Nielsen Compass is a leading database which leverages the company’s global scale to establish standards for campaign outcome measurement.
Advertising companies and brands heavily invest in campaigns to market their products. Brand promotion has become an integral part of any organization to reach out to customers and consumers. Unlike traditional marketing, the organizations are now leveraging digital marketing tactics to advertise their products and to reach out to maximum audience and customers. Often these digital marketing campaigns and products require huge amounts of investments by the organizations that do not see the positive outcome. Moreover, many parameters contribute to the success of digital marketing advertisements and campaigns. These include brand promotion, targeting the right audience, driving meaningful insights from the sales and revenues, and analyzing the customer behaviors and patterns, amongst others. As organizations can not foresee the impact of the brand campaign, they many times end up applying the wrong strategy for the projects, leading to failure and low return on investments (ROI’s).
To rectify this, the Information and Data Measurement firm Nielsen has launched Nielsen Compass, a powerful world-leading database which leverages the company’s global scale to establish standards for campaign outcome measurement. The dataset covers critical elements from marketing campaigns including brands, pricing, promotions and media platforms providing a common measurement language across advertising buyers, sellers, and agencies. Each year the aggregated dataset is updated with approximately 25,000 campaign return on investments, 100 categories and 50 countries.
Moreover, the company is positive for contributing to the C-suite executives’ demand for greater accountability and impact from their marketing plans. Nielsen notified that with Nielsen Compass, the marketers can make data-driven decisions to optimize cross-media campaigns across TV, digital video, display, social, search, print, out-of-home and radio to deliver the largest return on their advertising spend.
Matt Krepsik, General Manager of Planning and Outcomes Products at Nielsen said, “Each year, billions of advertising dollars go to waste, as marketers rely on incomplete data when making decisions on their cross-media strategies, especially when attempting to scale across countries and brands.”
The brands that leveraged Nielsen Compass have been able to optimize and increase the effectiveness of their cross-media investments incrementally by up to 70% more than brands that have solely relied on market perceptions and gut feelings for their media allocation.
Moreover, this dataset offers flexible delivery methods based on client needs, including an interactive user-interface, dynamic reports with advanced calculations via file delivery, as well as feeding directly into Nielsen’s media planning suite.
Matt Krepsik added, “There has never been a more dynamic and challenging time to be a marketer.”
With the help of existing machine learning capabilities of Nielsen, and the Compass’ database, the companies can expect a robust predictive outcome measurement to optimize the media spending. The database is designed in such a manner that it enables the advertisers, agencies and publishers to maximize every ad dollar in their campaign with consistency, transparency and collaboration across the media value chain.
Dena Palmeiri, Nielsen’s lead for marketing effectiveness customer success for APMEA (Asia-Pacific/Middle East/Africa) said, “We look at many different execution metrics, from spending to media costs, and all that is data-driven from Nielsen outcome measurement solutions and pooled into the Nielsen database to allow advertisers, publishers or agencies to understand the norms and metrics for whatever country, category or sub-category … basically, any data they are looking to understand. ”
The company is currently targeting the Malaysian industry to market Nielsen Compass. Since the Malaysian industry has limited advertising budgets and lack of advertiser’s time and experience due to its geography, Dena explained, “The brands want to [identify the gaps] in its marketing execution. We were able to help them understand that it was under spending compared with its competition, especially in the digital area. This led to a 23% increase in incremental sales, owing to a change in its media advertising. We helped brands optimize its mix between digital and TV where it was under investing,”
The small and medium enterprises in Malaysia have refrained itself to utilize such technologies for digital marketing, due to the dearth of resources. Owing to the COVID 19, globally the shift has been observed in advertisement targets, protocol and investments. Advertisers and agencies are currently keen to invest in projects which promise a maximum return on investment with smaller budgets. That’s why Nielsen is positive that their product will deliver the outcome with its full capability.
Matt Krepsik reassured that, “Our mission is to deliver outcome measurement around the world so marketers can maximize their ROI, move with velocity and be budget-friendly. We launched Nielsen Compass as an answer to an industry calling for better outcome reporting measurement.”