Media Buying Summit Recap: agencies strategize around data, diversification and diversity

By Sara Jerde

Google’s recent announcement that it will neither create a new identifier to replace the third-party cookie nor incorporate other new identifiers into Chrome redefined tracking as we know it. It’s abundantly clear media buyers, brands and agencies alike must prepare for a future in which targeting is underpinned by first-party data, secured on an opt-in basis, and one calling out for new approaches to measurement and attribution.

For all intents and purposes, that cookie-free future starts now. At Digiday’s Media Buying Summit on March 10-12, we heard from a cast of industry leaders on the challenges advertisers and agencies are tackling as we hurtle toward that milestone. Agencies shared how they are building and scaling best-in-class data operations; other speakers explored the push and pull factors that are prompting brands to diversify their ad mix.

Finally, almost a year on from the death of George Floyd and the wave of activism and protest that followed, many businesses and industry players are facing pressure to live up to their commitments to improve their companies, from hiring practices to compensation for participating in DE&I work.

Building impactful data teams

Brands have to get on the front foot with their data strategies as the sun sets on the era of tracking. Whether that means building robust in-house data operations or utilizing partnerships to leverage consumer data effectively, brands and agencies have to be proactive and aware that time is running out.

Putting together effective data operations means synthesizing a range of skillsets so information can be analyzed and mobilized to a powerful effect. “It’s big data that puts that information into a place where you can do big discovery,” said Michael Murray, president of data products and chief product officer at Wunderman Thompson Data. “And then you can place that into marketplaces, into media, into marketing, into practitioners’ hands in a big way.” Businesses structuring large-scale data operations should focus on optimizing the speed of delivery and performance, Murray said.

Diversifying ad spend is a must, and experimental budgets are up

Many brands, especially DTC companies, are facing the fact that their advertising strategy has become beholden to a single platform, commonly Facebook. Over-reliance on the major platforms was already yielding diminishing returns, but the cookie’s demise is re-highlighting the problem. Maintaining current spending levels on a given platform is unlikely to guarantee that ROI will hold up, so they’re looking to diversify their ad spends. To that end, experimental budgets are increasing, from trying alternative platforms like TikTok or Snapchat to investing in text or email strategies.

There’s no one-size-fits-all solution for brands looking to wean themselves off an over-reliance on a single platform. However, sticking with the status quo is not an option. “The data we used to have as marketers is going away, and this is making marketers start to question ‘where do they put their dollars,’” said Duane Brown, founder and head of strategy at Take Some Risk.

“You have to be willing to …read more

Source:: Digiday