Prof. Aleks Farseev is an Entrepreneur, Keynote Speaker, and the CEO of SoMonitor.ai, a GenAI Marketing Communications Analysis Platform. Read Aleks Farseev's full executive profile here.
As the member leader of the Forbes Technology Council Marketing and Advertising Group and a faith-driven entrepreneur, I often engage with peers to delve into prevalent challenges in digital advertising and marketing to learn more about the industry's imperfections in an attempt to find a solution that would benefit humanity and fellow marketers.
Surprisingly, the issue of transparency emerged as the top concern in my survey on ad effectiveness, with 28% of digital advertisers struggling to determine the actual impact of their campaigns. It's a common pitfall—chasing clicks may seem productive, but it's crucial to remember a fundamental principle: If you're optimizing for clicks, the underlying algorithms of platforms like Google or Facebook will target users most likely to click, not necessarily those inclined to purchase. Consider a high-end brand like Ferrari; those clicking on the ad might not be actual buyers or even have the means to purchase.
Moreover, I've seen some agencies employ costly account managers and sales departments dedicated to obscuring the facts, further muddying the waters. This approach creates a vicious cycle, stifling innovation and hindering the growth of businesses genuinely interested in enhancing ad performance.
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