I used to have access to the best data and insights in TV, now I have access to the best data and insights across all consumers, irrespective of their media choices. I’m the kid in the candy store.
The train driving the breadth and depth of consumer insights is at full steam and delivering dramatic change in the media industry. Having technically come from the media world managing the data proposition at MCN, a great deal of focus was on improving the performance of TV through targeting. With Quantium I find myself in a far deeper pond of insight, leveraging data to understand what people buy, not just what they watch. We call this understanding “qualified audiences” where target customers are known to be spending in your category … not just assumed or reliant on profiles of basic household types.
Underpinned by huge anonymised data sets, combined with proprietary technology to extract insights, we work with brands and agencies to help optimise their broader marketing efforts. In the observations I’ve made moving from media owner to data and analytics specialist what is consistent is using data to improve the measurable performance of media. But what does this really mean?
If we consider that for some brands less than 10% of customers make up 80% of sales, the value of targeting speaks for itself. But it can be important to talk to less engaged customers. We looked at lapsed customers in the beverage category as an opportunity to re-engage and drive sales. We profiled what these customers looked like in terms of affluence, geography and what else they spend on so we could better understand the segment’s shopping habits and behaviours. The profile informed how to optimise media managed by the agency as well as through Quantium’s own media partners. We could then recommend areas with a higher concentration of lapsed purchases across the MCN portfolio as well as target these customers across News Corp and Facebook with more relevant and tailored messages than had ever been possible.
In the entertainment category we worked with a brand to understand how its own data could inform what its most valuable consumers looked like. We were able to supercharge this customer view by providing context with broader category transactional data. We then compared what this brand knew about its customers from loyalty data and enhanced this view with a category overlay.
The results highlighted geographic opportunities where spending in the category was high, but was low for the specific brand. Traditional targeting can only provide a blunt view of consumers, whereas qualified audience targeting can identify significant opportunities for brands.
Making the transition to Quantium has allowed me to open the candy store to everyone.
By Murray Love
Senior leadership team - media at Quantium