I want to introduce you to the concept of bid enrichment. It’s not often I get really excited about something, but I’m happy to admit that what I’m about to talk to you about is pretty momentous and will undoubtedly shift brands’ ability to effectively and accurately interact with their customers.
I have worked helping brands to communicate with their customers and prospects through the use of data in the digital space for many years. To this end I have constantly emphasised to clients the importance of having the right data and data handling processes in place. I think nowadays this is a given.
As anyone who has worked in the digital advertising and programmatic space – and indeed any element of marketing – will agree, everything starts with the data.
With the right data you also need the right technology and processes in place, all of which are readily available. Where the challenge lies today is that the data is often fragmented and difficult to scale. More specifically, data that is used in programmatic display is rarely linked to other marketing activities.
I’m sure anyone who has operated in this environment understands exactly what I’m talking about. The environment is highly fragmented, with multiple players competing for a small share of a large and lucrative market. Using data effectively is possible, but it requires effective connectivity and integrations which take a lot of time and require a significant level of expertise.
Buyers want to be smart, but in a fragmented environment, the data is not always where it is needed. What’s required, and what bid enrichment provides, is for data to be more accessible and scalable – while maintaining accuracy.
This represents a new way of introducing valuable data into the programmatic ecosystem at scale and in real time. Bid Enrichment receives live bid requests for advertising inventory and sells the same ad opportunity back to the market once enriched with Experian data – all of which happens in less than 150ms - thousands of times per second.
The core benefit of doing this is to help media buyers provide consumers with more meaningful and relevant messaging through the use of Experian data.
Such data is already been used extensively by thousands of brands in traditional channels as well as new digital channels (e.g. social media) – for example Audience Segmentation tools such as Mosaic have become the standard data currency for organisations.
Bid enrichment means that brands will have even greater access to insight, accessible at scale and in real time. This means greater familiarity with individuals and better alignment of messaging to consumers across a number of channels in combination.
Through bid enrichment will allow marketers to target the right audiences and link those same audiences to wider marketing channels (e.g. email, social, addressable TV). It means big things for the bidding ecosystem and marketing in general. The industry’s ability to be more accurate than ever before and - here’s the key bit - to be able to do this consistently, is going to drastically improve marketing performance in the future… and that’s why I’m excited.
By Colin Grieves, managing director of digital marketing & media services at Experian
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