The Future of Advertising: Exploring Programmatic Media Buying Strategies
Advertising is becoming increasingly dynamic as technology changes and automation transforms traditionally manual processes. This has led to programmatic advertising gaining favor among business owners and advertisers. The specific media buying strategies employed in programmatic advertising determine whether the effort is a success, a failure or falls in between these extremes.
Programmatic Advertising is Evolving
It is often said that change is the only constant in life and business. Keep your finger on the pulse of programmatic advertising and you’ll identify important developments and trends that are continuing to define this ever-changing approach to connecting with customers and businesses.
As an example, artificial intelligence (AI) is now used in the context of programmatic media buying. AI is used in programmatic advertising to make campaigns that much more impactful. It analyzes data for trends to make accurate predictions. AI will inevitably become even more sophisticated, paving inroads toward targeted advertisements that prove more effective and accurate, ultimately making campaign management as efficient as possible.
Take Advantage of First Party Data
The most successful programmatic media buying includes relevant information plucked from both first party data and survey data. Both types of data are important components of the overarching picture of understanding the target audience. Contextualize this information to obtain a better understanding of the audience including their motivations and you’ll make well-informed decisions.
Be Proactive With Analysis and Optimization
The programmatic approach facilitates optimization. Such buying is automated, meaning it is unnecessary to pass through intermediaries to make changes. If the messaging needs to be changed, if the ad frequency requires adjustments or if ad placement needs modifying, you can quickly and easily make those pivots. However, the challenge lies in determining if you have the optimal combination of programmatic ads for your target audience.
As is often the case, the solution lies in the data. Combine real-time analytics with feedback from your target audience, evaluate accordingly and continue to measure your campaign as it takes shape. Accurate campaign measurement ensures the budget is not wasted in the slightest. This focused approach gauges campaign effectiveness from beginning to end using data ranging from analytics to surveys and beyond. Some businesses go as far as paying for individualized studies to determine the ads’ impact on target viewers.
The Value of Establishing Rapport Through Transparency
Trust is central to business success. The average prospect is understandably distrustful of corporations and even small mom and pop businesses for various reasons. For one, some marketing material is misleading. Moreover, businesses are profit-oriented as opposed to people-oriented, meaning there is an incentive to stretch the truth to rake in revenue. Make a concerted effort to use programmatic advertising to highlight your company’s transparency and you’ll make potentially lasting inroads with your target audience.
In particular, audiences are becoming increasingly aware of how their data is mined for potentially nefarious purposes. Data privacy is central to consumer concerns and will likely continue to be of vital importance in the years ahead. Put your transparency on display, communicate how your data collection is used and you’ll develop a profitable rapport with your target audience.
Alternatively, if you were to gloss over your data privacy tactics or simply fail to take the steps necessary to safeguard such data collection, you would find it difficult to establish trust with your target audience.
Consider Using Multiple Platforms
Though there is no need to take a deep dive into the inner workings of programmatic media buying, you’ll benefit from at least a surface level understanding of the technology. Programmatic partners will help address your questions and concerns so don’t be afraid to speak up. Study programmatic media buying and you might determine it is in your interest to use several platforms.
In general, most businesses and advertisers begin with demand-side platforms for programmatic media buying. Demand-side platforms represent the bare minimum of tech necessary for truly effective programmatic buys. In some instances, using a single demand-side platform is sufficient for reaching minor goals. In other instances, businesses are better served using several demand-side platforms that empower them to capitalize on a litany of opportunities.
Take a close look at the merits of the numerous demand-side platforms and you’ll have a better understanding of how each can advance your advertising campaign. Moreover, several different views of inventory obtained through a wide array of platforms makes it easier to promote your value proposition and connect with the maximum number of target customers without depleting your limited marketing budget.
