Make data-driven informed decisions for better media plans and spends

Brands & businesses are spending a good amount of money on their marketing. In this fast-paced digital era, they have countless options to choose from and they always prefer experience over products. Therefore, the availability of a vast number of competitive options and disintegration of customer tastes is what drives digital analytics. Manoj Dawane, Founder and CEO, VTION Digital Analytics spoke to PCQuest, sharing his thoughts on growth, trends, and more.

The ‘Martech’ landscape

‘MarTech’ which stands for ‘Marketing Technology’ landscape is growing at a phenomenal pace. This implies that the marketers have umpteen Martech apps and platforms to choose from. It is about the Martech stack that supports marketers in creating marketing strategies and putting them into practice through marketing plans and campaigns. Martech solutions can be used to collect and analyze customer data, reach target audiences and automate repetitive processes.

With almost 10,000 martech solutions on a wide platform ecosystem, marketing departments can now be equipped with a customized technology stack that supports marketing professionals expand their capabilities. It also drives specialization and niche expertise, with the opening of new dimensions of marketing operations.

As per a global study done by MMA, a 1% improvement in marketing capability fit is associated with a 2.5% increase in sales growth and 2.35% increase in market value. We are in an era where technology and consumers are evolving faster than businesses can naturally adapt. 52% of companies on the fortune 500 list have become obsolete in the past 20 years. Evolving is no longer an option, it is a necessity to succeed.

The trends that have been dominating the digital analytics sector

Major trends dominating the digital analytics sector are:

a. Privacy of consumer data and consent mechanisms that need to be in place are the two important global trends that impact digital analytics

b. Regulators and policy makers publishing various guidelines that will demand the digital world and big tech companies to change their ways is evident from the action that Google and Apple have taken

c. Google deprecating the cookie in the next 2 years and Apple making IDFA opt in permission driven

d. Ecosystems of digital identifiers which are not based on cookies / IDFA or any such mechanism are being built. It is unlikely that such identity systems will be a single solution to the problem facing the digital world

e. Advent of ‘Panel Based’ statistically extrapolatable mechanisms for consumer behaviour understanding are becoming powerful

The role of digital analytics in helping brands & businesses in planning their media spending and activating programmatic digital campaigns

The necessity for a company to get their media plan correct and apt is becoming more and more critical with digital medium becoming the preferred choice of consumers. This in turn requires a good mechanism to assess impact of the digital interventions.

Thus the three pillars of digital analytics can be summarised as:

a. Plan for maximising reach and opportunity to interact - Select the right target segments based on behavioural profiling of segments

b. Activate the optimum spread between publishers - Select the right volume, time and geographies of delivery with the right DSPs for a given target segment

c. Measure Impact - Continue checking the impact of exposed audiences and expected outcomes / actions to modify the activation parameters and deliver the most effective result in the allocated amount of budget