Social media customer experience platform Sprinklr has launched two new products. The two products are both part of Sprinklr’s Advertising Cloud. They are aimed at customers who want to improve the targeting of their social media advertising.
Sprinklr is claiming that its products will allow customers to: “..reach the right consumers with relevant ads and ensure optimal ad budgets without leaving Sprinklr’s unified platform.”
According to Pavitar Singh, CTO, Sprinklr: “Three billion people are connected on social with their real identities – there are no more strangers. Advertising is no longer about creating as many impressions as possible; it’s about seeing a real person with a real need, and reaching them wherever they are. With Sprinklr’s Advertising Cloud, brands can advertise to a segment of one like never before to deliver personalized ads at scale.”
What has Sprinklr launched?
There are two new products, Social DMP (data management platform) and Predictive Budget Allocation (PBA). Both are integrated into the Sprinklr Advertising Cloud. The press release lists four benefits for each of the new products.
Social DMP organises unstructured data based on rules and key attributes. The benefits are:
- Easy data collection: Imports data from a variety of sources including social media platform feeds. This can be fully automated.
- Powerful segment creation: Create bespoke rules to automatically segment data into multiple audiences. These can create broad groups or personalised audience segments to increase conversion rates.
- Frequent Data Syncs: Allows users to be moved between audiences based on actions taken.
- Increased revenue: Deliver targeted campaigns to customers based on where they are in the conversion funnel.
PBA allows companies to optimise their budget spending across campaigns. The benefits are:
- Increase Advertising ROAS (return on ad spend): Automatically distribute campaign budgets to top-performing ads and ensure increased ROAS.
- Automate Budget Reallocation: Any unallocated ad spending is redirected to top performing ads based on real-time performance.
- Forecast Campaign Performance: Uses predictive ad performance to ensure budgets are allocated fully and to get the best results.
- Customizable Business Goals: Set custom KPIs to trigger budget redistribution.
What does this mean?
No matter whether you love them, hate them or are indifferent to social media ads, they are here to stay. Social media platforms see advertising revenue as their key income stream. This is not just about ads to cover the cost of delivering a free service. Platforms such as LinkedIn delivers ads to those who pay to use the platform as well as those who use it for free.
A major challenge of advertising on social media is effectiveness. This is still a fairly immature market in advertising terms. This means that there is a lot of money being wasted by ineffective targeting. As advertisers pay per click they want to make sure that those clicking really are interested in their ad.
While the platforms offer some help for advertisers they can be difficult to get effective analytics from. This means that many advertisers are struggling to maximise their ad spend. These two products from Sprinklr are aimed at solving those issues. A focus on analytics, automation and redirection of spending to successful campaigns should improve conversion rates.
The social media advertising tools market is expanding rapidly. Sprinklr is keen to compete with the very big advertising platforms. Interestingly these two product additions come from internal development rather than acquisition. The two key questions are how quickly will customers adopt them and how much will they increase revenue by?