AI-driven advertising specialist Quantcast has revealed why AI is the key to driving marketing efficiency and effectiveness in today’s digital landscape.
In the latest instalment of Quantcast’s INNOVATE Webinar Series, Quantcast chief marketing officer Ingrid Burton (pictured) broke down the essentials of AI for marketers.
Because, as Quantcast explains, AI is no longer a new-fangled concept: it has become a must-have tool that frees marketers up to focus on “the value-adding activities they were meant to do in the first place as humans, such as strategy, creativity and ideation”.
Marketers now have access to more data than ever before (and some even say there’s too much), with data now retrievable from nearly every source of marketing that marketers engage in.
According to Quantcast, the key to breaking down data lies in understanding its math, not magic.
In the digital age, Quantcast believes there are three Ps that form a vital pot of information to help advertisers understand their customers and predict what a business’ next best customer looks like.
Patterns
The first of the Ps, pattern recognition provides the groundwork for AI to be used effectively in marketing. By analysing data around demographics, web browsing behaviours, and past purchases, marketers can detect “common attributes” and understand segments of consumers.
These shared attributes can be amplified by identifying customers that display similar behaviours.
Preferences
The second step lies in connecting your marketing to the consumer and individual, with “consent” key to this conversation.
“When asked, most consumers actually prefer more personalised ad experiences,” Quantcast says. “To do this well, consumers need to be part of the conversation, providing us with consent over their data so we can deliver them more relevant products that align with their preferences.”
Burton, who has a degree in mathematics and had an early career as a software developer, adds: “We as consumers want to tell brands what’s important to us … we want them to give us an offer that matters to us, at the moment that we need it.
“This is a big miss in the industry today.”
Predictions
The final step in using AI effectively for marketing is taking these patterns and preferences and turning them into an “actionable predictive engine”, Quantcast explains.
By using AI and machine learning to second variables ahead of time, it says, marketers are able to predict a range of actions a user might take next.
“Central to this in a consent-first world is having authentic, real-time first party data, so predictions can update as preferences change,” Quantcast says.
For further insights, check out Quantcast’s INNOVATE Webinar Series, with the latest instalment now available to view on-demand here.
The news comes as Quantcast prepares to host Virtual Nova: Advertising in 2021 and Beyond, a global event that will see Quantcast and industry experts discuss the changes underway in advertising, and explore ideas and solutions for 2021 and beyond.
With regional events occurring around the world, viewers will hear from keynote speakers Konrad Feldman, cofounder and CEO at Quantcast, and Dr. Peter Day, chief technology officer at Quantcast.
In Asia Pacific, viewers will hear from event speakers like digital and data consultant Nick Barnett; Australian Life Tech CEO David Jackson; CMC Markets APAC digital marketing executive Sophia Jung; and ForwardPMX regional client vice president Marilyn Yeong.
To register your interest, and to learn more about Quantcast Virtual Nova, click here.
