It’s time to start using attention data to better inform advertising campaigns and reduce wasted spend, says Magnetic Data CEO Phil Townend.
Townend addressed members of the advertising industry during an event run by the data solutions startup at Te Papa Wellington last week.
His keynote speech, Unlocking the attention economy, discussed how marketers can better capture audience attention, especially in a world where consumers are constantly overwhelmed with stimuli.
First and foremost, understanding audience attention is key to reducing wasted advertising spend – defined as those moments in ads when less than 20% of viewers are still actively looking. Magnetic estimates this wasted spend as 58%, costing $ 1.89 billion annually in the New Zealand market.
Townend highlighted the need to use attention data to inform the role of each media channel and build creative content that maximises the limited attention available on different platforms.
Predictive analytics is transforming the creative process by allowing for detailed analysis of any visual ad creative, enabling fine-tuning and optimisation before they go live, he added.
Reflecting on the event, Townend says, “This series is a fantastic opportunity to share and discuss innovative strategies and technologies that can revolutionise media and creative measurement and optimisation. It’s about making every advertising dollar count by moving from viewable to viewed, and ensuring ads are seen and engaged with.”
The event provided a platform for interactive discussions and networking, allowing industry professionals to exchange ideas and insights. Designed to foster industry collaboration and innovation, these events will continue to be hosted by Magnetic throughout the year, with the next one scheduled for Auckland.
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