Contributions and quotes by Ted Buell and Betsy Vankula
When devising an effective data-driven marketing plan, it’s more important than ever for advertisers to spend their dollars wisely, with viewers’ attention spans considerably shorter than they once were. While it’s reported that shoppers are aware of 10 retailers at a time on average, they ultimately only consider three of them—and 89% of their spend goes to those top three. To find a place in the top three, advertisers must create data-driven marketing and attribution, which will generate "+30% in cost savings and a +20% increase in revenue."
A key component of this is extending reach and managing frequency, which is necessary to increase brand awareness and influence. To spend ad dollars more effectively, advertisers will need to update their strategy to go beyond TV and look to channels like YouTube, which boasts an impressive 97% ad reach. While heavy TV viewers account for just 20% of the target audience, YouTube has greatly accelerated in popularity and only continues to grow—with many Americans turning to it to find new and unique content throughout the COVID-19 pandemic.
When it comes to increasing reach and conversions, Google knows that less is more. As it reports, "60% of OTT viewers say they pay more attention to ads when they see fewer of them," and when comparing YouTube to other platforms, shoppers are four times more likely to use it to find specific information about a product, service, or brand. Not only that, but viewers are "five times as likely to watch a product demo on YouTube before making a purchase" and "70% of YouTube viewers say they bought a brand as a result of seeing it on YouTube."
To make informed decisions that increase the success of a brand’s digital strategy, Google advises that advertisers make their data work harder for them by testing results and allocating budgets to learn more about their consumers. To get the full picture, advertisers must consolidate their media and unify their consumer data so that they can get a better understanding of how and where their marketing will be truly impactful.
This article is sponsored by Google
Data-Driven Marketing
Google Highlights How Advertisers Can Reach Consumers By Leveraging Key Data
Trend Themes
1. Data-driven Marketing - Data-Driven Marketing and Attribution can generate +30% in cost savings and a +20% increase in revenue.
2. Youtube Advertising - Channels like YouTube offer impressive ad reach and can increase brand awareness and conversions.
3. Unified Consumer Data - Consolidated media and unified consumer data can help advertisers make informed decisions and understand where their marketing will be truly impactful.
Industry Implications
1. Advertising - Advertisers must update their strategies and focus on data-driven marketing and YouTube advertising for more effective ad spend.
2. Digital Marketing - Digital marketers can benefit from consolidating their media and unifying their consumer data to make informed decisions about their marketing strategies.
3. Data Analytics - Data analysts can help advertisers make their data work harder for them by testing results and allocating budgets to learn more about their consumers.