Reimagining Marketing Strategy with Synthetic Data
Our CEO, Charlie Stewart, explores how synthetic data is reshaping marketing strategy, highlighting its growing potential as a tool for CMOs and strategists who face the challenge of developing robust plans without access to massive data resources.
Reflecting on recent experiences judging marketing awards, he notes a stark contrast between entries with well-thought-out strategies and those where strategy appears to be an afterthought. This disparity often stems from the struggle marketers face in conducting thorough market analyses due to budget and time constraints.
Synthetic data, which is artificially generated to replicate real-world data, offers a potential solution. It enables marketers to access large datasets without the usual hurdles of data collection, privacy concerns, or commissioning costly research. According to Gartner, by the end of the year, 60% of AI data will be synthetic, a dramatic increase from just 1% three years ago, signalling a major shift in data usage.
Platforms like Evidenza and Sqreem are at the forefront of these advancements, using AI to create detailed personas, predict behaviours, and optimise campaign targeting with unprecedented speed. For example, EY tested Evidenza’s synthetic data capabilities by comparing its results with its annual brand survey, finding a remarkable 95% correlation. This highlighted the efficiency and potential accuracy of synthetic data, as it even helped reveal biases in traditional human-led research.
Despite the excitement around synthetic data, it’s not without controversy. While some view it as a revolutionary marketing tool, others are sceptical, questioning its authenticity and ethical implications. The potential for job displacement and concerns about regulatory oversight are also important considerations.
Nonetheless, Stewart suggests that synthetic data may be the catalyst needed to elevate marketing strategy, offering marketers an opportunity to rethink their approach to planning and execution. Embracing synthetic data could lead to more effective campaigns and better outcomes in future awards, driving a strategic evolution in the industry.
Read the full article by our CEO, Charlie Stewart, to explore how synthetic data could reshape the future of your marketing strategy.
