Welcome to the ninth edition of Ovative’s marketing/tech news digest – where we hope to keep you up to date on all things new and exciting within Marketing, Measurement and Technology.
Always informative, sometimes entertaining. Enjoy.
Fodder for the water cooler: Ebay Australia has developed the first full-fledged VR department store. Yay. Despite the narrator’s slightly intimidating voice, the official video is worth a watch and may spark ideas on where VR might go in the future.
Social Bluebook Lets You Price Influencers | MediaPost | June 2, 2016
Quick pitch: A new company, Social Bluebook, believes that social media’s influencers can be bought AND that they can predict the price. Although, it’s not unlike paying the popular kid to invite you to their party – you may get there, people will see you, but the pressure is on. Be interesting.
Now I want the details: The Social Bluebook has developed capabilities to keep tabs on 25K online influencers that cumulatively have 2B+ followers across major social platforms. While Social Bluebook has been helping content creators value their brand for the past two years, they now offer tools for advertisers to value opportunity with influencers. Currently in beta, Social Bluebook bases their price estimates on the influencer’s audience demographics, engagement, average views, audience comments etc. Although at the end of the day, it will still be on the advertiser to develop relevant/interesting content for the influencer to promote.
What we’re thinking: Social Bluebook is yet another way to fulfill the need for advertisers to have more transparent pricing in all types of media channels. This could be useful for advertisers who already know who their customers follow on social media. Social Bluebook hasn’t disclosed any capabilities to match advertisers with influencers and, without knowing which influencer to approach, knowing the right price won’t mean better ROI. As Social Bluebook develops more robust targeting and measurement capabilities, this could potentially bring in a new social “channel” that would be very impactful.
Fractured Governance Handicaps Use of First-Party Data | AdExchanger | June 6, 2016
Quick pitch: Sharing is caring. To a point. It’s true – advertisers need access to as much information about their customers; however, not at the expense of privacy safety.
Now I want the details: For each measurement database in an organization, at least one team member should be assigned the responsibility of first-party data (kind of like a product manager). This works best when that person works closely with IT teams to make sure everyone is on the same page about the ultimate usage of the data and how it should be organized. Regardless of the source, consistent data naming conventions across the enterprise is critical to ensure that data is accurately tracked. Lastly, well-considered permissioning logic allows departments to get the information they need without violating confidentiality.
What we’re thinking: We see it across the industry as well, marketers can never seem to get their hands on all of the data they need and are rightfully concerned with violating confidentiality. Data storage takes a lot of discipline; permission rules need to be well thought-through. It is this very subject that gives Ovative our purpose. Wrangling the many “tentacles” of data environments isn’t easy, but it’s a critical step in the process to top-notch 1st party data measurement and activation. The larger the company, the more involved the process. However, series of small wins will add up!
The New Kid On The Marketing Block | CMO. | June 6, 2016
Quick pitch: Ever wished you had the guts to ask a total stranger where they got those shoes? As image recognition software gets more advanced, we can let our shy tendencies shine by discretely snapping pictures instead… Creepy or useful?
Now I want the details: Image recognition – machine learning software that pixelates images to pick up on patterns of shapes of different objects for future identification. Sophisticated image recognition software can serve ads with relevant editorial images. Pretty neat. For publishers, this development can open up the chance to turn editorial images into a revenue stream, without having to alter the pictures themselves. For marketers, the potential is access to an ad inventory that is both new and highly engaging to users. The market is expected to reach over $33 billion by the end of the decade.
What we’re thinking: We love it. Matching customer photos to a company’s best-fit product will become normal in the future and will open up a world of opportunity for real-time engagement. The beauty of automated advice is that it is entirely based on inputs the user has already provided which means advertisers can leverage more meaningful data. The landmines we see are on the back-end systems that will need to be able to handle fast decisioning and delivery of the product or promotion. This ties back to proper 1st party data storage, measurement and activation – with well managed data, the possibilities are endless.
Sweet name – where’d you get it? We got ours on June 7th 1775 when the United Colonies officially became the United States. Nice.