Unfortunately, running media these days is super complex. Technology is fragmented, fraud abounds and the sheer amount of data makes it a grind. So, even if agencies want to innovate, they often can’t.
What You Need to Innovate
We nailed down three things agencies need to do in order to develop an innovative in-house media team that can fend off the threat of obsolescence.
1. One System
We often see agencies cobbling together a cluster of technologies used across many teams to manage media. Data and analytics use data management and reporting platforms. Media and ad ops teams are hopping in and out of ad platforms and DSPs and whatever else. And they sometimes have IT teams dedicated to running around making this all work.
And that’s just scratching the surface. This whole system is inefficient and unsustainable. There needs to be one system of record built specifically for the media management process that every team can rally around.
Having one system establishes a baseline of truth across your agency.
2. More Time
Even though programmatic technology promises automation, the media management process is still super manual. We estimate most teams spend around 35% of their time aggregating and normalizing data (i.e., making it all speak apples-to-apples).
That does not count communicating or acting on that data (let alone innovating). There needs to be automation around tasks that don’t add value proportionate to the amount of time they take up. These tasks are what we call low value-add tasks. And they are eating up your agency’s time and money.
More time gives your media team the capacity to push the envelope.
3. Better Communication
So much has been rethought in the last two decades, but for some reason reporting hasn’t. Reporting needs to happen in real-time as the campaign develops. All KPIs need to be available to all stakeholders at all times.
This isn’t just for performance analysis. It’s for testing and learning and iterating. It’s what provides the much needed room for mistakes and the lessons they provide that fuel a culture of innovation.
When asked what makes for an innovative, successful campaign, LumenAd’s own Molly Fishburn-Matthew says: