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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

First $0 Commission Stock-Trading App in Canada

Xignite, Inc., a provider of market data distribution and management solutions for financial services and technology companies, announced today that Wealthsimple, a digital investment service focused on making investing accessible to everyone, is using Xignite financial data APIs to power Wealthsimple Trade, a new stock-trading mobile app, available in Canada. With Wealthsimple Trade, Canadians can buy and sell thousands of Canadian and US-listed stocks and ETFs without paying any trading commissions.

Wealthsimple Trade users have access to unlimited $0 commission trades of over 8,000 publicly traded stocks and ETFs listed on major Canadian and U.S. exchanges. Xignite provides real-time stock price data, fundamental data and security master data to power real-time trading, as well as the algorithms that automate investment decisions.

"Wealthsimple's products make financial markets accessible to everyone, no matter who they are or how much they have to invest," said Tara Kennedy, Head of Trading, Wealthsimple. "Partnering with Xignite provides us with the data we need to make investing simple and accessible through technology."

"We are proud to be a key enabler of the fintech revolution in Canada," said Stephane Dubois, CEO of Xignite. "We help power and inspire the disruption of the financial services industry by providing entrepreneurs like Wealthsimple with financial data APIs to help them invent new businesses and revolutionary user experiences. The world's leading robo-advisors use Xignite market data to power their platforms and apps."

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.

About Wealthsimple
Wealthsimple is a financial company on a mission to help everyone achieve financial freedom by providing products and advice that are accessible and affordable. Using smart technology, Wealthsimple takes financial services that are often confusing, opaque and expensive and makes them simple, transparent, and low-cost. Wealthsimple provides services in the U.S., the U.K., and Canada. The company was founded by a team of financial experts and technology entrepreneurs, and is headquartered in Toronto, Canada. To learn more, visit www.wealthsimple.com.

 

07/30/2019

Xignite to Integrate Analytics and Reporting Tools into Market Data Cloud Platform

By Ken Briodagh
July 10, 2019

Xciting news has come out from the market research world, according to a recent release.

Xignite, a provider of market data distribution and management solutions for financial services and technology companies, has announced a strategic partnership with XPansion, a provider of market data usage, tracking and business monitoring software, to integrate XPansion's XMon analytics and reporting functionality into its Market Data Cloud Platform.

Adding XMon functionality reportedly will provide clients with enhanced business intelligence, analytics and reporting capabilities through interrogating data usage, control and allocate costs across data vendors.

“Empowering our clients with the tools to understand how they are consuming data and providing them with technology to establish transparency and control spend in real-time has been our focus from the beginning,” said Amjad Zoghbi, Director and co-founder, XPansion. “Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today's data landscape. We are very excited to be partnering with Xignite and extending XMon's analytics and controls to their next-generation Market Data Cloud Platform.”

“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” said Stephane Dubois, CEO and Founder, Xignite. “Providing clients with a solution to regain control of market data flow and consumption is core to our mission of simplifying the acquisition, management and dissemination of market data. We are delighted to partner with XPansion, combining their superior analytics with the proven data management capabilities of our Market Data Cloud Platform is a win for clients.”

07/11/2019

Xignite Forges Strategic Partnership with XPansion

“Market data is a complex environment where vendor fees and commercial licensing models continue to change, putting pressure on buy and sell side firms to control access and costs,” Xignite CEO and founder Stephane Dubois explained. He added that helping customers more efficiently use market data flow was a key element in the company’s goal of “simplifying, the acquisition, management, and dissemination of market data.”

Financial markets data provider Xignite has inked a deal with data usage, tracking, and business monitoring software firm Xpansion that will give capital markets customers even better visibility into and management of their data use and expense.

The strategic partnership will enable Xignite to integrate Xpansion’s XMon analytics and reporting functionality into its Market Data Cloud Platform. This will give Xignite customers enhanced business intelligence, analytics, and reporting capabilities, as well as dashboards and reporting tools to help users analyze and control market data use, as well as manage costs across multiple data vendors.

“Clients consume increasing amounts of data and coupling powerful analytics with a robust data distribution platform is essential in today’s data landscape,” XPansion director and co-founder Amjad Zoghbi said. Zoghbi referred to bringing greater transparency and spending controls to the use of market data as the company’s “focus from the beginning.”

XPansion specializes in cloud-based solutions that help data operations and management teams control data usage better, improving both cost-effectiveness and data governance. The company’s flagship XMon Static Data solution delivers real-time tracking of data requested from external data vendors, data flowing between internal applications and systems, and data exiting the firm as in reports or customer exports. Based in London, U.K., XPansion was founded in 2013.

Headquartered in San Mateo, California, Xignite demonstrated its Cloud Add-in solution at FinovateAsia 2017. The add-in caters to the 1.2 billion Excel users worldwide, enabling them to easily and quickly introduce data – including real-time streaming data – into their Excel spreadsheets.

Earlier this month, Xignite announced that it was the first market data vendor to join the Snowflake Data Exchange. This spring, the company was named to the WealthTech 100, along with seven of its clients including fellow Finovate alums eToro and Tradeit. Also this spring, Xignite announced a partnership with StockCharts.com.

Xignite has raised $37.6 million in funding. QUICK Corporation and StarVest Partners are among the company’s investors.

07/11/2019

 

Xignite Taps Xpansion’s Xmon Tool for Web Services Data Monitoring

Vendors say their integrated solution will deliver significant data cost savings for firms by implementing usage tracking and controls.

07/09/2019