To compete in today’s analytics-driven world, you need data – and that can mean expanding financial and personnel resources, which is out of reach for many small agencies. This leaves them feeling like they’re fighting an uphill battle in the market, unable to compete with larger agencies for the big accounts. Small agencies know how to succeed by doing more with less and often have had to forgo top-tier analytics tools due to cost. Today, data that is powered by AI is setting the stage to disrupt the traditional agency hierarchy, leveling the playing field and breaking through the ceiling of what’s possible for small agencies.
What is AI-powered data?
Traditional sources of data are incredibly expensive. An agency with its own data scientists knows that it can be very difficult, not to mention time and resource-consuming, and expensive to collect large amounts of raw data and refine it into meaningful patterns. Sifting through the vast amount of available data points using traditional statistical methods often leaves firms with surface-level analysis only despite investing massive efforts. Similarly, traditional data companies offer a bloated and unintuitive solution built on old, irrelevant data. Big clients want fast, applicable data; effectively placing a hard ceiling on the size of accounts that smaller firms can compete for. AI-powered data changes this drastically, leveling the playing field for small firms and offering real-time insights from fresh and constantly updated data points. Firms also can utilize AI-powered predictive analysis to deliver only the most relevant and useful data to clients.
What small firms need to know
Data is the heart of any good campaign – meaning access to data is essential for crafting effective messaging. AI is about to change the way all firms approach data in their campaigns. Here are three things your agency needs to know about this upcoming shift:
- Highly predictive modeling: AI helps you efficiently and continuously refine raw data into a comprehensive understanding of your customer.
- Ability to scale: AI-powered data enables you to access large amounts of accurate information for any dimension of consumers.
- Continuously updated: Keep your finger on the pulse of trends and feedback with data that consistently refreshes.
- Diverse data sources: To get the most comprehensive and precise understanding of your audience, you need data from sources that provide a rich and dynamic view.
- Privacy-safe: AI enables anonymized processing of data that keeps the identities of all parties safe.
Real-world success stories
The promise of AI-fueled data disrupting the agency hierarchy is already here. Small firms across the country are harnessing the power of AI to get the right data and set themselves apart. Take, for example, the case of a small, 10-person firm in Ohio tasked with running various healthcare recruitment advertising campaigns. The firm took a chance on running a 3-month, budget-conscious campaign with AI-powered data at its core. This data enabled an understanding of what customers want beyond surface-level observations, fostering more engaging messaging and personalized care. The hyper-targeted campaign from Resonate paid off exponentially: increasing site traffic by 600%, easily accomplishing performance goals and beating out two of the largest firms in the world for an account as a result.
Today, healthcare is a $58 billion market, so firms of all sizes would do well to learn from this and other examples of how AI-powered data can enable a better understanding of patients to personalize their care.
At a recent Adweek event, Resonate CMO Ericka McCoy said, “The reality is personalization is fully coming to health and wellness…but the health and wellness organizations that serve customers are not prepared. 76% of consumers say that they’re more likely to purchase from any brand that will personalize for them. 60% of consumers say they will be loyal customers; they will continue shopping with you once they have a personalized experience.”
Turning small agencies into powerhouses
In today’s digital landscape, we all are generating data constantly: every purchase we make, link we click or post we like provides another point of data that offers key insight into what we do, what we like and how we think. By taking this simple data and overlaying it with data that can show you the why behind the decisions we make, you see the real human behind the purchase. Only then can you create a message that truly resonates with your intended customers.
Insights like these often go unrealized for small firms, preventing them from effectively pitching larger accounts. This all changes with AI: equalizing the industry and expanding what’s possible through its ability to supply inexpensive and efficient data housed in one place and constantly updated.
Find out how AI-powered data can turn your entire organization into an insights-driven business that runs on a relevant and nuanced understanding of your customers.