QuanticMind was founded by three Silicon Valley veterans – Chaitanya Chandrasekar, Brian Bird and Enriko Aryanto – who had previously worked at commerce giant NexTag, helping bring that company to a $1B valuation. But they saw a growing gap in digital – the massive growth of relevant data, with no way to unify it or make sense of it all. They knew that the huge amounts of data from different digital channels and emerging platforms and devices such as social and mobile housed important insights that could empower digital marketers. But there wasn’t any way to extract those insights from the mountains of data. So, they built QuanticMind.
Below is our interview with Charles Studt, VP Marketing at QuanticMind:
Q: You’ve recently announced $20 Million Series B funding round; could you tell us something more?
A: We’re obviously very excited about the funding news, since it will fuel our product development efforts in the future. We already offer full-stack integration for all digital marketing data sources, but this funding will enable us to further empower our customers – savvy digital marketers from around the world – to make smarter marketing decisions and deliver stronger performance across every major channel they use.
Q: How exactly do you utilize machine learning?
A: QuanticMind uses machine learning to intelligently automate bids for digital marketing campaigns, as well as to automatically assign ad groups using natural language processing and semantic distance modeling. The latter empowers advertisers to rapidly scale their digital advertising campaigns even in cases of data scarcity, such as for low-traffic long-tail keywords or new, untested retail products. Before QuanticMind, digital marketers resorted to “buying the data” by guessing at appropriate bid levels for these data-scarce keywords and products and always wasted budget or missed opportunities by overspending or underspending. Our machine learning-powered technology enables marketers to quickly ramp up such campaigns without having to resort to expensive guesswork.
Q: Tell us something about your products?
A: QuanticMind is a predictive optimization solution for digital marketing. We use an exclusive combination of data science and machine learning to make sense of the enormous amounts of data that digital marketers already collect and try to manage every day.
Let’s look at paid search, for instance. For every single click, there are literally thousands of potential permutations of data when you consider even basic modifiers such as device (mobile, desktop, tablet), location (there are 210 Nielsen designated market areas in the US alone) and time (24 hours in a day, 7 days in a week). Unless my math is off, that’s more than 100,000 data permutations for a single click. Now, multiply that by the thousands, or millions, of keywords that search managers have in their portfolios.
This is just an untenable amount of data to try to manage manually. You may have seen the Oracle report from a while back about how corporate data production is expected to increase 4300% by 2020? And just to add to that, Bloomberg reports that mismanaged data will cost businesses $3.3 trillion by 2020.
At QuanticMind, we make sure our customers don’t end up being another unfortunate statistic. Our data-driven approach ensures that digital marketers collect all relevant data from all data sources (including publisher data and third-party data), then empowers them to pull actionable insights from the data to actually carry out better digital marketing performance every day. On average, we help retailers lift their return on ad spend (ROAS) +26%; we help lead generation companies lift their profits +31%; and we lift revenue for financial services companies +30%.
Q: What are your plans for the future?
A: We’re just getting started! Our daily mission is solving the big data challenge for digital marketers, but as we all know, marketing and advertising themselves are in a state of fundamental change. Decades ago, advertisers would blanket the airwaves, billboards and print outlets to become top-of-mind. Now, customers can be reached through an exponentially higher number of channels, in which digital channels are far and away showing more growth.
Yet in these digital channels, customers are more-frequently tuning out messaging that they find irrelevant or annoying. Use of digital ad blockers is up 30% in the past year. And Google is adding a built-in “ad filter” to Chrome, the world’s most popular browser, in 2018. But this doesn’t mean that advertising is dead – far from it. Google itself found that 4 out of 5 consumers actually prefer tailored search ads that are relevant to them.
So our future goal is to ensure that digital marketers from around the globe don’t just solve the big data challenge, but that they’re also able to surmount the new challenge of the changing customer journey. We’ll be empowering our customers to reach the right person, at the right time, in the right channel, with the right message. Expect to see more from us on that topic soon.
Last Updated on November 26, 2017Activate Social Media: