Industry insider explains how CMOs can maximize their advertising budget
ADVERTISING has changed quite a bit in the digital age — with attention spans reducing drastically and people choosing to keep their eyes glued to digital screens all the time.
With 5G and the internet of things (IoT), the Chief Marketing Officer’s (CMO’s) job is bound to become tougher, not easier, as maximizing advertising budgets gets tougher every day.
To better understand how CMOs can make the most of their budgets in 2020, Tech Wire Asia spoke to MGID CMO Nickolas Rekeda.
“CMOs must ensure they act fast as audiences continue to adapt the way they interact with products, with online trends changing and disappearing at a rapid rate.”
In 2020, Rekeda suggested that marketers must shift their focus to brand performance, reach metrics, and real-time optimization and results instead of being obsessed with reach metrics. “It’s time for brands to align all their strategies to propel performance.”
“If a result isn’t measurable – and there is no way to understand its success – then it is valueless,” is a mantra that the MGID CMO shares with colleagues and peers in the marketing space.
The rising importance of measuring results has been something marketers have noticed in recent years, especially as they start to play a more hands-on role in their organization’s digital transformation.
To support this need for measurement, marketing professionals have been evaluating various tools, but ultimately, the key to succeeding with measuring results in marketing is to first determine which metrics make sense and how they can be tracked together, on a single platform, in a way that helps create meaningful insights.
Programmatic is the new standard of online advertising and of course, provides a fair amount of data to help with metrics, but Rekeda believes that its use does not guarantee efficiency by itself.
“Badly executed campaigns and poor technology will only result in a loss,” warns the CMO.
To maximize profit and overall marketing budgets in the future, the marketing professional advises peers to spend time understanding how algorithmic advertising platforms work.
“Currently, the programmatic supply chain has a lot of hidden, and albeit unnecessary, obstacles and to avoid these and gain full transparency, CMOs need to build their own logic.”
To be successful in the competitive digital ads space, Rekeda believes that marketers need to up their game, focus on metrics and analytics, and find ways to effectively remove blind spots in their digital (advertising) supply chain.