Customer insights are the center of successful commercial and marketing activity. However, companies are not attentive towards using data to form company-wide strategies. Big brands rely on walled gardens which control a user's access to web content and services. High reliance on walled gardens does not reap desired results because brands cannot extract the real value of data they use. Moreover, once the advertising campaign is over the outcomes are not as forecasted. With the open sharing of data used, cost of the campaign, and the results achieved, the organizations can analyze the success of their ad campaign.
Digital channels have increased, and the audience is fragmented according to these channels. Reaching the target audience at the right time with the right content and the proper context is arduous. Advertisers tackle this challenge by creating personalized ad experiences to build long-lasting engagement with customers. However, the advertising platforms fail to provide transparency and a two-way exchange of high-quality information. If companies fail to extract valuable data from these platforms, they will be unable to create campaigns that are consumer oriented.
Understanding data and implementing it is not tough. Using the data to improve ad campaigns and more comprehensive company strategies should not be an unachievable feat. Advertisers cannot use the data optimally as the walled gardens take the consumer data, utilize it and do not report back. To capitalize on data, advertisers must use platforms that put transparency at its core.
Furthermore, they must look for a technology company that can act as a strategic partner that is willing to deliver more profound insights, a greater comprehension of the target audience, and analysis of the campaign results. The technology company must be transparent with the data and use it to serve the advertiser and the end user. As a whole, the technology partner must provide value by making the agency and the marketers smart.
Data has risen exponentially, and it can generate significant value for an organization. Separating quality data from lousy data is essential so that the tools can analyze the information correctly. In the short term, data leads to increased sales and better customer interaction, but in the long term it allows marketers to be creative and uncover meaningful insights about the market.