Audience modelling has become more granular and Palo Alto (jobs in Palo Alto), California-based MentAd announced recently it has raised $4.7 million. Their approach to this Predictive analytics funding is “your next customer will be similar to the last,” for finding would-be customers or bringing back former ones. Daniel Romano founder and C0-CEO of the company states they have ways of identifying the kind of advertising that will appeal to new or existing customers.
Romano states by using mass analysis (jobs in analysis) and segmentation of historical customer data, by creating thousands of customer segments, making “tiny lookalike models for each of these segments, and then predicting the ROI [return-on-investment] of an ad campaign targeting each of these lookalike models on the different advertising channels.” MentAd collects first party brand data about existing customers to find new ones, then matches the basic data with public profiles and third party data, to build a richer customer profile.
The platform figures out the longevity of the customer to the brand and whether targeting ad campaigns to that specific user is worth it. The determined winners will be selected and the campaigns get sent to distribution platforms connected to MentAd’s API. The company sees its strength as creating thousands of new potential customer segments with the selective weeding down to target for the best ROI.
The platform was launched in 2014 and has more than 4 dozen customers worldwide. So the new funds are going towards growing the product development, marketing, and sales teams, and to scale up business, mostly in the U.S. Romano provided an example of one of their clients who was seeing a ROI of 110 to 115 percent over three months, he said, MentAd drove ROI to 300 percent within two weeks. Hello, anybody want to use their know how in a company like this. Seems like MentAd is on the right track to growing a business.