Veritone Develops New Attribute Platform for Real-Time, AI Advertising Analytics
Veritone, the creator of the world’s first operating system for artificial intelligence, aiWARE, announced Veritone Attribute — an AI-powered media attribution application that tracks the efficacy of advertising in broadcast radio and television. The technology, which delivers customer behavior impact analytics from pre-recorded, native, and organic mentions, enables broadcasters to systematically verify and analyze the effect of the customers’ advertising placements in near real-time. Veritone’s new intelligent media attribution solution empowers broadcaster sales representatives and campaign managers to demonstrate an advertiser’s campaign effectiveness and reveal data-driven insights for optimization of ad placements to drive greater customer return on investment (ROI), helping to drive increases in customer advertising spending.
According to one survey of marketing professionals, the attribution goal of highest priority for marketers was optimization of marketing program spend across media channels, but a majority of the respondents stated that technology limitations restrict their ability to carry out attribution properly. For media broadcasters whose business models rely primarily on advertising, this lack of empirical evidence makes it difficult to lure customer advertising budgets away from digital channels that provide data-rich, real-time attribution. What’s more, increasingly popular native advertisements are not captured in programming logs, requiring manual verification of ad delivery, and further extending reporting times. Put simply, today’s manual ad verification workflows are often painfully slow and attribution analysis incomplete. By the time broadcasters are able to report on ad placements and their customers attempt to manually correlate online transactions, campaigns have often already run their course before the ad placements can be optimized. In the end, advertisers are left with incomplete broadcast attribution data, making it difficult for broadcasters to demonstrate the value of advertising campaigns during contract negotiations in order to keep and increase the ad spend of their customers.
Veritone Attribute equips broadcasters and their advertising customers with tools to make informed cause and effect connections between any reference to an advertiser during a broadcast, such as a pre-produced spot, a live read, or an organic mention, and the desired target audience’s actions taken on the advertiser’s website. Through the intelligent correlation of a broadcaster’s programming and an advertiser’s Google Analytics website data, Veritone Attribute helps broadcasters advise customers throughout their campaigns in near real-time of how their ad dollars are best leveraged to accelerate the target audience’s path to purchase. Advertisers gain assurance in their broadcast advertising investments through a data-driven feedback loop that identifies areas of optimization across ad placements, dayparts, and ad creatives to drive the greatest ROI.
“Veritone Attribute is a quantum leap forward in the analysis of broadcast advertising efficacy. Until now, there was no scalable technology with industry-wide application capable of capturing offline consumer response to broadcast mentions,” says Ryan Steelberg, President of Veritone. “With Veritone Attribute, we elevate broadcast media measurement to new levels of precision and provide a path to custom attribution modeling. The technology will have a major impact for broadcasters by generating rapid, comprehensive performance and optimization reports that broadcasters and advertisers can use for directional guidance in their radio and TV advertising decisions. In the future, we look forward to extending Veritone Attribute’s capabilities to support podcast programming and include additional attribution channels such as first party transaction data.”
Veritone Attribute was developed from the extensive experience Veritone has gained managing media placement and attribution model development for many of broadcast’s largest advertisers. The application can be deployed in public, private, or hybrid cloud environments configurable to meet customers’ infrastructure and security requirements.