Buying a toaster, some white pants, or a flight ticket to Los Angeles are things I am less likely to indulge in on a frequent basis. However, after I buy them, I tend to notice the ads for these products or services.
These ads may seem suitable at that moment because they are the most noticeable. However, they are also the most meaningless. Take for instance a watch that cannot accurately tell the time. It can have the most modern and impressive features, nonetheless, it is inoperable if it cannot tell the time consistently.
Retargeting and Predictive Ads
While retargeting may seem unproductive, its inefficiencies are properly attested. The experts i.e. planners, new media buyers and the creative gurus of the performance marketing are working to improve the algorithms. The future of advertising is promising and retargeting is expected to improve in due time.
In addition to credit card data, checkout data and recommendation engines, Predictive Analytics will pave way for new beginnings in personalized advertising. This means that, as we browse the web, we will only be shown relevant ads for high-value items. These ads will be shown at the exact time when we are likely to buy based on previous internet actions.
Due to advanced technology, a time will come when both the advert and the ad placement will be automatic. Furthermore, we will get entirely custom-made video ads that are based on aspects such as real-time availability, real-time pricing, the weather, and a whole lot of other factors.
Retargeting is based on the past. It focuses on reaching out to people who have already bought items. On the other hand, search centers on the present. It focuses on addressing people who haven’t yet bought anything or are still deciding. It’s a chance to meet them at their point of need.
When you intend to purchase an item, you first search for it online. Sometimes we need help in the search and that’s what Predictive Ads are all about. The search act plays a very important role in advertising as it helps in converting interests into action.
A digital network is a great place for advertising and our changing behaviors are a major contributing factor. For example, all the Facebook likes, linking address books, updating your current location or even using the digital calendars, paint a clear picture of our lives collectively or as individuals.
These behaviors usher us into the Predictive Analytics computing arena. Apart from Facebook, other early entrants include Google who can now give a forecast on the weather or traffic. Microsoft Cortana may provide exchange rates, weather forecasts, and even upcoming ﬂight details to Sydney.
A Value Exchange
The world of advertising is moving to a whole new level. In the future, based on forecasts about your needs at that time, we are going to be seeing ads for commodities at the right time, place, and with the relevant message. It will be a coffee shop suggestion or a meal special offer when you are free; the car garage that will fix your car problem; the Taxi2 ridesharing app informing you someone else is going the same way and the train times when snow blocks your route to work.
Predictive Advertising is a new technology available for brands to exploit. However, people will still be hesitant especially when it comes to sharing some personal information. It is time we embrace the fact that the battle against privacy is lost and learn to look at the brighter side. Recently Facebook announced its new privacy terms while explaining that personal details will help in making more informed and better advertising decisions.