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How CPG Brands Can Harness Personalization To Engage Consumers

Xignite

Article by Diaz Nesamoney

AdotasI have recently spoken to many CMOs and Chief Digital Officers of CPG companies (our friends in the UK and elsewhere call them FMCG). They are fascinated by the concept of data-driven dynamic creative and personalization.

After decades of blasting consumers with one size fits all messaging—not just on TV and print (where you had little choice but to do so)—but also on digital channels. The mantra was “maximum reach for the lowest cost” or, in other words, blast ads to every man, woman and child whether or not they will ever be consumers of the product.

A lot of this kind of thinking was perhaps a holdover from the days when there was really only one Claritin, one Colgate toothpaste and one Coke. Brand managers later figured out that some level of product customization was necessary and important, as different sub groups of the target audience were likely to have different requirements. Then, different products were born: Claritin for Kids, Chewable Claritin, Liquid Claritin, Claritin Grape Flavor (both liquid and chewables), Claritin for 12 hours, 24 hours, and so on. This was a brilliant move because this kind of personalization really got consumers to purchase the products tailored for them.

When Ads Subtract

Advertising, however, stayed the same. So we saw one ad for Coke – the same message to everyone in the world. It was the same advertising approach for almost every big brand out there. As consumer engagement started to fade due to advertising fatigue, the response to boosting more engagement was always “hit them with more ads” – in the name of “reach.”

Along came re-targeting, which many retailers (with strong online sales) realized was a way to offer some degree of relevance by retargeting site visitors with products they had browsed but not purchased. Soon, this evolved into the dynamic creative optimization technology (DCO) that would optimally select products and messaging for the individual.

Now, DCO has evolved into true personalization. Combining first-party data from the brand sites, CRM systems, along with other contextual and third-party demographic data, brands leverage the rich data to build a holistic view of the individual and market to them with precise and relevant messaging and products.

Many CPG brands have only been watching enviously as retailers continue to exert more and more influence on the purchase decision, thanks to treasure troves of data they hold about the consumers and the use of personalized marketing platforms to engage them.

Personalization Strategies

As I work with several large CPG companies on personalization strategies, it has become clear that a critical kind of data that has tremendous capacity to engage consumers is often being ignored—contextual data. Many marketers who have access to first-party or third-party behavioral data flock to it, while often ignoring data about the user’s context: i.e. where they are, what they are doing, what’s happening around them. One of the nice things about contextual data is that it does not require identifying the user personally, which these days is a good thing with the increase in scrutiny around the collection and use of user data. Contextual data is mostly determined without having to identify the user.

Contextual data like weather and location are the most common and easy-to-get, but increasingly there is a lot more out there assembled by specialist vendors. For example, Grapeshot is a tech company that scours websites across the globe and gleans contextual meaning about each site, such as determining whether a website that describes footwear is a fashion site or a site on mountain climbing gear. Such context gathered in real-time enables DCO platforms to change the ad messaging in real-time, and change products and creative designs of an ad based on the context of the site.

This sort of technology is a great boon to CPG marketers, since it does not rely on visits by consumers to their own websites, which are minimal, or to their stores, which are also minimal or non-existent. Having the ability to determine the context of the web page or mobile site the user is on while viewing the brand’s advertisement can enable DCO platforms to precisely fine tune messaging for the optimal outcome.

Several other valuable sources of contextual data include pollen (for allergy medications), UV data such as WeatherAlpha (for skin care products), sports data like SportRadar (many consumer brands like beverages correlate well to sports data), events and holidays (for consumer gift items), or financial data from the likes of Xignite (product messaging based on financial market trends). Even time of day, which doesn’t seem like it would make a big difference, is proving to be a valuable source of user context and can be used to drive messaging—a breakfast food item in the morning, beer just before happy hour, you get the idea.

Personalization, once a tool considered to be only for retailers and brands with rich consumer data, is now showing tremendous benefits in user engagement to CPG brands that have harnessed the power of contextual data. Consumers will appreciate brands delivering advertisements that are tailored to their needs intelligently, rewarding them with consideration, purchase and loyalty. Isn’t that what marketers are supposed to do?

RECENT NEWS

Xignite, Inc., the leading provider of market data cloud solutions for financial services has been selected to present a keynote case study at The North American Financial Information Summit - NAFIS 2019, a technology-focused conference for senior data, compliance and technology executives.

Stephane Dubois, CEO and Founder of Xignite, will discuss the benefits for large financial institutions in migrating their real-time market data to the cloud. He also will review the pros and cons of several deployment approaches, as well as dive into the unique challenges of scalability, migration and reliability.

Xignite's presentation will take place on May 21 at the event. If you are interested in speaking with Xignite, please contact: klangstaff@xignite.com

About Xignite
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite's Market Data Cloud Platform provides market data managers full transparency on the usage of a firms first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

05/20/2019

Xignite, Inc., provider of financial data distribution and market data management solutions for financial services and technology companies, announced today it has been named to The WealthTech 100 list of innovative technology providers that are  transforming the global investment industry. Xignite also had 7 WealthTech clients on the list, including BUX, eToro, Oranj, Private Wealth Systems, Tradeit, Trizic, and YCharts.

WealthTech is one of the fastest growing sectors within the FinTech industry, with investments reaching $4.6 billion in 2018 according to FinTech Global.

Xignite WealthTech clients include leading digital asset management, robo-advisors and digital brokerages, including Betterment, FutureAdvisor, ElleInvest, Robinhood, Personal Capital, Wealthfront and WealthSimple, as well as institutional investment providers developing portfolio management, analytics tools and financial planning software for their clients. Xignite institutional clients include Advizr, Asset Advantage, BlackRock, Envestnet, Orion Advisor Services, JemStep, SigFig and Solivis.

“Xignite is proud to be named to the inaugural WealthTech 100 list and recognized as a leading technology provider”, said Stephane Dubois, Xignite CEO and Founder. “The industry’s leading robo-advisors understand the power of the cloud and rely on Xignite market data to power their financial data driven algorithms and trading functionality.”

The WealthTech 100 recognizes solution providers for their innovative use of technology to solve a significant industry problem, or to generate cost savings or efficiency improvements across the investment value chain. A full list can be found at www.WealthTech100.com.

About Xignite
Xignite Makes Market Data Easy. Xignite is leading the disruption of the market data industry with its AWS-based financial data distribution and market data management solutions. Xignite’s Market Data Cloud Platform provides market data managers full transparency on the usage of a firms first-level real-time and reference data - making it easy for data owners to entitle, control consumption, comply with licensing requirements, allocate costs, and resolve vendor audits or invoice discrepancies. Xignite also powers financial data-driven robo-advisors, online brokerages, and investing apps with its real-time, delayed and historical pricing data offered via 500+ REST Cloud APIs. Visit http://www.xignite.com or follow on Twitter @xignite.

04/23/2019

Running on AWS, Xignite Powers 1000 Financial Technology Apps

Xignite, Inc., provider of market data API and distribution solutions for financial institutions and financial technology companies, announced today it has reached a milestone of serving five billion API requests each day. Running on Amazon Web Services (AWS), Xignite was one of the first market data distribution offerings available on the cloud, moving to AWS in 2009. Xignite also announced that they have launched their Market Data API and Market Data Cloud solutions on AWS Solutions Space. 

Xignite customers power FinTech apps, such as robo-advisors, trading platforms, stock charts and investment analysis software, by integrating financial data via APIs. Unlike legacy data providers which require on-premise infrastructure to store and process market data, Xignite data is accessed via the public cloud. Xignite serves more than 150 billion API requests each month. Xignite’s real-time, end of day and historical reference pricing data is sourced from more than 100 data providers, including Morningstar, FactSet, MSCI and direct from global exchanges.

To help process the millions of API requests per day, Xignite is supported by AWS. The features and services of AWS enable Xignite to effectively and dynamically scale its delivery of real-time financial information, while optimizing computing and network resources freeing customers from the constraints of on-premise hardware and allowing them to create, deliver, and scale applications globally, touching millions of users and devices.

Xignite client StockCharts helps investors visualize financial data so they can make smarter investing and portfolio management decisions. “StockCharts integrates daily and historical pricing data from Xignite market data APIs to generate our charts for our 1.6 million monthly users,” says Grayson Roze, Business Manager, StockCharts. “Because Xignite runs on AWS, they can easily scale and handle our data demands at peak times,” said Roze.

Xignite Market Data API and Market Data Cloud solutions are now listed on AWS Solutions Space.  Solutions Space allows AWS Financial Competency Partners to showcase their customer-ready solutions based on architecture validated by AWS.  Xignite has achieved both the AWS Financial Services Competency and Advanced Technology Partner status. These designations recognize Xignite for providing deep expertise to help FinTech and financial services organizations manage their market data distribution and management solutions, powering offerings such as robo-advisors, trading platforms, stock charts, and investment analysis software. Xignite has demonstrated relevant technical proficiency and proven customer success, delivering these solutions seamlessly on the AWS Cloud environment.

About Xignite
Recognized as the data cornerstone enabling the growth of FinTech, Xignite, Inc. makes market data easy. Xignite pioneered the shift of market data to the cloud and is leading the disruption of the market data industry. The Xignite Market Data Cloud platform, hosted in the AWS cloud, allows companies to simplify infrastructure, scale quickly, and innovate faster. Xignite’s clients include more than 1,000 financial services, media and software companies including BMO, BlackRock, Charles Schwab, and TIAA, as well as leading  FinTech disruptors Betterment, Envestnet|Yodlee, FutureAdvisor, Motif Investing, Personal Capital, Robinhood, SoFi, StockTwits, and Wealthfront. Visit http://www.xignite.com or follow on Twitter @xignite.

07/17/2018

 

Risk Focus, Inc., the specialist provider of trading, regulatory, and risk services, announced today that its APIX For Excel product is the engine that powers Xignite Inc.’s CloudAddin, a Microsoft® Excel stock quotes add in API, specifically designed for Excel power users, application developers and data scientists. APIX powered Xignite CloudAddin lets analysts, portfolio managers and quants access and integrate streaming real-time, fundamentals and historical financial market data directly into Excel spreadsheets. APIX is unique in its ability to dynamically expose enterprise service APIs to Excel® in the form of easy-to-use native functions. APIX combined with zero footprint data APIs from Xignite completely eliminates the need to store or manipulate market data on customer site.

Srikant Ganesan, Head of Risk and Trade Solutions at Risk Focus, commented: “CTOs and software groups struggle to make Excel-based applications first class consumers of the data service APIs already being used by the rest of their organizations. They usually have to support custom solutions for their Excel clients that don’t scale well and are difficult to secure and audit; they also require frequent deployments onto the desktop. Despite this, Excel is widely used by every client we work with. We call this ‘the Excel Paradox’ and are pleased that Xignite has selected APIX for its CloudAddin so that clients can benefit from the flexibility of Excel, while accessing the models and data they need through secure, scalable, supportable and auditable APIs.”

“The world still runs on Excel and Wall Street is seriously addicted to it,” says Stephane Dubois, CEO and Founder of Xignite. “Most professional and retail investors still use Excel to develop analytical models and drive investment decisions. The financial data needed to feed those models often come from expensive terminals or unstable sources via legacy interfaces or painful and time-consuming manual downloads. By using CloudAddin for seamless access from Excel to the sea of data we have in our Market Data Cloud, our clients can have a consistent market data source across their application stack, and maybe even save the cost of a few terminals in the process.”

Xignite’s new CloudAddin simplifies extracting and integrating financial data. After installing the CloudAddin, users can easily access billions of financial data points from any of Xignite’s 45 APIs, which cover millions of instruments across all asset classes, including equities, ETFs, mutual funds, fixed income, forex, options, futures, and other derivatives. Users can also stream real-time data into Excel via HTTP by simply calling an Excel function.

03/19/2018