- Data Cleaning – Categorization of Information
- Propensity Modeling – Predicting Consumer Conversion
- Time Series Forecasting – Predicting Market Dynamics
For Attain, accurate and consistent consumer insights play a crucial role in understanding consumer behavior and preferences, enabling advertisers to make informed decisions and maximize the impact of their strategies. With the introduction of artificial intelligence (AI) and machine learning, the speed and precision with which we process consumer data have evolved, empowering advertisers to gain a deeper understanding and make more accurate decisions when allocating their resources.
Attain deploys AI and machine learning throughout its technology offerings and processes to contribute to building an industry-leading experience for advertisers, including data cleaning, propensity modeling, and time series forecasting.
Data Cleaning – Categorization of Information
Data cleaning is the process of organizing and categorizing large volumes of consumer data to eliminate inconsistencies, inaccuracies, and redundancies. Machine learning algorithms can analyze vast amounts of data with speed and precision, ensuring information is correctly classified and grouped. This enhances data quality, making it reliable for generating meaningful consumer insights.
Attain’s data cleaning process pours through millions of purchase transactions and those need to be categorized to make the data useful in any meaningful way to advertisers.
To do this manually would be resource intensive. However, by training machine learning algorithms we can classify purchase data using several different categories with a high level of certainty based on the input we receive.
For example, Attain collects data for shoppers at a big box retailer who’ve made purchases. At this point, machine learning kicks in to classify these transactions by cross-referencing the data set it was trained on to catalog information based on taxonomy like merchant, purchase category, and channel–like in-store vs online transactions.
This is particularly important for advertisers because machine learning-powered data cleaning leads to more accurate and well-organized consumer data, enabling them to identify patterns, trends, and preferences that drive consumer behavior. This, in turn, helps optimize marketing strategies, target specific consumer segments, and deliver personalized experiences.
Propensity Modeling – Predicting Consumer Conversion
Propensity modeling utilizes AI to predict the likelihood of consumers converting or taking specific actions based on their historical behavior and relevant data.
Attain’s propensity modeling uses AI to enable advertisers to identify the most promising prospects for conversion, allowing them to allocate resources efficiently and tailor marketing efforts to specific individuals or segments.
Imagine a media buying team whose job is to identify untapped audience opportunities for a new product entering the market.
This team likely has two goals: 1) be efficient and 2) maximize conversions. With Attain’s AI-powered propensity model, this team can identify audiences that are likely to buy similar or competitive products and those who may exhibit brand-agnostic purchase behavior.
This enables the team to identify an audience based on these insights and track purchase behavior in real-time to assess if the model was successful.
By leveraging Attain’s propensity modeling, advertisers can identify a segment of consumers likely to buy McDonalds, for example. Then, depending on the advertiser, serve them ads for McDonalds or a McDonalds competitor, like Burger King. This leads to improved conversion rates, reduced costs, and increased ROI.
Time Series Forecasting – Predicting Market Dynamics
Time series forecasting employs AI to analyze historical data patterns and predict future trends. It’s like the macro version of propensity modeling, but instead of consumers, it takes the entire market into account.
Attain’s time series forecasting allows advertisers to understand upcoming trends in demand, whether that’s a decrease in demand or a seasonal shift that’ll see a surge in the market over different periods.
By accurately forecasting future market conditions, advertisers can proactively plan their strategies, anticipating shifts in consumer preferences, thereby gaining a competitive edge. These forecasting insights allow advertisers to place ads where demand will be the strongest for a more efficient deployment of resources and ad spend.
AI and machine learning have supercharged Attain’s consumer insights by increasing the amount of data we can process and analyze in a fraction of the time, giving advertisers access to powerful data. Through the power of Attain’s AI and machine learning-powered solutions, advertisers can ensure accurate and well-organized consumer data, enable precise predictions of consumer behavior, and anticipate market dynamics. By embracing AI in consumer insights, advertisers can make informed decisions, deliver personalized experiences, and achieve their business goals more effectively in an ever-evolving marketplace.