Future Planning: Succeeding in New World of Paid Media
Given the evolving behavior of consumers and the ever-growing number of marketing channels available, what do brands need to do to succeed in the new world of paid media?
Move to Business-Level KPIs to Guide Paid Media Activations
First and foremost, paid media budgets and activations need to be guided by KPIs that are specific to their business and tied directly to desired business outcomes. Overall goals need to be established and departments must work together to determine which channels drive specific results.
Silos between departments and teams need to be dissolved so that data, expertise, and technology can be freely shared. This pooling of resources allows for a better understanding of the target audience, easier attribution across channels, and insight into which paid media activations produce the desired results.
Embrace a Test-and-Learn Mentality when it Comes to Paid Media
The success brands have had using paid media with relatively new channels such as TikTok, video game streaming, and Fortnite demonstrate the need for marketers to be willing to test paid media on new platforms, learn how to properly measure attribution, evaluate the results, and then decide on the overall effectiveness of the channel.
Practically, this means dedicating a portion of the marketing budget specifically for testing emerging channels even when it’s not clear what the ROI will be.
Leverage the Benefits of Programmatic Across Paid Media Channels
Programmatic buying has specific attributes that make it both highly effective as well as appealing to marketers. It’s data-driven, allowing marketers to clearly and easily measure the effectiveness of their campaigns. It’s AI-powered, which frees marketers up to focus on other tasks, and it all happens in real time.
It also can help break down silos by centralizing the planning, activation, optimization and reporting. It allows marketers to be agile, letting them see which channels and campaigns are driving results and then optimizing accordingly. Combined, all these benefits make programmatic advertising a particularly effective choice for many brands.
Seamlessly Marry Creative and Media
The most successful paid media campaigns are impactful, relevant, and creative. They require the marriage of the creativity traditionally associated with brand media and the data analysis of performance media. Boring campaigns produce boring results. You may be able to improve the performance a bit through optimization, but you’ll never reach the level of results that come from a campaign that makes people stop and smile, ponder, or laugh. Success with paid media requires left and right brain thinking.