The advertising industry has undergone a major shift. Google, Amazon, Facebook and a myriad of other online technology companies are capitalizing on this shift and are only just beginning. Big data and business intelligence are at the heart of the shift. There are multiple synergies taking place between technology, advertising, loyalty programs, and promotional offers. The opportunity exists to configure business intelligence platforms with rules and logic that can be programmatically triggered by data to create targeted messaging that can be sent to businesses and consumers. These messages can be embedded in statements sent to smart phones, iPads, websites, electronic paper statements, IVRU’s and social media sites, allowing for consistent highly personalized advertisements and offers.
Traditionally advertising budgets have been spent with TV, radio, newspaper, magazines, bill board and other mass media solutions. Targeting audiences and measuring the results of the media campaigns are difficult. With the internet, advertisers are able to segment their audiences providing more targeted messaging in the process. Over time more and more people will move to digital and electronic customer experiences. The more the population moves in this direction, the more the technology will evolve.
Is your company providing the right electronic platform to deliver enhanced, personalized experiences for your customers?
Conducting multiple marketing campaigns at the same time and measuring the effectiveness and the conversion rates of the advertising will eventually drive a greater portion of the advertising budget to the digital platforms. Because the electronic medium is more effective at targeting the correct demographic with the most effective messaging, advertisers should see a significant improvement in their yield and subsequently their advertising spend. We believe many advertisers will see the opportunity to increase this effectiveness even further by promoting loyalty programs and special offers. These will be incentives for existing customers and prospects to increase their loyalty and their spend because advertisers will be creating value rather than extracting value from them.
Most companies have significant marketing and advertising budgets – The more effective the advertising spend, the lower the overall product cost – lower costs allow companies to create incentives that will drive more sales volume and ultimately that should translate to increased profitability.
