A personalized digital ad is more effective than a generic one. But many companies struggle to glean enough information about a particular consumer to know what “personalized” even means.
Imagine you run a business-to-consumer enterprise, and I’m a customer. You may have the cookie-based data you collected when I visited your site and the aggregate data you bought from a Big Data company — you may have even swapped data with another retailer I frequent.
Here’s the problem: you have no idea all that data is about me. On one site, I signed up with my work email. On another, my G-Suite profile. On another, my social media handle.
You get the picture.
The ability to integrate data from disparate sources and build a unified consumer profile is a boon to companies who want to deliver a more tailored experience — which customers want.
RedPoint Global makes software that does just that. Today, it announced a $13.5 million investment round to grow the platform.
RedPoint calls itself an “open garden solution,” which means it integrates all types of consumer data from all sources, without intensive manual data cleaning. In fact, its tech reduces manual data prep by up to 80 percent, VentureBeat reported.
Once this data is organized, marketers can zero in on individual consumers’ behavior, glean insights and refine messaging.
The platform also uses machine learning to recommend the best next interaction for specific consumers during multichannel campaigns. In other words, if I clicked on a content piece about a pair of shoes on Facebook, RedPoint’s algorithm may show me the same shoes the next day on Instagram.
That function is part of the company’s proprietary AI Studio, which it says is intuitive enough for marketers to use without data science training. The studio lets users deploy automated personalization and track their campaigns’ progress in real time.
Companies also can integrate their existing marketing tech into the platform, to avoid steep learning curves or wasted investments.
This latest funding round was led by Camden partners. RedPoint’s existing investors also participated. The company’s total funding sits at almost $40 million.
