The Metamarkets study says outdated analytics tools can’t handle the volume and velocity of programmatic data.
In a new study, ad tech analytics company, Metamarkets finds that while the programmatic ad marketplace has boomed, the analytics tools needed to understand it has lagged behind. According to the study, the traditional analytics tools being used today are not able to process and efficiently analyze the 600 billion daily programmatic ad transactions.
To understand the issue Metamarkets looked at how marketers and advertisers are currently analyzing the wealth of data created in the programmatic ad marketplace and found the current approaches are lacking. The company report details how most marketers rely on static reports which get old quickly.
Beyond the lack of real-time analysis, the marketers are using databases that are slow and cumbersome. Current analytic techniques require databases to be asked specific questions and these queries must be set up by a data scientist or some other specialist. This often means the user (brand, marketer, or advertiser) must wait hours or even days to get their results. In some cases, by the time answers are delivered they are no longer relevant.
Metamarkets surveyed programmatic marketing professionals to understand how they use data and how satisfied they are with their current analytics. According to their survey, 67 percent of markets are “not satisfied with their current programmatic marketing campaign reporting and analytics solutions.”
Perhaps even more troubling, over 50 percent of programmatic marketing professionals said if their analytics and reporting solution indicates an anomaly (auction errors, low performing inventory, etc.) it takes days to find the cause. This kind of delay can cost marketers and big advertisers losses and result in many missed opportunities.
As Matt McLaughlin, the chief operating officer of DoubleVerify, explains in the report, “In the programmatic environment, buyers are looking at any possible data insight they can leverage to improve performance.”
In the report, Metamarkets argues that a new approach is needed. Dubbed “interactive analytics” the Metamarkets’ approach focuses on real-time data combined with historical data to provide context.
As Mike Driscoll, Metamarkets CEO, explained to Real-Time Daily, the interactive analytics approach offers marketers a complement to programmatic media buying in the form of, “fresh data, self-serve dashboards and the ability to slice and dice data and drill into any specific metric, as opposed to having a predetermined set of questions to pick from like many traditional analytics tools offer.”
The interactive analytics solutions touted by Metamarkets operates three main features that are supposed to improve on traditional analytics: real-time data, instant drill down, and self-service.
Real-time data means no waiting for fancy reports. Using visualization software that can update in real-time while overlaying current information with historical information, interactive analytics allows marketers to see what is happening with their programmatic ad buys immediately and make changes as needed.
Instant drill down means that data can be analyzed immediately and without creating complicated queries. An interactive solution needs to allow users to dig into data quickly, even if they hadn’t thought of the question before collecting the data.
Finally, the most significant advantage of interactive data is that it should be easy to use and not require advanced data degrees to conduct the analysis. Metamarkets argues for the creation of easy to use interfaces that will allow marketers to perform their analysis quickly and without an intermediary.
It’s probably true that current programmatic Ad solutions don’t seem to be delivering the impact marketers and advertisers want. Issues like ad blocking and consumer distaste for traditional, and sometimes intrusive, Internet ads are making it more and more important for brands and advertisers to understand their audience. Interactive analytics may be a new tool for marketers to try and keep up to date with a rapidly changing marketplace.