The following article is contained within Media Trends and Predictions 2022, which examines key themes for the media industry this year.
How advertisers should approach their data strategy
Brands are increasingly using first-party customer data... but building a strategy that leverages it to the full is a big change for most businesses, and presents significant challenges. This is especially true when we consider the impacts of privacy legislation and the demise of third-party tracking cookies.
Our advice is to gain access to high-quality and consented third-party data sources to activate what brands already own, to capture a more rounded view of consumers, and to understand the market as a whole.
It’s important brands see their activity through a competitive lens too. Advertisers are in a data-driven battle for market share, and while their own data offers the opportunity to understand existing customer interactions, they also need to see the bigger picture and view the competitive landscape more holistically.
An opportunity for brands and agencies to collaborate and add value
As brands look to take more control of their data and the decisions it fuels, there’s a great opportunity for brands and agencies to collaborate in a way that adds value to the client and informs decision making. Kantar offers technology to help that collaborative process so that agencies and their clients are both working from the same data sets and able to have informed conversations that are evidence-based.
And while fundamental audience metrics such as CPM, reach and frequency will remain the backbone of media planning engines, agencies will enhance these tools with inputs such as brand-specific media effectiveness learning, consumer receptivity to specific ad formats and the personality attributes delivered by individual media brands.
Will the deprecation of tracking cookies impact media measurement?
In the absence of third-party tracking cookies, the way the industry measures online ad effectiveness needs to evolve. In recent years, Kantar has been working with industry partners to deliver the industry’s most advanced independent platform for measuring advertising effectiveness without the use of third-party cookies: Project Moonshot.
Through anonymized and pseudonymized audience data, Project Moonshot enables privacy-compliant, consistent and transparent measurement of advertising effectiveness across all platforms. Kantar believes using data in this way will help to create a much greater value exchange between advertisers and consumers, and allow advertisers to build more responsible relationships with their audiences.
Kantar is supporting brands with new approaches to data
In line with the increasing focus on understanding the digital consumer and consumption across platforms, as well as bringing in more real-time data, Kantar has been refreshing all of its data sets and, crucially, making sure they are of supremely high quality.
Clients want to be more sophisticated when leveraging data for profiling and activation, and are therefore growing more conscious of data quality to achieve this. We’re here to provide the solutions that best support their goals with the speed and scale they expect.
Want to find out more about the trends that will impact your business in 2022? Download the Media Trends and Predictions 2022 here.