Digiday’s Media Buying Summit gathered industry leaders, agencies, and media buyers for three days in New Orleans to discuss the biggest strengths, pain points, and developments in the digital advertising ecosystem. Popular themes reverberating throughout the summit were Amazon, the rise of e-commerce, and the importance of data in digital advertising. SocialCode was on the ground participating in open forums and discussions to examine and break down the industry’s rising trends and challenges, while mapping out a path for the future of media buying.
THE RISE OF AMAZON AND E-COMMERCE
Throughout the summit, there was a massive spotlight on Amazon. The e-commerce giant is accounting for larger amounts of ad revenue every day and has played a formative role in e-commerce. “Ninety percent of U.S. shoppers visit Amazon during their shopping journey,” explains Tod Harrick of WPP’s Marketplace Ignition. While Google and Facebook still account for more than half of the U.S. advertising market, Amazon’s 2.5 percent hold is growing faster than the growth of both duopoly players (Digiday). The growth of Amazon illustrates why a digital-first approach is crucial for brands, both large and small, focused on building and scaling successful e-commerce businesses. Kris McDermott of Resolution Media sums it up best: “Everyone needs to be thinking about what Amazon means for their business.”
HAVING A DATA-FIRST APPROACH TO MARKETING
If there was one topic industry leaders could agree on, it was that data plays an indisputable role in digital marketing. Conversations focused on audience intelligence, the role of machine learning, and how data can inform marketing and strategic decision-making. Attendees discussed emerging tech and how it can shape the future of media buying. Industry leaders like Adam Lavelle of Merkle explained that data powers marketing because it “makes your advertising more addressable, makes your experience more personal, and manages your customer relationship over time with value.” Despite recognizing the vital role data plays in digital marketing, media buyers discussed how walled gardens disable access to data. They echoed a belief that they need sophisticated tools to effectively collect and utilize data that informs strategic media planning and execution, as well as real time optimizations. If brands begin to introduce sophisticated, data-driven tech to media buying, they will have the potential to achieve their business objectives at scale. SocialCode’s Audience Intelligence Platform empowers brands by delivering an audience-first approach for smarter marketing. This tool safely uses first-party data for analysis, segmentation, activation, optimization and reporting. Contact us if you’d like to learn how it can help your brand drive business results.