Back in 2019, data discussions largely centered around panel sizes. Now, this year will be marked by a much-needed data “wake-up call” across the industry (aka advertisers focusing less on gathering new datasets and more on generating insights with the data they already have).
Over the past decade, the digital advertising industry has treated data as a silver bullet for all of its marketing challenges. But with updates to privacy legislation expected to impact visibility, advertisers will have to adjust their perspectives on acquiring datasets. While panel data is certainly a piece of the attribution puzzle, it has limitations in terms of size, duplication and even demographic representations.
It’s important to remember that data is only useful if it can be translated into actionable insights. And while advertisers now have an ample amount of impression-level data, many don’t have access to the platforms that can turn impressions (or any type of data, for that matter) into insights that can then be used to inform ongoing and future campaigns.
Measurement based solely on panels and Automatic Content Recognition (ACR) won’t produce the actionable results brands want. The ability to contextualize consumer actions, tie them to individual ads and implement measurement to scale will be a necessity for advertisers in the ever-evolving TV landscape. The only way to do that is with a software platform.
While we’ve already seen the industry begin to embrace the importance of utilizing data to garner meaningful insights, this data “wake-up” call will take centerstage as the year continues.
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