As you’ll know, the process of human evolution has begun from the stone age to the present digital age. Similarly, the requirements or usage of products also changes and update at every stage in this Journey.
Likewise, for the growing demand for these goods and services at every stage, many industries have emerged, which laid a path for new opportunities through companies that evolve
One of the reasons that most of the companies are running successfully till today is having a successful or winning Business plan
In this competitive world, to run any business successfully we need to have a well-organized marketing department
Even Though there are many divisions in marketing, Advertising, Promotion, Distribution, and Product Management are a few of them
One of the main divisions that we are focusing on now is, ADVERTISING
From an Advertiser or Brand’s point of view, to launch or introduce and to increase sales of any product, advertising plays a major role.
“Stopping advertising to save money is like stopping your watch to save time” by Henry Ford
In any business, if you stop investing your budget on Advertising, you may think that you’re saving money. But you may end up, spending budget on another part of your business, as Advertising is not in your plan
If you can run an Advertising campaign, you might have won new customers, increased sales and profits too.
Advertising campaign helps to deliver the ad messages as per the requirements of Advertiser
So, what exactly an “ad campaign” means
“A single advertisement or a group of advertisements is delivered to targeted audiences using single or multiple media channels having a set of planned budget, Fixed flights, Defined targeting, with reasonable rate”
Successful ad campaign grows revenue and profits, helps to achieve goals of the Advertiser
To make all these advertisements, Choosing the right advertising Medium is very important and plays a vital role to achieve any industry business goals
So, what is Media?
“The means of communication, as radio and TV, newspapers, magazines, and the internet, that reach or influence people widely”
It is well known that, where the media consumption is more, there create opportunities for advertising
There are two types of Media,
Traditional Media like Newspapers, billboards, flyers, paintings, pamphlets
Another one is Digital Media, “Any form of Media that uses digital channels for communication”
Like Radio, Television, Internet, Computer, Mobile, tablet, etc.
To bring innovation in business process and revenue-producing opportunities, Almost every industry sector is getting on to digitalization by adopting digital technologies and devices
Even, the Media Industry has adopted it and creating new opportunities
In this Digital age, communications happen on a Digital basis, which makes Consumers change their media consumption across the Digital channels.
This has created opportunities for Advertisers/Brands to advertise their product and services and results in the overall growth of this Digital market
When we use these Digital channels for advertising communication, we call this process Digital Advertising.
Simply, “Advertising delivered through Digital Channels”
Digital Advertising can be divided into
Lets’ see the difference between OFFLINE and ONLINE
Offline in the sense “Communication via electronic device without internet”
When it comes to Online, we can define it as “Communication via an electronic device with internet”
As the internet has grown as a big network and huge place, Consumers are connected to the internet with various digital devices which in turn fragments media behavior and time spend
This has created a lot of opportunities for brands to achieve their goals by reaching more users across the internet
Some of the online media channels are SEO, SEM, SOCIAL MEDIA, EMAIL, MOBILE, CONTENT, AFFILIATE, and others
Let’s see how Most of the Digital Media business is running
- Many of these processes are manual and involves humans. For example: If Nike Advertiser wants to buy ad space from Times publisher, their sales team reaches out to him and They Negotiate manually and places order offline
- Brands are struggling to build trust and loyalty among the consumers and maintaining consistency for a certain period of time
- There is no centralized approach of having various media channels managements under one system
- Media agencies or Brands, face Difficulties in Managing Campaigns
- Inefficiency at various points of buying and selling media, in terms of time, money, and energy
- With all these factors, time consumption is also a major factor to make every campaign successful
- With limited inventory sources, leads to very limited targeting, reach and control of the overall campaign
Internet users are growing rapidly, which creates a lot of audience data.
With these, Humans feel overloaded and aren’t efficiently with large amounts of data and the advertising becomes full of guessing without a proper method of targeting and analyzing
This also limits the ability to optimize performance and we may not have control over the quality of impressions
With all this, it is extremely tough for marketers or Advertiser to make decisions to deliver their ad message and keep their brand image raise in public
In every stage, in all the generations, advertising methods and ways got lot many changes
In the present generation, now the time has to upgrade and cross another stage, That is Artificial intelligence and Automation applications in Marketing and Digital Advertising
AUTOMATION means “the technology by which a process or procedure is performed with minimal human assistance” – wiki
ARTIFICIAL INTELLIGENCE means “intelligence demonstrated by machines” – wiki
- Technology innovations constantly evolve in the digital advertising ecosystem
- It introduced a new method of buying and selling
Example: Buying ad space with various options and info, which helps to choose wisely with real-time bidding
- Identified problems faced in a traditional method which helps to improvise the process for current and future solutions
- Applied to the processes wherever possible Which helps to improve overall efficiency in every Touchpoint
- Introduced new approach to the ADVERTISING Industry
- Changed digital advertising markets into Exchanged based markets
Along with Automation and Artificial intelligence-powered advertising, what we add is another power that makes this digital media advertising, to connect, right and relevant audience, and to take decisions wisely.
“THAT IS DATA”
- With the addition of data and AI, the way advertising is done, was changed
- By diving audience data into various segments, advertisers can easily find the right audience and target and deliver their ad message to relevant groups
- Many types of data like 1st, 2nd & 3rd Party Data
- Data management platforms and data suppliers help in this process
- With the help of this data, buying decisions can be taken in real-time
Realtime means a live moment.
For example, When you’re browsing the internet to place a pizza order, A McD Ad showing at that live moment is more relevant and useful rather than showing some other point of time, like, when you don’t feel hungry even though you fall under food interest and category
It is the one, Targeting, Right user, at the Right Place, in Right time, with the right message at the right price is possible here
Finally, advertising with a manual process for Same Advertising choosing Digital Media with the application of Automation and Artificial intelligence using audience data and targeting relevant user in Real-time is known as PROGRAMMATIC ADVERTISING which is a future of Digital advertising
“It is a process of executing, Buying and Selling of Advertising space, in Digital Media, with the application of Automation and Artificial Intelligence technology, using DATA and Software platforms, to take decisions in Real-Time”
So this is all about part 1 of the introduction to programmatic advertising and will cover part 2 in the next post
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