Consumer behavior has been forced to immediately change as a result of COVID-19, and change on a massive scale. The transformation in consumer consumption is fluid, and we can expect it to continuously evolve over the coming weeks and months. For us marketing professionals, it poses the opportunity to shift and re-align to meet the needs of our ever-changing customers.
A seasoned advertiser is familiar with how to roll out a new digital strategy in “normal” times. That said, very few do so at the scale and the speed suddenly required by the new world we live in today.
As restrictions are lifted, and we begin to settle back to the hustle and bustle of our familiar routines, we will continue to see consumer behavior evolve. The fluidity in the unchartered waters we’re all sailing in will require flexibility, control, reactivity and transparency across all aspects of our digital programs, optimization and budget allocation in particular.
And while many advertisers will look to Smart Bidding to execute on their campaign optimization and budget allocation, it’s important to consider the restrictions that Google’s automated bidding solution presents--including the prerequisites that we’ve laid out above--flexibility and control, reactivity and transparency. Not to mention, budget pacing and scenario forecasting is unavailable with Smart Bidding, so advertisers are unable to evaluate new optimization opportunities before testing them out in the real world. See below on what we mean.
Flexibility & Control
One of the most widely-known and influential thinkers on management, Peter Drucker, once said, “Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window.” This statement, now more than ever, is very true. Consumer behavior is changing by the day, and the search auction is a highly dynamic environment. Advertisers can benefit from flexibility.
Marin Software’s technology solves for this challenge through Device Adjustments, Exclusion of Date Ranges in Bidding Calculations, and Malleable & Bespoke Optimization Bidding Targets. And rather than only catering to Google, Marin Bidding can also be applied to an advertiser’s Bing, Amazon, Apple Search Ads, and LinkedIn campaigns. Our solution optimizes for you, the advertiser, and not the publisher, and works across many different channels.
As markets and industries shift, advertisers will need to react to sudden adjustments in the marketplace. For an e-commerce advertiser, this could be a sudden increase in a product category that you had not anticipated. For marketers in insurance, it could be reacting to the sudden change in profitability across a vertical. Such shifts require prompt and agile adjustments, and Smart Bidding is not equipped to handle this.
The MarinOne platform was designed with just this in mind. Within MarinOne, advertisers have the ability to layer custom modifiers in bulk, at scale to tailor any adjustment grand or slight. Couple this with the fact that Marin is open-stack and easily able to ingest any first-party or third-party business intelligence data to automate and streamline such adjustments to ensure you never miss a trick!
Transparency & Publisher Independence
For many years to come, we will be reflecting on the spring of 2020 as the time of perplexing changes in our lifestyle. The effects for many businesses will be great, and the financial leaders of these organizations will be mindful of every investment made as they return to growth. With this in mind, we expect a wider call for transparency and publisher-agnostic partnerships. A true evaluation of marketing investments will carry an even greater weight in understanding publisher performance.
The Marin Software ethos is to deliver the best performance for our advertisers, regardless of publisher. In doing this, our technology offers absolute transparency into all areas of optimization and budget allocation - an area we increase to invest in with exciting things to come this year. Without access to the complete bid history of any keyword or any individual auction, like that of Smart Bidding, there’s no way for an advertiser to unpack the selection criteria, optimization signals or decisioning systems for their campaigns.
What to do...
According to a recent McKinsey publication on how to navigate Digital Transformation in a Crisis, now is the time to act. Playing it safe now, understandable as it might feel to do so, is often the worst option.
As we emerge, and consumer behavior continues to evolve, agility will be forced upon us. As marketers, we’ll need to use everything in our power to control shifts, react and be flexible to our surroundings. Marin is here as a partner to equip advertisers with technology, insights and support to guide them through the journey ahead.
If you’re interested in learning more about the differences between Marin Bidding and Smart Bidding, check out our dedicated page.