Consumption and advertising are becoming more and more targeted as we gain additional access to data. With the rising number of wearable and connected devices, the reams of information available to us has unbelievable potential. Online advertising is becoming incredibly targeted. Data is mined across publisher websites at the point of purchase. Someone’s buying pattern in the past generally reflects their future patterns so that we can begin to purchase ads based on a user’s propensity to purchase say a plane ticket or a car. Knowing other demographic information about the target allows us to deliver a very specific ad. We no longer need to speak to the masses, but to groups of individuals. Customization is now key.
Companies have always needed to understand their audience. As more information is becoming available it’s more important now than ever to gather as much information on their clients. Without this information, how else can companies ensure re-purchase and not lose a customer to another company? Even TV will soon be purchased on data-centric buying methods. In the future, we will no longer purchase dayparts or points but specific shows targeting specific types of customers or audiences. This information will be mined by a set-box top TV mechanism that will track viewer habits. TV advertising will be purchased more like digital advertising.
For more information on how data mining works, look here.