Fox Broadcasting’s executive vice president of marketing (EVP) Laurel Bernard has highlighted the need for a wider use of data rather than just using it to generate audience insights.
At Simulmedia’s PeopleFront 2015 event in New York City, a number of marketers discussed the opportunities and challenges of applying data to advertising in the television industry at the ‘Making TV a Data-Driven Decision’ panel.
Panelists who joined Bernard included: Liza Landsman, EVP and chief customer officer at Jet.com, Robert McDowell, senior vice president (SVP) of marketing & distribution at Choice Hotels, and Karna Crawford, SVP and head of marketing strategy and digital at J.P. Morgan Chase, Consumer Bank.
Bernard said that the amount of data available for marketers is bigger than anyone can handle and that it is important for companies armed with data to recognize the solutions it can provide rather than focus on promoting their "bells and whistles."
“A lot of people are jumping in and can pull out insights and interesting things but turning it into something we can use quickly and effectively is a challenge,” she said before adding that data can only go so far when it comes to advertising whether it be TV or digital.
“If you don’t have a creative product at the core, you can talk about data all you want and you’re still sort of stuck,” she continued.
Choice Hotels' McDowell said that the business is focusing on raising awareness and driving consumers to its e-commerce site.
McDowell said the company has detailed information on search and display advertising in terms of how marketing spend affects business, but added that it can be more difficult to measure the return on investment when it comes to television spend.
He also discussed how digital targeted marketing results are able to be viewed at a quicker rate as opposed to the TV realm, which he said can take months.
“Getting results faster is something that we want. How do we speed that up even though we’re likely to not get real-time?” McDowell asked.
The panel was moderated by Jenny Rooney, editor of the CMO Network at Forbes.