MyThings has unveiled a new solution that can pinpoint a user’s shopping intent by analysing visual attributes of a product image to acquire new in-market users. The technology is said to be a first according to the conversion-driven display advertising company.
The visual recognition aspect bears similarities to paid search in that it can acquire new users by leveraging intent data. Now, with the addition of a pre-targeting product, myThings believes it provides a display solution for every stage in a user’s purchase path according to the firm’s CEO, Benny Arbel.
“With upper funnel dynamic display and lower funnel personalised retargeting, we have now completed the data-driven performance display circle with mid funnel pretargeting. It is an holistic, end-to-end performance display offering that acquires new users and maximises the value of existing ones,” he said.
Visual data is deemed to be more powerful than keyword data because it’s capable of capturing explicit not implicit intent. When taking into account the branding and reach that display offers, myThing’s feels pretargeting’s value proposition strengthens.
Evolving customer intent
A good example of myThings’ concept in practice would be if a user searches for a coffee machine. The same user may by considering a purchase, but is first looking for the manual and at this point the intent is only implicit.
When the users browses the product page of a specific coffee machine on a price comparison site and reads product reviews, the intent evolves. When this occurs, you could surmise that the person is now actively seeking to buy the product.
Only a highly relevant banner showing identical or similar coffee machines will be offered by the advertiser to an in-marketing consumer that has never been on the advertiser’s website. Even then, the action only occurs during the market research phase in the user’s purchase decision process.
Testing undertaken by myThings over a six-month period revealed that pretargeting accomplished a quintupling of click-through rates compared to standard display acquisition campaigns. It also found post-click conversions were comparable to those of search.