Computers and artificial intelligence have come along at an exponential rate over the past few decades, from being regarded as oversized adding machines to the point where they have played integral roles in some legitimately creative endeavours.
Nielsen and data and analytics provider, Veda, have partnered to provide marketers and advertisers with a way to better identify and track marketing strategies against actual consumer data.
The two companies claimed the new alliance means that for the first time, marketers are able to understand and segment Australian households based on validated actual financial characteristics, overlaid with consumer behaviours and attitudes alongside actual media consumption.
The new relationship utilises Veda’s demographic, behavioural and lifestyle profiles drawn from 16 million Australian consumers. The information has been developed for business to use for consumer marketing and analytics and encompasses more than 40 descriptive and predictive attributes, such as propensity to be in the market for home loans, credit cards or personal loans.
According to Veda and Nielsen, advertisers are able to plan and act more efficiently, identifying what motivates consumers and how they interact with different brands and media. It shows which websites target consumers are visiting, the television programs they are watching and what they are reading or listening to.
In parallel to planning, the partnership is also designed to help advertisers develop and activate segmentation, connecting with customers and prospects through Veda’s consumer data assets. This allows them to better reach consumers through digital and direct marketing channels, aligning with internal CRM capabilities.
“In this new digital age, advertisers are demanding more specific targeting and going down to a postcode level isn’t good enough anymore," Nielsen’s media industry group head Monique Perry, said. "Advertisers want to know what media the household consumes and what message to present. This relationship is a crucial advancement in building profitable consumer relationships.
According to Perry, the new alliance aids Nielsen's clients’ strategies by integrating insights derived from their customer data, meaning they are able to communicate specifically to the right segment, with the right message on the most effective media.
“For example, if an auto company wants to reach Australians that have a low-risk loan capacity and no defaults, Nielsen and Veda together allow a marketer to segment those people and then identify what media they consume - using actual data from Veda’s finance currency information alongside media currency information within Nielsen Consumer & Media View,” she explained.
"Veda brings hard financial and household data and Nielsen’s Consumer & Media View solution provides the colour and definition to provide a vivid image of consumers - knowing what makes them tick, what they like and loathe, and how to reach them," she added. "When you integrate this with a brand’s customer data, the solution is incredibly powerful.”
Veda's chief data officer, Lionel Lopez, said the combined data mapping that the partnership between Nielsen and Veda creates will unleash new discoveries to improve customer experience.
“In the short term, the relationship will enhance campaign management selection and create more rounded client segmentation," she added. "The next wave will offer enhanced measurement of ROI and personalised channel performance through Veda’s marketing services. Finally, Nielsen and Veda will provide a data source that can be used in collaboration with our customers and partners to deliver innovative solutions.”