Analytics will enhance relevance of advertising to consumers: Aarti Bharadwaj
Bharadwaj, Vice President, Client Analytics, APAC, Essence, shares insights on data analytics, how brands can leverage from real-time data and more
Essence, a part of GroupM, is a global data and measurement-driven agency that blends data science, objective media, and captivating experiences. They build valuable connections between brands and consumers. The agency’s clients include Google, Flipkart, Friesland Campina and the Financial Times to name a few.
Data analytics is playing a huge role in the world of digital advertising. It leads to a smarter business move, higher profits, and happier customers. Shoppers are consuming more content via digital devices. This is both a large market for advertisers to go after and a huge source of data. Since there has been a boom in the adoption of data analytics and artificial intelligence, advertisers and marketers are starting to realize the importance of technology to drive efficient results in a cost-effective manner.
Aarti Bharadwaj, Vice President, Client Analytics, APAC, Essence, in conversation with exchange4media spoke about data analytics, how brands can leverage from real-time data, AI enhancing accurate data to curate personalized content and how brands will leverage from this data.
How does data analytics help a brand leverage and receive a good ROI?
Analytics is the objective lens through which a brand is able to measure the effectiveness of every dollar spent on marketing initiatives. This helps a brand make decisions regarding where and how much to spend, in order to drive maximum lift in business and brand metrics at a minimal cost. Analytics thus becomes the support system for decision-making that helps drive better ROI for businesses.
Should real-time data be looked at more closely?
There is no ‘one size fits all’ solution when it comes to data and analytics. The required data, measurement framework and model construct depends on the question that needs to be answered. A good analytics solution is one that is parsimonious in its construct and able to answer the specific hypothesis in a robust manner. Therefore, the required data is subject to the question asked and the solution framework that is in place.
Is AI the way forward to garner accurate data and generate personalized content?
AI would definitely help in garnering accurate data and organizing it in a manner that can be used for effective targeting of messaging and generating personalized content. However, the role of creativity and storytelling in messaging cannot be undermined. Thus, while AI would be pivotal in being able to drive personalization at scale, it will work best when layered with context and creativity.
How does predictive analytics, forecasting, and creative testing help a brand?
Predictive analytics is key in helping marketers make investment decisions that drive greater business and brand impact. Data and analytics play a role at every stage of the marketing and media planning process.
At the planning and creative development stage, the use of creative testing can minimize subjectivity in identifying creative elements that will drive a rational or emotional response from the target audience. This enables the optimization of the creative to drive greater effectiveness from media investments.
At the media planning stage, the use of predictive analytics and meta-analysis on past data helps set benchmarks and optimize media investments to drive set brand and business goals in an efficient manner. Marketers thus use attribution analytics on historical data to decide the investment mix across geographies, media channels, and the portfolio.
Campaign measurement entails the use of experiments and tracking to drive greater performance, and utilizes real-time metrics to optimize media investments.
A post-campaign analysis of the achieved responses on both brand and business metrics helps drive insights into how communications, content and media channels performed and provide direction for future campaigns and marketing strategies.
Will advertising be relevant to the consumer if advanced analytics solutions and insights help solve business challenges and enable the measurement of advertising effectiveness?
Advertising effectiveness and efficiency depend on the content, creative messaging, as well as media placement. Therefore, the solutions used for the measurement of advertising effectiveness and efficiency would need to account for both the relevance of messaging and media targeting. The use of advanced analytics would thus enhance the relevance of advertising to the consumer in the long run.
How can an advertiser execute new ways to measure and optimize campaigns?
Measurement and analytics solutions need to be firmly tethered to solving business challenges and models for the brand in question. The advertiser plays a key role in the design of these solutions. While the analyst ensures that the data, methodology, and calculations are of statistical robustness, business stakeholders would need to ensure that the insights and results are relevant to the business. The best analytics solutions are those that stem from a clear business challenge, compile data to account for the business model and utilize a relevant solution framework to provide a relevant answer to the challenge at hand. Therefore, the advertiser plays a key role throughout the journey in making sure that the analysis mirrors the underlying business dynamics.
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