Pritchard focused on the company's aim to improve advertising efficiency and effectiveness. Amazingly, it ended up being a fantastic overview of what our AdEffect is capable of.
One of the most significant figures in the marketing and media industries, Marc Pritchard, Chief Brand Officer of P&G, gave a keynote address at the opening of the Association of National Advertisers (ANA), which took place in Orlando last week. In his speech, which was picked up by the industry's leading trade publications, he focused on the company's aim to improve advertising efficiency and effectiveness. Amazingly, it ended up being a fantastic overview of what our AdEffect is capable of. Let's see why.
Pritchard observed that “celebrating a company as the largest spender implies that it’s better to spend more and more each year. We see it differently" in reference to the investment rankings that are published in various industry forums (Spanish Infoadex came out yesterday, for example). "It’s time for a reset. It’s not who spends the most that matters. What matters is who reaches the most consumers with the greatest media precision, the highest advertising effectiveness and the optimum efficiency to deliver sustained growth and value creation".
This is basically FLUZO's main objective for advertisers: to maximize the efficiency of their media investments. And thanks to our native cross-media data on a single-source model, we are in fact achieving efficiencies of up to 20% of the budget that some of the world's biggest brands spend on buying advertising space, detecting practices that don't work and revealing niche opportunities in their plans.
Reach was a major theme in Pritchard's address as well; he emphasized that, given that P&G's products are of interest to the entire population, "we should not settle for 50% or 70% reach."
Although Pritchard referred to the combination of programmatic and algorithmic buying with first party data as key tools to dare to aim for 90 or even 100% reach, with cross-media data such as FLUZO it is also likely to keep adding points to Reach. By having all the information about the impact of the campaign in any of the media and with data by time of day, it is easy to identify where those coveted exclusive audiences are.
The emergence of connected TV and a myriad of other media in the media plans of large advertisers has aggravated the problem of excessive frequencies; that is, the fact that the same ad is broadcast too many times to the same audience, causing them to become fed up with it.
This problem, widely debated and recognized in the industry by organizations such as the WFA, was another of the aspects commented by Pritchard (as he had already done on other occasions), who pointed out that the existence of effective cross-media measurement frameworks would be essential to correct these excesses.
Indeed, with FLUZO you can reveal how many times you impact the public with your campaign in total, counting all media. This is very good, and it is a data that advertisers can only get with marketing mix tools that perform data merges. However, what is really interesting is not to calculate an average, but to compare what happens, for the same campaign, among the different targets. For example, knowing how many times someone who usually catches your ads on TV at dinner time and then on the radio in the morning -and who is probably sick of your ad- is being impacted, compared to another person who never watches TV or listens to the radio -who may not even know that your product exists-.
But we haven't gotten to the most interesting part yet. How many times is too many? When should advertisers cut off the tap and pause their ads? According to Pritchard, for a small or emerging brand, running your ad once or twice every week is enough to meet your recall and awareness goal if the ad is good. What if you're not emerging or small? The reality is that it is impossible to find a standard that works for all advertisers, as a lot of factors, such as the brand's share of voice or the sector in which it operates, are decisive.
However, with Ad Effect you can start drawing conclusions based on data. By combining exposure data on surveys of those exposed, it is possible to check how campaign recall varies according to frequency and where these brand KPIs move or stagnate. Is as close as you can get to achieving your frequency ‘magic number’.
Picture: Association of National Advertisers (ANA)