The Super Bowl will be here before you know it. This televised event is not only the final playoff game to determine the NFL champion but also is of great importance for advertisers to debut their brands to tens of millions of viewers. These media buyers are not only entertaining and trying to catch the attention of their viewers but getting their brands specific to their target audience.
So what is media buying exactly? Media buying is purchasing advertising space and time on digital and offline platforms such as websites, YouTube, radio, and television. It also is responsible for negotiations with publishers for advertising inventory and managing budgets while optimizing advertising to improve the performance of your campaigns.
If you remember, media buyers know what brands their target audience wants. For this reason, using data to optimize your media strategy is essential. Data strategy is a process that collects, interprets, analyzes, and leverages the data to help achieve business goals. The results will provide you with a competitive advantage in your market. Data is also the foundation for tracking which channels, platforms, or media have impacted customer engagement and return on investment. This data supports successful media planning, buying, and overall advertising.
Here are some methods to collect data.
Collect your zero-data
Beginning in 2023, Google Chrome will no longer support cookies. Consumers are aware that their data is used. According to the Pew Research Center, 79% of Americans are concerned about how their data is being utilized. The reason is that most people sign up for their data to be collected without realizing it. Zero data is just the opposite. It is data that consumers are willing to provide. The advantage of utilizing zero-party data is that it is accurate. You are gathering information from the source.
Reach out to third parties or data aggregators
Third-party data or data aggregators collect data from companies who don’t have a direct relationship with the consumer. To understand the roles of first, second, and third parties, here is a breakdown of each and its role in gathering data.
- First-party data collection is how customer-facing brands gather data from their audiences, such as names, email addresses, and order history.
- Second-party data is when another consumer-facing company collects it.
- A third-party data company collects third-party data, and data use is readily available, but the scope is more expansive than data gathered in-house. Typically they pull data from various sources and combine them to form data sets.
Use client data
The data is formed between your client or CRM and advertising channels to support media attribution efforts. It is essential to understand how to integrate data into media strategies. Collecting and analyzing data before, during, and after a campaign provides excellent opportunities for optimization and results.