By Matt White, vice president of Quantcast, EMEA
Marketing is not what it always was. In years gone by, time would be lost to tiresome execution of laboriously planned campaigns and any changes to the desired audience happened retrospectively post-campaign. The rapid advances made in machine learning technology have radically shifted the way advertisers can reach audiences.
Evaluating a campaign when it’s finished, and then using those learnings when executing further campaigns is inefficient. Being able to use data and AI to react to micro-trends and engagement in real time means no time is wasted, something marketers are in short supply of. Machine learning became to marketers what Robin was to Batman. Advances made in the last year by Quantcast, mean that marketers can now easily plan, execute, and report on campaigns on the open internet, in real time, using a single platform. Machines do the heavy lifting and AI constantly optimises to deliver the highest possible engagement.
Having witnessed the evolution of this technology from an agency, publisher and brand perspective during my time at Quantcast, I’ve experienced the advantages that machine learning and AI present: from supercharging campaign effectiveness at the planning phase, to delivering unprecedented insights for reporting.
Here are some examples of how machine learning is revolutionizing marketing right now:
Prioritising consultancy over execution: As agencies look to grow and recoup lost revenue from a difficult year, they will need to maximise their consultancy abilities. Without tools that streamline and automate aspects of execution, marketers will have less time for longer-term strategy planning. Creating award winning campaigns is where agencies add value for their clients and automation gives time back. Allowing agency talent to focus on planning and creativity, whilst execution of digital campaigns is handled by AI.
The ability to generate reactive audience profiles in a changing world: In the current climate, there are rapid changes announced every day that affect human behaviour en masse. As we know, online behaviour mirrors real-world changes, and this is reflected in the booms we’ve seen in certain industries, e.g DIY and the falls in others, e.g international travel, with continued travel bans. These are examples of macro trends, but there are micro trends that are much harder to observe or predict, which can have an astonishing impact on the economy and consumer behaviour, tapping into these micro trends is an important opportunity for marketers. Automation and machine learning present marketers with tools to stay ahead of these rapidly changing trends and maximise their budgets by responding to micro-trends in real-time.
Online retail is here to stay. As a result of the pandemic, businesses had to pivot and shift their offerings online. The online marketplace is now more crowded than ever and audiences are being advertised to by a myriad of brands all vying for their attention. What started as a necessity has become a conscious choice; part of the ‘new normal’ and is undoubtedly here to stay.
With this boom comes competition. AI algorithms can accurately predict a browser’s intent based on their past behaviours, this data can be analysed and used to deliver the right message at the right time. Thereby staying one step ahead of the competition.
Marketers need to be looking to machine learning to assist them as they navigate the post-covid online marketplace, focusing on creativity and real-time reactivity. Those who work in symbiosis with AI will reap the benefits.