Content, Search and other forms of advertising have gained massive adoptions in the past few years and it has now become a necessity for every brand in this era. So is the analysis of data generated by these mediums.
In social media age, the data collected from online touch points has always helped brands in evaluating the how their marketing strategies needs to crafted as well as understanding how customers and consumers make purchase decisions.
With the explosion of data from multiple devices, the collective measurement of advertisement analytics across online platforms has become a huge concern. This led to the emergence of platforms that analyzes data points from multiple devices and determines how each channel is contributing to the marketing strategy. This data gives an understanding of how online visitors are interacting with the brand and thus make informed decisions on how to improve the perception of the company in people’s minds.
Gathering data from Desktop, Tablets and Mobile have become common now and data companies are looking at how TV can also be brought into the loop of Cross-platform analysis.
TV is a part of almost every household and the best leisure for families in every home. This fact is the triggering attribute to brands and business groups reaching out to millions of prospective customers intruding right into their homes.
TV Commercials are the most effective form of advertisement that boosts ROI of companies and businesses.
A survey found out that in 2011 to 2014, on investment of 1 Pound in TV ads, the average return was 1.79 Pounds. And, this is in fact, more than the figures of 2008-11, that stood at 1.70 Pound.This growing profitability makes a huge impact in business and this is the reason for the burgeoning bulk of advertisement in television channels.
TV commercials are fused with entertainment providing several prospective of a particular product or service from a marketing point of view. This is a proven marketing strategy that lull public psychology towards consumer products. According to an analysis by Ebiquity, TV ads are consistent to bring the highest ROI over other forms of advertisements.
One of the complications for brands investing on TV commercials is the highly unreliable analytics for their campaigns.When TV channels host a particular commercial, they cannot provide reliable information on to what extent they communicate with the consumers or the viewers. TRP rating of a channel does not provide individual information on ad campaigns. Therefore, brands have to be quite unsure about true potentials of their campaigns.
The typical metrics of success of a campaign across different channels are increasing revenues, decrease in the cost of acquisition, feedback on the product and increase in positive brand image of the product.
There are multiple ways of analytics used by digital companies across the globe to calculate the above metrics when it comes to running a completely digital campaign. But when a brand is able to mine the user sentiment that is generated by TV commercials, then the billions of the dollars that are pumped into TV ads could be made accountable. Thereby transparency and measurement problem surrounding the TV advertisement domain can be cut down to a big extent.
Thanks to cross-device analytics and mapping technology, companies are now able to determine the impact of TV ads by associating TV with the other digital devices of the user. Cross-device mapping technology identifies the relationship between TV and other digital devices of a unique user and then starts attributing the impact of TV ads via the other personal devices of the user. There are only a few data companies globally that have managed to pull-off this statistical method of TV analytics.
The potential of this technology is enormous. Using cross-device analytics, brands will be able to identify how their marketing spends across digital and in TV are delivering results, how TV commercials in various channels are engaging the target audience and so on.
The success of this statistical model of advertising analytics is dependent on how accuratelythe platform can capture new data points and suggest improvements for strategy that best fits the brand’s needs.
By Hitesh Chawla CEO, SilverPush