17 Jul The importance of tracking advertising and media analytics
The advertising industry is reliant on consumer trends and behaviors to ensure that businesses can make the most out of their investments. But, trends can often be hard to quantify and understand. As such, many companies have developed their own methods to try to understand these trends, some of which involve custom database software that allows them to organize analytics and statistics. While, other companies may make major investments and acquire an entire analytics company.
According to the Wall Street Journal, TiVo will buy advertising analytics company TRA Inc for roughly $20 million, a deal which will be finalized before the end of July. TiVo's acquisition of TRA – which stands for The Right Audience – is believed to be a move to help advertisers target their campaigns more effectively.
"With this new level of unique audience insights and analytics, TiVo will be able to provide insights nobody else has in an industry increasingly seeking alternative ways to measure audience behavior accurately while increasing efficiencies in media spending," said TiVo CEO Tom Rogers to the Journal.
In addition, Perks Associates – a market research company – released a survey showing that more individuals are using smart TVs to consume media than ever before. In fact, 75 percent of smart TV owners in the United States watch on-demand online movies or TV shows at least monthly, which has gone up from the 57 percent in 2011. Also, 71 percent of viewers watch online TV shows at least monthly, which increased 20 percent from last year.
Clearly, it's become important for advertising companies and broadcasters to maintain an accurate view of their analytics, regardless of whether these are coming from live programming or on-demand sources such as TiVo.
If these agencies wish to gain clear insight into their analytics and overall effectiveness of their advertisement campaigns, they may want to use custom database software that can efficiently store and categorize the major data these companies need.