This is the introduction to our Analytic Framework blog series. For more, see the first post on balancing targeting precision with broad reach.
Programmatic drives invaluable customer insights. The lessons learned here can carry over into the rest of marketing, informing an understanding of anything from customers and messaging to content and audience engagement.
Where do you begin? It all starts with questions like, “What challenges are we trying to solve?” “What new markets do we want to explore?” or “How do we increase market share?” Naturally, some questions will be driven by digital advertising. That said, from our experience, the majority of brands follow an analytical framework based on identifying business problems from a strategic perspective.
There’s always a benefit to knowing the customer better. Start with the different personas that are interested in your products and services: their content consumption habits, buying preferences and location. Afterwards, look at the consumer journey to understand the different touch points, devices and the time it takes for a person to move from one touch point to the next along the path to conversion and loyalty. Next, aim to understand the stages of the journey -- what kind of messaging works and when it works best are both questions that programmatic data and tools can help answer. Finally, look at performance to understand what initiatives are working and what they need to improve.
As marketers go through their own journey, other ideas present themselves -- from untapped segments to new ways of engaging with long-time customers. Maybe you’re reaching them too frequently and didn't realize it; maybe you’re waiting too long before re-engaging with them. Maybe you can shift the mix of your customer lifetime value with some simple changes to targeting. Analytics can help you test ideas around the information and lead you to necessary changes.
Even when companies are fairly certain they’re doing everything right, programmatic can validate their understanding of audiences and affirm that they’re on the right track. More than once we have seen a long-trusted KPI be revised based on insights from programmatic data. Marketers can use programmatic data to validate strategy and measurement. Programmatic data and tools also allow a company with a broad array of products to conduct research at a more granular level than might otherwise be financially feasible with other methods.
With a framework in place, marketers can cut through the noise that comes with confronting the many opportunities available in the programmatic ecosystem. An analytical framework based on business questions rather than available data sets or tools is the opening move in extracting value from programmatic data.
To learn about the first step in developing an analytical framework, see our post "How a CPG Brand Used Analytics to Discover New Customers."