To overcome these challenges the technology and our way of thinking must change!
- We need to start thinking about audiences and not sites (which is an extrapolation of newspaper measurements to the online world)
- We need to understand that real time optimization and validation against audiences is as important as post-evaluation and real time optimization against clicks
- We have to find better ways of combining attitudinal data (surveys) with actual measurements (behaviour)
- We need to find ways to integrate online data with data from other platforms, especially TV
“No one is going to click on an ad and tear a Coke out of the computer – we use click-rates, but they´re lousy proxies for sales”. Digital Marketing Executive of Coca-Cola Nordic
There is no point in denying it. Knowing if you´re reaching the right audience in today’s fragmented digital world is challenging. Truth be told, the market research industry is struggling to find ways to accommodate the new needs of the market.
There is much discussion in the industry about the benefits and opportunities from the merger of big data and market research. But the discussion never really moves above the general and that blurs the discussion, because the most important thing about big data, as well as all other forms of data, is whether or not the data can be transformed into insights that are operational and create actual value for your clients.
An example of such a concrete and operational use can be seen in the way Epinion used technology and their audience panels to solve a key problem for the digital advertising industry – quantifying the value that digital advertising creates beyond clicks and conversions.
By measuring campaign impressions in real time through integration with ad servers, views are linked to their online audience and research panels. It is then possible to analyse the value of the announcement that digital media has not yet received the full payment.
By making technology easy-to-use and ‘light-weight’, Epinion has made it possible to build in features that are otherwise rarely seen in the market research industry. Technically, it is extremely complicated to build infrastructure and solutions to transform and calculate such quantities of data in real time, but the result is that digital campaigns can now be optimized and documented in relation to a whole new range of parameters beside clicks and conversions.
We all use the standard campaign metrics. It’s data, after all – hard facts. And the graphs look nice in your reports. But what does all that data about click rates and Cost pr. Click’s actually tell you about the fate of your campaign?
Be honest with yourself – not much. You actually have no real way of knowing whether your digital campaign is reaching your target audience and generating the brand effects you need. And let’s not even get started on comparing your digital ad spend to ad spend on other platforms such as TV How do you compare impressions and clicks to TRPs and reach?