More than any other sector, Media is at the forefront of the big data revolution. Not only is Media examining, analysing and managing data that is fractured & diverse; but it is under intense pressure ito capture and turn that data (in near realtime) into actionable intelligence to inform buy/sell decisions and even predict market fluctuations. As a process, this is getting more complex, more costly, and failing to generate the resal-time insights that brands, agencies and marketers require to deliver against client’s requirements.
This is the 1st of a 3 part blog series on the Challenges for Media.
3 Key Goals for Media Agencies:
Continually adding value to Data
Be the Single Source of Truth
Understanding your Clients’ Customers better
The biggest challenge facing the Media sector is dealing with the continued fragmentation of data sources. Amalgamating data from numerous sources such as ecommerce, social media, TV and print and combining that with unstructured data, will determine who survives. The future of media relies upon creating a holistic view of the customer: who they are, how they interact with the brand and what they want. If you can’t meet those needs your clients will churn.
It is vital that agencies have both depth and visibility to the many and various channels, data sources & platforms in order to communicate, manage and grow the core values of the brand. Using that data to build the brand is where media agencies come into their own, provided they can continuously add value to existing data and, more importantly, to new streams of data.
But, the significant challenge for many agencies is they are constrained by the variety and type of data and platforms that they are currently trying to use. Existing processes are already slow, complex and costly. Being agile enough to swap-in, ingest, manage and deliver insight with data from new platforms is becoming an additional headache for agencies. Who are often still reliant on manual processes and traditional data querying. And the power of machine learning is still one step away.
Unifying data from various sources can provide the visibility media agencies so desperately require. From a marketing perspective this entails monitoring and overlaying in single reports all the various channels that can impact performance – bricks and clicks, sponsorships, ad campaigns, social media posts, vendor (units, logistics) and supply chain (DSP, SSP etc) data, clients and partnerships.
A single source of unified data enables the business to perform calculations at speed, deploy machine learning and make better, more informed decisions. The probability of certain outcomes can be computed and risk assessed based on that information. Automating that process allows the media business to make smart decisions fast by assimilating and crunching through big data. But crucially it’s the analysis of this data that produces the actionable intelligence.
Previously, dedicated teams of data analysts were required to wade through code but Machine Learning is now transforming data analysis, applying algorithms to search for patterns and anomalies, providing smart alerts and insights through root cause analysis.
AVORA delivers a uniquely powerful solution allowing Media Agencies to build a single source of data from which to deliver not just the standard reports and dashboards, but truly insightful analysis. AVORA’s machine learning builds reports and dashboards and looks for the key performance drivers so you don’t have to. This in turn frees up staff to use their human intuition to interpret, build narrative and work more closely with clients.
It’s no longer enough to simply push campaigns. Customers want the brand to adhere and uphold a certain reputation and want to be recognised on an individual level over multiple touch-points. For media agencies this translates into understanding how the customer interacts with the content.
There is a multiplicity of different channels aimed at nurturing a relationship with me and retaining my custom. In order to succeed it requires they and their media agency/ies understand how & why I’m interacting with their content.
I’m a loyal customer of American Airlines. I’ve got the loyalty card, my credit card provider partners with them, I’m a fan on Facebook, I tweet them, like them on Pinterest and even acknowledge good customer care by referring employees to them using their reward programme. A failure to acknowledge me could quickly see that relationship turn sour.
Media agencies are already the first line of attack but now are fast becoming the first line of defence with customers and prospective customers. Businesses now live and grow by their ability to analyse complex, plethora of metrics (see previous blogs in this series.) Yet both the Media Agency and their Clients are not getting the visibility they need, control over the process or speed of insight required.
For the agency its like being a supplier of fruit and vegetables to a restaurant (the client) and also being held responsible for the meal that is being served to the customer. But both businesses (the media agency & the client) are struggling to communicate, respond & manage the core values of the brand, as they are blindfolded through lack of data.
Conclusion: Key Goals Summary for Media Agencies;
Continually add value to Data
Become the Single Source of Truth
Understand & keep your Clients’ Customers
For the media sector, the danger is they may find themselves out-paced technologically as the number of channels and data continues to grow and they rely on in-house, legacy data platforms – which are slow, costly and can not scale.
They have to be able to supply a cohesive unified data view for their clients, that scales at speed with insights delivered by machine learning if they are to step up to the challenge of communicating on behalf of their client in an ever more digital world. For the Media Sector, their focus & their relationship to data has to change.