This article originally appeared in the Baltimore Business Journal. Click here for the original, or see below.
Advertisers and brands collect a lot of information about their customers — like, a staggering amount of information. But they have no idea what to do with it.
That’s where advertising technology firm Lotame steps in. Lotame specializes in aggregating and analyzing advertisers’ data to help them better target customers. The company this week debuted two new products that put Lotame’s data analysis technology into a program for customers who don’t need Lotame’s full suite of services.
“What clients came to us and said is, ‘This is too much information. Help us make sense of it and determine what we should be doing with it,” said Lotame CEO Andy Monfried.
Audience Optimizer analyzes data from computers, tablets, mobile devices and smart TVs to develop customer profiles that advertisers and brands can use to create the right marketing campaign for the right customer, and increase the odds of a click turning into a purchase.
The second new release is designed for advertisers going after people using smart TVs, which are Internet-connected televisions.
Audience Optimizer and the smart TV program are part of a suite of products Lotame is developing that turn the company’s technology services into individual tools that clients can buy to address a specific aspect of their marketing strategy — honing in on customer profiles or targeting smart TV users, for example. The move to “productize” Lotame’s business, which has been primarily service-based, comes as more advertisers look for ways to get more out of the data and technology they already have. New product-versions of Lotame’s services is expected to be a multi-million dollar new line of revenue and will drive the company’s growth for years to come.
Monfried declined to discuss numbers but said the five-product suite will account for about half the company’s revenue this year, up from a single-digit percent last year. Overall, Lotame anticipates 2016 revenue to be up 75 percent from the year before.
Lotame is targeting small and mid-sized brands and advertisers for its new offerings. Large corporations with much bigger budgets are ahead of the curve when it comes to advertising technology. Monfried said he sees opportunity among smaller brands that could be convinced of the cost benefit of buying services and products that promise to get more bang for their advertising buck.
Lotame is headquartered in New York but originated in Columbia and still has offices there. The company currently employs 119 people and expects to add up to 11 employees by the end of the year.