In 1983, as the Cold War was reaching one of its warmest points, former President Ronald Reagan signed an executive order allowing civilian access to the United States’ global positioning system, or GPS, data.
Though the action was spurred by the Soviet Union downing several Korean airliners in the 1970s and 1980s, that access lay the groundwork for a booming tech industry 35 years later. Without that release of data, there would be no Apple Maps, no Google Maps and no Uber. A recent projection from Allied Market Research finds that the global location-based services market will hit $62 billion by 2022.
The anecdote shows that all types of data can be valuable in the right circumstances and that the value of this data can be unexpected.
If a brand or service is merely selling data instead of harnessing it for their own purposes, an opportunity is being missed. It is time to rethink selling data and consider using it instead.
At &THEN this October in Las Vegas, data will be a crucial topic of discussion. Marc Ginsberg will share his wealth of experience as the vice president of American Express Amex Advance business at the session “Don’t Sell Your Data. Use it!” Ginsberg has spent several years building new services for Amex that leverage their immense trove of core data and capabilities.
Launched late last year, Amex Advance utilizes machine learning to power customized services that help marketing professionals target audiences and build personalized experiences for their customers.
“Expanding our ability to help businesses using our data insights and data capabilities in responsible ways is very important to American Express,” Ginsberg said to TechBytes after the launch. “For years, the company has used our unique data insights and data capabilities to personalize internal, merchant and third-party marketing programs for millions of Card Members around the world.”
Amex Advance serves as a great case study for how data can present new business opportunities, especially when combined with machine learning.
“American Express’ understanding of the shopping behaviors leading up to everyday and significant life moments can help us predict a consumer’s intent to purchase a broad range of products and services,” Ginsberg said in a statement. “At a time when companies are searching to make more data-driven decisions, Amex Advance’s predictive machine learning, deep consumer insights and platform capabilities deliver precise marketing customization.”
The presentation at &THEN will challenge attendees to take a creative approach to the data at their fingertips. Attendees will also learn what constitutes quality data and how to use data to boost ROI.
“Marketers are increasingly looking for solutions that will help them focus their advertising on not just the right audience, but the right people at the right time,” Ginsberg believes. “The mission of Amex Advance is to be that solution and deliver value across the marketing ecosystem for all consumers and businesses.”
This article is brought to you by &THEN, DMA’s annual event. Click here to join the leaders of the marketing community and advance your data and marketing mastery in Las Vegas, October 7-9.