In today’s technologically driven society, data has emerged as an invaluable resource. The exponential growth of the digital space has led to an unprecedented amount of data being created, collected, and analyzed. Organizations are increasingly realizing the potential of data to drive growth, innovation and make informed decisions. In this blog post, we explore why data is increasingly seen as a form of currency.
Data as a valuable asset
Data has become a valuable, and tradable commodity. Much like traditional currencies or assets, data is no longer just an intangible resource but holds significant underlying value. The collection and analysis of data have allowed businesses to gain unprecedented insights into consumer behavior, preferences and trends. This in turn, enables more targeted marketing strategies and informed decision-making. Organizations of all sizes have realized the immense potential for monetizing data. Social media platforms and big tech companies have built their business models around data collection, analysis and targeted advertising. By leveraging user data, these companies can provide personalized experiences, tailor recommendations and effectively allocate resources while generating substantial revenues. Data analysis has revolutionized the way we approach complex problems, identify patterns, and make strategic marketing decisions. In short, data allows companies to spend their ad dollars on a high-value audience so they can steward their budget wisely. The value of data in the digital age lies in providing insights that drive innovation and facilitates transactions.
Diversify your media mix with linear and CTV/digital advertising.
As audiences continue to shift, it is essential to have a diverse media mix as part of your campaign strategy. Here’s what we suggest:
1. Recycle linear TV ads and reuse them in CTV campaigns.
Connected TV (CTV) ads allow you to capture your target audience using the same TV spot you may have used previously in a linear TV campaign. Doing so will allow you to capture more viewers, across more channels, all while generating important data relevant to your audience. These are the viewers that are no longer watching traditional linear TV, but are viewing programming via streaming and video-on-demand (VOD) platforms such as Hulu, YouTubeTV and Fubo. An ad that has a proven track record on linear TV is a great place to start, a few tweaks will make it CTV ready. Think of CTV ad buys as buying a very specific viewer profile, rather than the traditional specific programming.
2. Invest in digital to expand campaign reach.
Modifying your budget to include both linear and CTV channels allows you to efficiently reach your audience. With additional media planning, you may consider launching a CTV campaign post linear TV ad placement.
Create a lead form on your website to collect email addresses from people who have viewed or clicked on your ad. Build your internal database and follow up a digital campaign through email marketing.
4. Know your audience.
Start a digital campaign and begin the data analysis process – then refine, refine, refine! Without data, there is no analysis – as audiences continue to migrate, the more you know, the better you can grow. Where is your audience in the digital age?
Embracing data-driven practices will allow your brand to uncover hidden opportunities, strengthen decision-making and optimize operations. Get ahead of political ads this election year and include digital in your mix! Contact a Newton Media representative, harness the power of data, and gain a competitive edge.