Programmatic Marketing Beyond RTB - from eConsultancy

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Marketing

Published on March 6, 2014

Author: eldadyogev

Source: slideshare.net

Description

See where Programmatic automation stands today, and where it is going.

Programmatic Marketing: Beyond RTB is aimed at marketers, agencies, and publishers who want to understand the new programmatic landscape and its applications beyond real-time bidding (RTB). Today, new technologies and approaches are connecting buyers and sellers, and eliminating many of the manual tasks associated with planning and buying digital media.

eConsultancy does an excellent job exploring the new programmatic direct landscape, the implications for demand- and supply-side players, and the barriers to successful adoption. Includes insights from key executives in ad technology, agencies, and publishers, as well as daily practitioners.

Divided into six sections:
1. Overview / Introduction
2. Programmatic definitions
3. Demand side
4. Supply side
5. Transactional RFP workflow
6. Conclusion - Where are we now?

The report explores the following key questions:
 What is the difference between programmatic and automation?
 What is needed to embrace a programmatic approach?
 What are the benefits of a programmatic approach to transactional media?
 How will my company’s organisational personnel needs change?
 What are the barriers to successful programmatic strategy implementation?

Market Data / Supplier Selection / Event Presentations / User Experience Benchmarking / Best Practice / Template Files / Trends & Innovation  Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape

Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Published December 2013 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013 Econsultancy London 4th Floor, Farringdon Point 29-35 Farringdon Road London EC1M 3JF United Kingdom Telephone: +44 207 269 1450 http://econsultancy.com help@econsultancy.com Econsultancy New York 350 7th Avenue, Suite 307 New York, NY 10001 United States Telephone: +1 212 971 0630

Contents 1. Overview .......................................................................... 5 1.1. 1.2. 1.3. Methodology ................................................................................ 5 About the author ......................................................................... 6 About Econsultancy .................................................................... 6 2. Introduction: Pivoting to Programmatic Direct .............. 8 3. Programmatic Definitions .............................................. 11 3.1. 3.2. 3.3. 3.4. Defining programmatic direct ................................................... 11 Defining programmatic RTB ..................................................... 15 Refining and defining by programmatic approaches ................ 17 Chapter summary: programmatic definitions........................... 17 4. The Demand Side ........................................................... 19 4.1. 4.2. 4.3. 4.4. 4.5. 4.6. Agency trading desks................................................................. 22 Agency culture and personnel................................................... 23 Agency pricing models and programmatic ............................... 26 Fraud: the elephant in the programmatic room ...................... 27 Standards ................................................................................... 28 Chapter summary: programmatic direct and the demand side ............................................................................................. 29 5. The Supply Side ............................................................. 30 5.1. 5.2. 5.3. 5.4. New monetisation options: programmatic direct, native, etc. .............................................................................................. 32 Programmatic direct: a sales channel or real trend? ............... 32 Programmatic direct and organisational change ..................... 34 Chapter summary: the supply side ........................................... 35 6. Transactional RFP Workflow ........................................ 37 6.1. 6.2. 6.3. 6.4. 6.5. 6.6. 6.7. Research .................................................................................... 38 Media planning.......................................................................... 39 Demand-side order management ............................................. 40 Demand-side ad serving ............................................................41 Supply-side order management ................................................ 42 Supply-side ad serving .............................................................. 43 Billing and reconciliation .......................................................... 44 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 3 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

7. Where Are We Now? ...................................................... 45 8. Contributors ................................................................... 48 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 4 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

1. Overview Programmatic Marketing: Beyond RTB is aimed at marketers, agencies, and publishers who want to understand the new programmatic landscape and its applications beyond real-time bidding (RTB). Today, new technologies and approaches are connecting buyers and sellers, and eliminating many of the manual tasks associated with planning and buying digital media. In this report, we’ll explore the new programmatic direct landscape, the implications for demand- and supply-side players, and the barriers to successful adoption of programmatic approaches. The report includes insights from key executives in ad technology, agencies, and publishers, as well as daily practitioners, to see where programmatic automation stands today, and where it is going. It’s hard to believe, but agencies and publishers are still closing digital media deals with fax machines. However, large-scale growth in web-based RTB platforms and increasing adoption from marketers is putting pressure on all sides to automate processes for buying and selling digital media. This report will explore the following key questions:  What is the difference between programmatic and automation?  What is needed to embrace a programmatic approach?  What are the benefits of a programmatic approach to transactional media?  How will my company’s organisational personnel needs change?  What are the barriers to successful programmatic strategy implementation? Readers of this report should come away with a solid understanding of current programmatic direct approaches, available solutions in the space, and how they can structure their organisation to implement programmatic techniques. The report contains key insights from some of the most recognised thought leaders and practitioners in the space from companies, including Adslot, AppNexus, Bionic Advertising Systems, Centro, FatTail, isocket, MakeBuzz, Maxifier, Mediaocean, OpenX, Operative, Rare Crowds, Rubicon Project, SAS, Shiny Ads, Strata, True Media, Yieldex, and many more. 1.1. Methodology This report aims to provide an unbiased, balanced look at manual process automation in digital media, aided by leading practitioners in the space. The author surveyed over 19 senior-level digital media and ad technology executives who provided detailed, written responses to a wide range of questions. In addition, the author conducted extensive phone interviews with programmatic thought leaders, and drew upon his own previously conducted research. The opinions in this report are the author’s own, and may not reflect the views of his employer or companies in which he holds equity. Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 5 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

1.2. About the author Chris O’Hara is the CRO and co-founder of Bionic Advertising Systems, author of several Econsultancy reports (Best Practices in Digital Display Advertising and Best Practices in Data Management) and a researcher and contributor to Econsultancy’s recently published Data Management Platforms Buyer’s Guide. A domain expert on advertising platform technology and programmatic media technology, Chris is a member of the IAB’s Programmatic Task Force, and a contributor to the recently published Winterberry Group/IAB whitepaper “Programmatic Everywhere: Data, Technology, and the Future of Audience Engagement”. He also writes frequently in industry publications including AdExchanger and Econsultancy. 1.3. About Econsultancy Econsultancy is a global independent community-based publisher, focused on best practice digital marketing and ecommerce, and used by over 400,000 internet professionals every month. Our hub has 200,000+ subscribers worldwide from clients, agencies and suppliers alike with over 90% subscriber retention rate. We help our subscribers build their internal capabilities via a combination of research reports and how-to guides, training and development, consultancy, faceto-face conferences, forums and professional networking. For the last 10 years, our resources have helped subscribers learn, make better decisions, build business cases, find the best suppliers, accelerate their careers and lead the way in best practice and innovation. Econsultancy has offices in London, New York and Singapore and we are a leading provider of digital marketing training and consultancy. We are providing consultancy and custom training extensively across Europe, Asia and the US. We train over 5,000 marketers each year. Join Econsultancy today to learn what’s happening in digital marketing – and what works. Call us to find out more on +44 (0)20 7269 1450 (London) or +1 212 971 0630 (New York). You can also contact us online. Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 6 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

Recommended reports and content from Econsultancy Best Practices in Digital Display Advertising http://econsultancy.com/reports/best-practices-in-digital-display-advertising Best Practices in Data Management http://econsultancy.com/reports/best-practices-in-data-management Real-Time Bidding Buyer’s Guide http://econsultancy.com/reports/rtb-buyers-guide Data Management Platforms Buyer’s Guide http://econsultancy.com/reports/dmp-buyers-guide Online Advertising Survey http://econsultancy.com/reports/online-advertising-survey Improved performance and reduced wastage seen as main benefits of real-time bidding http://econsultancy.com/blog/63480-improved-performance-and-reduced-wastage-seen-as-main-benefits-ofreal-time-bidding Four years on: the growing pains of programmatic media (part one) http://econsultancy.com/blog/63079-four-years-on-the-growing-pains-of-programmatic-media Programmatic media unpacked (part two) http://econsultancy.com/blog/63254-programmatic-media-unpacked-part-two The nuts and bolts of programmatic marketing (part three) http://econsultancy.com/blog/63464-the-nuts-and-bolts-of-programmatic-marketing-part-three The future of programmatic media (part four) http://econsultancy.com/blog/63685-the-future-of-programmatic-media-part-four How far should programmatic marketing go? http://econsultancy.com/blog/62082-how-far-should-programmatic-marketing-go Programmatic premium is not about bidding http://econsultancy.com/blog/62028-programmatic-premium-is-not-about-bidding Why you can’t ignore programmatic marketing http://econsultancy.com/blog/11362-why-you-can-t-ignore-programmatic-marketing Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 7 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

2. Introduction: Pivoting to Programmatic Direct Despite almost continuous hype and billions in investment in LUMAscape companies, in 2010 only 25% of $9 billion digital display dollars flowed through programmatic real-time bidding channels. About 5% was bought on a sponsorship basis, and nearly 70% was purchased through the manual, highly cumbersome transactional request for proposal (RFP) channel. This ‘middle slice’ of the market is ripe for automation. Both buyers and sellers of digital media struggle with the complexity involved in digital media transactions – planners can easily spend hours manually sorting through available inventory and discovering prices to begin negotiating deals with the sellers or publishers; and publishers compete for these sales in a cumbersome, highly manual agency-created RFP process that keeps them at arms-length from advertisers. These inefficiencies – coupled with the exponentially increasing amount of inventory to be transacted online – helped create auction-based approaches to media buying (RTB), in which today’s programmatic movement was born. These new methods for transacting media rely heavily on technology and data to efficiently – and often automatically – manage the cumbersome work of digital media sales. Growth in RTB technologies, and widening adoption of their use for audience segmentation and targeting over the past several years has now spurred interest and investment in programmatic approaches to not just digital display inventory, but content creation and optimisation, and even workflow and back-end processes. In short, marketers see the potential to leverage digital addressability, real-time analytics, and granular levels of control to achieve their business and customer engagement objectives – and do so without the complexity that had previously been inherent. Figure 1: The 42 steps involved in the typical display media ordering process has created an opportunity for ad technology Source: Bionic Advertising Systems1 1 http://www.bionic-ads.com/2011/05/typical-online-display-media-order-process/ Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 8 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

Considering the complexity of digital media, the variety of creative sizes, millions of ad-supported sites, and dozens of ad servers, analytics platforms, order management and billing tools, it goes without saying that digital marketing is a hard competency for any organisation to master. On the demand side, advertisers have gone from managing the relatively limited number of media outlets offered by TV, print, and radio to a digital channel with literally thousands of choices. Publishers, facing a marketplace oversaturated with display inventory and a cumbersome workflow system, have had to become experts in technology and yield management to realise the most revenue from their readership. For both sides, RTB systems offered a way to buy and sell inventory via a web-based interface, rather than over the phone. From the start, advertisers realised the benefits that data-driven audience targeting brought, enabling specific audience segments to be found across ad exchanges – the major transaction platform for programmatic – rather than by purchasing contextually relevant content, or those whose visitor logs index highly against a desired demographic profile. Publishers, oversaturated with their own inventory, found a new channel to monetise mid- and long-tail inventory, which proved difficult to sell on a direct basis. Most marketers have embraced programmatic RTB vigorously for lower-funnel marketing activity such as retargeting, enjoying the ability to cherry pick segmented audience members without making large spending commitments, and have come to expect the kind of robust analytics that programmatic RTB platforms provide. The pipes have been laid to transact bidded media in near real-time, there is a seemingly endless amount of third-party data, and an ocean of exchangebased inventory upon which to place targeted media. Programmatic RTB works, is growing, and it is here to stay. That said, there is a reason why programmatic RTB has attracted more direct response dollars than branding dollars, and that is largely inventory quality. Publishers, afraid of data leakage and desirous of control over pricing and availability of top-tier inventory, have been unwilling to contribute premium inventory to exchanges. The most coveted placements must still be purchased via manual insertion order, and the transactional layer of inventory still commands the lion’s share of digital display budgets. This dynamic has led to what Bionic Advertising Systems founder, Joe Pych, calls the “Sutton Pivot”: “Willie Sutton robbed banks because ‘that’s where the money is’. Today, we are seeing many companies that provide automation in programmatic RTB pivot to try and provide programmatic solutions for guaranteed inventory.” Figure 2: Programmatic is just getting on the radar in 2013, as compared to RTB Source: http://www.google.com/trends/ Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 9 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

Make no mistake about it: there is a race to build technology that can provide programmatic access to higher classes of inventory, and everyone from small software startups to large service companies and well-funded leaders in programmatic RTB are looking to get in on the action. But how will digital marketing automation be accomplished: through new web-based programmatic direct software built from the ground up, or by leveraging existing technologies, and building features atop today’s programmatic RTB systems? Also, what side of the transaction will be most influential in creating the standards and protocols needed to make programmatic direct buying operate at scale: inventory owners, or marketers and their agencies? Over the next several years, we will see many of these questions answered, and the proof will be demonstrated by how much of that middle layer is automated. For Ian Lowe, CEO of Adslot, the programmatic direct platform which recently acquired Facilitate Digital2, the automation of this critical middle layer faces three distinct problems. First is the issue of cost: “The cost to buy and sell and fulfil of the average campaign schedule amounts to approximately 28% of the dollar value of the media itself. The vast majority of this is spent on the manual labour required to create complex iterative documentation, and manual data entry into multiple systems such as planning tools, ad servers, finance tools, billing tools and reporting tools.” The second issue is speed to market, which Lowe described as “agricultural in execution”. And the third barrier has been the absence of scalability, to wit: “The economies borne of scale have so far eluded the guaranteed display segment. As display ad spend scales the $40 billion barrier and continues to grow at 15% CAGR, and no evidence that our toolset of choice (spreadsheet and faxes) will ever offer us the scalability we need, we simply cannot sustain this level of inefficiency. More importantly, the stakeholder that bankrolls our industry – the advertiser – should not have to fund these inefficiencies.” Lowe, Adslot, and many other stakeholders are betting on the fact that marketers and publishers alike will not tolerate high transactional costs, slow execution, and lack of scale when it comes to procuring higher classes digital media. What is the dream of a programmatic direct future? The day when a media planner can log into a system, discover inventory, create an order for a guaranteed amount of impressions, deliver that order electronically to a publisher who can press an ‘accept’ button, and transmit that order through to his ad server. It’s a one-to-one transaction that eliminates thousands of keystrokes, dozens of spreadsheets, hundreds of emails, and even the occasional fax. It is also a future that both inventory buyers and sellers have desired since the first banner ad was sold nearly 20 years ago, and today an entire industry is hard at work trying to deliver. 2 http://www.adslot.com/adslot-to-acquire-facilitate-digital/ Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 10 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

3. Programmatic Definitions The rapidly evolving world of online media has been criticised for its ‘alphabet soup’ of ad technologies (RTB, DMP, SSP, etc.) and it is no surprise that confusion reigns in the programmatic landscape. Although the Internet Advertising Bureau (IAB) has recently released guidelines for nomenclature (see table below), consensus has settled around two types of programmatic buying: programmatic direct, which focuses on process automation, and programmatic RTB, which involves real-time, auction-based approaches. In this section, we will define and discuss both. Figure 3: IAB definitions Source: http://www.iab.net/media/file/IAB_Digital_Simplified_Programmatic_Sept_2013.pdf 3.1. Defining programmatic direct Also called ‘automated guaranteed’, ‘programmatic guaranteed’, and ‘programmatic premium’3, programmatic direct refers to the methodology by which advertisers and publishers automate the workflow process that exists for buying and selling media. According to an analysis of digital display spending by Arkose Consulting4, of the $9 billion dollars spent in 2010, nearly 70% were transacted in the negotiated market, in which buyers reserve inventory from sellers in a highly manual process. Despite the rapid growth and adoption of RTB over the last two years, the large majority of digital advertising still happens through the transactional RFP process, rather than in an automated fashion. The process for securing reserved inventory is notoriously inefficient, often taking up to 42 steps 5 for an advertising program to go from conception to ad serving, and involving multiple systems. The typical agency will leverage comScore or Nielsen for research; rely on the RFP process to http://www.adexchanger.com/data-driven-thinking/programmatic-direct/ http://www.arkoseconsulting.com/files/42501951.pdf 5 http://www.nextmark.com/wp-content/uploads/2012/06/Online-Display-Media-Order-SequenceDiagram.pdf 3 4 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 11 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

discover inventory pricing and availability from publishers, build their media plans in Excel, transact deals with paper insertion orders, even receiving approvals via fax, and will typically go on to enter placement details manually in an ad server interface. Once the first ad impression runs, more manual work ensues, involving manual optimisations, change orders, and the inevitable billing and reconciliation work to make sure invoices match differing inventory delivery numbers from demand- and supply-side ad servers. As other programmatic digital advertising solutions (Google search, Facebook, RTB) have taken hold, marketers have seen the first hand benefits of data-driven media buying through a webbased interface. Marketers that have benefited from having fast access to inventory, pricing control, seamless delivery, and the availability of built-in performance analytics, are increasingly eager to find similar efficiencies in other channels – especially in terms of reserved inventory. Increased efficiency has benefits for both sides of the transaction. Larger ad agencies that still operate on cost-plus pricing models are starting to get pushback from clients who are eager to shift the 8-12% of budget they are spending on non-working media spend to working media spend, increase their reach while decreasing their hourly labour bills. Smaller agencies, or those that operate on a fixed-fee basis, obviously benefit when they can shift low-value labour activity such as data entry to higher-value tasks (strategy, service) that result in performance gains for clients. Table 1: The experts weigh in What does programmatic direct mean to you? What inning are we in? Raju Malhotra, SVP, Products, Centro “It means automated or ‘machine to machine’ transaction. A media buy can be researched, negotiated, purchased, trafficked, optimised and billed all in one cloud-based interface that has a direct connection to the publisher’s ad server. In this model, theoretically, there should be no need for a buyer to ever contact a direct seller or even an ad operations person. Machines conduct this business for you.” “We are early in the game. Maybe it is the top of second inning, so the heart of the line-up is still coming up, because we obviously haven’t been hitting homeruns in the first inning.” Eric Picard, CEO, RareCrowds “There are two key aspects to programmatic direct. One critical aspect of programmatic direct is the automation of the buying and selling of premium inventory. The second key aspect of programmatic direct is ensuring that buyers are able to acquire the precise inventory they are seeking at a valuation that benefits both buyers and sellers. Programmatic direct means bringing a level of automation to the direct sales process and improving the current resource-heavy RFP / insertion order / targeting process of buying and selling ‘premium’ impressions.” “All media, even ‘traditional media’ will ultimately be bought and sold programmatically. Digital media will be completely programmatic within the next five years, and even traditional will be programmatic within 10 years.” Tom Shields, Founder and Chief Strategy Officer, Yieldex “The automation of some or all of the processes involved in buying, selling, negotiating, trafficking, optimizing and billing guaranteed media.” “Still in the first or second inning, 5-7 years from maturity is my prediction.” Ben Trenda, CRO, isocket “Programmatic direct creates interoperability between buy-side systems and publisher-side systems, allowing people to find each other and do business together seamlessly.” “Second inning. We could get to the fourth inning pretty quickly if some of the largest holding companies move forward with what they are currently working on. I like the analogy of RTB better. We’re at about 2009 on the RTB timeline.” Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 12 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

What does programmatic direct mean to you? What inning are we in? Roy Pereira, Founder and CEO, Shiny Ads “Programmatic: server-to-server, automated, real-time. “Direct: Connect the dots from the buyer to the seller, without any (or much) vendors or people in the middle.” “Over the next 12 months, we shall see not only small and mid-sized agencies embrace this new way of buying premium inventory, but large agency holding companies and their trading desks, demand-side-platforms, as well as buy-side ad tech vendors.” Matt Gay, SVP of Customers and Partners, Operative “We are using the correct terminology in the real world, but not in the way it’s gotten twisted in the media industry. What we are trying to do here (that has been done decades ago in other industries) is transact business in an electronic manner vs. manual manner. [Programmatic direct] means automating manual tasks between buyer and seller.” “We are in the fourth inning. We’ve had a couple of infield hits, 28 errors, a rain delay, a first-ever manager change in the middle of a game, 16 balks, seen an infield fly rule called (twice), and ejections based on HGH use. My point is, I think we’ve finally hit the ball out of the infield.” Doug Burke, General Manager and Chief Revenue Officer, FatTail “We are comfortable with programmatic direct to describe automated guaranteed sales of premium inventory. We only have clients with premium guaranteed inventory. [Programmatic direct means] an automated guaranteed selling solution for premium inventory.” “We are in the first inning. The media buying behaviour around the RFP process will have to radically change for programmatic direct to become the norm.” Jason Fairchild, Chief Revenue Officer, OpenX “Programmatic direct is a phrase aimed at pushing the notion of programmatic beyond the trading of low-value ‘remnant’ inventory on open spot marketplaces/exchanges powered by real-time bidding. The idea is not to automate the selling of all publisher inventory, but to partially automate the sale of ‘the fat middle’: medium-to-high-value, standard-format inventory transacted between known publishers and buyers.” “Perhaps the third / fourth inning? We’re really yet to see programmatic transactions hit the substantial majority, but if Karsten Weide at IDC is correct, we’ll likely be experiencing 80% of total US display ad sales being traded via real-time bidding by 6 2022. ” Jay Sears, SVP Marketplace Development, Rubicon Project “Programmatic is the ability to break a buy down to the impression level for decisoning and/or the application of advertiser or publisher data. This is commonly associated with real-time bidding. Workflow is the replacement of manual processes (often phone, fax and email) with a more unified process, often in an easy-to-use user interface. Some companies present solutions that focus only on programmatic or only on workflow. Others deliver solutions that encompass both. Make sure you know the difference.” “We are in the third inning. Bases loaded, no outs.” Andy Atherton, SVP, AppNexus “I still prefer ‘programmatic reserve’. I think most of the market is still conflating two distinct segments: applying technology to improve the efficiency of direct sales transactions – as I have advocated in the past, I would call this ‘programmatic reserve’; enhancing the capabilities of RTB infrastructure to better accommodate creation and execution of custom trading relationships. Call this ‘negotiated RTB’ maybe?” 6 “We’re still early. I am more of a music guy than a sports guy. I’d say we’re somewhere in the first chorus.” http://www.pubmatic.com/reports/IDC-RTB-2013.pdf Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 13 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

What does programmatic direct mean to you? What inning are we in? Ana Milicevic, Lead Industry Consultant - Digital Media and Advertising Technology, SAS “At its most basic, it’s the ability for a buyer and seller to execute a set of insertion orders in an automated way.” “The majority will shift and embrace programmatic within the next 3-5 years. A large player on the buy side (like an Omnicom) can accelerate this process significantly if they aggressively come out in favour of programmatic.” Bill Wise, CEO, Mediaocean “Premium, guaranteed inventory should be available to purchase without an RFP process and should be a direct conversation between buyer and seller, without ANY intermediaries other than true SaaS enablers who don’t have a voice in the transaction. We’ve coined the term RTP (for) real-time procurement.” “We are very early in the process. The publishers are generally sceptical as they do not want to cannibalise their sponsorships and premium ad offerings. However, we need to get to a point where publishers can confidentially expose their yield curve through technology such that the market can dictate true market pricing. Mediaocean will be enabling this through partnerships with a select few marketleading SSPs in our Avails offering.” Joe Pych, CEO and Co-founder, Bionic Advertising Systems “Programmatic direct is simply automating the process of direct buying and selling of advertising inventory. It's just process automation. A defining characteristic of programmatic direct is its focus on standardizing and automating the transactions between buyers and sellers (versus automation inside the walls of an organisation).” “We're in the top of the second inning. In the first inning, we saw enthusiastic play by rookies who made some comical errors. But we also noticed some solid base hits from the rookies. We also saw all stars getting into the game. I'd score the announcement that AOL, Microsoft, and Yahoo! made during Advertising Week about standards collaboration as a double. But at the end of the first inning, there was no score. As we enter the second inning, the focus is on creating and implementing interoperability standards. Those that get behind industry standards will be the winners of this ballgame.” Voice of the expert “We’re clearly in the early days of this space, maybe the third inning. But we’re early partially due to the slow adoption rate of this new form of media buying. Culture change is really the key issue. I believe that many of the vendors enabling ‘programmatic direct’ today will be assimilated into larger platforms where their technology is behind the market need.” Anthony Katsur, ad tech veteran and former CEO of Maxifier Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 14 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

3.2. Defining programmatic RTB Programmatic RTB is exactly what it sounds like: digital media which is accessed through a platform where inventory is secured on a bidded basis. With concepts born in search marketing (biddable keyword terms, sold on a cost-per-click basis), programmatic RTB generally refers to the method of buying and selling inventory through ad exchanges. On the demand side, advertisers can apply first- or third-party data segments to find audiences across a large swath of inventory, and set bid pricing to automatically compete for users. Programmatic RTB has been a tremendous boon to advertisers, who have increasingly easy access to vast amounts of inventory (often at a low cost) and widely available third-party behavioural data to use for targeting. Most marketers now leverage RTB to employ an ‘always-on’ digital display strategy that retargets existing customers, lookalike audiences, and key segments of likely ‘intenders’. Programmatic’s first proving ground – bidded media accessed through ad exchanges – has shown great promise. Despite certain drawbacks (predilection for fraud, lower inventory quality, and commoditised ad units) – likely the result of the early-evolution stage – RTB is expected to soar to $3.3 billion in 2013, up nearly 74% from last year and accounting for nearly one-fifth of all display media sold. 7 These huge numbers are a testament to the fact that marketers crave programmatic access to audiences. Growth in RTB has fuelled interest in programmatic access to not only display inventory currently unavailable in exchanges, but also other media channels – including addressable television – as well as broad approaches to customer engagement. In short, enabling the discovery, purchase, and management of targeted audience impressions has quickly become a huge priority for marketers. This drive for efficiency is rapidly changing the way marketers, agencies and inventory owners are structuring their businesses and plans for future growth. On the supply side, large publishers and networks add tags to their site(s), which enable thirdparty networks and exchanges to value and sell their inventory to their demand-side users. Publishers are able to monetise large swaths of mid-premium and long-tail inventory without a direct sales force, and use supply-side platform (SSP) to manage their yield, and adjust floor pricing for inventory based on dynamic data. That said, RTB – essentially the notion of buying audience rather than inventory – has been both a blessing and a curse to publishers. Larger publishers have often seen premium prices decline as less expensive RTB alternatives (i.e. reaching the same audience segment elsewhere, for a lower price) gain demand-side adoption, yet they have still benefited from monetizing more of their long-tail inventory. Smaller and less known publishers, who find it expensive to monetise inventory through direct sales, have benefited from being able to programmatically compete for demand in a variety of platforms. Programmatic RTB adoption has been rapid, and widespread. Programmatic RTB technology is evolving rapidly, and participants now have access to several different buying methodologies, including:  Open auction: The traditional methodology for programmatic RTB, in which buyers compete for users in an open auction, and the highest bidder wins. In these cases usually a second-price auction applies, in which the winning bidder pays the second highest bid price.  Invitation-only auction: On certain exchanges, publishers have the ability to set aside pools of inventory for specific buyers, and thus create private marketplaces. These invitationonly marketplaces enable specific demand-side partners to get priority in the ad server (a ‘first 7 http://adage.com/article/digital/rtb-ad-spending-growing-faster-expected/243798/ Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 15 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

look’ at a publisher’s inventory), and are usually sold at a higher floor price. A smaller amount of bidders compete in an auction to win inventory inside the marketplace.  Unreserved fixed-rate buying: Despite its name, today’s RTB systems can also be used to trade unreserved inventory on a fixed (rather than bid-adjusted) rate. Despite its growing use and functionality for enabling private transactions, programmatic RTB has its challenges. Challenges for marketers include click fraud (estimated to be as much as $400 million per year, according to an AdWeek report8), privacy concerns regarding cookie-based targeting and inventory quality concerns. The latter has been the largest barrier to wider adoption for RTB, as publishers have been largely resistant to placing premium inventory into exchanges. Larger publishers – especially those with marquee properties in specific verticals such as automotive, travel, and healthcare – generally retain control over their highly premium inventory, selling it manually through their direct sales force, and allocate lower classes of inventory to exchanges. This has made programmatic RTB buying a staple for lower-funnel marketing activity, judged on direct response performance metrics, rather than a natural channel for higher-funnel branding initiatives. Private exchanges are starting to offer publishers more granular control over their inventory and the ability to manage demand-side partner access, but broader programmatic RTB adoption will be curtailed until privacy, brand safety, and inventory quality issues are addressed. Ultimately, whether transactions take place via programmatic direct or programmatic RTB – or whatever the terminology ends up being – the goal is not just efficiency in the procurement of digital media, but adding intelligence to the process. Voice of the expert “Adding a layer of business intelligence to transactional media is critical because today both buyers and sellers are faced with overwhelming numbers of choices that are decided mostly in an ad-hoc manner without much reason. Providing simpler ways to understand how campaign goals can be solved while automating the processes of spending the budget ultimately creates new opportunities. “Today the intersection of manual processes with lack of business intelligence and intelligent automation means that campaigns are naturally basic and not very valuable. Going forward, automation, intelligence and optimisation technologies driving this process means massive leaps forward in effectiveness of advertising on almost every conceivable metric. The power of software can be unleashed on this problem in fundamentally game-changing ways.” Eric Picard, RareCrowds http://www.adweek.com/news/technology/suspicious-web-domains-cost-online-ad-business-400myear-148788 8 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 16 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

3.3. Refining and defining by programmatic approaches Before arguing which programmatic approaches work best, it is valuable to have a taxonomy that enables practitioners to discuss the various methodologies. Although the IAB has been helpful in defining terms (see Figure 3), Jed Nahum, Microsoft’s senior director of programmatic sales, has added some needed definitions9 which RareCrowds’ Eric Picard has expanded upon, adding examples of vendors in the space that are engaged with various approaches: Figure 4: Eric Picard’s expanded taxonomy of Nahum’s programmatic buying tactics10 3.4. Chapter summary: programmatic definitions  Nomenclature: It seems that the industry has coalesced around programmatic terminology in general, although there are still subtleties in terms of definitions to describe the various methodologies being used to connect buyers and sellers. One thing has been clear however, that the players involved in what was called ‘programmatic premium’ have coalesced into two distinct camps, based on the methodology of approaches: – Programmatic direct, which loosely describes process automation in media transactions. From a technology perspective, this is about streamlining formerly manual processes and creating integrations between systems used to buy and sell digital media. From a business perspective, it’s about providing programmatic access to media traditionally bought and sold under the transactional RFP method. – Programmatic RTB, whose ‘pipes’ can be leveraged to create private marketplace access to inventory, and perform fixed-rate deals. From a technology perspective, this means bypassing the traditional transactional RFP process by modifying auction-based systems to secure guaranteed deals.  Timing: The consensus view is that we are in very early innings of the programmatic direct game – anywhere from the first to the fourth inning in terms of both technology development http://www.adexchanger.com/data-driven-thinking/what-we-mean-when-we-talk-aboutprogrammatic/ 10 http://www.adexchanger.com/data-driven-thinking/programmatic-platforms-vs-standard-digitalplatforms/ 9 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 17 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

and ecosystem adoption. All agree that agency holding companies and large marketers will be the key to pushing for broad scale adoption and moving the programmatic direct needle from its current early stage into significant growth. Voice of the expert “Private exchanges via RTB protocols can be considered a ‘bottom-up’ approach to programmatic direct since they extend the existing RTB approach currently associated with remnant to higher-value inventory by providing publishers with additional controls and restrictions that they can apply to their non-guaranteed inventory on spot marketplaces. Private exchanges are confined trading relationships operating within existing RTB platforms. As with open RTB exchanges, private exchanges involve the use of audience data (provided by the buyer and sometimes the publisher), allow buyers to pass on impressions they don’t want and tend to align with performance goals. “Programmatic guaranteed via ad server APIs, on the other hand, can be considered a ‘top-down’ approach to programmatic direct, since it provides a level of automation to traditional, directly-sold, guaranteed sales between publisher and buyer. Via APIs hooked into the ad server, buyers can discover and purchase inventory on a guaranteed basis, subject to rules determined by the publisher. Some of these systems also partially automate RFPs, price negotiation, insertion orders, the trafficking of creative assets and/or optimisation. Like traditional direct buys, these orders don’t (currently) involve the use of audience data, force the buyer to commit to certain number of impressions and tend to be used for branding goals. “Eventually the two will merge to provide the simultaneous advantages of reaching defined audiences at scale with the volume predictability and spend guarantees provided by forward buys.” Jason Fairchild, OpenX Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 18 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

4. The Demand Side Recently at an IAB programmatic working session, I overheard a senior-level executive say, “Let’s face it; any time change comes to this industry, it’s been based on what the buyer wants.” He was speaking about creating standards for transacting programmatically, and emphatically dismissing the question of whether publishers could set the ground rules for this new programmatic direct landscape. He appears to be correct. Buyers are starting to realise massive gains in efficiency, performance, and measurability, and are trying to set the terms upon which tomorrow’s advertising spend will be allocated. Buyers are saying, “Make it easy to buy for me, and you will get more of my budget” and that assertion has been proven, as more publishers who resisted programmatic RTB have come back into the fold (e.g. Gawker Media, USA Today, and Turner11). These publishers and many more have opened up limited amounts of inventory through private exchanges, and now are looking at making larger swaths of premium inventory available, either via RTB channels or newly available premium direct channels. Some direct marketers (most notably Kellogg’s, which has been a vocal advocate of private exchange buying12) have built their own internal marketing capabilities to have closer control of media pricing and their first-party data. Agencies have leveraged their access to demand to funnel huge volumes of spending through centralised trading desks, with some enjoying network-like arbitrage profits. In short, the demand side loves programmatic marketing: tactics that keep them firmly in control of media procurement methodology, offers them scale and efficiency in buying, and the opportunity to profit on a transactional basis. Marketers and their agencies have accomplished their mission only halfway, though. While access to lower classes of inventory through exchanges has been affected, along with some select access to more premium inventory via ‘private deal’ functionality inside RTB systems, the vast majority of quality inventory remains firmly in control of its owners. The question is not whether access to higher classes of inventory will be automated, but how: primarily through modifications to existing RTB methodologies, or through new technologies altogether. Today, the digital industry is trying to understand how to leverage these individual approaches to programmatic, and asking whether programmatic direct buying can leverage the existing RTB pipes – or if we need a purpose-built technology to support programmatic direct buying. For Eric Picard, “the distinction between RTB and direct technology is essentially meaningless. There will be convergence in both infrastructure and methodologies, and there will be convergence of vendors and technologies – no one vendor will remain on one side of a theoretical ‘fence’. The fact is that RTB technology will need to continually evolve to deal with the complex and ever-changing nature of programmatic.” Ultimately, buying higher classes of inventory will involve integrations and connections between a large variety of vendors that support each buying channel, and marketers and publishers have to be prepared to partner and plug into multiple platforms that enable programmatic transactions. To date, almost all programmatic direct success has happened over existing RTB pipes through the aforementioned private marketplace methodology. These private exchange transactions have been the first careful stabs at opening up premium inventory to programmatic buying, made possible because the ‘pipes’ for delivery have been largely put in place through SSP and DSP connections. Advocates of the RTB approach to programmatic direct have a strong argument, based on billions of dollars in technology innovation, almost universal programmatic RTB adoption among publishers, and the embrace of agencies. Media procurement across all channels http://digiday.com/publishers/gawker-ad-exchange/ http://www.adexchanger.com/ad-exchange-news/kellogg-company-is-positive-on-private-exchangeresults/ 11 12 Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 19 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

is seen as going programmatic, and continuing development can modify existing pipes to accommodate a variety of different buying methodologies that include guaranteed buys. But can RTB systems be tweaked to effectively enable the programmatic direct vision? According to Jay Sears of Rubicon Project, “The short answer is yes”. For Sears, automating both workflow functionality and ad delivery can happen together in modern programmatic RTB systems: “Buyers – especially the holding companies – need to deliver unique access and this now includes both media (access others cannot get) and data (leveraging unique publisher data assets as well as leveraging the unique data assets of the advertising). This deliverable is core to the trading function run by each holding company.” Robert Burkhart, who heads up digital initiatives for Strata, order management software used by over 600 agencies, programmatic RTB does not go far enough: “We see that programmatic (RTB) buying presents many opportunities and challenges to both agencies and advertisers. The largest challenge is that there is general feeling in the industry that things are being rushed to adoption without the proper education of all parties.” Burkhart thinks that agencies and brands must be able to differentiate themselves by offering more strategy, and depend less on leveraging programmatic tactics and platforms that are becoming ubiquitous. Agencies need to “go beyond the short-term benefits realised through analytics and reporting and more to developing the most strategic campaigns possible. While there is merit to programmatic buying, more questions need to be answered before we know its proper context and true value.” For Andy Atherton, who heads up programmatic direct efforts for AppNexus, the answer is less technology oriented, than focused on the end user: “We need new technology. RTB buying and direct buying are done by different teams with different requirements. This will all converge down the road, but in the meantime we need to focus on the direct buyers’ particular needs if we want to drive this transition.” Anthony Katsur, former CEO of publisher revenue optimisation platform Maxifier, agrees that programmatic direct is a subset of the larger programmatic ecosystem that has been raised on RTB methodology: “Today’s RTB platforms, namely DSPs, SSPs and exchanges (but aren’t they all morphing into exchanges?), will adapt through a build or buy strategy to support the features buyers and sellers require to directly transact media on a guaranteed basis. “I even believe the deeply integrated sponsorships and home page takeovers will go programmatic. Buyers can reserve the inventory via programmatic channels and then let the creative/ops team take over to enable the sponsorship. There’s still significant plumbing required to support this.” On the flip side, detractors argue that RTB is fundamentally opposed to the guaranteed transaction, being neither real-time or bidded in nature. Agencies still secure the vast majority of digital inventory through a transactional RFP process which is clunky, but still enables a high degree of human control and personal touch. Why not automate the process for transacting on premium inventory, rather than a wholesale change in methodology? Also, detractors of the programmatic RTB approach (largely publishers) are concerned with margin erosion, lack of pricing control, and data leakage. Carefully curated audiences, monetised by advertising, have made a lot of content free. Premium publishers are right to demand media rates aligned with the quality of both their content and audience. Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 20 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

Joe Pych of Bionic Advertising Systems believes that there are too many pieces of workflow functionality needed to enable true process automation inside existing RTB systems: “RTB cannot be ‘tweaked’ to support programmatic direct. An entirely new technology stack is required. Programmatic RTB is all about bidding and transactional execution. It’s basically, ‘Here’s an impression. In the next 30 milliseconds, tell me how much you want to bid for this one impression. If you’re the highest bidder, we’ll serve your ad.’ “While I think RTB is an incredible advance, there’s no real workflow involved. DealID and private exchanges can be part of a programmatic direct solution, but they only solve for one step in a 42-step process: the execution of the ad. A new technology stack is required to automate the other 41 steps.” For Tom Shields of Yieldex, the programmatic RTB approach doesn’t make sense: “There’s no shortage of people attempting to shoehorn this square peg into that round hole, and some of them might get it to fit. But it seems pretty inefficient to involve an exchange, a DSP, and an SSP in a transaction that doesn’t need to involve anyone other than the buyer and the seller.” To others, including isocket’s Ben Trenda, the fundamental communication protocol and delivery mechanisms powering RTB are complimentary to programmatic direct, but auction-based approaches fail to take many of the nuances of negotiating premium guaranteed inventory into account, such as context, page content, and placement. For Trenda, a former programmatic RTB veteran, there are even more fundamental issues: “RTB is a call/response communication protocol. Imagine a bar with 100 customers where the bartender pours an old fashioned and then asks each person in the bar if they want to buy it and for how much. Yes, it would be silly and inefficient. But worse, the bartender would prioritise accordingly to save time, so they would eventually just ask the 5 or 10 people who tend to buy most of the drinks. “This was one of the earliest pieces of logic we built into our RTB system at Rubicon once we got to 50 or so DSPs. We would predict which bidders would make a bid, and then we would only call those we thought would bid. This is still happening today, and it should. But imagine being a customer of one of those DSPs who don’t get all the calls. If you really want to buy what you’ve decided to buy, one of the core reasons to buy premium reserved inventory, you’d want to know that your DSP is receiving every bid request.” For Centro’s SVP of Products, Raju Malhotra, whose company now owns its own DSP (SiteScout) and is building home-grown programmatic direct technology (Centro Planner), the answer for marketers is not so black and white; marketers need to leverage both programmatic approaches to match differing applications: “We need a combination of new technology, processes, standards and skillsets to suit the demands of programmatic direct. RTB technology is good for media transactions that are based on second price auction mechanics. But it is not designed to solve the workflow inefficiencies for contractual based media buys. Now, programmatic direct can solve some of these problems, but it won’t have access to some of the most valuable custom media available. This requires a different solution. There will always be a need for custom advertising bought direct from publishers.” Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 21 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

4.1. Agency trading desks You cannot have a discussion on programmatic marketing and not discuss the profound impact agency trading desks have had on adoption of buying technologies, techniques, and business models. Only a few short years ago, agencies were the ultimate arbiter of where to allocate digital marketing dollars. All deals were transacted directly with publishers, and digital agencies were specialist shops that could help marketers with the discovering media and the complexities of delivering technically complicated digital campaigns. That era was brief, however. Ad networks quickly sprang up to take advantage of the ultimate market opportunity: an infinite supply of banner inventory, the availability of audience data, and marketers eager to find efficiency, measurability and scale. Networks like Tacoda created new ways to access audiences, and quickly disintermediated agencies’ monopoly on audience discovery. Agency trading desks (ATDs) were eventually created to take advantage of the emerging technologies (DSPs) that would enable them to leverage their access to demand and turn the tables. They have been extremely successful at doing so. Programmatic buying methodologies offer some agencies the ultimate in marketing: one-stop shop that gives advertisers access to a one-to-one conversation with potential customers. Agency trading operations like WPP’s Xaxis are benefiting from the network effects of programmatic buying, and earning significant profits from arbitrage – leveraging programmatic technology platforms to buy low and sell high. With technology poised to deliver programmatic access to more than just banner ads, trading desks are turning their attention to building a programmatic technology stack that enables the agency to acquire all kinds of inventory, from online video to addressable television. At the moment, the lowest hanging programmatic fruit is premium display inventory, accessible through existing RTB pipes and being made increasingly available through private marketplaces. According to Shiny Ads CEO Roy Pereira, this is a relatively recent phenomenon: “Agency trading desks, much like DSPs, are now recognizing that they need to buy inventory on more than just remnant-based exchanges. Thus they are now looking at how to purchase premium inventory for their agencies through programmatic direct.” Are trading desks a sustainable solution for marketers? For Tom Shields, chief strategy officer of publisher yield management solution Yieldex, the future is unclear: “Arbitraging inventory without transparency to the marketer is a problem. But centralised buying for economies of scale might make sense in the long run.” Naturally, publishers are eager to benefit from the ‘always-on’ revenue stream that the programmatic RTB sales channel has been consistently providing, but reticent to expose their closely held inventory to be purchased on ad exchanges. For Doug Burke of FatTail, a software provider that helps publishers manage their directly and indirectly sold inventory, the distinction between the programmatic and direct channel will fade as agencies understand how they interact: “The agency creates a separation of the guaranteed buying process and the RTB buying process with agency trading desks that is a historical anachronism at this point. The two processes of guaranteed buying and RTB buying need to be connected at the agency to deliver the most effective return on investment to the brand client.” Although all ATDs add a layer of cost for the marketer (whether through arbitrage, or via a transparent media mark-up or service change), it is generally accepted that they offer value by leveraging data and technology to meet specific marketer needs – and deliver digital messages at scale. For Centro’s Raju Malhotra, the missing ingredient is “transparency and value”, which clients will increasingly demand. Also, it is obvious that some clients will grab the programmatic reins themselves: Programmatic Marketing: Beyond RTB Understanding the new programmatic direct landscape Page 22 All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopy, recording or any information storage and retrieval system, without prior permission in writing from the publisher. Copyright © Econsultancy.com Ltd 2013

“Agency trading desks address a business need for marketers. As marketers get smarter and more comfortable with programmatic direct and ad exchange buying, the self-serve model becomes easier to use for broader adoption.” Clearly, accessing the large ‘middle layer’ of premium inventory programmatically is and will continue to be a focus for agency trading desks, who must continue to innovate and provide ways for marketers to gain programmatic access to consumers across the many digital channels they are spending time in, including online video, addressable television, tablets, and mobile devices. With a strong embedded in

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