Five opportunities created by the revolution in measurement
Following our recent event on the New Era of Measurement, Managing Partner for Digital Ben Foster tells us the five opportunities created by the revolution in measurement, triggered by increased privacy and legislation.
The massive shake-up in how the marketing ecosystem works has profoundly impacted targeting, measurement, and campaign performance. You could approach these challenges with a mindset of how you might mitigate the risk and find a workaround to continue the same ways of working, but a more positive approach would be to use this change to create opportunities – to reset, refresh and challenge the status quo.
We have identified five opportunities created by the revolution in measurement triggered by increased privacy and legislation.
Reach neglected audiences – If we move away from using cookies to measure success, we will reach the iOS market, which has been under-served for the past couple of years. As iOS devices have increasingly prevented cookies from working the same way as on Android, the data has become skewed to Android devices, with investment following suit. Simply by using cookieless approaches, campaigns could double their reach.
Extend to wider audiences – In digital, we have been guilty of hyper-targeting and over-optimisation, which has reduced our unique reach, especially further up the funnel. As targeting becomes broader, we will reach larger relevant audiences building longer-term brand recognition for when they are in market.
Fewer barriers to innovation – Historically, our ability to measure at the most granular level for some digital channels has reduced investment in activity which cannot be measured on a linear basis. Small innovation budget pots for less direct response activity have prevented innovation in media execution at scale. As we move to more holistic measurement, creative planning will benefit.
Less restrictive KPIs – As it becomes harder to track linear revenue and sales at the bottom of the funnel, there is an opportunity to shift more spend towards the mid-funnel to drive understanding and consideration through engagement. By having a KPI framework for the whole funnel, we can optimise mid-funnel campaigns with the same rigour as direct response.
Create deeper partnerships – Historically, budget has often been spread across many partners and tactics. Still, as measurement becomes more arduous, we will see fewer deeper partnerships going beyond BAU paid media executions into bespoke solutions that integrate across owned, earned, shared and paid.
For more information on the topics covered, or to learn more about how The Kite Factory can help you navigate the new era of measurement, please contact us.