Signal loss, retail networks and optimising owned - how to think about media in 2022 according to Accenture Interactive experts...

One of the incredible things about working in an organisation as diverse and large as Accenture Interactive is the ability to tap into world class talent on almost any subject.?

Recently I was lucky enough to chair a panel of ‘subject matter experts’, as we held our first in a recurring series of events designed to offer practical, punchy advice to a select group of Irish marketing leaders.

Attended by a host of senior executives from sectors including finance, retail, life sciences and telco, we discussed a range of hot media topics like signal loss, the cookie crumbling, the rise of retail media and the importance of owning your owned media to deliver optimal performance.

The panel consisted of Amir Malik and Lauren Walker, both Managing Directors in Accenture Interactive UK/I, along with Ger Hayden, a Manager in our Dublin office and needless to say the debate was flowing!

Owning the media growth narrative

In the Marketing Performance team at Accenture Interactive, we believe that owning the media growth narrative around the boardroom table is a vital part of a modern marketers job. Given the strategic importance of media (which sits at the centre of an org’s data, technology and measurement agendas) and the increasingly large quantity of investment pumped into the space by Irish brands (set to be over €800 million in 2022 according to the IAB), it’s a subject that’s top of the most corporate priority lists.

But it’s also increasingly complex and opaque in many ways. And that was the main topic of discussion amongst our experts.

For example, digital media has been upended recently with the changes to targeting instigated by GDPR, Google and Apple’s privacy moves.

According to Amir Malik this has changed how marketers need to approach this space. “For arguably two decades, consumer data has been the fuel for online advertising. These changes and the move to a cookie less future have had a significant impact on the data marketplace, on digital marketing, but also affected direct mail, CRM etc” he outlined.

“Your approach to adtech needs to change. You need to revisit how you’re tracking ROI. You’re have far fewer signals to target with and you’re increasingly dependent on flawed platform data.”

Hybrid approach to measurement

Amir also touched on measurement, where, while complexity reigns, it’s “about taking maybe a more hybrid approach where you mix real time metrics, attribution modelling and slower moving but more nuanced regression modelling like econometrics, which is far cheaper than it was before”.

Partly because of the ‘signal loss’ from attribution modelling, we’ve seen Irish marketers turn back to econometrics and MMM as viable measurement solutions, but the cadence of such models can often be prohibitive. So a multi speed approach to measurement which mixes real time incrementality and slower reporting is seen as the best way forward.

Amir also made the excellent point that talent and building internal and external capability is often more important than any world class tech stack. Having the right people with the right experience in key positions is vital, but is becoming more difficult as marketing’s ‘talent wars’ continue.

Rise of retail media

Another hot topic was the rise of retail media. It seems that every large retailer is now an ad network, with Walmart, Nordstrom, Boots, Best Buy and Tesco launching new offerings in the space.?

As large CPG/FMCG brand struggle to collect first party data, the retailers are realising they can offer closed loop media platforms because of their direct relationships and oceans of insight from loyalty, app and site interactions. Like Google & Facebook, retail media networks are 'walled gardens' where CPG brands can still get 'logged in', addressable targeting at scale along with closed loop reporting.

Given the recent Amazon announcement that its advertising business was worth over $30 billion in 2021 and the launch of Tesco’s retail media network, Lauren Walker dubbed retail media the ‘next great evolution of digital shopper marketing’.

According to Lauren, “Accenture data shows that 89% of consumers can remember the product detail page where they saw a brand's product on Amazon, Tesco or Walmart. 35% percent remember the brand campaign and TV. Increasingly the digital shelf is both where we discover and buy brands. That’s causing some huge changes in how we invest our media budget and build team capability."?

Lauren stated that one externality of this growing channel was the importance of getting your brand right on the ‘digital shelf’ and ensuring that ‘you’re bringing that creative and content magic to life on your product experience pages just as much as you are in a big TV ad’.

Another key theme at play during the session was the importance of getting the basics right in a world of unlimited technical and tactical options. This is a recurring theme we see with clients – getting the foundations right and avoiding unnecessary complexity can be a huge value unlock for brands that can’t see the wood from the trees when it comes to media, technology and data.

Owning your owned channels

My local colleague Ger Hayden took the opportunity to ask clients to re-examine their approach to media and creative planning and think from an audience first perspective about how digital touchpoint impact their buyer journey.

“All platforms now have ways to reach customers at every stage of the journey. We used to say Facebook or Display for awareness and PPC for driving sales. But we’ve now got images for PPC and shopping formats on social media. What's important is mapping out the customer journey first and then finding the tactics within each platform that most efficiently reached our customer."

"That means you can use the appropriate messaging and have a hierarchy of messaging that helps consumers move from awareness to consideration and right the way through to conversion. This might sound basic, but it’s incredible how many brands come to us with specific channels planned separately and no clear creative, messaging or measurement sequencing. It’s often the first step we help consulting clients with and can result in huge quick wins.”

Ger also outlined the importance of optimising your funnel from the bottom up:

?“Ad platform targeting and user tracking changes are going to mean less transparency for digital marketers in 2022 and beyond. For that reason, it’s never been more important for a brand to really take ownership of your owned media, specifically your SEO and site conversion rate. SEO has matured over the years with recent Google updates refocusing optimisations around best in class customer experience."

“It’s easier to improve your conversion rate by 5% than to send a couple thousand more people through to your site and try to get them to convert on what could be a leaky bucket” he added.

Other topics discussed included how to solve the ‘war for talent’ that exists in digital marketing in 2022 along with the growing importance of ‘direct to consumer’ business models, subscriptions and CRM programs as a way to gather first party data.?

Overall, it was a hugely insightful morning, and as a ‘moderator’ I can say I got as much from it as the assorted Irish marketing leaders who attended!

Our next session will focus on practical applications of the metaverse for Irish brands, with some brilliant speakers line up. The event is planned for April and to secure your invite, drop me a line on [email protected].

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