The impact of live audience insights and real time decision-making
Live data was seemingly confined to the financial sector, where real time insights are vital to multi-million, split second decisions. Through a new generation of social platform the ability for real time decision-making has opened to the media and retail industries.
Live data will become an increasingly important part of the media package to advertisers. ESI Media (Evening Standard and The Independent) recently created a real time portal into their audiences, allowing advertisers to judge articles, in terms of impressions, dwell time, location and section (sports, business, etc.), before bidding on them.
Dwell time has a direct correlation to conversion rates, giving ESI Media the incentive to charge increasing amounts for better performing articles that result in better returns for advertisers.
Getting this clear indication of how an article has performed can allow analysts to build on those insights to judge how future articles might perform, leading to brands creating resonating content pieces in areas that audiences, and in turn advertisers, really engage with.
While advertising might be less relatable to retail, live audiences are dynamic and so real time data remains a vital part of future business models.
Creating live audience profiles, tracking interests, behaviour, and location in real time gives an in-depth impression of audiences. This high level of understanding allows brands to start predicting behaviour, converting these profiles into sales. The further through the understanding-retargeting cycle brands can get audiences, the better the returns.
From our time talking to clients, another on-going issue within retail has been the misalignment between promotions and stock levels, leading to disgruntled customers wanting their special offer. When integrated with campaign management, stock levels can become a fundamental component of any campaign.
So what can brands do from here?
1. Enhance collection
Improving data collection system is a necessity to adopting live data, some platforms may struggle retrofit these features, in these cases adopting another platform may be required however third party APIs can achieve similar results.
2. Develop understanding
These live audience insights are useless without the correct tools to support and analyse this amount of data. Adopting machine learning techniques is can important step in developing this understanding of audience, 75% of Netflix users select films recommended via the company’s AI algorithms.
3. Right time, right place
Once this enhanced understanding has been established the next step is to analyse targeting, getting insights into peak hours and key locations can be a method of refining the targeting process, reducing cost and improving conversions.
GLOBALDRUMTM is a mobile social platform enabling brands to monetise audiences. The platform provides GDPR compliant, transparent, live event-level data to brands who may operate live social business models on demand that use ML and AI techniques to create live audience profiles.
 Campaign, 2017
 Digiday, 2017
 State of AI, 2017