And other musings on what to do with a $490 tax refund check.
For those lucky enough like myself to receive a tax refund check from the IRS, the big question is: What to do with that money? The smart thing would be to set it aside for retirement or my kid's college funds, but I've decided instead to become a venture capitalist in my spare time.
You see, my job exposes me to some of the best and brightest in the industry and a unique perspective on the industry's next opportunities. Plus, $490 isn't enough to get an iPad2, so this cash is burning a hole in my pocket. So, here are some ideas that I'm considering investing in:
Relaxed-time bidding: Real-time bidding (RTB) is so 2010. Relaxed-time bidding, however, is the future. The way it works is this: If I'm a publisher and you are an agency, you would fax me (no emails please) the details of an impression you would like to purchase. I'd then get back to you when I got a chance to see if we have a deal. None of this decision process in less than a second stuff. Just take it easy. Wouldn't we all enjoy our jobs better if there wasn't such a rush all the time? Jimmy Buffett is considering investing as well.
Faster than real-time bidding (FRTB): In exactly the opposite direction is FRTB. With the amount of data we have on users and advances in predictive modeling, we won't even have to run branding or even direct response campaigns. We'll simply ship the product to a consumer and automatically deduct the proper amount from their account. Advertising will simply be a message notifying the consumer that the product is on the way. FRTB is so much better than waiting on consumers to buy on their own.
Childhood data platforms (CDP): More and more data companies are entering the space providing buyers and sellers more targeting information about online consumers. An untapped source of data would be from important people from your childhood. If you are an online consumer, the CDP would call up mom and ask her questions about you. We're sure she'll appreciate the call, though wonder why it's been so long since you've called her yourself. More experimental is using data from your guidance counselor and gym teacher. Unfortunately they never thought you would amount to much let alone respond positively to a consumer product good branding campaign.
Discrepancy networks: Publishers report one number. Agencies report another. What happens to these discrepancy impressions? They go unsold. This network would sell discrepancies to buyers and offer the full suite of targeting options. Discrepancies on these discrepancy impressions could be sold as well.
As you can see, I have a lot of ideas for my refund check, it won't be long before Terence Kawaja's ad technology landscape graphic will need a second page dedicated to companies I've helped start up.
Have a happy April 1, 2011!
Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
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Rob Beeler is vice president of content and media for AdMonsters, a global community of ad operations and technology leaders. Rob's responsibilities include developing content for AdMonsters forums in the U.S., Europe, and online.
Rob Beeler joined AdMonsters in October 2008 after nearly 10 years at Advance Internet. At Advance Internet, Rob started as the only ad operations person and developed a department of 15 people in eight locations across the country responsible for operations, project management, business development, Web analytics, and financial reporting, becoming executive director of ad operations and analytics in early 2007.
Rob graduated from Syracuse University in 1990 with a dual major in Producing for Electronic Media/English.
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