From a presentation this week at the Social TV Summit (Yes, I too didn’t know this conference even existed):
The correlation with ratings [and Tweets] is much stronger. When you look at the volume of same-day Tweets about a show, it’s a significant factor in explaining that show’s ratings. “If Nielsen’s our blood pressure, I’d like you to think of Twitter as our heartbeat. It’s the EKG of attention around a show.”
This is just another example of why Steve Jobs and so many others have been obsessed with distrupting the TV industry. The Neilsen ratings model of TV measurement has always been fundamentally broken. Digital TV services (Apple TV, Boxee, Roku, etc.) and services like Twitter and IntoNow now give marketers, advertisers and media companies the opportunity to mash up data sources and extract a level of insight never before seen.
Twitter alone can deliver a depth of knowledge at the aggregate level is pretty staggering and this is just another example of that. Services like DataSift and Gnip enable you to tap into the Twitter firehose and dig into some pretty amazing insights that can help inform so many business decisions.
Over at Mediapost, a spot on article about how the advertising and ad agency world is lagging behind from a technology and measurement perspective. The article is basically saying that the elevator is going to the top floor, but no one is home. They understand what needs to be done but have zero idea of how to get there. And if they don’t know, someone else will walk in (i.e Google), figure it out, and put them out of their misery.
As much as the industry sees this exciting vision, there are fundamental steps the industry needs to take to get there. Last year the steps required the industry to create open platforms to connect a fragmented industry.
Future steps include:
1) Measurements must align in display ads against consumer behavior such as dwell time or passive or active engagement.
2) Make processes within agencies quicker and easier through technology.
3) One system for all inventory processes.
Agency reps have been spending too much time cutting and pasting into and out of Microsoft Excel. So, MediaMind created a dashboard to centralize all information for media buyers. It aims to simplify the process of managing ad campaigns across Facebook, mobile, display and email. It also helps buyers find audiences.
The MediaMind version 2.0 product launch this week focuses on tackling the immediate tasks at hand, which Donaldson will address at Digital Experience Day (DED). He says it’s necessary for agencies to embrace this concept now to manage any kind of future change as digital and traditional media converge, and look at “smarter’ ways of engaging consumers.” But that’s really only the beginning.
The advertising industry will face serious issues if technologists don’t step up to nurture this transition.
This is hardly a revelation to me since the advertising and marketing world still relies on the dinosaur aged Neilsen Rating system to measure TV audience…a measurement system derived in the 1960’s and 1970’s that is the biggest joke and the industry’s dirty little secret. It still baffles me that an entire multi-billion dollar industry is based completely on a panel based model who’s methodology has not changed much in 25 years.