For retailers, understanding the consumer path to purchase is challenging as people experience multiple online and offline touch points throughout a sales journey. Generic online searches that do not include the brand’s name create a more difficult problem to solve when trying to determine the cause of consumer’s online search and motivations that encourage purchase.
Increasingly, retailers and digital media agencies want to understand the value of Above The Line (ATL) advertising, conventionally television commercials, and the effect that this has on their online paid search advertising; more specifically with the use of generic keyword searches.
NMPi is out to help solve this industry challenge with the support of Innovate UK’s current IC Tomorrow challenge themed around Intelligent Data Insights. Innovate UK is a government programme that removes barriers for up-and-coming entrepreneurs by offering assistance though funding, webinars, conferences, competitions and community support.
The contest will give innovators across various trades the chance to win £210,000 in funding (up to £35,000 each). In addition, the winners will receive mentoring, promotion, and the opportunity to work alongside six industry giants:IBM Watson, Barclays, London City Airport, Carnival Corporation, Office of National Statistics and NMPi with bathstore. IC Tomorrow is looking for innovators with fresh perspectives on artificial intelligence, machine learning and sensor-led technologies to offer solutions to current business challenges.
Entrepreneurs will have access to NMPi and bathstore’s insights and expertise in order to help them develop innovative data analysis tools, processes and machine learning techniques that enhance the impact assessment of ATL advertising, primarily television and video advertising, on online paid search.
NMPi Operational Director, Joe Comotto, remarked on the frustration digital marketers are encountering when trying to connect ATL advertising and paid search,“Nobody’s been able to really solve this to a level that is actually portable and scalable to a customer or advertiser. The challenge for us is being able to understand the value of the TV advertising that was done and relate that back to that generic keyword search term…So we’re really looking for somebody to provide a solution that is able to integrate with the other platforms that are available on the market today.”
NMPi is a strong supporter of innovation and research. The IC Tomorrow programme enables us to be at the forefront of cutting edge technology while giving back to the community by partnering with the next generation in paid search evolution. A resolution to this dilemma would dramatically alter and improve the digital advertising landscape. We look forward to participating in this year’s IC Tomorrow challenge.