Skidding around the door like a late, naughty school-kid, comes our third post on Data Trends for 2018. Get in here, you scallywag!
Data science and its marketing is a subject that is here to stay, which to us, is refreshing in an industry too often full of whimsy and subjectivity. Over the past few years, however, our industry has developed a twisted relationship with data. At times we’ve seen it as a silver bullet, overplaying our hand, measuring “things” just because they can be measured without objectively interpreting the meaning or impact of what we’re doing; hello, fan count! Then there’s the bright, new shiny stuff in the world of emerging data trends that is cooooool. But first, we need to wind our way through the woods of regulation to get there. So let’s talk first about what’s around the corner and then reward ourselves with the awesome shiny toys of the future.
Measurement in a mire
It’s well known that we have an ongoing issue in terms of measurement; for example, while research says that online video is the present and the future, the major players can’t align on industry-wide benchmarks as they relate to it. Sure, action is being taken – internal councils are being formed, third-party integration solutions and independent industry audits are being conducted… but a lot of it is simply sound and fury, given that the actions aren’t necessarily solving the brand owner’s problem. Industry bodies such as the Interactive Advertising Bureau (IAB) and Media Ratings Council (MRC) have been active in trying to progress discussion but you only have to look at their recent Digital Video Impression Measurement Guidelines, released in October 2017 for public discussion, to see that we’re not making progress fast enough. When you don’t have major media players such as Facebook and Omnicom at the table, there’s a telling sign. Also – notice the narrowing of the title? Now, major players, such as Nestle and HP are going out on their own; we predict that others will follow and that solutions will come from the brands and media intelligence firms this time, rather than the platform players, establishing metrics that matter to their business rather than industry-agnostic measures of old.
Walled gardens rise as a butterfly effect takes hold
There’s no way of putting this mildly: the free ride for brands on digital media – particularly as it relates to data acquisition is well and truly over and the stakes are rising for publishers. The EU’s General Data Protection Law (GDPR) brings consumer protection firmly into the limelight. What’s worrying is how many brands, agencies and developers have their eyes closed to it but to do so is dangerous from a reputation, legal and financial POV. Why? Read our previous post for background, with advice from MENA media legal eagle, Fiona Robertson.
A perhaps unintended consequence of the GDPR laws is the rise of the walled garden, aka closed platforms. Platforms will now have to work harder at providing truly compelling, free services in exchange for audiences to provide them with personal data. No way will they be giving customer data away for free anymore. While GDPR is designed to protect its audience, it means an increase in advertising investment from brands seeking personalized customer interaction and validated audience data from platforms. Expect brands to be a lot more discerning about their media spends, a lot more demanding when it comes to data quality and unfortunately… for the smaller publishers to suffer they don’t get their ducks in a row. Throw in the universal uptake of ad-blockers and the repeal of net neutrality (which we are still in denial about) and you can see just how well-protected these walled gardens will be.
We asked location tech firm, Blis’, Managing Director Puja Pannum to weigh in. “Understanding audiences and where to reach them is a marketer’s number one priority before their first dollar is spent, and with more and richer data, targeting capabilities naturally improve. While it’s an absolute priority to protect consumer data, it is also beneficial [for vendors] to be transparent with brands about ROI and footfall data. But to do that, it needs to go both ways,” said Puja. “Brands need to be as transparent and open about their analytics and data sources, like loyalty card data and Google analytics, as vendors are about ROI. Currently, this is the only missing element in end-to-end transparency, something players on both sides should be striving for. In 2018, promoting the sharing of these kinds of data will help brands and their chosen partners build campaigns on more data sources and benefit from a holistic view of what’s working versus what’s not.”
Human + machine gives birth to Digital Twins
One of the more interesting aspects to come from the fusion of Internet of Things (IoT) and machine learning is the Digital Twin. A Digital Twin is a virtual replica of physical assets, processes and systems which uses data to enable understanding, learning, reasoning and prediction. The aviation, aerospace and automotive sectors are the leaders in this field, whereby real-time analytics of critical aspects (such as tyre pressure, temperature, distance and speed) have been used to optimize efficiencies.
Where Digital Twin technology starts to get really interesting is in the area of predictive modeling and future-proofing, where we’ll start to see not just the what but the why, generated by the emergence of the “Digital Thread”. The Digital Thread is the contextualization or connectedness of data, informed by the integration of large and multiple data flows, both real time and historical, leading to actionable information – such as establishment of digital twins being able to accurately predict a range of outcomes at scale.
Gartner predicts that by 2021 around half of large industrialized companies will be using Digital Twins. All this said, Digital Twin technology has been around for decades – were it not for Digital Twins, the Apollo 13 mission may well have been doomed – it was this practice that enabled them to mirror how they could rescue the mission when it ran into trouble. Without Digital Twin technology, there would be no Mars rover Curiosity! Take a look at the video below, to see how curiosity, technology, ingenuity and data join forces to make miracles!
Thanks for reading our 2018 trends across content, technology and data. Please feel to drop us a line and let us know what you’re thinking about in this realm and of course, we welcome your feedback too!