Advancements in technology are giving marketers the ability to attribute revenue to specific parts of their advertising efforts. Here are four ways in which predictive technology can make a marketer's life easier.
One of my favorite quotes in advertising came from John Wanamaker: "Half the money I spend on advertising is wasted; the trouble is I don't know which half." This quote is great because it was based in fact and held true for nearly a century. However, data collection in advertising has changed significantly in the past 20 years. Marketers now have access to more metrics and analytics than Mr. Wanamaker could have been imagined when he opened his first store in New York in 1896.
We have entered a period in which we can not only understand how advertising is driving sales, but we can attribute revenue to the individual ads, keywords, emails, whitepapers, events, television advertisements, social media posts, etc...the list goes on and on. Now we are ready to put the data we have been collecting to work for our organizations. In addition, we can also proactively identify interested buyers based on their digital body language.
These advancements have led to technology platforms making significant investments in predictive analysis and automated forecasting. The recent acquisition of RelateIQ by Salesforce illustrates the emerging market of predictive technology.
The following are four ways in which predictive technology can make your life easier.
These four techniques are already a part of most marketing organizations' processes, but much of it is being done manually based only on historical data, loose predictions, and lots of human intuition. I like to refer to this process as the art and science of marketing. While there is still plenty of room for the art in marketing, the science portion is quickly becoming the focal point of our roles as new predictive technologies emerge to help us automate and scale. For me this is a welcomed change that gives exponential value to what we can provide as marketers. This also turns advertising from something that is looked at as "50 percent waste" to something that becomes an integral part of our organization. With that, I would like to leave you with an advertising quote from Henry Ford - "Stopping advertising to save money is like stopping your watch to save time."
Image via Shutterstock.
Nate Young is the director of Demand Generation at KenshooTM, a global software company that engineers cloud-based digital marketing solutions and predictive media optimization technology.
Kenshoo's mission is to empower every marketer in the world with technology to build brands and generate demand across all media.
Nate brings more than eight years of online media sales and marketing expertise to the Kenshoo team. Prior to joining Kenshoo, Nate oversaw both sales and operations in an agency environment that delivered a variety of digital products targeted to businesses looking to excel in Local Search. In the early stages of his tenure at Kenshoo he was part of a team that launched a new product line, Kenshoo Local. During this time he served in client service, product, and sales roles. He garnered his marketing skills by launching a robust demand generation initiative at Kenshoo resulting in significant gains in revenue, sales, and organizational alignment.
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