|
their marketing and measurement strategies and those of their agencies .
When asked to rank the perceived importance and effectiveness of digital media channels , marketers placed search and social channels at the top of the list . Television continues to hold its own as the highest ranked traditional media channel across perceived importance and effectiveness measures . Radio continues to lead all channels in terms of weekly reach and a full 45 % of respondents thought radio to be an effective channel . Digital ad spend has eclipsed traditional channels and we expect that trend to continue .
When forecasting the next 12 months , 82 % of respondents expect to increase their digital media spend as a percentage of their total advertising budget . By comparison , only 30 % of respondents
|
plan to invest more in traditional media channels in the near term .
CMOs also reflected on a critical piece of the marketing mix , trade spend ( e . g ., in-store discounts , coupons , special offers , etc .). They voiced a desire for a unified approach to trade and media strategy in order to correctly allocate spend ratios . Sixty-six percent of respondents expect either no change ( 44 %) or a decrease ( 22 %) in trade investment .
In terms of measurement , only one in four marketers reported high levels of confidence in their ability to measure the ROI of their media spend , regardless of type , or their trade spend . Not surprisingly , 79 % expect to increase their investment in marketing analytics and attribution in the next 12 months .
Marketers reported being most concerned with improving media efficiency by limiting advertising waste across
|
the digital ecosystem . The top three capabilities they chose to make this happen were : 1 ) reach and frequency measurement ( 82 % ranked it the most important capability ), 2 ) ad viewability ( 73 %), and 3 ) data management platforms ( 62 %).
There is good news here for media agencies , as 43 % of respondents plan to increase spending with their agencies over the next 12 months . This is likely due to their confidence in the agencies ’ ability to deliver a strong return on investment , as reported by 84 % of respondents .
Finally , the report illustrates some of the progress that marketers have made around omnichannel marketing , which we define as being media agnostic and oriented around customer needs . In support of this , respondents reported improvements in aligning their media channel strategy with their primary
|
campaign objectives . The most highly ranked campaign objective was customer acquisition , which was associated with mid- and lowfunnel strategies that favored digital media channels like search . In second-place was brand building , which was associated with top-funnel strategies , which favored traditional media channels like TV and radio .
Marketers and their agencies are clearly adapting to changing consumer media habits by taking a more strategic approach to their marketing mix , but challenges remain organizationally , technologically and in regard to consistent ROI measurement . As Charles Darwin once said , “ It ’ s not the strongest of the species that survive , nor the most intelligent , but the one most responsive to change .”
Effective advertising takes more than keen instinct and business sense . In today ’ s fastpaced , increasingly digitized world you ’ ve got to be able to
|
46 August 2018 |