As I sit down to write this blog, my laptop has Outlook, Excel, Word, Chrome and Evernote open and my phone is going off with texts and emails. It’s easy (too easy) to toggle between my desktop browsers while checking the latest urgent ping on my phone. But it’s a sign of the times! With the ever-increasing ways we’re consuming information, now more than ever, marketers have the opportunity to great customized, customer-centric conversations across all of our devices, which for the average person is more than four on a given day.
We here at MediaMath have believed omnichannel media buying is the most effective way to create customer-centric marketing across every channel. We know that marketers that create one-to-one conversations with customers get a better ROI on their advertising. But until recently, we had not formally tested the quantifiable way in which an omnichannel approach to digital media can improve the marketers bottom line.
We enlisted Forrester Consulting to help us understand what benefits (both quantifiable and qualitative) our clients saw by using our programmatic platform to buy across channels. More specifically, Forrester tested whether omnichannel media-buying is more efficient than using point solutions for video, mobile, social and display advertising. Spoiler alert: the brand and agency clients Forrester interviewed overwhelmingly found it effective.
Forrester’s renowned Total Economic Impact (TEI) methodology is a multi-step process, kicking off with due diligence about the product, surveying customers and then constructing a financial model accounting for certain risk factors. Forrester caps off the work with a comprehensive study detailing its findings, including client stories and financial results.
The results were overwhelmingly positive. The increase in return on ad spend (ROAS) our clients saw reflects how the various channels reinforce each other and understanding consumer pathways pays off in investment. Our clients saw many benefits to consolidating onto a omnichannel platform, versus using disparate point solutions including:
- Improved profitability. Brands reported 80% better profitability on MediaMath versus alternative platforms due to increased margins and reduced CPA. Profitability is calculated as a function of customer lifetime and margins.
- Increased return on ad spend (ROAS). Marketers using MediaMath’s platform were able to double their return on ad spend though cross-channel optimization, fluid budget allocation and reallocation, holistic frequency capping and other tools in our platform.
- Maximized operational efficiency. Interviewed organizations saw a 30% increase in productivity, improving workflow and process efficiency by consolidating to MediaMath’s platform.
The organizations interviewed also experienced qualitative benefits such as increased transparency with full visibility into media spend, improved reporting, ability to tap into premium inventory, better customer service with the consolidation and delivery of better end-customer experience.
So with the average person owning 4+ devices, multitasking is here to stay. But at least as a consumer, I can expect a more consistent message from my favorite brands across my laptop, cell, computer, and VR glasses.
To download the full TEI report, click here.