Digital Media Strategy – The Past, Present & Future
Digital Media Strategy – The Past
Back in mid 2000’s, digital media strategy was just an excel crunching and data munching job. It was nothing more than a cost optimised ms-excel plan. Almost all the plans followed the same construct, lots of rich media innovations, roadblocks & tonnes of banner impressions.
Back then, even the clients had little expectations from the media planners. The term ‘Media Strategy’ was considered to be an oxymoron. Marketing folks were extremely selective while discussing their overall marketing strategy, leave alone the business strategy.
While the term performance marketing was existing, but then very few planners could show how the cross channel funnel works.
All the above points left a lot room for human bias and made the entire planning process highly dependent on the whims and fancy of media planning teams.
But guess what, times have changed.
Digital Media Strategy – The Present
With the rise of search, data analytics, biddable media, RTBs and programmatic buying platforms, complexion of media plans has changed.
The growth & adoption of programmatic is enormous in the western markets like the US (see above graph). More than four-fifths of agencies and brands already purchase display ads programmatically. And even greater proportion of publishers are pursuing programmatic channels as part of their sales strategies.
Even the metrics for media planning have seen quite a lot of transformation. Today, most of the CMOs are more than interested in knowing how their digital activities are performing?
Discussions around basic web analytics (page views, bounce rates, etc.) have given way to more complex marketing analytics metrics.
The new marketing metrics include customer life time value (LTV), brand uplift, share of voice, engagement rates, conversion attribution etc.
With the rise of smart devices, cross device strategies became extremely crucial for all CMOs. As a result, marketing teams have understood the need of having a scientific, data driven wireframe for their digital media strategy.
These wireframes have clearly defined goals, metrics and attribution methodologies to create a comprehensive digital media approach.
The conversations in the marketing corridors are changing everyday. Digital agencies & digitalmedia planning teams have to learn to talk in the same language.
Digital Media Strategy – The Future
So what is the new language of digital media planning?
The answer is DATA!
In future, marketing teams would be more than eager to bring their digital media partner into a strategic roadmap discussion. Are media planning agencies ready to to drop their archaic hit and trial planning methods and focus on new age analytical approach?
As a digital media planner, one has to look into different data sources at all stages of strategy planning. These data points would cut across marketing and sales, online and offline, consumer and partners etc. Any sustainable digital media strategy must connect all these dots together.
Digital media planning would no longer be restricted to a few selected channels like display, social and search. On one side, number of channels are increasing and on the other side, the lines are continuously blurring between digital and media strategy.
Is your digital media planner ready for the future?