New Ideas in Marketing
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It can also enable brands to create lookalike audiences from their existing consumers.

To create an effective marketing campaign, brands should build their first-party datasets based on real-time data. Providing quality data to machine learning tools can help brands accurately target the right audiences and serve more ads in the same budget.

This article notes that marketers can leverage machine learning to understand their consumers better and discover new lookalike audiences. The technology can further help brands improve their retargeting campaigns by focussing on their competitor’s consumers who share similar attributes as their existing consumers.

Marketers can improve their ad spend by decreasing cost-per-acquisition for each new consumer through “fresh data”. The author contends that brands should use the tech to automate time-consuming tasks for enhanced efficiencies and free up marketers to focus on strategy, planning and creativity for better campaign results.

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