Twitter, Microsoft, Google and Engine recently presented at Criteo’s Boom industry event. The day’s tagline was, ‘Exploding the myths behind big data’. The aim was to place big data at the top of the list of priorities for companies and for them to make sense of the inordinate amounts of data that are increasingly being collected.
Criteo’s Managing Director of Northern Europe & Benelux Criteo, Michael Steckler, was on hand at Boom to reiterate how online growth is coming from companies able to analyse huge volumes of data. Steckler also went into detail about the immense opportunity data provides. “...there is a massive opportunity for advertisers to use data not only to understand consumers online but also to provide them with creative and relevant content,” he stated.
Below are five of the biggest points to come out of the Criteo event that companies should be considering when it comes to online data.
1. Advertisers aren’t capitalising on their own data
General consensus of the uninitiated is the majority of sales come from new users, which in reality isn’t the case. They actually come from existing or active users, sometimes as much as 70%. It’s therefore important for advertisers to understand this group of individuals if they’re to make any big gains.
2. Role of premium content is changing
Premium content is still important in today’s digital world despite there being a more user-centric marketing world online. It’s thought that as time progresses context’s role will diminish. Taking its place will be more of a focus on the performance and returns derived by advertisers from publishers and their investments in more media rich content.
3. Advertising is similar in social media and publishing sites
The principles of various advertising mediums are the same, whether it’s a promoted tweet on Twitter or a display banner on a publisher’s website. The difference is in the execution. Understanding the intent of the consumer in each of these unique channels is the main requirement for advertisers.
4. Importance of fostering creativity
Creativity and data can forge successful partnerships, there’s no need for them to be opposing forces. However, too much data can stifle creativity. Consumer intent can be deduced more effectively through a better understanding of data, which can stimulate more creative executions. More ‘Data Scientist’ and ‘Data Detective’ roles are likely to appear in companies who hold data as a core value, which will in turn fuel more growth in creative advertising.
5. Analytics shouldn’t be restricted to the analytics team
Responding to data in real time should take precedence through a business’ entire hierarchy from the CEO down. There appears to be a growing talent gap for the right people to fill these roles. Data is changing the way in which business is done meaning companies should place addressing this talent gap at the top of their agenda.