According to new research from Millward Brown Digital, it has become a struggle for advertisers to optimise the marketing mix across the variety of channels available.
The findings highlight that consumer expectation of interaction with brands has increased and is pushing for seamless integration across digital and traditional verticals. However, marketers haven’t yet realised their full potential. 74% of them said that their overall brand strategy was integrated, but that leaves another 26% who haven’t got any integration among verticals such as mobile and display.
Brand strategy digital integration
Indeed, advertisers are finding it harder to keep up with consumer behavior and needs as these tend to shift fast. Just 45% of marketers said they were confident their organisation understands the consumer journey. The other half of respondents aren’t so sure whether they know how and where to reach consumers. The consumer connection is the most important factor that influences media budget allocation, according to respondents.
Confidence in the consumer journey
Getting the right mix when it comes to reaching audiences is tough. A higher percentage of media companies is now unsure about whether they have the right mix of media. Doubt appears to be outpacing confidence in the issue, which could lead to missed opportunities.
More media companies are now unsure about the right media mix
For marketers, the ideal mix of media is a combination of various advertising formats. That includes traditional advertising (16%), websites (13%), but also mobile ads and apps (8%).
The right mix
Ultimately, that requires higher budget allocations. Brands are forecasting a 46% budget increase over the next three years, whilst agencies will spend even more at 57% and media agencies 64%.
Among the tools that marketers expect to use more predominantly over the coming years are ROI measurement tools, behavioural insight features and ways to measure ad effectiveness.
However, integrating such data still remains key. Just 14% of brands felt confident in their organisation’s use of Big Data last year. That has shifted to 41% in 2016 and could be a positive sign for future improvement.
But while there have been many improvements made to measure ROI, it still requires more innovation. In particular, marketers have been challenged in their ability to measure impact from content and events.
The majority of marketers would increase their spend across online channels and cross-channel advertising if they could better measure the impact across such channels as mobile.
September 6, 2016