According to (Hisrich, & Ramadani, 2017), a combination of factors is taken into account while aiming towards the success of an advertisement firm. The creative resource is very important for success, (Hisrich, & Ramadani, 2017). Advertisements should be intriguing and captivating to be effective. Employees should be able to come up with creative and unique ideas for the firm to get return business. Secondly, good data collection and analysis system is also critical for success. A good firm should be able to determine consumer behavior and changes associated with it, population demographics and the combination of the two to be successful.
Several areas still need improvement to ensure the firm maximizes profits. Newer and complex analytic models should be implemented to cope with increased sources of data. A new technique of data collection is being invented, and the firm should have the right tools to further compute the data into something useful. Increased use of analytic data by the design department should also be implemented. Designs influenced by the analysis of the market will be more relevant.
Humans are always predisposed to record data. Before the invention of writing, records were recorded and transmitted through songs and folktales, (Lyons, & Marquilhas, 2017). These records were not reliable as authenticity was always difficult to prove. In the twenty-first century, highly developed computing and cloud technology allows for collection and storage of vast amounts of data. The data collected are stored in databases. Some are open to all while others are proprietary and one needs special permission to access. Businesses, which are potential clients, also have a tradition of keeping data. Depending on the size and scope of the business, data provided can be comprehensive and cover a wide range of datasets.
There is data on almost all relevant topics. Developments in data mining applications have also made the acquisition of data easier. Access to good quality proprietary data can also be very expensive, (Shmueli, & Lichtendahl Jr, 2017). Database companies spend a lot of money to collect data and charge premium amounts to disseminate it. The firm has several sources of data that they use in analytics. One of the sources of the data for the firm is Mintel Reports. This database has information on consumer products like food, clothing, electronics, and automobiles across the United States and Europe. Simmons OneView database is also used to provide data for consumer research. In addition to detailed information on consumer behavior, it also has information on psychographs that give more insight into the consumer trends. Product Launch Analytics is another source that gives the description of millions of new consumer products.
In addition to consumer information, data is also collected on the advertisement industry. It is essential that you know your marketplace very well. If contracted, you should be able to know the kinds of advertisement that has been published before on the subject and how successful they were, (Gill, et al., 2017). Having this information can be the factor in the success of an ad campaign. One of the sources of this information is the AdViews database. This database contains digital commercials created by DMB&B (DArcy Masius Benton and Bowels) agency. Changes in advertisement practices from the 1950s to date can be scrutinized using the information in this database.
However, these sources alone are not enough to give the firm a competitive edge in the industry. The firm should focus some of the resources to creating their own database. Having a proprietary database managed by the firm will give high-quality data that is credible. The firm should also invest in new models that consider the specific requirement of the firm instead of relying on open source analytic tools that are broad and do not respond appropriately to the needs of the firm.
There are also several other open source databases that the firm can obtain more information. Some of them include Ad*Access that contains information on advertisements between 1910s too late 1940s, Ad Council PSA archives that contains a database on current and historical public service announcements and PsycINFO, (Giordano, 2017). Although the latter is a psychological database, the information contained in it is very beneficial to advertising. Polling the Nations is another database that the firm should be considering. It contains international opinion polls on several issues that may be of importance to the firm.
Hiring specialized labor to come up with a new analytic tool is expensive. One way to go is to use one of the several open source analytic tools found on the web. In addition to the free Google Analytic tool that the firm currently uses, other open source analytic platforms like Piwik can be used. The major advantage of Piwik is that there is the option of cloud-hosting for those who do not have servers.
Analytics strategies will certainly give you a competitive edge over your rivals. But before any strategy is implemented, it is important for everyone involved to understand the importance of analytics in the organization, (Paley, 2017). This process is time-consuming and only once the stakeholders understand the necessity that they can complete the process successfully. That is why the first step in my strategy will be educating the management and design department on the importance of analytics in this line of work and shows them how to successfully use it. This will make the organization data oriented. If done properly this should create a culture that favors analytics.
The next step will be to ensure the continuous flow of data. Access to data, either the open source or proprietary, is a requirement for analytics to work. Depending on the financial position of the firm data can be obtained freely or bought. Plans will also be put in place to create our own database that will contain the firms proprietary database.
Open source analytics software will also be used in the initial stages of the firms growth. Decent and helpful information can still be obtained from these platforms. However, work on proprietary analytic platforms and models should be in the firms development plans. These strategies will ensure the information obtained through analytics is tailored towards the needs of the firm.
Most of the agencies are already doing this is the market. To gain the competitive edge the firm has to do more to offer more. Systems can be put in place to track the success of an ad campaign, (Jarach, 2017). Most of the platforms are interconnected. One may see an ad on the television, after which they will go online to research more and ultimately buy it. Emphasis on the integration of these platforms should be a priority for the system designers.
For example to check how effective print ad is, a geotag can be created to tag anyone who searched information related to the ad close to the location of the poster. From here target adverts can then be shown to the customer. If it was a television ad, those who do an online search when the ad is on can be tagged for more content. This will make advertisement campaigns more successful.
It also recommended that more emphasis should be made on the use of analytical data other than market research. M...
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