Updated: Jul 2, 2020
More states are loosening isolation as they establish new norms. Unfortunately, this hasn’t had a significant impact on the economy and likely won’t anytime soon. Marketers still need ways that they can hit targets while removing the waste of contextual advertising.
Without advertising there’s no awareness and without awareness there’s no sale. We are in confusing times but through creativity we can foster reinvention. By continuing to prioritize advertising, marketers have a unique ability to build sustainable trust as long as it's done genuinely and with empathy.
THE CURRENT CHALLENGE:
Advertising has relied on more traditional forms of communication like faxes, phone calls and emails to finalize terms of a contract. These terms are captured on a physical piece of paper prior to closing a deal. All advertising has, and continues, to function in this way with the biggest culprit being broadcast television and print.
Why does this matter?
1. Higher price: more time equals higher cost to the buyer
2. No agility: it takes forever to get a deal done and advertising live
3. No transparency: No way to understand if what you paid for is what you got
WHAT IS PROGRAMMATIC?
There’s some benefit in allocating money into high cost media channels if you’re strategic. Broadcast may cost a lot, but it does allow you to reach the masses in a highly engaging environment. But, like with print and radio, it doesn’t allow you to understand how your consumers engage with your brand.
Let’s talk about how technology is allowing for a better understanding of who your consumer is and how they are interacting with your advertisements. While there are many types of technology to choose from, what’s most important to understand is that the goal of programmatic is to use computer software to make the manual contract process more cost effective, easier and faster.
Programmatic uses this computer software to automate the contract and to bid on advertising space in an auction format, similar to eBay. The only difference being, you’re bidding on advertising space and not a physical product. In doing so you reduce the barrier of entry and gather immediate consumer analytics like clicks, views and sales that can be used for instantaneous optimization.
Auction dynamics stay consistent whether you're buying a product on eBay or advertising space via computer software. This software can even exceed television reach and do so at a fraction of the cost. The result is more efficient marketing by limiting the waste associated with traditional media channels. With programmatic you can now target the right person, at the right time, with the right message and prove which parts of your campaign perform through real-time analytics.
The result is an automated contract that removes the physical piece of paper, reducing headcount and maximizing agility. You instantly become more strategic by only buying those consumers interested in your product and removing those who don’t. You see immediate performance lifts, maximize brand budgets and increase your return on investment as much as 2-3X.
LOOKING BEYOND PRICING:
Anyone who’s been in this game long enough understands that there’s a lot of snake oil. Terminology has gotten so confusing that it scares marketers into thinking they should know more than they should. The best way to “Cut the Crap” is to question everything that causes confusion. If the partner can’t explain the content in ways you understand then you shouldn’t be doing business with them! Please visit our resource page for a list of questions you can ask your partners to determine the snake oil salespeople from the experts!
Below is a quick snapshot of the competition. Tech Recipes has over 15 years of expertise and has worked with fortune 100 brands like L’Oréal to establish their first ever in-house programmatic marketing team. This means that control was taken away from the agency and internalized in order to maximize marketing budgets and promote sales.
SIX BENEFITS OF PROGRAMMATIC ADVERTISING:
Improved efficiency: Faster, smarter and automated media buying
Real-time data and insights: Real time media performance and consumer insight
Flexibility: Real time analytics and optimization
Better targeting: Target the audience based on geolocation, age, behavior, search terms, categories and site visits
Wider reach: Mass outreach to your target audience at a more efficient price point
Strategy development: The buying and selling of ads becomes less time-consuming and streamlined
THIRTEEN WAYS TECH RECIPES CAN HELP MARKETERS TODAY!
Cheaper price: Reduce non-working cost that don’t require benefits
Full transparency: Expose and remove hidden fees
Contract negotiation: Negotiate brand owned contracts
Precision: Use software to target the right person at the right time
Automation: Remove manual paperwork and speak directly to the consumer
Performance: Real time sales and media analytics
Reach: Omni-channel scale larger then broadcast television
In-house: Turnkey workflow solutions to reduce costly third-party reliance
Activation: Expert planning and buying across all buying platforms
Attribution: Integrate tech that informs channel selection & effect on offline sales
Data compliance: Audit marketing data and craft sustainable operating model
Data strategy: Prioritize consumer loyalty and mitigate reliance on cookies
Data taxonomy: Harmonize marketing data to drive purchase demand