Marketers need to adopt a new definition for marketing automation, one that includes both the automated components and that recognizes that marketing automation is a process that marketers must manually initiate.
Advanced/ Digest...
Marketing automation refers to the process in which artificial intelligence and predictive analytics are used to automatically deliver and manage custom advertisements or communications to the person most likely to take a marketer's desired action.
Breakthroughs in three key areas are leading us to a point where this new definition moves beyond concept and into action.
- Artificial Intelligence: Seamless integration of customer data, data warehouses, and data augmentation providers are enabling knowledge extraction through advanced data mining. This allows marketers to not only leverage their existing data but quickly take action on new data.
- Predictive Analysis: By implementing machine-learning, marketers are presented with preset audiences that combine propensity to complete desired actions with core attributes of optimal channels, products, and ads/content. This preset audience is then paired with an advertisement or piece of content and awaits deployment based on the opportunity to reach the person at the optimal time. Programmatic buying platforms activate this approach for search marketing, social media, display advertising, video advertising, and mobile advertising.
- Deployment and Management: This is becoming the "high-frequency trading" of the marketing world. As algorithms and automation enable marketers to reach target audiences with speed and precision, competition drives the race for the most relevant ads and content at the optimal time. This leads to further emphasis on the prediction of trends and forecasting of results. The marketers who "win" will be the fastest moving, most precise, with an ability to shoot where the target will be, not where it is.
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It's all about the data: in one place, supplemented with external sources, put through the algorithm grinder, with predictive results. This is NOT database marketing: it is the power of the algorithm applied to the data. So how important is the Acxiom/Marketo announcement?