. Instead of multiple solutions creating a tangle of spreadsheets, marketers need a single source of data truth. This truth is different for different brands.
Not only that, but this data, and the insights that it holds, has to be accessed rapidly. In a fast-moving market, the post-campaign post-mortem simply doesn’t cut it. Having clear, easy access to all media data enables marketers to pivot spend to better performing channels, switch messaging to more effectively reach consumers, and ultimately improve their ROI.
Are you looking to make more of your media data? Talk to our team about our solutions:
Redmill’s media and marketing data management solutions include:
Media Data Management and Workflows - Harmonise, aggregate and instantly analyse your latest media plans from around the world.
Post-Campaign Data Management - Collect, clean and harmonise granular post-campaign data across all media to inform benchmarking, market modelling and more.
Deal Performance Management - Track your agency's delivery of media deal quality, value and price in every market, across all media on a regular and fast-turnaround basis so you can course correct to ensure deal delivery and maximum ROI.
Competitive Reporting & Analysis - Analyse competitor advertising activity and spend globally, regionally and locally, within the same platform so you can stay ahead of the competition.
Pitch Pricing Support - Be pitch perfect with our auditable e-procurement platform to collect, collate and evaluate agency pitch or annual pricing submissions, for cost and qualitative metrics.
Bespoke projects – In addition to our core suite of products Redmill works with clients on custom data and analytics projects such as the ingestion and analysis of shopper and eCommerce data, sales modelling data and many other bespoke data related projects.