The Wharton Future of Advertising Program has undertaken the Advertising 2020 initiative which has â€œenlisted thought leaders and visionaries from around the world to help us delve into this rich and important concept by answering two provocative questions: What could/should advertising look like in 2020? And what should we do now for this future?â€
ListenLogic Co-Founder and CEO Vincent Schiavone was invited to serve as one of Advertising 2020â€™s thought leaders to share his insight on these two pressing questions. The focus of his piece is on how advertisers can leverage streaming big data hypercomputing today to gain real-time social intelligence on consumers to deliver the right relevant message at the right relevant moment to the right relevant consumer to drive ad efficacy and ultimately ROI.
Hereâ€™s a excerpt from Vinceâ€™s Advertising 2020 submission, entitled Leveraging the Social Revolution:
Advertisers are facing a revolutionary new normal that, while many may be aware of, very few have the technology, strategy and experience to exploit. This new normal is rooted in â€˜always onâ€™ social media networks that serve as real-time, continual channels, delivering contextual, rich intelligence broadcasted by individuals to their friends and often the world. If advertisers are actually listening, able to understand this intelligence and use it in real-time, this becomes a game-changing advantage.
Today, individuals broadcast exactly what they want, exactly when they want it. Continuous contextual data mining and streaming big data predictive analytics are driving the future of advertising with enhanced intelligence and unmatched relevancy. In other words, just right messaging, just in time. This level of immediate insight is the paradigm shift advertisers have been in search of for decades. However, few advertisers have determined how to conceptually leverage this big data challenge and fewer have the technology to take advantage of it.
By leveraging the wealth of real-time social intelligence, advertisers can know more about their consumers than ever before and contextually target them instantly, thus driving measurable ROI.
Know Your Customer
For nearly 20 years, advertisers have attempted to exploit the immediacy of the Internet to enhance campaign efficacy with faster responses and increased measurement. However, despite this speed, advertising has largely remained an exercise in one-dimensional broadcasting with the hope that the right message finds the right individual in the right channel at the right time not unlike print, sponsorship, broadcast and outdoor placements.
Today, social media provides a wealth of intelligence on individual consumers â€“ provided directly from them. This reveals insight into consumer likes, dislikes, needs, wants, hopes, fears, tendencies, desires and even relationships, careers, demographics, income, current and future plans and decisions. Millions of consumers communicate exactly when they are entering a market through their social interactions.
The challenge for advertisers is delivering that right message at the right time by processing this intelligence in order to know the consumer better over time in order to interpret and respond to the consumer in milliseconds.
To read Vinceâ€™s submission in its entirety click here.