Guiding buyers: Through the omnichannel media selection box
Matt Schmidt, VP Demand Strategy at Magnite
September 19, 2023 | 5 min read
Previously in this series we’ve highlighted the need for simplified media buying centered around flexibility and control and how buyers can navigate the addressability landscape as audience data moves to the sell side. In this piece we apply some of those thoughts to the increasingly fragmented nature of media and how buyers can approach omnichannel media buying.
Omnichannel media provides optionality
From viewing their favorite TV programs, scrolling the news on mobile devices, to researching and booking their next travel spot, consumers are dividing their attention across multiple devices throughout the day. This has created fragmentation across media inventory, addressability, and measurement, changing how we plan, transact and measure omnichannel media. This also creates opportunities to reach and engage users consistently across multiple channels, provided buyers have access to the right tools and inventory.
Finding the right inventory
Accessing premium ad spaces across multiple formats and channels enables buyers to reach audiences efficiently and effectively. Finding the right inventory requires both a scaled view of the cross-channel inventory available and the transparency to create an accurate forecast of quality, brand appropriate inventory. Buyers can then drive efficiencies by finding the most optimal paths to that supply by utilizing deal activations to suit including private marketplace deals (PMPs), programmatic guaranteed, or open auction. For instance, a buyer may request a single or multiple publisher PMP to make the most of first-party segments, or may look to open auction for additional scale.
Reaching the right audiences
The growing influence of first-party data as well as unique data in channels such as CTV is creating new targeting opportunities to reach the right audiences. In CTV, Automatic Content Recognition (ACR) data and metadata such as content object signals are being used to understand what content users are watching to inform buyers’ bidding, reporting and forecasting. In retail media we’re seeing robust first-party data on shoppers traditionally used for ROI purposes now also being used to power new engaging ad formats like CTV to drive new awareness opportunities. Across channels, buyers are accessing more actionable data and the tools to execute campaigns against that data.
Measuring performance and optimizing
Omnichannel strategies enable buyers to combine different formats at different stages to move consumers through the purchase funnel. Therefore, omnichannel campaigns require measurement that can provide performance insights and metrics such as reach, frequency, brand lift, and engagement across multiple channels.
By measuring campaigns holistically across all channels, marketers can understand both incremental and overall campaign performance while managing elements such as frequency capping. Buyers are combining this understanding of user behavior with tools that provide the flexibility and control to adapt, determining what is and isn’t working to optimize campaigns in-flight and inform future campaigns.
What this means for buyers
Test new channels
It’s important to test new channels for audience targeting and growth as consumers move across media channels throughout their day. For instance, 81% of North American consumers watch streaming TV already and 50% of non-streamers are likely to begin streaming within the next 6-12 months, according to Magnite research. Similar to CTV, programmatic audio investments are increasing as a way to reach a wide array of listeners with diverse tastes and interests.
Access centralized omnichannel inventory
Having centralized access to inventory from multiple channels makes it easier to plan and scale campaigns. Magnite’s omnichannel inventory across CTV, OLV, display, audio, native, and DOOH includes approximately 99.84% of the top 10,000 highest grossing ad-supported websites and mobile apps globally (Source: Jounce Media). Magnite also tops the rankings – by a significant margin – for SSPs’ market share by open programmatic advertising on CTV apps Roku, Amazon Fire TV and Samsung in locations such as North America (Source: Pixalate).
Through one partner and multiple flexible execution paths, Magnite provides buyers holistic access to the top digital formats, control and flexibility to optimize campaigns, as well as the reporting and insights to fuel smarter buying decisions.
Seek data transparency and activations across screens
Robust and flexible data capabilities provide buyers the ability to more easily measure and scale successful campaigns, with first party data increasingly used to uncover targeting opportunities for better engagements. Magnite Access, for instance, is an omnichannel audience product suite that makes it easier for media owners – and their advertisers – to maximize their data assets, including first party data. Magnite’s deal with LG Ads Solutions to enable the use of audience-level ACR data from LG smart TVs is another example of where data can be leveraged for planning, activation, measurement and advanced analytics across ad inventory.
Simplifying Omnichannel Strategies
Advertisers need ways to effectively plan, buy, optimize, and measure media across an increasingly fragmented landscape. Rather than creating silos for each channel – putting pressure on resources – omnichannel strategies can now benefit from a more integrated approach. Tech that offers multiple integrations, smarter use and access to data, and streamlined workflows help buyers reach their objectives more efficiently. As an omnichannel SSP, Magnite empowers consumer touch points across channels with planning and forecasting, inventory access, audience tools, and measurement capabilities to maximize impact for advertisers.
To learn how Magnite can simplify your omnichannel media strategy, creating unique media plans to meet your advertisers’ goals, reach out your DF team member or email@example.com