Christian Peck, MD, Acxiom UK at Ad Week Europe
Like never before, data has the potential to create more satisfaction for consumers, healthier bottom lines for companies and a better world all-round. The big question for most companies is how to monetise this data. This is what The Guardian: Masters of Monetisation seminar, which was held at BAFTA during day 3 of Advertising Week Europe, aimed to do.
The panel, which was moderated by The Guardian’s David Pemsel, consisted of a wide range of data industry experts including Facebook, LinkedIn, Radium One, Yahoo UK, PWC and of course Acxiom UK to name but a few. Each presented a passionate viewpoint.
The discussion was primarily focused around advertising and the working link between science and art in order to create great content and target the right audience.
‘Data win arguments,’ this is a fair statement that was made by Facebook’s Christian Hernandez Gallardo. As was seen from the panel itself and the companies represented, data and its reach and impact are truly global. At this stage big data is almost an outdated term, yet despite being around for a while many people still don’t completely understand it. That said, there are huge volumes of data mined every week – a substantial portion of the total coming from Acxiom where we process more than one trillion global data transitions per week.
With more daily time spent on mobile rather than online, it is not surprising that mobile and social were both much debated topics during the session as areas that have yet to play a significant role within advertising and monetising data. However, everyone agreed that we are not quite there yet with completely integrating the mobile ecosystem in a way that allows marketers to effectively use the platform and mine the data. Companies like LinkedIn are seeing a huge uptake in mobile users viewing the social networking site according to Josh Graff at LinkedIn and most companies have already created a mobile site at this stage to facilitate the huge numbers of smartphone users.
Another area touched on that was particularly relevant and interesting was the idea of social signals; providing information on people’s interest and intent in real-time, so in effect using Data Management Platforms (DMPs), which allows real-time bidding. It’s an area we at Acxiom are currently investing in and which we believe has a significant role to play in the future of data and advertising.
However, despite the majority of the session revolving around advertising, it’s not what data monetisation is all about. Companies are increasingly finding other ways of monetising their data, whether that be through apps, mobile and monetising brands themselves. As Phil Stokes from PWC stated, data enables people to go beyond the point of purchase and experience the life cycle of products by observing the customer’s interaction with the product post-purchase. This is an area still in development but which has the potential to open a new value within marketing.
But at the end of the day, to paraphrase Piers North from Yahoo UK it’s the nature of the data business that there are forever new peaks to climb, each offering new challenges which need to be addressed and overcome. Acxiom connects those peaks using a combination of data and analytics to address these challenges in order to strengthen connections between people, businesses and their partners. We recognise the importance of monetising your data and getting the most value from what you have. Better connections enable marketing that is more effective, drives greater customer value and creates better results.
Acxiom, the Original Big Data Company