According to reporting in Digiday it’s Groundhog day all over again. The pandemic machinations of advertising CMOs in 2020 are likely to continue. There is no getting back to normal, marketers and publishers, and consumers alike must get comfortable with malleable ad deals, more cautious spending, and the rethinking of everything.
Campaign performance is the focus of ad buyers as they hold tight on budgets used to maintain that performance. The CMOs they report to are insistent on tying budgets to “how a brand is doing from a business point of view.” Expect media plans to be less fixed and will bend with the overall health of the brand and economic outlook.
Buyers say they’re having more conversations about measurement and attribution as CMOs are even more interested in being able to accurately prove the effectiveness of their ad dollars. With ad budgets increasingly tied to the performance of a brand, being able to prove the effectiveness of advertising on boosting sales is more important. Finding ways to align the different types of attribution — be it last-touch, multi-touch or custom analytics — is top of mind for media agencies and CMOs.
“Every CMO knows they fundamentally need to change their media plan,” said Mike Piner, svp of video and data-driven investments at Mediahub of the changes accelerated by the pandemic. CMOs typically say, “‘I know I need to change my media plan. How much [should change?] When? And how will I know it works?”