Recently, our own President, JJ Bannasch, spoke at the LeadsCon conference in Las Vegas, NV. He was part of the panel for the Programmatic Buying for Performance Marketers: Better Lead Quality with Reduced Costs session.
The goal of this session was to help new or seasoned marketers understand:
- The programmatic media buying process
- How programmatic helps to create successful audience-centric campaigns
- What resources are needed to run programmatic in-house
- How to identify a programmatic partner for businesses without proper in-house resources
There were several key takeaways from the session, ranging from defining programmatic to laying out what is needed to create a successful, cost-efficient campaign.
What is Programmatic Media Buying?
Programmatic media buying is an automated way of buying and selling media, or doing digital marketing as a whole. Programmatic is more than just a simple inventory run. It allows businesses to use data to more intelligently buy across different sources. This ensures that you’re using data to pay the right price, show the right ad and get a better ROI.
Strategy is a Must
There’s a time and place to do programmatic, but the base of it starts with oversight and strategy. A business should not begin to consider implementing programmatic without building a strategy. What a business puts into programmatic is what it will get out of it.
There’s a Finite Amount of Time to Respond to Leads
During the discussion, Bannasch pointed out that you need to know who’s responding to leads and whether there’s a follow-up strategy in place. If you don’t respond to leads in a timely fashion, they will get cold.
Further, there’s also an optimal window of time to connect with leads. He gave a client example that showed that the best time to re-engage with this particular client’s leads was with retargeting and within an eight-hour period. Doing this cut the clients costs in half and improved ROI.
It’s All About Personalization
Programmatic buying uses a lot of data about audiences to learn their wants and needs. The final piece of the process is creative. Yet, most creative is not designed to match the data. It’s done separately and is more general in nature. Everyone is receiving the same creative, which means that businesses are not using the data to their advantage. Content, videos, ads, etc. should all be personalized to improve leads.
Are You Prepared for Programmatic?
Programmatic media buying is very robust, but it takes a lot of resources to run it. For example, one resource will be dedicated to just performing ongoing observation while another resource will be needed to build relationships with different outlets and manage price.
Yet, this doesn’t mean that a business can’t do some of the work in-house. It will just need to figure out what it can do in-house, and then identify a partner to handle the rest. Tip: You should always test the data from the vendor to determine if the data is good and the vendor is competent.
If your competitor is doing programmatic media buying, your business is going to lose. You can’t compete if your executing campaigns manually. Programmatic allows you to automate campaign management decisions, eliminate waste from lead-gen campaigns and improve the quality of leads that you receive. Before diving in, make sure you have the proper resources and a solid partner.