Little more than a decade back, when big data arrived, it gave businesses something extra. However businesses either felt their data was inadequate or the inferences they could draw, were at best, vague.
The world has come a long way from then and there has never been a better time to advertise online than now. However, it is not big data alone, or even the technologies that came immediately after its emergence. Smart analytics is relatively more recent, and it goes beyond providing detailed descriptions of your data. Advanced analytics is what data technology should ideally be. The blur before your marketing data disappears, and you can draw sanguine inferences such as what percentage of your ad spend generates what proportion of sales and from which channels.
The main advantage of advanced analytics is the availability of accurate inferences in real-time. Besides automating your online advertising process, you will be able to quantify the outcome of your advertising efforts across channels. That helps you make media buying decisions with minimum risk and measure your performance without forced assumptions.
You can cut costs incurred on expensive statisticians
Unlike in the recent past, when big data was used by high-end statisticians to figure out the best locations, channels, and messaging for you, advanced analytics can do much better, and at a lower cost. With real-time data on multiple aspects related to your markets, advanced analytics software can deliver the inputs you require for adjusting your media buying budget. Efficient media buying involves a range of data processing techniques, but with approximations, you get nowhere in spite of large expenditures. Using predictive analytics, software is now able to provide you with accurate suggestions.
Knowing and making the right cross-channel investments
It is important that you realize your returns on investments that are distributed across channels. Earlier, with traditional media buying, finding it out accurately in relative terms was impossible. With advanced analytics and customized software deployment, you can assess your individual channel investments. It helps you take confident decisions on whether to expand your campaigns or stop them. Moreover, the deployment over cloud helps you with maximum efficiency in media buying, ad placing, and transacting. Measurements can be carried out every second, and the whole media buying process becomes free of uncertainties.
Facing palpable shortage of data? That’s changing!
Even when big data had first arrived, companies felt their in-house data was inadequate for drawing sufficient insights. Back then, many decision makers doubted if analytics would be useful for media buying. Software that was smart enough wasn’t around as yet, and even a flood of data seemed inadequate. However, with the emergence of advanced analytics, companies have realized that they can use even their in-house data—related to third parties, finances, channels, transactions and more—to generate the insights that now help them make media buying decisions with unprecedented accuracy.
Software can now be deployed and used to implement advanced statistical functions—such as relative importance analysis, structural modelling, case-based reasoning and more. When deployed over cloud, such software can function in real-time to deliver insights on how to best optimize your media buying spend.
