Four Ways Data Products Are Redefining Brand Interactions

Four Ways Data Products Are Redefining Brand Interactions
SHARE
THIS



Brands today collect multiple data points across consumer interactions, ranging from key promotional events and social comments to consumer whereabouts and inquiries, says Anil Mathews, founder & CEO of Near in this guest post.

One of the key challenges faced by brands and enterprises is to fuse these multiple data streams in real-time and act on them.

Overcoming this challenge would redefine how brands interact with their consumers using data today. Here is how:

  1. A power shift

When brands have a self-serve platform, the ability to collect and fully analyse multiple data sets like demographics, social, location, interest, point-of-sales, and CRM moves to brands and enterprises, giving them control. They now have the power to define the who, what, when, and where of data and get the consumer insights they want.

They’re able to conduct their own A/B tests to distinguish the business strategies that work, from the ones that don’t. This also gives them the ability to optimise their decisions without waiting on or working with any data service provider.

They can do all the analysis themselves in an affordable, easy and timely manner, allowing them to make decisions much more quickly, and with the most relevant and up-to-date information.

  1. Access to fresh data

Real-time data is much more useful to brands than historical data because it shows the most recent trends and customer preferences. By keeping up with these ever-changing preferences, brands are able to respond more quickly to shifts in trends and provide customers with exactly what they want.

Action on fresh data also results in better conversions, and hence better sales. Brands and enterprises with access to the freshest data definitely have an edge over their competitors.

  1. Data transparency

When brands have control of their data, everything becomes very transparent including spends. They have access to all of the information coming in, from raw data to established public data sets. They can create, visualise, and analyse any of these data sets, act on them, and see what works for them.

When consumer reports can be accessed any time, brands can make faster changes in their marketing strategies and also rethink their business strategies if need be.

  1. Digitising brand data

Brands could bring their own data like CRM data and more to the table, mixing it with other data sets in order to gather powerful insights. With multiple data sets and, thus, more relevant information at hand, businesses can make more informed decisions.

Currently, brands work with different products and providers for different data sets, and this prevents them from getting a complete consumer picture. With the convergence of the brand’s first-party data and other data sets like consumer location, business strategies can be consolidated.

A first-step in this direction is our latest product Allspark, that allows brands and enterprises to leverage third-party and proprietary data sets in real-time. The current data sets it consolidates include consumer location, behavior, interest, and demographics, and with certain tweaks, can also fuse CRM data, IOT data, spend data, and social streams.

For instance, if Adidas were looking to open a new store in London, knowing where the majority of its consumers are found and their weekend hotspots could help make this decision.

Adidas could analyse its audience both in terms of their behaviour and preferences, understand whether their key consumers are professionals, students, or homemakers, track footfall patterns of its own and competitor stores to strategise and also set up its operations in the new location.

In addition to this, the insights could also help rethink its product design strategy either to attract new consumers, or boost sales with its target audience from a particular age group.

By enabling brands to pick real-time data streams of choice, create a consumer picture, and understand market-wise trends across geographies without relying on data providers, these products are revolutionizing the data industry and changing it in significant, new ways.

Please login with linkedin to comment

Latest News

Women In Media Profile: Aimee Buchanan
  • Media

Women In Media Profile: Aimee Buchanan

No Women in Media series would be complete without the irrepressible Aimee Buchanan. Read all her pressibles here.

by B&T Magazine

B&T Magazine
SBS To Broadcast All Of The World Cup Group Stage, As Optus Agrees To Reimburse Customers
  • Media

SBS To Broadcast All Of The World Cup Group Stage, As Optus Agrees To Reimburse Customers

SBS and Optus have “mutually agreed” that SBS will  broadcast the remainder of the World Cup group stage up until Friday 29 June. Optus had paid subscriber rights to many of the group stage games, yet technical faults have plagued its streaming service, infuriating viewers and forcing even the prime minister himself to intervene. SBS CEO, Michael Ebeid, said: “The FIFA World Cup is the absolute […]

by B&T Magazine

B&T Magazine
Watching tv and using remote control
  • Advertising
  • Media

GroupM Investment Forecast For Australia: TV On The Rise As Digital Slips

GroupM has updated its 2018 ad investment forecasts and released its initial 2019 outlook. GroupM predicts $24B in net new advertising investment this year, the best annual increment since the bounce back from the global recession in 2010 when $26B was added to investment. GroupM estimates total advertising investment will grow by 4.5 per cent this year […]

Indigenous Campaign Deemed Too Controversial By APN Media To Run
  • Advertising
  • Campaigns

Indigenous Campaign Deemed Too Controversial By APN Media To Run

Aboriginal Victoria’s campaign in support of Australia’s first-ever treaty legislation, Deadly Questions, has been deemed too controversial to run by one of Australia’s leading outdoor media providers, APN Media. Online platform Deadly Questions provides a safe space for people to ask questions and have them answered by Aboriginal Victorians, to learn more about their cultures, […]

Introducing: YouTube Music Australia
  • Technology

Introducing: YouTube Music Australia

The wait is over! Starting today, YouTube Music is available to everyone in Australia, New Zealand, the U.S, Mexico and South Korea in addition to 12 new countries including Austria, Canada, Finland, France, Germany, Ireland, Italy, Norway, Russia, Spain, Sweden, and the United Kingdom. Now fans around the world can find more of the music […]

Will PR Finally Earn Its Stripes At Cannes This Year?
  • Opinion

Will PR Finally Earn Its Stripes At Cannes This Year?

In this guest post, Haystac’s national general manager, Jason Carnew (pictured below), says with all this talk of Cannes at this time of year, it’s a kindly reminder that the PR business needs to get its act together in terms of awards, work and judging… All eyes on are Cannes as some of the best […]

Opinion

by B&T Magazine

B&T Magazine
Ex-DDBer Unveils Designer Headscarves For Cancer Survivors
  • Campaigns

Ex-DDBer Unveils Designer Headscarves For Cancer Survivors

Two-times cancer survivor, Frankie Good Stuff Award Winner, ex-DDBer and founder of Bravery Co. Emily Somers has collaborated with a range of top-notch illustrators to produce Australia’s first range of designer headscarves for young cancer warriors. She is now crowdfunding $40,000 to produce the scarves and donate one to all the young women in their 20’s […]

New Advertising Platform Launches Down Under
  • Advertising

New Advertising Platform Launches Down Under

Following its massive success in Europe, Asia and the UAE, the Polishoe concept, which brings a high-demand shoe polish service and HD digital advertising platform together, has landed in Australia.

Set for blue sky, different clouds icons, cloud shapes, labels, symbols, icons. Flat graphic vector elements
  • Technology

PubMatic Unveils Cloud for Publishers And Tech Companies

PubMatic has launched PubMatic Cloud for publishers and tech companies looking to implement and control their own programmatic technology. By accessing PubMatic’s technology, global infrastructure and demand connections on a platform-as-a-service (PaaS) basis, clients are able to achieve full transparency and achieve greater control over their programmatic monetization. As programmatic trading becomes mainstream, innovations such as […]

Women In Media Profile: Claudine Hall
  • Media

Women In Media Profile: Claudine Hall

The Women in Media Awards are back for 2018! To celebrate this wonderful fact, and to recognise some of the killer women in our industry, we’ve created a women in media series – and have profiled some pretty inspiring women so far. This week, we chat with Bauer Media head of trade marketing Claudine Hall. […]

by B&T Magazine

B&T Magazine
Cancer Council and Target Tradies Tackle On-The-Job Skin Cancer Risks
  • Campaigns

Cancer Council and Target Tradies Tackle On-The-Job Skin Cancer Risks

Workers on construction sites receive five to 10 times more UV exposure every year compared to indoor workers. Target Tradies and Cancer Council have announced the launch of a partnership to help educate Australian construction workers about the importance of being SunSmart at work. With evidence showing that outdoor workers receive five to 10 times […]

Arq Group Activates New Branding By Hulsbosch  
  • Media

Arq Group Activates New Branding By Hulsbosch  

Arq Group has launched a new identity created by award-winning agency Hulsbosch, with the business rebranding from Melbourne IT to Arq. Previously known as Melbourne IT, the company was founded in 1996 as one of Melbourne University’s commercial ventures with the sole rights to manage .au domains in the early days of the Internet. Melbourne IT […]

Adshel Unveils ANZ Takeover Via PHD
  • Campaigns
  • Media

Adshel Unveils ANZ Takeover Via PHD

ANZ, in partnership with PHD and Adshel, have taken to the streets with a total take-over of the entire Adshel Live network. For one hour, between 8am and 9am on Tuesday 19 June, ANZ is inviting commuters to download the new ANZ app by showing six different ways the app can help them manage their […]

Carat & Initiative Share The Spoils In WA Government’s $65 Million Media Business
  • Media

Carat & Initiative Share The Spoils In WA Government’s $65 Million Media Business

IPG’s Initiative and Dentsu’s Carat have both been awarded a slice of the West Australian government’s $65 million spend. The government account is broken into two entities – campaign and non-campaign – each with its own agency roster. Carat has retained its long-standing position on the agency panel for all campaign work, which accounts for […]

A Golden Opportunity! Lucky Numbers For Sale!
  • Marketing

A Golden Opportunity! Lucky Numbers For Sale!

In case you missed it last week, a very lucky phone number – 1800 80 80 80 – is up for sale. And it could be yours!

Partner Content

by Customer Connect

The AppNexus Marketplace Launches Guaranteed Views
  • Technology

The AppNexus Marketplace Launches Guaranteed Views

AppNexus, the world’s leading independent advertising technology company, today announced the launch of Guaranteed Views, a marketplace product that changes the way advertising is bought and sold on the open internet. Guaranteed Views enables marketers and agencies to pay only for ads that are measured as viewable and is the first programmatic product that enables 100% viewable buying at scale outside of Facebook and Google.

Women In Media Profile: Kirsty Bloore
  • Media

Women In Media Profile: Kirsty Bloore

Bereft of any Monday motivation? Let today's Women in Media profile be like low-current electric waves to the brain.

by B&T Magazine

B&T Magazine
Dentsu Aegis Network Predicts Australian Ad Spend Growth Of 2.8%
  • Marketing

Dentsu Aegis Network Predicts Australian Ad Spend Growth Of 2.8%

• Ad spend in Australia forecast to grow by 2.8% in 2018 , with main drivers of growth in Government, Retail, Finance and Gambling sectors. • Global advertising spend to grow by 3.9%, revised up from 3.6% in January 2018. • Digital to overtake TV for the first time, to reach 38.4% of global share (TV 35.5%). In 21 out of the 59 markets tracked, digital will be the leading advertising channel in 2018. • One quarter (25.2%) of global ad spend will be delivered through mobile devices for the first time.

Pac Mags Appoints New Client Strategy Director For Victoria
  • Media

Pac Mags Appoints New Client Strategy Director For Victoria

Seven West Media’s Pacific Magazines has announced the appointment of Emma Baston as client strategy director for Victoria. Baston has worked in senior digital media buying and planning roles at various agencies including UM Australia, Cummins&Partners and MindShare, with exposure across the strategy, communications and creative process. She has also worked at Facebook in a […]

Seamless pattern of a crowd of many different people profile heads. Vector background.
  • Media

SBS Launches Diverse Communities Content Initiative

SBS has launched the Short-Form Content Initiative, a commitment to providing increased opportunities for Australian creatives from diverse communities through the commissioning and production of content for SBS On Demand. SBS has partnered with five of Australia’s screen agencies, including Film Victoria, Create NSW, Screen Queensland, Screenwest and South Australian Film Corporation. The initiative aims […]

BIG W Unveils Toy Mania Via M&C Saatchi
  • Campaigns

BIG W Unveils Toy Mania Via M&C Saatchi

BIG W, the home for families, fun and entertainment, has today launched its annual toy sale campaign – Toy Mania. Running until 11 July, the campaign showcases the frenzy and hysteria that comes with the BIG W toy sale. It also highlights that buying toys can be just as fun as playing with them and […]

Datorama Launches AI-Supported Data Visualisation Tool ‘Data Canvas’
  • Technology

Datorama Launches AI-Supported Data Visualisation Tool ‘Data Canvas’

Datorama, a global technology company, today announced the launch of Data Canvas, a suite of new data visualisation capabilities within its Marketing Intelligence platform. Datorama Data Canvas leverages the power of artificial intelligence (AI) in a brand new way — to help marketers create expert-designed dashboards to tell compelling, data-driven stories. Datorama’s previous AI releases have […]