Imagine an alternative person who can make decisions for you, who can work on your tasks like understanding, analyzing, identifying, predicting based on past experiences or data. This person basically makes your life easier. Isn’t It?
AI is definitely on its way to redefine the landscape of ad tech by predominantly altering the media fabric by assisting on several fronts for the media players especially in Media Buying.Here is the detailed overview of numerous possibilities of AI in Media buying.
What is Media buying?
Media buying is the process of buying offline or online media space to run advertisements in the digital landscape.
Media buying is one of the vital steps in the advertising industry. The goal is to identify channels & purchase placements or ad spaces which are most relevant and appropriate to a brand’s audience at the right time and for the least amount possible. If the media buying process is done efficiently, buyers can yield maximum exposure among their target audience for the least amount of spend.
Goals:
- To increase conversion rates
- To improve brand awareness
- To get more sign – ups , clicks, subscriptions and etc
AI in enhancing Buying efficiency:
Automated Efficiency:
- Automation of ad purchasing process via programmatic advertising
- Helps in buying ad spaces in real time using AI algorithms
- Helps in targeting specific audiences at the right time
- Helps to reduce human error
- AI in advertising ensures in optimal utilization of the advertising budget
Predictive Analysis:
- AI can predict which audiences are most likely to interact with specific ad content as it understands and consumes data of user behaviours, preferences and engagement patterns
- As AI analysis vast datasets, patterns & insights, this will help in maximizing engagement and Return on Investment (ROI)
- Helps in enhanced targeting accuracy in media buying
Dynamic Future- proofing:
- With the changing times & consumer behavior, there is a need for quick adaptation to the changes in the market for emerging trends.
- By constant feeding, learning and optimizations, AI driven media buying strategies helps in ensuring smooth functioning of business to remain competitive & staying ahead in the dynamic digital landscape
Dynamic Creative Optimization (DCO) :
- AI can help in generating ad creatives which are tailored to specific audience groups or individual users in real time by analyzing datasets
- This can be beneficial for creating personalized messages,resonating with different audiences & demographies
- This level of AI contribution boosts user experience as well as ad’s effectiveness
Detection & Prevention of Ad Fraud:
- Ad fraud is omni present in the ad environment and a persistent challenge.
- AI can identify and mitigate fraudulent activities in the real time
- Like identification of bot & invalid traffic, detecting anomalies which indicate fraudulent behavior
- AI could possibly ensure proper spending of media budgets on genuine and impactful areas of engagement
Real-Time Adjustments:
- AI systems can help in adjusting campaign performance in the real time.
- Dynamic changes to bidding strategies, maximizing the effectiveness of campaigns are some controllable inputs.
Numerous buyers and Demand Side Partners (DSPs) are using AI models to leverage media buying processes. Marketing architects, DISH networks, JP Morgan Chase, Netflix, and etc are some of the familiar names which are using AI in the media buying process.
Challenges or Limitations:
Data Quality: Reliance of data feeding is both a boon and concern as AI and Machine learning produces outputs based on them. Feeding of poor data can lead to inaccuracy in predictions and inefficiencies in strategies.
Environmental Concern: Application and adaptation of AI will further increase the carbon footprint thereby damaging the environment
Loss of Human Touch: High usage of AI can lead to diminishing human creativity and strategic planning of marketers.
Finally, the advent of AI is inevitable and the adaptation to AI in the digital advertising landscape is only a beginning and the possibilities are endless. Advertisers tools in media buying and planning can be upgraded with the coming of AI. Understanding, adaptation & rectification of AI’s limitations can advance ad tech endeavour on all fronts.
How can DataBeat help here?
DataBeat always quick in adapting to the dynamics of ad tech environment and stands at the forefront of using artificial intelligence to transform media buying procedures for enterprises. DataBeat can assist businesses in optimizing their advertising tactics and achieving their marketing objectives. Real time campaign adjustments, efficiency in media buying, etc are some possible yielding areas.
