Determining the right channels, and the right mix of them, for your media spending is no easy task. Figuring out what works, what doesn’t, and what’s worth putting more money into can be a marketer’s trickiest task.
Agencies and ad tech firms still have substantial control over far too much of most advertiser’s spending. And a lot of that money quietly finds its way to the pockets of unknown suppliers, intermediaries, and various other middlemen.
In an interview with AudienceScience, Nick Manning, Chief Strategy Officer at Ebiquity Data Analytics, discusses the importance of having technology and analytics systems and providers in place that serve the interest of the advertiser - not of the hangers-on.
Manning notes that advertisers often work with multiple agencies, some of which specialize in a single channel. That means they get lots of advice, much of which is siloed. To make matters worse, that advice is also often less than objective. Conflicts of interest are anything but rare.
The path to informed decision making and smart spending begins with cold, hard analytics and measurement. But more campaigns across more devices means it’s tougher than ever to accurately measure effectiveness. Technical infrastructure that captures data and tracks customers across channels is vital. Often, an expert third-party company is the best option. When researching providers, look for those that measure every channel, and provide impartial advice and analysis. It can feel like a bite in the budget initially. But knowing each channel is accurately represented and measured is definitely money well spent. And, if done correctly, it will pay for itself when you re-allocate dollars to more effective media.
These days, ad spend waste is practically an epidemic. In fact, a recent study showed that a full 60% of digital marketing budgets are being wasted, worldwide. Additionally, our own recent special report shows just how much of auto dealers’ ad spending is going down the drain. The data show that 89% of VDP views are going to just 25% of their VINs.
A free LotLinx VIN View Optimizer report is a great way to get a truly objective, truly informative overview of the best way to allot your ad spend, with an eye on minimizing waste. Get yours today.