Leveraging Artificial Intelligence to Reap the Rewards of Big Data Advertising
Luxury marketing executives know reaching the right audience is critical to marketing success. Campaigns must reach and “speak to” high-income, luxury-minded, brand-conscious consumers, instead of just reaching mass-market audiences like other brands. That’s why it’s so important for luxury brands to embrace “Big Data” advertising – analyzing every bit of audience and advertising data at their disposal to reach the right consumers with the right message at the right time.
The challenge comes in harnessing all of this data to not only make the right ad buys in real time, but also to improve creative over time. It’s not possible to analyze the deluge of ad data manually; there is simply too much. Every day, billions of data points are generated by consumers as they surf the web, interact with ads, make purchases, and share their opinion of their purchases through social media. To gain clear insights from data, luxury marketers need sophisticated technology tools that leverage artificial intelligence to analyze petabytes of data all at once.
Below are a few tips to help you get started with Big Data advertising.
- Let go of all preconceived notions. The old-world approach of making sweeping generalizations about advertising said that the best audience for, say, a big-box electronics retailer, might only be made up of those interested in technology, business, and sports. In the modern (digital) world, we find that the most interested potential customers are actually focused on everything from subcultures to network news to weather to women’s health to consumer affairs. By using technology to tell us who these customers are and where they’re going online, a highly focused, successful digital media strategy can be built.
- Embrace automation. Use a real-time bidding and ad-management platform to automate all of your digital-advertising programs. This may sound anathema to many luxury brands that pride themselves on the leather stitch work of master artisans that produce a finite set of products per year. But the sheer velocity of data in digital advertising today requires a platform that uses artificial intelligence to analyze billions of data points, and also work with third-party data providers, ad networks, and other partners to aggregate all the web and mobile data that impacts your campaigns in one place. The result is advertising that learns and improves over time, and discovers the audience pearls in a sea of opportunity.
- Test, test, and retest. It’s not enough to set up your automated, AI-driven campaigns and just let them run. Marketers should always test their campaigns to ensure they’re performing at maximum ROI. Use dynamic, multivariate testing to test ad creative, placement, and response rates from tailored audiences. Use a testing technology platform that can test dozens or hundreds of variables. The results can be surprising. We once tested dozens of creative variations for a luxury brand campaign and found the best-performing creative to be one that featured cats! The “cat creative” performed 20 times better than the worst-performing creative.
Luxury brands face particular challenges in a digital marketing world. As consumers jump from mobile to online to social and back again, luxury brands must find a way to reach discerning, far-flung audiences with relevant brand messages. Advances in artificial intelligence can help luxury brands tell their story more effectively – reaching more of the right consumers and building long-term brand loyalty.
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