As we talked about briefly in the 7 Trends of 2017, curated audiences are vital to marketers. We simply can’t afford to reach everyone all the time. We’re drowning in media, in inventory, in impressions and there’s no way for us to be everywhere.
Just in news media alone, we saw 72.9 million news stories in 2016 (as measured by Google’s GDELT project). If our advertising and marketing relies on obtaining media impressions, we’re consuming more and more of them just to reach the same audience.
After spending some time with cutting edge digital advertisers recently, I’m now more firmly convinced that our future success as marketers will be determined by our audience capture skills. Years ago, Chris Brogan and Jeff Pulver reminded us that we live or die on our database. That has never been more true.
Who wins or loses in the future will be who has the better database, and who is better capable of executing effective campaigns against that database. For most of us, this means we will need to vastly improve our skills as data scientists and analysts to understand our audiences better. We will need to become familiar with new kinds of databases like graphing and NoSQL databases, new languages to query those databases like Scala, and new methods of tracking our audiences. We will need to understand and be able to deploy DMPs and DSPs, work in offline, online, and the hybrid reality between them.
We must become familiar and comfortable with the many different kinds of audience data available, such as:
- Context: what our audiences are doing
- Location: where our audiences spend their time
- Content: what text, audio, video, and interactive media they consume
- Conversation: what our audiences have to say about themselves
- Metadata: what information our audiences’ surroundings and devices provide to add depth to all the above
If we don’t have the ability to capture and own access to our audience, our advertising costs will continue to skyrocket. Without effective data, analysis, and insight, our only recourse will be to spend ever greater budgets to reach everyone all the time.
The only antidote to exponential advertising costs is exceptional data and analytics.
Are you ready? Will you be ready?
You might also enjoy:
- How to Start Your Public Speaking Career
- The Year of the Yin Metal Ox
- Experience TV Episode: AI and Marketers
- What Are Your Customers Telling You They Want?
- iOS 14.5 and Marketing Analytics: How Concerned Should You Be?
Want to read more like this from Christopher Penn? Get updates here:
Get your copy of AI For Marketers