Every now and then I get to pull my head out of the weeds, evaluate all of the converging technology trends and imagine what things will be like in upcoming years. This week, while discussing some ideas about our indoor enterprise analytics, we discussed how data on a massive scale, particularly when it profiles consumer behavior, is today’s gold.
With that said I did some brainstorming to envision what I believe will be the next wave of advertising up for the grabs: Location based advertising on a massive scale. I think the Google Ad-Words system applied to physical space is exactly what location based advertising needs to reach the masses as opposed to specialized systems.
What makes Search Advertising Tick:
1: Context: The act of searching provides some context to your interests at that exact moment in time. At that point advertisers can use general location and the terms you use to serve up relevant advertisements.
2: Delivery vehicle: Google search website / App is the primary delivery vehicle for advertising regardless on what kind of device.
3: Free Market: The third aspect of search advertising is the notion of free market where anyone can bid on various terms to set a market price and value to marketers for various terms.
Applying emerging technology to solve these problems:
I still think a free market is exactly what location based advertising needs where virtual space for a real physical location is assigned value where an open market can bid to use that physical space for advertising.
Using Data to Drive Intelligent Recommendations:
Big Data analytics and accuracy is key to success: To serve up more accurate results based on location, you need to know where someone has been, what their mode of travel is, and as much information about the user without crossing the privacy line. For example, if I am in a metropolitan area, and I am walking to my car after eating lunch, I probably don’t want to see advertising about restaurants. Location based advertising is all about taking immediate action, so there is no value in engaging a consumer that is not interested.
Physical Space meets virtual space: One of the fundamental challenges of virtual space is protection for businesses and consumers, because it is a system that would need to be policed. It occurs regularly in commerce, but there is a concept of
All of this data is already being generated but not necessarily readily available. It is certainly fascinating that you could 100% track where you parked, know that you ate at an italian resturaunt