Putting Everyday Data to Work
At IRCE 2016, we welcomed 13 innovative technology providers to be a part of the theater and share their perspectives and solutions with attendees. As a blog series, we will share some of the insights from the technology providers that presented at The Innovation Theater.
Today’s guest post is by Nicole Jennings, Senior VP Paid Digital Media of PMX Agency on “Moments in Time” approach. Enjoy!
Data is quite literally everywhere. From the virtual footprint that a customer leaves behind each time he or she visits a website, to the data flowing through CRM platforms and DMPs, to the innumerable amounts of information we’re exposed to as consumers ourselves. We are living in a data-driven global world – the marketing ecosystem being just a small part of it. And that make’s the job of an advertiser far more complex than it’s ever been before.
Brands of all kinds certainly know that all of this data exists, and every day, they’re working to access, clarify and analyze diverse sets of information across many distinct platforms. But beyond just collecting and analyzing, we know as marketers that the real innovation behind data lies in 1) building more advanced personalization tactics to engage and retain loyal customers, and 2) realizing a measurable impact on sales and overall performance across the organization. And yet another important opportunity is to use data to create hyper-relevant advertising experiences in the exact moment a consumer is most inspired to act.
Something that we’ve noticed as an agency is that marketers are often quite focused on past data, or how a particular campaign or strategy performed. Analyzing this type of data helps to predict future customer behavior, and thus helps to drive strategies that are in closer alignment with what our customers actually want. But we believe in taking the data a step further – in thinking outside of the box to implement real-time data in a way that allows us to get ahead of the customer’s need – in essence, knowing what they want, before they even want it. And the truth is, this real-time data exists all over the place, coming from everyday sources we’ve come to recognize as normal parts of our lives. It could be as simple as the weather forecast, or for the sports fanatic, statistics around the latest NFL draft, or player stat’s for the NCAA March Madness tournament. While we might not immediately classify these sources of information as “big data”, we can actually use them strategically to deliver more timely and consistent marketing offers to consumers. So, the data itself isn’t really all that innovative; rather it’s how we choose to use it.
Moments in Time
All of this data ultimately adds up to a single event, or a series of smaller events, we like to call a key “Moment in Time”. If we go with the sports example, a classic Moment in Time could be the weeks surrounding the NFL playoffs. In this scenario, the relevant data ranges from fantasy football statistics, to in-game plays and player performance, to news surrounding teams and their players. All of these points have some impact on consumer buying behavior, and so they will also affect the strategies brands can use to tap into those behaviors, engaging football fans with certain products or offers when intent is highest.
So, where’s the opportunity to bridge that data to actual conversions and purchases? That’s where our proprietary bid management platform comes in, an innovative technology that combines data aggregation with optimization algorithms, all that follow completely customized rules depending on the unique Moment in Time that’s been defined. So when Geno Smith is having a record-breaking game (however unlikely that might be!), our algorithms will influence keyword bidding on search ads in tandem with Smith’s performance – i.e. the more touchdowns, the more excited Jets fans become, and the more likely they are to purchase a Geno Smith or Jets jersey. Using the real-time, in-game, our top sports brands are able to tap into high customer intent before the competition even has a chance to.
Check out Nicole’s FitforCommerce guest blog here.