In 2020 time is of the essence. Customers want the right message at the right time on the right device – something that is impossible to achieve with manual only campaigns. That is why Machine Learning (ML) and automation is essential for marketers. ML and data also help strategists uncover new ways of planning and optimising, saving them hours of digging and leaving more time for the important stuff.
Let the machines do the thinking
Machine learning makes sense of historical data and makes “decisions” based off this data. ML essentially predicts outcomes and chooses the best option to achieve the set goal. In marketing this means ads can be tailored, shown at best converting times of the day, rotated to suit the customer journey, paused or slowed during periods of lower performance etc. Instead of reacting to the current environment, ML is a proactive way of marketing that had proven time and time again to improve campaign outcomes.
If content is King, then data is Dynast
In every good campaign, is a data source. Gone are the days where you would pop a finger in the air and guess what channels, messaging, creatives and targeting would make a killer campaign. These days, if you want to out-do your competitors, then you need to have as much data as possible to inform your decisions. There are simple ways to integrate data like using a CRM database (oh hi GDPR) to drive remarketing or lookalike audiences and then there are more complex ways. One of K8´s programmes has a complex algorithm that helps her predict the ideal budget at any given time for a campaign and allocates that budget in real time (with the overall budget of course). This algorithm looks at paid search but also organic search – because hey, who wants to compete with themselves?
For one client, this algorithm alone increased clicks (the goal) by 62% while decreasing overall cost and CPC by 39%.
Inspiring new ideas
At Lighthouse8, we are lucky to have K8 do most of the optimisation in our accounts, leaving us to be forward thinkers and come with new ideas on how to improve campaigns. K8 analyses data and make it actionable, optimising campaigns at the speed of light taking calculated decisions. However, the key to success is cooperation between the robotics and the human consultants here at Lighthouse8. Our amazing consultants are adding heart, soul and creativity to messaging and the development of ads based on emotions and the many years of experience we have accumulated.
We also get focus on what our Business Intelligence platforms are telling us and work on optimising with that data as a starting point. For example, our BI product Competitive Monitoring tells us what all competitors are doing in their advertising channels along with what is working and what isn’t. If we can see that competitors have the most engagement on a photo of a specific type, with a question and messaging including a specific keyword, then we can use this data to create better ads. Instead of spending media spend to test, we can learn let competitors test for us!