Is Marketing Becoming A Math Problem?
Marketing and mathematics appears to be two fields that are very far apart. But online marketing is changing rapidly due to the massive amount of data we use and create on a daily basis. Being able to collect, analyze and use this data is becoming more and more important if you want to be able to present your (potential) customers with the right information and ads at the right time.
The era of the real-time, analytics-intensive model is upon us. Not only is the amount of data at our disposal is starting to become so large and complex that dispersing the right information is getting more and more challenging, time is becoming a much bigger factor too. Technological advancements are creating new possibilities that require new approaches.
Customers nowadays expect to be appreciated and treated like an individual. They do not want to receive generic messages that could have been sent to anyone. They are expecting you to solve their problems when they need to be solved. To do that requires advanced algorithms that deliver the right message to the right person at the right time: contextual marketing.
Marketing and math are intertwining and in order for targeted advertizing to be successful you need to implement advanced algorithms that are capable of crunching numbers in a matter of milliseconds. Have we heard this before? Yes, the financial market and the rise of the quantitative analysts who gave way to high frequency trading. If we look at digital ad buying you can see how the implementation of algorithms is becoming mandatory. It is quite possible that the very next steps will play out similar as in the financial industry: reducing latency, better algorithms, faster processing, data center location, etc.
Take for example the process of digital ad buying. This is one of the areas where context really matters. Automatic this process based on algorithms can help putting your ads out for customers who match complex contextual criteria. By continuously refining the algorithms the ROI on advertising can be increased significantly and it improves customer experience.
Real-time contextual marketing will allow you to employ accurate location based marketing activities. It is important to start creating a strategy for your company to reap the benefits of this development. The race to get the best mathematicians and data scientists is underway to solve your Big Data. Don’t stay behind.