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Welcome to Scout! Each week, our team tracks down the best digital marketing articles, POVs, and reports—so you don't have to. Here’s what to read from the week of 9/30/22 - 10/6/22 to stay ahead of the curve:
Hold on to your hats, folks: for the first time ever, the US advertising industry is on track to surpass $300 billion in total annual ad spending. A key driver of this growth? The trifecta of this year’s Winter Olympics, FIFA World Cup, and midterm elections.
Gen Zers are a force to be reckoned with—especially as they continue to enter the workforce and exercise their purchasing power—and advertisers are learning that the “glued to their phones” stereotype is…incomplete. As brands seek connection via different channels, many are turning to the channel of the moment: CTV.
Speaking of CTV: according to Basis Technologies’ 2022 Digital Media Insights in Political Marketing survey, growth in the channel is considered the most prominent development for digital campaigns. Read on to learn more about the trends and factors shaping this year’s political advertising landscape.
As marketers react to consumers’ new holiday shopping habits, political campaigns are gobbling up pre-election ad inventory—and potentially driving up prices. Find out what roles are being played by the economy, connected TV, and this cycle’s “more vituperative political environment.” (No judgment if you had to look that one up—we did too!)
Although Google delayed its third-party cookie cut-off, the adtech industry is going through a drastic evolution as it explores new and effective ways to address consumers in an increasingly privacy-compliant world. This piece breaks down 10 of the most prominent alternative ID solutions.
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Connected TV (CTV) adoption has skyrocketed over the past few years, giving rise to some new and exciting advertising opportunities that offer digital-like targeting and measurability on the big screen. But the channel also comes with unique adtech and business considerations which differ enormously from those of traditional online video.
So, just what do marketers need to know about CTV, and how can advertisers of all sizes drive success in advanced TV more broadly? In this webinar, Beachfront’s Head of Demand Sales Katie Long and Basis Technologies’ VP of Product Marketing Britni Gallello join host Ryan Manchee to unpack these questions. They provide an overview of the CTV landscape before diving into all the various ways advertisers can harness the channel to their advantage.
In July 2022, Basis Technologies surveyed 50+ progressive, conservative and non-partisan agencies, consultants and advocacy organizations specializing in political marketing. According to their responses, connected TV and programmatic advertising continue to gain popularity among political marketers. While the total amount of TV consumption has remained consistent in the past year, the amount U.S. viewers have streamed has increased 22.6%, compared to declines in cable and broadcast of 8.9% and 9.8% respectively, according to Nielsen. Of our survey respondents, 80% consider connected TV as the most promising development for their digital campaigns. This was up from 63% in 2020 and just 40% in 2018. In programmatic advertising, premium inventory access is drawing almost equal excitement. The growing availability of premium CTV ad inventory through demand-side platforms (DSPs), versus buying CTV ads directly with streaming platforms, is likely driving this excitement.
Popularity of using voter file data also made a big jump. This is consistently among the top five selections in the three election cycles Basis Technologies has conducted this poll. This typical tactic for finding voters still has opportunities to innovate because of continued fragmentation of audiences in digital channels. This can also mean that political advertisers aren’t concerned about cookie depreciation, especially when Google is delaying the blocking of 3rd party cookies on Chrome to 2024. However, the industry may be in for a wake-up call as they are forced to re-think voter targeting right before a big 2024 election year.
Survey data from past elections (when our company was ‘Centro’) are available for 2020 and 2018.
There seems to be a movement towards balance in digital budgets. A majority of respondents say they are allocating between 25 to 55 percent of budgets to digital. Compared to previous years, there are now fewer political advertisers saying they budget 25% or less to digital, but there are also fewer who say they allocate more than 55% of budget to this channel (14% now versus 30% in 2020). These projections are in-line with forecasts from analytics firm Cross Screen Media, which predicted roughly 34% of 2022 midterm spending would be allocated to digital. As an aside, more respondents from Democrat-aligned firms think that their digital budget allocations are too low (48% of Dems compared to 38% of Conservative respondents).
Full-service buyers that have competency in both TV and digital, as well as digital buyers, are winning CTV budgets at a higher rate than traditional TV specialists. Full-service firms saw the highest jump from 2020, when only 29% of respondents stated that full-service buyers won more CTV budgets. The advertising industry is still learning CTV, and it bridges two worlds, which explains why there isn’t a clear-cut winner in approaches. It can be a challenge for traditional linear TV buyers to learn programmatic tactics in general, and an even larger hurdle to understand CTV ad buying within the discipline. There is still more development in the technology so these percentage shares may not move much in the next election cycle.
Programmatic advertising is absolutely a key component for any digital political team. It is almost universally used, with 92% saying it is important to digital campaigns, which is a significant jump from 78% ‘Yes’ responses in 2020. The dispute on programmatic is waning in each election cycle—there are zero “I don’t know” responses, which is down from 5% in 2020 and 13% in 2018. As political marketers increase programmatic usage, they are likely to encounter the complexity of the platforms and options, quickly realizing that there are numerous ways to activate the various tactics under its umbrella. That’s on top of all the underlying elements that need to be managed, such as creative approvals, data usage, service models, and interconnection to non-programmatic digital tactics.
As referenced earlier, the use of programmatic and CTV among political advertisers is likely correlated. Respondents say CTV scale is now the most important capability in programmatic platforms—up from No. 2 in 2020. There is much more inventory available in CTV this year than in the previous election cycle. Additionally, they are available through various tactics within programmatic.
Another change is ‘Customer Service Support’ jumping from No. 7 in 2020 to No. 2. More value is being placed on hands-on interactions with partners in programmatic. We can deduce that some of this is related to the general complexity in the data, inventory, creative approval and measurement used for this technology. Creative approval is not yet fully automated and much of programmatic-driven campaigns still rely on the expertise of people and the activation of partners on behalf of candidates and their agencies.
In every election cycle survey, Basis Technologies asks a question unique to this moment in time. In 2022, staffing is a challenge for numerous organizations, but this doesn’t seem to affect the majority of marketing teams for political organizations—58% say that the Great Resignation hasn’t impacted their firms. In this segment of politics and marketing, fluidity in staffing may be the norm especially before and after elections season. Perhaps agencies and consulting firms are ready to weather the activity and the lulls. However, it should be noted that more than 40% say they are being affected with turnover in some form.
The shifting of policies is the top concern again, although it is down from the number of respondents that noted it in 2020 (81%). The pace of new restrictions being announced to target political advertising has indeed slowed. Targeting specific voters was again No. 2, although also down from its 2020 percentage (66%). Digital teams noting cookie depreciation as a concern indicates that this is still a concern even if Google’s deadline is a few years away. Marketers could be using this year as an opportunity to try tactics that don’t reply on third-party cookies, knowing that this may be the norm in 2024. As always, finding the right talent will be a concern for a significant portion of the respondents. Staffing is generally a challenge for political cycles, but there is likely increased difficulty because of the complexity of digital, the increased use of programmatic technology, and high competition for experienced buyers.
There is relatively less uncertainty and less concern of how the current political environment will impact outcomes. In 2020, an overwhelming majority said they were not sure and only 6% stated there will be no impact. This year’s responses to this question is more in line with 2018, with 21% saying there will be ‘No impact,’ and 51% saying ‘Yes, but not sure which way.” These questions were posed to marketers after they’ve been able to observe how major events such as the Russian war in Ukraine, Roe vs. Wade decision, inflation and the Uvalde shooting were affecting sentiments in different communities. The numbers that closely reflect 2018 responses could be due to factors such as this election being a midterm much like 2018, or that 2020 was a unique confluence of a Presidential Pandemic Year Election.
Basis Technologies asked respondents to write-in the topics or issues that will impact their work the most. Clearly, digital buyers have inventory and premium media on their radars. Actual voter issues are not the main concern for marketers. However, ultimately, they want voter turnout because elections have only two outcomes—you win or you lose.
As a thank you to our industry peers and partners, Basis Technologies is donating $250 to Feeding America, Autism Speaks, and the International Red Cross, as selected by survey respondents.
Basis Technologies is a leading provider of cloud-based workflow automation and business intelligence software for marketing and advertising. It’s Candidate and Causes team has been trusted by agencies and consultants in politics, public affairs, and advocacy. Its Basis platform is composed of integrated applications that automate manual operations, standardize business processes, and improve marketing and advertising performance. Basis provides a comprehensive selection of unique buying methods across all channels and devices, utilizing all major creative types and formats. Since 2008, Basis Technologies has helped power digital media for over 1,500 political campaigns and independent expenditure committees, and over 2,000 issue advocacy advertisers. In 2020, among the 400+ U.S. elections campaigns working with Basis Technologies, 70% had winning outcomes.
Welcome to Scout! Each week, our team tracks down the best digital marketing articles, POVs, and reports—so you don't have to. Here’s what to read from the week of 9/23/22 - 9/29/22 to stay ahead of the curve:
As we creep closer and closer to the demise—or at least diminishment—of the third-party cookie, publishers are feeling compelled to adopt virtually every emerging ID solution. But this excess of IDs has also brought fresh fears around how all the new code will impact page-load speeds and search rankings.
'Tis the season to be deal-hunting: According to new research from Gartner, brands won’t see the same volume of holiday shopping around dates like Black Friday and Cyber Week this year. With last year’s supply chain issues fresh in their minds, consumers will shop earlier, with one-third planning to nab their gifts before October.
Speaking of the holidays, as we inch closer to the most wonderful time of the year, Walmart is aiming to change its image among Gen Z by launching two Roblox experiences. The interactive spaces are part of a series of experiments by the world's largest retailer that leverage emergent digital channels to nudge young consumers closer to commerce.
Market factors like high interest rates, rising inflation, and plunging stock prices are plaguing the economy. With brands are pulling back budgets, advertisers are stuck wondering: what do we do next? This webinar breaks down how marketers can approach and overcome the complexities of this continued economic downturn.
Too early for 2023 trends? Never! Here, four industry leaders outline some of the biggest e-commerce marketing challenges for the year ahead, whether that’s establishing meaningful full-funnel relationships, getting more focused on customer value, or meeting audiences with the right message in the right moment.
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Cultural change is happening faster than ever—and Gen Z and millennials are at the forefront, together reshaping the world and driving seismic shifts in consumer behavior, working norms, and technology adoption.
This disruption is perhaps no more keenly felt than in the financial services industry, where the collective characteristics of the younger demographics are pushing brands into pivotal and profound tactical evolution. Advertisers in this space know they cannot simply market to Gen Z and millennials in the same way they did (and do) to Gen X and baby boomers who have altogether different financial goals and consumption behaviors. The young consumers of today are digital-first, technologically savvy, TikTok obsessed, streaming everywhere, and relate to financial institutions with a high degree of pragmatism. In other words: they require a standalone marketing strategy.
Gen Z and millennials are also openly embracing a wide variety of emerging FinTech tools designed to democratize personal finance and help users manage money more effectively. These providers have set their advertising sights squarely on younger cohorts, executing campaigns and simplifying messaging in a way that breaks down the complexities of navigating the financial landscape. Thanks in no small part to those efforts, 51% of consumers aged 18-24 and 49% aged 25-34 name a FinTech company as their most trusted financial brand, while only 23% and 26%, respectively, name a more “traditional” national bank.
Legacy financial institutions won’t be conceding market share easily, though—not with $30 trillion inheritance on the line. The big banks may be behind the curve when it comes to targeting Gen Z and millennials, but they’re beginning to catch up, either by striking partnerships with emerging tech or establishing their own brand of modern products (à la Marcus by Goldman Sachs).
In short, the fight to engage and resonate with younger generations is on, and coming out victorious will require understanding those consumers’ preferences and needs. And that isn’t just about digitizing current experiences—it’s about omnichannel connections, education, convenience, and marketing with authenticity.
To understand the financial attitudes of young consumers today is to understand the economic instability they endured across the formative years of their adult lives. Millennials were kneecapped by the Great Recession. Gen Z similarly by the COVID-19 pandemic. Living through these periods of turbulence and intense financial hardship has made these generations anxious about their finances—they’ve adopted a cautious approach to saving, they’re highly risk averse, and they’re eschewing conspicuous consumption.
But there is more at play here. That is, compounding everyday financial pressures.
Gen Z and millennials have some serious economic baggage that they won’t be shaking off any time soon: soaring student loan debt, stagnant wages, skyrocketing house prices and, most recently, staggeringly high inflation. As of right now, almost half of zoomers (46%) and millennials (47%) live paycheck to paycheck and worry they won’t be able to cover their expenses. Indeed, for both these demographics, the cost of living is their number one concern.
Against this reality, young people are looking for clear actions they can take to ease their financial distress. That’s where financial brands have great opportunity. They can step in to help young consumers feel more in control—they can assuage fears with connective, relatable messaging that demonstrates how various financial vehicles work and how they can be utilized to secure both short- and long-term financial stability.
In many regards, Gen Z and millennials demand more from brands, but there are certain strategies financial advertisers can adopt to reach them effectively. Here are four:
Young consumers continue to look to friends and family most often for financial advice, but they are also digesting financial content from an ever-expanding list of digital avenues—a trend that is opening the door for challenger brands to garner the attention of information-gathering consumers.
Social media platforms are, predictably, the most popular of these sources—around four in ten zoomers and millennials are gravitating toward them to learn about personal finance, shares that massively exceed those for Gen X and baby boomers. The increasing influence of TikTok is likely playing a huge role here. The financial TikTok space (dubbed FinTok) is global and growing, and it’s engaging young people who may not otherwise have an interest in personal finance. A significant 41% of zoomers are turning to TikTok for investment information, a percentage that beats out both financial advisors (21%) and personal finance websites (also 21%).
This is a fascinating statistic, but it’s also a potentially hazardous situation for young consumers. TikTok, like any social platform, can be a breeding ground of unvetted content, and reports are surfacing that detail the scale of the widespread misinformation it harbors. As such, financial brands have a chance here to cut through the clutter. They can establish a trusted presence on what is a massively Gen Z and millennial-skewed platform and offer up thoughtful, caring content that comes from a place of authority. Winning on this channel (and, indeed, all social channels) may then also have a multiplicative effect, as young consumers often seek the opinions of their friends. How’s that for a bit of #symmetry!
From building emergency funds, to paying off credit card balances, to saving for new homes, to opening investment accounts, Gen Z and millennials are juggling a lot of financial goals.
This ambition has the potential to get overwhelming pretty quickly, so by breaking down financial planning in simple terms, FinServ brands can start to combat financial illiteracy and build brand trust that helps sow the seeds of long-term brand loyalty. Across both Gen Z and millennials, a top priority is putting money aside to cover any number of unforeseen financial situations, signaling this might be a good place to start for financial advertisers—creating snappy content that provides tips and tricks for building a financial firewall and laying out a plan of action.
Another forward-thinking goal for financial brands to draw on is investing, with 24% of Gen Z and 28% of millennials saying they are interested in opening an investment account. When it comes to marketing, online trading platforms have led the way in this space—their easy-to-use apps are educational and fun all at once and they serve to demystify, and even gamify, investing while removing brokerage intermediaries and making it straightforward to get started with only small amounts of money. And that’s ultimately what reaching young prospective FinServ clients is all about: this notion of breaking through inertia and simplifying industry jargon to help make the sometimes-daunting world of finance a more accessible place.
Just a short time ago, back in 2018, only 39% of consumers said it was important that they were able to do all their banking using a mobile device. Fast forward to 2022, and that figure has soared to 65%. Broken down generationally, that number increases again to 84% for Gen Z and 82% for millennials, indicating app-based mobile banking is now a concrete expectation among young consumers.
With such widespread adoption and high expectations, it’s essential that brands optimize their app experience. Around six in 10 zoomers and millennials even said they would switch financial services providers for a better mobile app experience (talk about unforgiving!)
While perhaps a bit daunting for app developers, this appetite for mobile banking actually represents a great opportunity for marketers. As the cookieless future edges closer and advertisers search for reliable ways to uncover consumer behavior, a great app ecosystem can help financial brands seamlessly collect and piece together valuable first-party data. The benefits of this are fairly clear (if not guaranteed): a deeper understanding of customer journeys, optimized targeting, more consumer-centricity, more personalized advertising (something else younger generations love, by the way) and, ultimately, smarter campaigns.
And side note: a mobile app enables advertisers to connect with users on a deeper, individual level through push notifications that simultaneously avoid the crowded marketplace of email and the somewhat invasive nature of SMS.
Trust is an extremely valuable commodity. Without it, the whole premise of successful relationships breaks down. No, you didn’t accidentally click away to a marriage advice column. We’re talking about just how important trust is between a consumer and their financial services providers.
For traditional institutions, in particular, this is a major problem area. They have a reputation issue—especially with younger consumers. Among teens, 42% think banks don’t care about their financial futures and 25% believe they aren’t seen as valuable customers because they don’t make enough money. For most, however, the skepticism goes far beyond simply feeling misunderstood: young consumers also worry financial institutions will take advantage of them in some capacity, be it through unpredictable interest charges, hidden fees, or other predatory practices.
After the Great Recession, many have come to view large financial institutions as exploitative and are looking to disestablish the status quo. In one famous example, young investors who were part of a Reddit community used FinTech investment platforms to drive up the share prices of meme stocks such as GameStop and AMC to manipulate the markets and prevent larger “establishment” hedge funds from cashing in.
This innate distrust of the big players is a driving force behind the rise of non-bank entities and other FinTech brands that are more comfortable engaging with digital natives. Gen Z and millennials respond more favorably to communications from organizations they believe are honest, authentic, and transparent, and that actively acknowledge their barriers in life. If these cohorts sense that brands are not truly working to help them reach their financial goals, they won’t hesitate to go elsewhere.
The takeaway here: be truthful and authentic, always!
Gen Z and millennial consumers are steadily reshaping the financial services industry. Although there are generational differences both in terms of financial literacy and financial priorities, it’s clear that educational experiences and relatable advertising are top priorities for reaching these two cohorts. Appealing to them involves truly understanding their pain points and then presenting them with easy-to-use, non-complicated solutions in the channels and places they want them.
Looking for more financial advertising tips and tricks? Check out Basis Technologies’ dedicated financial services resource center.
Pandemic, inflation, economic instability, supply chain challenges—oh my! To say the landscape for consumer packaged goods (CPG) marketers is complicated feels insufficient. This year (and the year before…and the year before that…) has been a wild ride. And though no industry has escaped unscathed, CPG has been especially hard-hit.
If you’re still reeling from the changes, we’re here to give you the 411. Below, catch up on all of today’s CPG advertising “need-to-knows:” the challenges imposed by the last few years’ instability, the broader trends and shifts shaping the industry, and the interplay between these trends and today’s economic landscape. Settle in, grab your favorite packaged snack (Doritos for us!) and let’s get this party started!
Before we explore the latest trends, let’s set the stage for CPG advertising today. Here are just a few of the (many) factors at play:
Talk about whiplash, eh? Now, onto some of the larger trends we’re seeing in the CPG advertising space and how they’re being shaped by the complexities of today.
Though some consumers are wavering on brand loyalty because of inflation, that doesn’t mean their expectations for go-to products and brands have gone out the window. With a multitude of products at consumers’ fingertips (thanks, internet!) and competition at an all-time high, the pressure is on for CPG brands to differentiate themselves from the rest of the pack.
And the two factors that are differentiators for many consumers today? Convenience and value.
During the COVID-19 pandemic, e-commerce soared, increasing by 43% in 2020. And though in-store shopping has returned, consumers have grown accustomed to a certain level of convenience. To accommodate for this demand, brands are optimizing their shopping experiences across e-commerce platforms, utilizing advertisements that allow integrated purchasing options, and balancing supply and demand (to avoid the dreaded “out-of-stock” that frustrates so many consumers).
In the context of today’s record-high inflation, brands need to clearly communicate the value of their product for consumers. As mentioned earlier, reports show inflation has started to catch up with purchasing trends, and more and more people are buying less and showing price sensitivity. One way brands can highlight their value is through seeking to understand their consumers and crafting personalized customer experiences that emphasize how their product fits customers’ distinct needs.
Some brands have opted for an even bolder approach to communicating their value amidst inflation, by speaking openly with consumers about price increases and their justifications for these changes. For example, Mélanie Masarin, the founder of nonalcoholic aperitif company Ghia, said they made the choice to send a price-increase email when they had “waited to increase prices until [they] absolutely couldn’t anymore.” Though she was anxious about how the email would be received, she found the response to be overwhelmingly positive, and noted that many customers thanked the brand for its transparency.
Can you remember a time when you made decisions about what to buy without using the internet?
If not, then shoot: looks like we’ve dated ourselves.
And if so—ah, weren’t those simpler times? Did your dad also spend hours at the local Ace Hardware comparing different models of drills, consulting staff, and inevitably buying the one he originally planned to? No? Okay, we’ll get back on topic.
In today’s increasingly-online world, utilizing an omnichannel digital strategy is a must for CPG advertisers.
The digital explosion of the past two decades has changed the way consumers shop. More and more people are shopping online, and even die-hard in-store shoppers are researching products on the internet before purchasing. Couple that with the fact that consumers’ attention spans are reducing year after year, and the takeaway for marketers is clear: people need to see your product at the right time(s), on the right channel(s), and with the right message.
This is where having an omnichannel strategy is critical for CPG marketers. Given how short attention spans are and the sheer volume of content people consume each day, consumers need to be exposed to your product multiple times and through varying channels.
And the best way to reach them? Where they’re spending the most time. Want to take a gander at where the average US adult spent approximately 8 hours and 5 minutes every day in 2021? With digital media.
As such, an effective omnichannel strategy should involve multiple touchpoints with consumers across different digital media channels. And with the exceptional cross-device targeting capabilities available today, reaching customers at the right time and on the right device has never been more seamless.
Imagine this: you and your team work together to create an intentional, personalized, omnichannel experience for your target consumer. They first encounter your product through a video ad as they watch the newest season of The Handmaid’s Tale on their connected TV, and are then re-targeted via mobile search and social media. When they see the ad on Instagram, they click “shop now,” are taken to the online retailer that has your product in-stock…annnnnd end up clicking to a similar product that pops up alongside yours as “recommended.” It’s “add to cart” for your competitor, and a sad day for you.
This is a prime example of the growing importance of balancing supply and product presence not just in physical stores, but also on digital shelves. Today, thanks to the internet, when the average consumer goes to shop, they have a whole host of options available to them at every stage of the process. And with 10% of total US CPG sales happening online this year, establishing your brand and product’s digital shelf (in conjunction with a strong digital advertising strategy) is important.
Winning digitally looks very different from in-store: space is not finite, and online shopping offers endless “aisles” for consumers to browse. With this comes a notable increase in competition, as even more brands can compete within a given category. On top of that, many online retailers have features where products can be compared with just the click of a button, and retail media networks allow brands to advertise in the digital spaces where consumers shop.
Instead of vying for a great location on an endcap or at eye-level on the physical shelf, brands must now use branding and product descriptions strategically and optimize their offerings for both paid and organic search. These same features must also speak to consumers once they click on a product, since alternatives will almost certainly be displayed simultaneously. The same copy and design on your product’s physical label cannot just be plopped online and expected to drive sales without being adjusted to better suit the digital shelf space and entice shoppers viewing your product on desktops, mobile phones, or other devices.
Establishing a strong digital shelf presence goes hand in hand with digital advertising for your product: as explored in our example above, you don’t want a consumer to follow an ad for your product, only to choose one of the competitors that will, inevitably, be displayed right alongside it.
By remaining flexible and agile amidst the present uncertainties, as well as adapting to consumer demands, enhancing digital presence, and utilizing omnichannel advertising capabilities, CPG marketers can effectively reach their target consumers. But, as explored here, the current landscape and broader trends are ever-evolving in the advertising world—both in CPG and beyond.
We know that staying in-the-know on the latest and greatest in adtech and marketing can take a lot of time. As much as we might want to spend hours perusing the news and doing deep dives on current trends in the industry, we also know that likely isn’t a high priority when SHTF.
Enter: Basis Scout. Each week, our team puts together a list of the most important news and trends we’ve seen; and every month, we do a roundup newsletter with all the hottest happenings. Interested? Subscribe here, and get ready for all the best news, tips, and insights from the industry to land straight in your inbox.
Agency and brand leaders, we’re about to give you a jump scare. One disclaimer: We’re not liable for the hives you may soon break out in, nor can we be expensed for any rush-scheduled therapy appointments.
Here we go:
Billing!
(...Did we scare you?)
OK, we’re being just a tad facetious, but you get the point. Billing is often a stressful part of the advertising campaign lifecycle, a point of frustration for agencies and brands alike, and a snag in otherwise satisfying agency-brand relationships. It makes sense: Finances of any kind come with high stakes, even in times that aren’t marked by talent shortages and economic upheaval. But with the right tools in place, billing doesn’t have to be such a headache.
Read on to learn about automated billing, a resource that streamlines financial reconciliations and creates transparency and trust between agencies and clients.
What does the billing process look like for most agency billing departments? In theory, it’s deceptively simple: Teams must gather billing materials, download billing reports, actualize those bills and, finally, charge clients for the final amounts.
In reality, billing staff are burdened by the consequences of a complex and fragmented media landscape and an industry that’s been slow to adopt processes and tools to address that complexity and fragmentation. Parsing out billing for intricate media packages means that finance teams are stuck compiling and reconciling data between numerous disparate programs and Excel sheets. A report from the 4A’s found that teams waste spend three hours per day cutting and pasting in order to reconcile finances across many different vendors, channels, and programs. The impact on agencies as a whole, as you might expect, is massive.
To move beyond Excel sheet purgatory, marketing organizations can embrace technologies that streamline the consolidation and delivery of these billing materials. That’s where automated billing comes in.
With automated billing, all media data from a campaign—regardless of its source—is combined and exported to an agency’s accounting or ERP platform. Lo and behold, the workday is once again made up of eight hours—rather than five, plus three of copy and paste torture.
The benefits of automating your billing are far-reaching. Let’s discuss two of the big ones: time savings and increased confidence.
We’ve already mentioned how finance teams waste three hours per day on manual billing consolidation and reconciliation tasks. And since we’re talking finance, allow us to throw a few more numbers at you. In a recent survey, Basis Technologies users said that automated billing capabilities brought them:
The consequences of these benefits are significant. Not only are agencies that adopt automated billing able to realize value and ROI sooner, they’re also better equipped to retain staff members who, understandably, would rather do the high value work they were trained for instead of spending hours troubleshooting discrepancies and correcting inaccurate invoices.
Billing automation also boosts data quality and transparency and, as a result, fosters confidence on the agency side and trust on the client side. Automated billing technology was designed to transmit and consolidate data without error, so in today’s competitive digital landscape, leveraging technology to run the numbers is a no brainer. By contrast, humans were not designed to copy and paste crucial financial data from program to program for prolonged periods of time (if our calculations are correct, at least…oh, wait! That’s just common sense!)
All in all? Transparency into financial reconciliations + better-organized, better quality delivery data + clearer reports = more confident agencies + happier clients. QED.
Our heartfelt apologies for that jump scare at the beginning of this post—we had to get your attention somehow! We hope that understanding the power of automation has relieved at least a bit of the stress associated with the word “billing.”
And billing isn’t the only part of the campaign lifecycle that can see powerful benefits from automation. Automated reporting, automated bidding, workflow automation, and more are each poised to revolutionize what it means to plan and buy media. Check out our guide to advertising automation to learn all about it.
What’s new in the realms of paid search and social media? Basis’ Senior Vice President of Paid Search and Social compiles all the latest news, trends, and resources each month for easy access.
This report from eMarketer shows search ad spend increasing in 2023 to more than $111.80 billion—almost twice what was spent in 2019. Search will account for 28.6% of total media spend this year, with Google capturing the dominant percentage. Amazon and other e-commerce-focused search ads continue to see steadily increased spend as well.
Shown at the top of search results in Bing, Windows 11, and Microsoft Start, Microsoft's new ad formats are infographic-inspired. The collages of videos and images (reminiscent of Instant Experience ads on Facebook) can expand into fuller screen, interactive units. This article contains more details, best practices, and a link to Microsoft-supplied case studies.
With a large number of Facebook buyers shopping on Marketplace, the platform has exceeded Instagram and TikTok in the number of users who have completed at least one purchase in the last year through their network. The disproportionately high number of consumer-to-consumer sales accounting for their annual sales figure, however, makes it hard to know how successful Facebook is at achieving actual business-to-consumer social sales.
Snap partnered with Ipsos to survey over 25,000 people with the goal of better understanding what consumers and brands really think about augmented reality (AR). Their research revealed that while the majority of brands feel AR is primarily used for fun, consumer interest is around learning in immersive ways, traveling and exploring the world, and more. Plus, 70% of those surveyed believe that AR helps make the shopping experience easier and more enjoyable.
A recent Creator Insider sneak peak video revealed some new analytics coming to Creator Studio. The new features will provide greater insight into what audiences are interested in based on their search behavior and engagement on YouTube. They can also help with planning by giving a deeper look at what people are watching and how they move from video to video based on recommendations from the platform.
As previously promised, TikTok has increased the data available through their Insights tool to provide new filters and cards marketers can download for use in presentations. Trends can be analyzed across different demographic audiences, industries, seasonal time periods, and regions.
With a wide variety of ways for users to consume video across the Facebook ecosystem (Reels, Stories, Live, In-feed, Watch), Meta shared some details on how their algorithm determines what to show users, and where. This article explains the signals that have the greatest influence on video distribution: originality, ability to capture and retain attention, people returning to view more videos, and other types of engagement.
Four new features from Google are coming just in time for the holiday season. This summary (which is also full of general tips and best practices on how to reach consumers across Google’s network) details the new offerings, which include "product-specific insights," the ability to include estimated delivery dates and return policies in shopping ads, content API updates to seamless sales and promotion management, and more.
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Welcome to Scout! Each week, our team tracks down the best digital marketing articles, POVs, and reports—so you don't have to. Here’s what to read from the week of 9/16/22 - 9/22/22 to stay ahead of the curve:
Watch out, TikTok: there's a new creator fund in town. In response to increased competition from the home of the Nyquil Chicken Challenge (please, please don’t try it), YouTube is rolling out Shorts—a new feature that looks an awful lot like TikTok’s offering.
It makes sense that the DTC MVP would encroach upon the territory of social platforms like YouTube and Instagram...but Google, too?! According to the New York Times, many Gen Z TikTokers are now using TikTok as their primary search engine—and that may be kind of a red flag, given that one-fifth of the platform’s search results have been found to contain misinformation.
Patagonia founder Yvon Chouinard’s announcement that all company shares will be donated to charitable causes sets a new standard for brand authenticity. And the brand’s decision isn’t just a win for the planet—it's also in lock step with the 94% of consumers who report they want to live a sustainable lifestyle.
The news from Patagonia is a great example of how the brand playbook is evolving in today’s uncertain times. With a variety of economic and geopolitical factors challenging brands and agencies, this piece offers advice on how marketers can reframe those challenges as opportunities, and explores strategies all companies can use to weather the storm.
The Advertising Research Foundation’s fifth annual Privacy Study found that most consumers find it “somewhat acceptable” for brands to collect certain personal data in order to serve more relevant ads. So first- and second-party data for the win, but the third-party cookiepocalypse continues to loom (although, who’s taking bets on another pushback?)
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