- Media Efficiency Is More Important Than Ever. As marketing budgets are impacted, brands simply can’t afford to waste money or make ill-informed decisions.
- You Can’t Afford To Wing It. Your media strategy requires automated and actionable intelligence to effectively connect with your consumers.
- Be Ready For The Upswing. Brands that stay focused and use data effectively to forge smart strategies for future growth, will gain an advantage.
The global economy has been hard-hit by the coronavirus pandemic, with many businesses struggling to find a path forward, millions of people unemployed, and consumers quite rightly fretting about what the future holds for them and their loved ones. Such uncertainty is taking an inevitable toll on the marketing sector: 40% of marketing leaders expect a decrease of 15% or more to their marketing budgets in 2020. Digital could be hit hardest of all: while TV spending is planned months in advance, the nimbleness of digital advertising means it’s the obvious place for nervous execs to make cuts.
Amidst such turbulence, it’s more important than ever for brands to deploy resources efficiently, minimize costs, and extract the greatest possible ROI from their reduced ad spend. Efficiency is always important, but in the current climate it’s absolutely crucial: facing extraordinary economic uncertainty, brands simply can’t afford to waste money or make ill-informed decisions.
Unfortunately, many marketers lack the hard data they need to forge effective, efficient, and evidence-based media strategies. With the economy in flux, there’s never been a worse time to fly by the seat of your pants — so how can marketers get the insights they need, and make smarter decisions during these difficult times?
Is your brand flying blind?
First things first: to optimize your media efficiency, you’ll need a detailed, data-driven view into your existing marketing strategies. Unfortunately, getting robust, quantified insights is harder than it sounds.
That’s because most brands’ media strategies focus on the major tech platforms where they make the bulk of their investments — and while that’s a sound approach, it means brands’ planning is necessarily constrained by those platforms’ handling of data and analytics. When your marketing data is scattered across the tech giants’ respective walled gardens, it can feel virtually impossible to get a big-picture overview of your marketing operations, or to make truly informed decisions about how to allocate your resources.
Even when data is theoretically available, it’s typically either hard to access, or tough to digest into actionable insights. In some cases, marketing data can only be extracted using APIs or other means requiring advanced technical know-how; in others, the data itself is so complex that it’s inscrutable to anyone who isn’t a trained data scientist.
With their data locked in multiple mutually exclusive silos, many brands are essentially flying blind in the face of unprecedented challenges. Even marketers who recognize the scope of the problem are held back by the time, energy, and resources required to gather and make sense of their data. In many cases, even the best marketers are forced to fall back on simply trusting their gut.
That might not matter quite so much during normal media cycles. If you know your customers and your brand it’s often possible to manage, if not optimize, your marketing strategy based on experience, instinct, and rules of thumb. But in the midst of a crisis that’s rewiring our whole economy, you can’t afford to wing it: you need to know which way the market is moving, and find reliable, proven ways to efficiently and effectively connect with your customers across every available channel.
Get ready to bounce back
Fortunately, marketers don’t have to navigate this storm on their own. At Habu, we’re giving marketers the intelligence they need to develop effective and efficient media strategies. Our modular solutions slot effortlessly into your existing workflow, giving you seamless access to rich, data-driven insights about your customers and your brand.
Among other things, we deal with the complexities of the major platforms’ analytics systems on your behalf, distilling raw data into actionable intelligence, and providing your team with a cohesive view of your brand’s entire market presence. With a business-first approach to this analysis, we allow marketers to focus on asking the right questions, while we define their data requirements and deliver the digestible, actionable intelligence they need to efficiently grow their brands.
Best of all, such insights can help brands not just to better understand their campaigns, but also connect the dots between them. The insights you gain from one channel can easily be leveraged to level up your strategies in other channels, allowing you to deliver efficient and personalized experiences across your media landscape.
By taking an evidence-based approach to media efficiency, marketers can get the results they need at a fraction of the cost. In fact, we’ve found that by streamlining their data processes, our customers can typically increase return on ad spend by more than 20% — a big plus for brands currently looking to tighten their purse-strings.
Still, the biggest benefit of broad-spectrum market intelligence isn’t that it keeps costs low; it’s that it can help unlock new opportunities as you bounce back from this crisis. After all, even as brands reduce their ad budgets, they’re still thinking hard about how to reach their customers. That will become increasingly important over the next 12 months: with the economy recovering and banner events such as the Olympics coming back online, brands will surge back into the marketplace, and they’ll need to find efficient ways to stand out from the crowd.
The current dip in ad spending isn’t the new normal — it’s the eye of the storm. Brands need to shepherd their resources carefully during this crisis, but they also need to think long and hard about how to position themselves for success as consumer confidence returns. The brands that do best will be those that don’t simply hit pause, but instead use this unique moment to assess the marketplace, strengthen their infrastructure, and plan for the future.
In other words, an evidence-based approach to media efficiency isn’t just about saving cash during the current crisis. It’s also about making sure your brand is first in line to ride the elevator back up as things improve. The coronavirus pandemic has rocked our industry back on its heels — but for brands that stay focused, and use data effectively to forge smart strategies for future growth, the only way is up.