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As an advertiser, you go down the tracking route and you decide to spend 1M targeting women 21-35.

With tracking, you spend all on an exchange that has a ton of supply. ELLE competes with JennyBlogger. You potentially hit a ton of women across different properties. You may be advertising to women on male dominated outlets (the “promise” of digital tracking)

With the direct route, an ad manager may spend that 1M on specific properties, maybe between ELLE, Vogue and InStyle. This is a bit of a simplification as most firms have separate direct and programmatic spend, but the amount of money allocated to each depends on the perceived return of each inventory type.



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