The Advertising Club Bangalore recently held its inaugural edition of the ‘Knowledge Conclave – Driving Growth Through the New Era of Measurement’. C-Suite SME speakers from different spaces of the data-tech world spoke and interacted on some of today’s most important topics.
L V Krishnan, CEO TAM Media Research spoke on ‘Science & Art of Data Monetization’.
Krishnan explained what Data Monetization is and shared its immense potential from work done over past few years. We have a plethora of data available through smartphones, set-top boxes, ISP/Telco providers and others. Going forward more data will be coming out, like oil flowing in pipelines. Data monetization is about channelizing the entire pipeline for higher ROI on investments.
There are 3 ingredients – extensive historic data, multi-media data and an AI platform to link past and present data sets. Krishnan said that everybody thinks today’s data is more relevant than yesterday’s data. While that’s true to a certain extent, the more past data we have, the richer the future data is going to be. Data monetization works with extensive multi-layer Meta tagging. The tagging is synchronized across all databases so that they can work in conjunction.Meta-tagged data then goes into client data. The AI platform allows mixing of databases, so that when layered on top of each other (meta-tagged and client data) decision trees can be made for strategic actions.
Krishnan cited a live case of a household durable, which was able to infuse new meta-tagged data into its own data (outlets, offtakes, stock, promotions, etc) and create decision trees leading to new outlet expansion, current outlet re-stocking cycles and other decisions.
Data monetization built better ROI for program promos. Usually focus is on media inputs not creative effectiveness and customizing media inputs based on it. TAM used their historical (20 yrs+) data bank of 6 mn promos meta-tagged by 100+ variables, along with reach/freq. delivered and % conversion to viewing. This was layered with promo creative effectiveness evaluation using brainwave mapping & eye tracking. AI engine simulated raw brainwave data and gaze data to calculate the persuasion scores of the creatives. The shortlisted creative score was run through the AI platform to predict its conversion (reach to actual viewers) ratio – prompting the reach of the promo to be increased given the medium conversion ratio predicted. Data monetization helped make use of rich historical data and through powerful meta tagging along with the AI engine helped arrive at best trade-off between reach/ frequency/SOV.
Data monetization has been used to relook at creative composition and setting effective frequency goals for TV campaigns. Another area has been sports In-Stadia advertising using in-stadia brand presence data collected over past 12 years. This is enabling better selection of in-stadia presence giving higher brand exposure and ROI on in-stadia investment. Movie &music content scheduling on DTH is being done using movies& music 20 years meta-tagged data, integrated with audience data from Tata Sky set-top box panel of 31,000 homes. Data monetization is helping real-time targeted mobile advertising. Using historic campaign data across multiple media platforms, it is helping predict new brand campaigns ahead of the quarter thus helping ad sales teams pitch to prospective clients in advance.
Krishnan ended with saying that this space will only grow in the future and hyper localization will play a strong part in it. The future will not be just about data generation but about collaboration in data monetization –bartering, brokering and applying technology to drive data insights that will help us monetize the data in a dramatic way.
Sanchayeeta Verma, Chairperson Knowledge Conclave 2019 said, “In our era of connected platforms, big data signals are being generated and data-driven tech are enabling businesses to harness them. The conclave helped understand how to do this and join the dots between the tech world and the world our brands play in”.
“Knowledge Conclave will now be part of our annual program. Watch out for the 2020 edition“ said Advertising Club Bangalore Executive Director, Arvind Kumar.
