Since Analytic Partners was founded over 20 years ago, there has been no shortage of shifts in the marketing industry. Over the past decade alone, those shifts have accelerated. But with so many changes, how can business leaders better understand how to plan for success? To answer that question, we asked members of our team from around the world to share the biggest changes they’ve seen in marketing through a measurement lens, and we took a closer look at how brands can adapt and evolve to future-proof against whatever changes come next. Check out the full video, and read on for a snapshot of their thoughts:
Greater Complexity in Understanding Business Drivers
One major change in the marketing landscape over the past decade is the growth of digital advertising and the explosion of adtech in general. Despite the assumption that this growth would lead to greater transparency in advertising, it has actually led to less. In fact, measurement and understanding what’s driving business performance has become significantly more complicated, not less complicated, with the advent of adtech. This is exacerbated by a focus on vanity metrics that fail to demonstrate the true value of an ad or campaign.
Broader Reach, Less Understanding of Impact
There has been both an impressive diversification, but also fragmentation, of the media ecosystem over the last decade. Marketers have never had a broader reach, but it has also never been more challenging to accurately measure the impact of advertising. The ecosystem’s targeting capabilities and content varieties, particularly in terms of social media, are providing infinite options for marketers. But understanding the true incremental impact of those options is critical.
Too Much Focus on the Short-term
There has been a growing trend of allowing short-term metrics determine overarching business decisions, and that trend is leaving leaders at a disadvantage. In fact, the Analytic Partners ROI Genome found that 2/3 of the impact of an advertisement happens in the weeks after it airs – not immediately. The temptation to base decisions on real-time, short-term ROI metrics has increased, but the easy answer is not always the right one.
More Noise Across Channels Makes Break-through Difficult
We live in the information age, and the improvements in technology and sheer amount of information available to us as consumers has created changes in behavior. On the one hand, consumers have the availability of everything. However, that has created a tension point, because consumers have had to make trade-offs along the way. This paradox of choice does create opportunity for marketers. From an advertising standpoint, there is an opening to focus on authentic, clear messaging that breaks through the noise and strikes consumers as genuine.
Seeing Change as Opportunity
Ultimately, every industry change is an opportunity to innovate. With the right holistic measurement program in place, brands can thrive both now and in the future. Learn more about how Commercial Mix Analytics can help.
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