“Consumers are hugely empowered. There is no room for mediocre,” said Keith Weed, Unilever’s Chief Marketing Officer at this week’s European Forbes CMO Summit. “We now have the opportunity to understand people on a one-to-one basis – to get down to that individual engagement.”
Personalization when it comes to ads is not a new concept. For many consumers, they might have searched for an item online say a cabinet and went ahead and purchased it but since then have had cabinet ads pop up despite having bought one. Luckily those days of unpersonalised ads seem to be coming to an end. Thankfully there is an explosion of data and marketers can use Artificial Intelligence AI to crunch up the complex numbers and deliver more one on one campaigns.
Previously, audience classification involved bucketing customers into basic categories, such as gender, age and disposable income. Now there are better resources at advertisers’ disposal including social media through which brands can get a true personalization of their consumers based on how they present themselves to the rest of the world through their social media posts. StoryStream, an AI-powered content marketing platform, enables retailers to analyse 25,000 dimensions per image and billions of data points in text, imagery and video to extract those hidden insights.
As Dr Janet Bastiman, Chief Science Officer of StoryStream points out, “I’m regularly mistargeted because of my age and gender. According to advertisers, I shouldn’t be interested in the latest smart home devices or offers on hardware. Instead I regularly get targeted items on crafts, baby items and even divorce lawyers! Traditionally, audience segmentation was done by categories such as age, gender and disposable incomes. Today, retailers need to be looking at how their customers actually want to engage with them and look at what they’re interested in. Social Tribes enables retailers to build tribes of people that can be identified by their interests, whether that be Gym Selfies, Sneaker Heads, Sci-Fi or anything else enabling them to know their customers and prospective customers at a really deep and individual level.”
Experts point out that there are still many avenues that artifical intelligence can take to help built more personalised ads.