Digital Media: A Work in Progress
Upon reading the well-written article by Jeremy Zeleznock of Genesis Media, I feel the need to add some comments.
The digital advertising industry is working hard to determine the metrics that work best.
Viewability, completed views, impressions, inventory quality, click-through rate, clicks, conversions…digital is being held to very different standards from any other medium because it can and should be.
Long gone are the days of ‘spray and pray’ media execution.
When one is responsible for someone else’s budget one must ensure to deliver the most effective results possible with as little waste as possible.
This is why attribution is the hottest topic right now.
Although to many it feels like digital is mature and established, we must accept that it is still a new medium and there are still things to be worked out.
As Mr. Zeleznock points out, there are those who artificially inflate their numbers.
Don’t do business with people who don’t take their responsibility of spending your money seriously. There are always discrepancies between reporting numbers so it is difficult to determine when someone isn’t being upfront, but if someone isn’t being transparent, be suspicious.
Remember the existential crisis that happened when broadcast moved from diaries to people meters?
This is a similar situation, brought to a head as more money is being invested in digital. The same reality that we heard back then applies to the current situation. Advertising works. Just because we’re figuring out the currency doesn’t mean that advertisers aren’t getting value.
There’s no one-size-fits all metric that indicates success. Different campaigns have different objectives for different advertisers and different platforms (video, search, banners, audio).
Soon we will have very sophisticated systems that integrate with Data Management Platforms (DMPs), Demand Side Platforms (DSPs) and advanced analytics to customize digital plans that work with individuals and how they move through the customer lifetime journey.
But until then, it’s not time to panic but to move forward.