Nachiket Deole highlights the media dollars marketers don't realise they are wasting
In this day and age, characterised by an increasingly digital world, leveraging the power of data-driven marketing, advertising, and technology is significant for businesses and brands who are looking to stay ahead of the curve. Though just two years old, DATAMATIX Summit and Awards is becoming the ultimate platform for industry leaders, marketers, advertisers, and tech enthusiasts to gather, collaborate, and discover the cutting-edge developments that are shaping the digital ecosystem.
The 2nd edition of DATAMATIXX 2023, held on July 28 in Mumbai, saw a special keynote on ‘The Media Dollars You Didn’t Realise You Were Wasting’ by Nachiket Deole, Sales Director, Double Verify.
Nachiket Deole started his address by looking at the consumer that we have today. He referred to a study carried out by Double Verify to find out the changing consumer behaviour in the post-pandemic period. One of the questions asked to the respondents was about how their online purchase behaviour has changed in the post-pandemic period vis-à-vis the pre-pandemic period times. He said, “Interestingly, in India, 74% of the respondents claim that their online purchases have increased compared to the pre-Covid days. That’s a massive increase in online buying; if you look at the global numbers, including the US, UK or Australia, they are in the range of 50%. Thus, India is still scoring pretty high and I think this number is going to grow, because we are just at a cusp of this online shopping growth. So, it’s a very interesting insight there.
Sharing further insights, Deole said that when it comes to what are driving these purchase decisions, the study reveals that 57% of the respondents said that the more time they spent online, the more aware they became about the options available. 62% said that they spent longer time online in researching brands before making an important purchase. Thus, if it’s a high involvement purchase, they spent more time researching on it online. “So, before they go to a showroom to make the purchase, they have made up their mind probably 80% of the time. Therefore, you have to capture them at the right time and at the right place – when they are buying online and not wait for them to arrive at the showroom to make a purchase decision.”
At the same time, Deole also highlighted the problem of plenty, in that 50% of the respondents indicated the more brands they are exposed to, the more they were likely to compare, but it doesn’t help them solve their buying needs, in fact, they end up spending more time comparing than buying. 44% of the respondents said that the volume of choices online made it more difficult to make a purchase decision. It's not easy for them to buy a particular product.
Deole here noted that $81 billion globally are wasted in non-human traffic. “Half of global marketers are concerned about brand safety and suitability and the quality of traffic. They don’t know where their ads are being placed. Quality, combined with performance, will ensure success. If your input is qualitative, then definitely your outcomes are going to be more qualitative,” he said, adding, “They will give you a much better audience that you are engaging with and a much better consumer who can deliver much better ROI for the dollars that you are spending.”
These are edited excerpts. For the complete keynote address, please watch:
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