We all hate wastage and as marketers we do hate media wastage. Paying for some mass media where we reach thousands or millions of people but only really hit a small percentage of that who really is our core target group. Ever since marketing started, marketers have been looking to reduce this wastage and do more targeted advertising.
And thanks to 3 modern day developments this is easier than ever to achieve:
- Big data – the situation to have lots and lots of personalized information available for our consumers and the ability to connect this data across platforms and across sources enables us to target promotions on personal preferences and behavior.
- Machine learning and algorithms – identifying patterns and correlations not just connections on a large scale with millions of data points and all of that fully automated allows us already today to be more precise than ever when targeting our customer base with personalized promotions.
- Loyalty programs – complex, expensive and slow in the past, technology has brought loyalty programs just a click away and available for everyone and every budget
Technology is paving the way for zero media wastage through highly targeted and personalized promotion and advertising.