How This Start-Up Is Using AI To Take The Guesswork Out Of Digital Advertising
Tired of all the testing (and guessing) that goes into predicting the success of a digital marketing campaign? Why not let an AI do it for you.
Brisbane developers are using artificial intelligence (AI) to help marketers, agencies and business owners to predict the success of digital advertisements with a confidence interval of 82.4 per cent.
Junction AI, a Brisbane, Australia and Austin, Texas based start-up, has developed a proprietary AI machine learning platform to take the guesswork out of selecting the right images, text and video for Google Ads, social media ads and posts, and web promotions.
The platform’s AI derives as many as 28,000 data points on an ad creative, then runs as many as 75 million tests to make predictions on the success of an ad within a fraction of a second.
Marketers drag and drop their images and text on to the dashboard to receive a percentage score on the probability that their promotion will to convert with a target audience.
They also get AI-enhanced capability to help them improve their selections, insights on what works and data objectivity to back up their decisions.
The platform is currently in pre-release testing and proof trials with 12 agencies and brand marketers in the US and Canada, and soon Australia.
The Junction AI platform is the brainchild of entrepreneurs Vance Reavie and Robert Turner. They met in Brisbane in 2005 on a major Brisbane government IT project and have been colleagues ever since.
“Digital ads are $8.8 billion market in Australia – $300 billion in the US, yet only 2 per cent or less of these are converting. Marketers and agencies only need to change that rate from 2 per cent to 2.5 per cent to increase their ROI by 25 per cent” said Vance.
“There is a lot of scrutiny on digital ad budget growth at the moment, with clients demanding smarter spend, not simply more like in the past.
“Our solution eliminates the need for brands and agencies to spend money on A/B testing, focus groups or expensive live experimentation by understanding which creative content will succeed on which channel.
“We are seeing up to 90 per cent reduction in time and cost of selecting the creative image and copy, and early testing is showing as much as three times better results on ads in B2C within a few days,”
“We’ve met with well over 100 marketers to determine the product-market fit and make sure we get it right. Before we even had a product to show we contracted over US$50,000 in sales,” Vance said.
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