Ultimate Efficiency in Digital Advertising: Real Time Bidding (RTB)
Dictionary definition of efficiency is the skillfulness level in avoiding, barring or deflecting wasted time and effort in any task. Traditionally in digital advertising, multiple parties involve in campaign processes. Advertiser or Buyer, buyer's agency, the agency's creative vendor, the agency's account managers, sales operations, sales managers of publishers, sales side operations, ad serving operations, reporting staff and this cycles all the way back to the advertiser. While this is exhaustive, it is also prone to many delays and human errors as multiple touch points by multiple parties on various occasions.
Real Time Bidding (RTB) method overcomes this challenge and streamlines the entire processes. Buyers approach to Demand Side Platforms (DSPs) with their intention to buy whereas they will find publishers' inventory already put up for picks. Buyer offers a price and if that is the highest paying bid, it wins the impression and serves the campaign. It happens in real-time. It involves few parties. Machines work, human operates. Less human intervention and errors. High speed. Effortless. No negotiation. No paperwork.
While this is nothing new to search advertisers who knows they can only win the best search result slots with their product or service relevancy, bid price and key phrases. Now similar concept is also applying at digital advertising but mostly on the "bid price" part. Therefore, it requires the buyer or the advertiser to have a good understanding of the platforms' performances, applicable rates and have capabilities to review the results timely to act promptly and seize the better opportunities that may emerge. Yes, it eliminated a lot of processes and human intervention and its related possible errors. But it introduces the new science.
Osprey Media Lab defines programmatic advertising as an automation of process and decisions, driven by data, powered through machines. It streamlines the buying processes, expands the potential reach, provide stronger pricing power to its clients with better control and unifies the real time campaign management via single dashboards that allows consolidation of fragmented data into actionable insights.
To boost your campaign efficiencies and exploit the RTB's powerful advantages, contact us now.