Trimming the fat in media buying with the help of technology

Trimming the fat in media buying with the help of technology. Managing media spend is a daunting process for marketers that can lead to disappointing media buys and performance. The tools these marketers tend to gravitate towards range from site analytics to data management platforms (DMPs) and demand side platforms (DSPs) to manage their digital media and the report suggests the average marketing team works with five distinct technologies. Further, marketers tend to use an average of four vendors, with many reporting that their vendors are poor at sharing information and offer inadequate support. The study found that within that average of five types of media marketing tools being used, 37% are currently expanding or upgrading their site analytics tools, with 47% currently using these tools. One of the biggest challenges for marketers are inconsistencies with vendors, with the average marketer in this survey using four vendors. Increasingly, the study found that marketers prefer a single platform for purchasing and managing digital buys because it simplifies vendor management. 'Marketers who focus on the "bells and whistles" risk continually testing a perceived innovation that does not get them closer to improving business outcomes,' the report states. Further, simplifying the technology and minimizing duplication across ad tech capabilities is also key. 'While there is no silver bullet for advertising technology, marketers must be cautious when piecing together their ad tech stacks.

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Media Buying made simple

The digital media landscape has moved from a people managed into a technology managed business with the average marketer using five technologies and four different vendors. Managing media spend is a daunting process for marketers that can lead to disappointing media buys and performance.

Some of the toughest challenges facing marketers, according to a Steelhouse Digital/Forrester in depth survey, is the use of multiple ad technologies to purchase media. The tools these marketers tend to gravitate towards range from site analytics to data management platforms (DMPs) and demand side platforms (DSPs) to manage their digital media and the report suggests the average marketing team works with five distinct technologies.

Further, marketers tend to use an average of four vendors, with many reporting that their vendors are poor at sharing information and offer inadequate support.

The report reveals that because 58% of US adults are now multi-device digital users, they increasingly expect brands to deliver relevant interactions at the right place and time and within context. Accordingly, marketers are driven to deliver and spend, with 89% choosing to spend on social advertising, while 77% purchase display banner ads, 65% use video advertising and 60% use email advertising. Ad spend is frequent, according to the study, with 41% spending daily on mobile ad networks and 32% spending on programmatic managed service providers.

The study found that within that average…

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