This week’s guest blog post by Jim Caruso, Chief Product Officer, Anomaly is abstracted from the original, published in The Data Summit journal.
Let’s examine how new models in marketing will be less about gathering and interpreting data for media purposes and more about avoiding data overload to uncover what data is actually relevant and intelligent in powering creative and content strategy.
In the last few years, especially in the marketing industry, we’ve seen an “arms race” where people focused on aggressively gathering as much data as possible.
Data that gives information about actions, not behaviors.
This data provides insights into how many impressions we delivered and how many people clicked on them, not how our creative message is resonating within different audiences.
This is not data telling us how to serve more targeted media, and not intelligence that directly informs how business in utilizing the data to achieve strategic, operational and tactical success.
The result? It’s become incredibly difficult for brands to understand what all this data means and what to do with it.
How can we differentiate and glean meaningful insights from this data? What is relevant vs. what isn’t, what will help you understand why you are relevant to your customers, not just another uniform choice in the current day.
These are questions everyone is trying to answer. While the era of big data is upon us, it’s those brands who unlock the potential of differentiated data that will gain a clear competitive advantage.
What may be a shock to those always searching for more data is quite simply put: We don’t need more data.
Most products created today are either reliant on repurposing data used the same way for decades, such as panels, or simply add a slightly different take to existing solutions.
Each day, new companies offer to help find a way to better wrangle and understand your data. However, most aren’t attacking the fundamental questions we should be asking ourselves:
How is this data helping me to recognize how I can fundamentally alter my existing beliefs about how customers see my brand, strategies I employ, and tactics to reach the right customer with the right message.
How is this data providing me a new, clear and believable alternative to the old way of doing things?
Most of the data, software and algorithms developed to date live within the media companies—agencies and vendors.
The rise of behavioral targeting within media, both through programmatic or direct-sold inventory, further proliferated the belief that information collected based on people visiting websites or having other singular transactions can somehow be perpetuated into creating a unique profile of people.
What’s more, behavioral targeting often isn’t based on an understanding of human behavior or psychographic profiles built over time, but instead relies upon capturing a small subset of actual people then modeled out to create scalable segments to target.
Consumer segments for media targeting lack nuance and relevance, because they must provide scale. All data vendors get paid on a CPM, which means they can only grow their business by selling more segments and media.
About Jim Caruso
Jim is a product strategist who joined Anomaly to develop the strategy, development, and productizing of their technology, data and software efforts. Previously, Jim was SVP of Product & Client Strategy at Varick Media, where he was responsible for guiding the strategy and development of the technology, sales planning, marketing, business development and account management functions.
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