In the world of marketing, speed matters. Your ability to respond to changing market conditions, competitive activities and consumer behaviors and quickly capitalize on optimization opportunities are all keys to better performance, better consumer experiences and better business results.
Yet a recent Forrester study revealed a number of challenges, ranging from data proliferation and locked budgets, to inferior technology and the cadence of available insight, that can get in the way of faster, more effective optimization. So how can marketers overcome these barriers?
Marketers must optimize their digital advertising and marketing channels daily in order to be effective, but daily optimization proves difficult.
In an article for MarTech Advisor, Visual IQ’s Michele Szabocsik shared tips for how marketers can keep pace with the speed of marketing. Here’s a brief summary:
- Consolidate data: Each technology that marketers use to manage their marketing and advertising creates valuable interaction and audience data, but it’s scattered across disparate systems. To optimize faster, marketers must adopt nimble and comprehensive data collection processes. The faster data can be consolidated, modeled and analyzed, the faster marketers have access to the fresh and accurate insights needed to fuel more effective optimization decisions.
- Be flexible with budgets: Most marketers today struggle with locked budgets and rigid partner contracts that make it difficult to re-allocate budget on the fly. To move faster, marketers must build flexibility into their ad budgets and contracts so they can quickly reallocate budgets within and across channels and seize on opportunities when they arise.
- Seek multi-touch attribution with a daily modeling cadence: Sophisticated marketers use algorithmic multi-touch attribution to optimize their marketing tactics at granular levels in order to better target their audiences and drive better business results. But only those platforms that rebuild their algorithmic models daily deliver the most up-to-date metrics needed to deliver the right message, to the right person, at the right time and place.
- Invest in adtech and martech: Lastly, marketers should invest in technologies like data management platforms (DMPs) that can enhance the attribution process by enabling audience insights, as well as programmatic buying platforms that accelerate the time in which optimizations are put into market. By integrating audience data and optimizing based on daily attributed measurement, marketers can react much faster—and deliver the coordinated, relevant experiences that attract new customers, and retain existing ones.
Click here to read the full article in MarTech Advisor.